When master plumber Raymond Oatman, owner of A-OK Plumbing, Inc., in Plymouth, received his first letter from the IRS stating that he owed over $150,000 in back taxes, he sought help from three different tax professionals to resolve his problem.
“None of those accountants came up with any solutions, and I was getting letters from the IRS saying they were going to seize my house, my vehicles, my business. My life was on hold. It was collapsed,” Oatman says.
The recession of the early 2000s had challenged the nature of small businesses, including Oatman’s.
“The industry changed,” Oatman says, “and I was losing money.”
“Tax problems can originate in many different forms. It could be a divorce, a bankruptcy, a loss of job, a failed business,” says Mike Franskoviak, certified public accountant, and president and chief executive officer of Franskoviak Tax Solutions in Troy.
“One out of twelve American taxpayers has serious tax problems,” he says, “and that includes anybody who owes the IRS over $20,000, has two or more years of unpaid taxes, is being audited or is facing the threat of property liens or seizures.”
“When Raymond Oatman came to see me, we found an offer in compromise and resolution with the IRS. Raymond owed about $150,000 in back payroll taxes, and we settled it for $8,500. I thought that was a pretty good tax deal.”
Oatman says, “I have never been to an accountant before Franskoviak Tax Solutions who used direct phone contact for ongoing negotiation: true interaction! Then we didn’t have to wait weeks for each letter, etc. I’d been working with those previous three accountants for seven or eight years!”
“By the way,” Oatman adds, “I owed the state $110,000, and Mike settled that for $1,600.”
Oatman has been able to rebuild and expand his business, and it is flourishing.
“I’m paying
my taxes on time and I hope,” he says, chuckling, “to never have to deal with the IRS that way again!”
Franskoviak, who received his graduate degree at Eastern Michigan University and his master’s degree from Colorado State University, and has worked as a tax manager for several firms (including Deloitte Touche in Denver, PricewaterhouseCoopers in Chicago, United Artists Communications in Denver, Volkswagen in Auburn Hills) says, “I was about five years into my CPA business when I noticed how many clients were getting tax notices.”
“It so happens,” he adds, “that I received a flyer for a seminar in Denver teaching CPAs, attorneys and enrolled agents how to best solve tax issues, so I attended.”
“The first day of the seminar,” continues Franskoviak, “I was enthralled and ecstatic to learn more of how to solve clients’ problems – and I made the complete commitment and joined the American Society of Tax Problem Solvers.”
In 1996, he opened Franskoviak Tax Solutions in Troy.
“We are a small, hands-on firm,” Franskoviak explains. “Unlike firms who compete against us, we have no high employee turnover. We have consistency in service and are excellent with communication. “
“The biggest complaint against our competitors is from clients who feel like they are a number or are ignored. We return every phone call within 24 hours.”
In addition to specialty tax services, Franskoviak provides many other accounting and tax services for individuals and businesses, including: preparation of business and personal taxes, tax planning and consultation, tax-favored retirement and financial planning, financial statements for business budgeting and loans, bookkeeping and payroll services.
“For small businesses – those making under five million annually – we are a one-stop shop,” says Franskoviak.
One of the services he is offering to established and new clients is explanation of the impact of the new Tax Law of 2017.
“For small businesses, if you operate a C Corporation, your top tax rate will decrease from 35 to 21 percent. If you run an S Corporation, you are allowed to take a deduction equal to 20 percent of your business net profits from your taxable income,” he says.
“For regular taxpayers, there are changes, too,” he continues. “It’s wise to check your withholdings to make sure they’ve been adjusted properly. On their website, the IRS has a tax withholdings calculator.”
“It’s important for people to see their tax advisor. Or, come to see us,” Franskoviak says. “Let’s not wait until next April, especially people who own a small business. Their changes will be dramatic. Most of the time it will be favorable – but not always.”
Meanwhile, Franskoviak and his staff continue to bring “dramatic and favorable” solutions to their clients who are faced with serious tax problems.
“Sometimes I feel like a social worker,” Franskoviak shares. “People meet with me. We give them hope. We give them a roadmap to the resolution of their problem.”
“And,” he says, “what we always hear after our first consultation is, ‘I feel better already.’”
Have a tax question? Email us info@franskoviakcpa.com
Franskoviak Tax Solutions
667 E. Big Beaver Road, Suite 107
Troy, MI 48083
855-TAX-FIXX (855-829-3499)
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