Since I took the time to write this out I figured I'd post it here at my extended home of lurking like the hermit I am...

Here's an education that took many years and hours in the making.. I provide it here for all, FREE. :okthumb:


An IRS lesson completed...

I recently received my FINAL release of liens notice following the receipt of my payment for the offer in compromise deal that dozens of "professionals" said couldn't happen.

I write this post here as a FREE man. Something I haven't been considered in years.

Here's the price and lesson of getting on the wrong end of the IRS:

The lessons:
1) Have HONEST and hardworking people on your payroll.
2) NEVER... EVER... EVER give or sign your power over to anyone else under ANY circumstance.
3) If you don't know - ASK.. and don't stop asking until you understand 100%.
4) Never assume someone is doing their job if you have no physical proof of that work.
5) Don't EVER get put into "the system". The government plays for keeps. :salute:
6) Have goals, work hard, NEVER buckle.
7) Honesty and intergrity CAN be tarnished by others. If you earned it before, you can earn it again.
8) Balls are more important than brains.
9) It's only too late when you're dead.

The price:
46 pounds of paperwork.
4.5 years.
Levies, garnishments, liens, penalties, interest, TOTAL lock of all financial accounts and threats of imprisonment.
Credit rating from perfect to crap in 4 easy tax liens.
Tarnished name, reputation, family and business relationships.
Over $150,000.00 to the IRS
Over $35,000.00 to the "professional" who made the other $150k possible.


Highlights of the IRS years:

May 1996 - Start business on internet, hired accountant by recommendation of previous employer.
October 1998 - Purchased my first home with my girlfriend of 11 years.
October 1999 - Received IRS notice of summons for bank accounts. First series of audits.
October 15 1999 - Married on the 12th anniversary of our first date, complete with clowns :)
June 2000 - Notice of intent to levy certain assets.
September 2000 - My father diagnosed with prostate cancer.
October 7, 2000 - My mother died of cancer.
June 2001 - First series of federal tax liens on home. Accountant unreachable. New representation found.
October 2001 - Levy placed on wages
December 2001 - Bank accounts frozen, no money to buy food. Traded in car with payments for junker with none.
Later December 2001 - Refused financial help from a group of friends.
Later December 2001 - Bank levy released on good faith.
January 2002 - Total debt exceeds $300,000.00 - wage levies released due to pending refinance with cash out.
February 2002 - Audits of new returns and records prepared by new representation.
March 2002 - Refinance disbursement, liens for 1997 & 1998 released. 2001 current, 99 & 00 remaining.
September 2002 - First draft of offer in compromise handed in through collections agent.
July 2003 - Offer in compromise rejected with advise to appeal.
August 2003 - Offer appeal submitted.
October 2003 - Offer is ammended and handed in.
December 24 2003 - Offer in compromise acceptance letter written - collections agent retires.
January 27 2004 - Funds for offer received by IRS agent.
January 31 2004 - Final lien releases, debt settled, normal filing status resumes.
January 31 - February 2 2004 - Parties, casino trip and goal realignment.

So as I start my life over my intention here is to educate through my own pain and experience with facts and details instead of the generalized cliches passed around typically. Hopefully my being stupid will make someone, somewhere smarter when putting your ass on the line in business with other people at the controls. Take responsibility for your life, finances and especially taxes - if you don't know, LEARN before life comes along and takes the job of teaching you.. Trust me, it's better sooner than later!

Cheers to all for 2004 and beyond,
Dennis :bwave:

WOW! Many congrats for getting out from under all that. :bjump:

Congrats for surviving!

I've been through my own IRS hell and I had a former business partner that basically got his life ruined by an IRS agent who had it in for him....he fought several years and was broke by the end of it all (and he WON his case).

They play for keeps and they have nothing in place for checks and balances with regards to the IRS.

Somedays I wish I would have become an IRS agent rather than an internet pornographer...

There are a lot of lessons to be learned from this experience.