Rick Adamson

14173 Northwest Freeway, Suite 171 Houston, Texas 77040

713-386-5236

ricadamson@yahoo.com

Rick Adamson is a Certified Public Accountant. He graduated from Auburn University in 1976, with a BS degree in Accounting. He began his career with Arthur Andersen & Co. in l976 and attained the level of Senior Manager. In l984, he joined Suniland Furniture Company in Houston serving as CFO. In l987, he formed his CPA Firm.

Mr. Adamson’s principal emphasis, since l990, has been on representing taxpayers before the IRS and on IRS negotiations and crisis management. He is a member of the Turnaround Management Association, the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. He has written several books and articles on topics associated with IRS problems. Mr. Adamson’s direct telephone line is (713) 386-5236.

Rick has been helping taxpayer's solve their IRS problems for over 20 years. He has extensive experience in all aspects of IRS audit and collection procedures. These include IRS examinations (audits), offers in compromise, installment agreements, appeals and bankruptcy.

One of the most important services offered by Rick is to make sure the taxpayers’ rights are protected and, in addition, there is a psychological benefit because he gets between the taxpayer and the IRS so that the taxpayer no longer has to talk to the IRS.

One big difference between Rick's practice and those you see on television is that he operates within a small CPA practice in Houston. He and his team do all the necessary work from that office and he is hands on with respect to every case. He can work for taxpayer's from all over the Country because much of the work consists of letters, faxes and telephone calls. However, the point is that the taxpayer has direct access to Rick and his team versus an apprentice in another City.

Rick's goal is to see to it that the taxpayer pays the IRS the smallest amount possible considering the unique circumstances of each case and that the taxpayer's rights are honored.

To get an idea of our approach see the post entitled "Approach".

Approach to Solving IRS Problems

Experience

Our staff includes former IRS employees as well as experienced CPAs who have over 60 years of combined experience dealing with the IRS and solving tax and financial problems.

Customized Solution

Our approach to solving your tax problems will be to gather all pertinent facts, apply our knowledge of IRS collection rules and tax law and develop an individually tailored strategy for you. We do this because the facts in your particular case are unique and must be studied in order to get the best result. There are no canned solutions. We will then discuss our proposed strategy with you and, once you approve, implement the strategy.

Never Deal with the IRS Again

Once you engage us to represent you, you will no longer have to talk to, or meet with, representatives of the IRS. We do.

Reasonable Cost

Representing taxpayers before the IRS is our primary business. We deal with the IRS on a daily basis; as a result, we know the rules and are efficient and organized to provide these services. This translates into savings to you because you do not pay for research and/or training. We know the rules.

To contrast our approach with an example, let's say you elect to hire an attorney who specializes in bankruptcy to assist you in this matter. Can you guess what he or she is going to suggest to you as a solution to your problem? The answer is bankruptcy. While this is a solution in certain cases, it is not in most cases. You may be better off with an offer in compromise, an installment agreement, or another solution. There are no canned solutions.

The collection area is complex and includes many obstacles. Additionally, this area is relatively unknown by most attorneys and CPAs. As an example, a bankruptcy or an offer in compromise that is filed at the wrong time will not only fail to solve the tax problem, but will extend the period of time that the IRS can pursue you and/or your Company for collection of the tax. That is why you should seek the advice of persons who have experience in this area.

If you are an officer or owner of a Company, you may be facing the trust fund recovery penalty (formerly the 100 percent penalty). What this means is that the IRS may attempt to access you, personally, for the Company's unpaid taxes. Proper planning is required to avoid this situation or to turn it to your advantage. We are uniquely qualified to help you with this problem because our business is representing taxpayers before the IRS. Our team of tax professionals has many years of experience, which can be called upon, as needed, in developing and implementing your strategy.

We hope you will call us today to schedule your free half-hour consultation. At that time, we can determine more precisely what can be done for you and your Company. You can reach Mr. Adamson at 713 386-5236 or email him at ricadamson@yahoo.com.

Typical Solutions

Typical Solutions


Collection problems arise as a result of an IRS assessment of taxes, either from a taxpayer filed return that shows an amount due (deficiency), a return prepared by the IRS that shows an amount due, or an assessment as a result of an IRS audit or a penalty assessment related to employment taxes, among others. IRS collection problems are typically solved by one of the following methods:

Installment Agreement

An installment agreement is a contractual agreement to make monthly payments to the IRS. The amount of the payment is a negotiated amount based on the taxpayer's ability to pay. The ability to pay is determined by analyzing the taxpayer's financial statement and banking records. The financial information is recorded on Form 433-A (for financial individuals) or Form 433-B (For businesses). The appropriate form is given to the IRS with copies of bank statement and various supporting documents and the negotiations begin. It is critical that the financial statement forms be prepared correctly in order to obtain the best possible result. For more details, see the post entitled "Deskbook - IRS Procedures - Collection."

Currently not Collectible

Currently uncollectible means that based on the analysis of the taxpayer's financial statements (see preceding paragraph) the taxpayer does not have an ability to pay any amount without causing him or her an undue hardship. In this case, the IRS simply suspends collection activity for a period of time. The IRS will periodically ask for updates of the financial statements in order to determine if the taxpayer should be removed from the uncollectible category. If that decision is made, then normal collection activity will resume and one of the other solutions on this page will have to be looked at. For this reason, currently uncollectible is usually not a solution but rather a technique to give the taxpayer some time to improve his or her financial situation before normal collection activity resumes. An exception occurs when the ten-year statute of limitation for collection expires during the time an account is in uncollectible status.

Offer in Compromise

An offer in compromise opportunity arises when a taxpayer is willing to pay the IRS an amount in cash or installment payments over a short period in order to fully settle the tax debt once and for all. The offer amount must equal the value of the taxpayer’s net assets, plus the sum of his or hers monthly ability to pay times 60 months. This figure is derived at by analyzing the taxpayer’s financial statements in the same way as described above under Installment Agreement. The derived-at figure must be less than the total IRS liability, or this approach will not work. Moreover, the taxpayer must promise to stay current for 60 months or the agreement will be rescinded and he or she will be back where they began. For more detail, see the post entitled "Deskbook - IRS Procedures - Collection".

Bankruptcy

Bankruptcy can be useful in certain cases. Income taxes that are over three years old for which returns have been filed for over two years, and where there have been no IRS changes to the returns within 240 days, can be discharged in a bankruptcy. On the other hand, assessments related to employment taxes cannot be discharged in a bankruptcy, although they can be compromised, as discussed in the proceeding paragraph. Therefore, careful, thoughtful analysis and planning is needed when the bankruptcy approach is being contemplated. For more detail, see the post entitled "Deskbook - IRS Procedures - Collection".

Summary

Many, many factors have to be looked at in order to arrive at the optimum strategy for a client. Each situation is different and must be handled that way. That is not to say that it takes an inordinate amount of time to arrive at an overall plan. However, it would be improper to try to impose a "cookie cutter" approach on every case. The financial statements discussed above are of utmost importance, as are the type of tax involved and the statutes of limitation, among other things.

We hope you will call us today to schedule your free half-hour consultation. At that time, we can determine ore precisely what can be done for you and your Company. You can reach Mr. Adamson at 713 386-5236 or email him at ricadamson@yahoo.com.

Recent Accomplishments

SAMPLES OF RESOLVED CASES

August 2010: This client owed $456,938 for unpaid payroll taxes for the years 2002-2004. We assisted the client in filing his past due returns, then we submitted an Offer in Compromise for $10,000. That offer was rejected. The IRS counter-offered to settle for $30,000. Our client accepted this offer. He saved $426,938. Our fee was $5,000.

July 2010: The IRS was billing this retired physician $18,116 for 2008 and 2009 unpaid payroll taxes related to a medical clinic where he once worked part-time. We were able to prove that the medical clinic was using his name without his permission and that it was the clinic, not our client, who was responsible for paying those taxes. He was relieved of any wrongdoing. Our fee for acting on his behalf was $1,500.

July 2010: This retired client owed $135,730 for unpaid payroll taxes from previous years when he was self-employed. The IRS planned to levy his assets. We convinced the IRS to place the client in uncollectible status, because of his inability to pay. We charged the client $2,000 for our services. The client saved all of his assets including annuities valued at $100,000 because the collection statute of limitations will expire within nine months.

January 2009: This self-employed laborer owed $38,056.00 based on tax returns prepared by the IRS for the years 2000-2005. We assisted the taxpayer in preparing and filing his own tax returns. An Offer in Compromise for approximately $4,000 was then submitted and accepted, saving him $34,056. Our fee was $6,000.

June 2007: The taxpayers owed approximately $125,000 in employment taxes and $25,000 in income taxes. The taxpayers had made an offer on their own for $65,000, but it was rejected.We submitted offers totaling $20,000, which the IRS accepted, saving the taxpayers over $105,000. Our fee was $3,000, which is approximately 3% of the savings.

September 2005: The taxpayer owed income taxes of $90,000, plus penalties and interest from 1998 to 2001. We submitted an Offer in Compromise for $40,000, which the IRS accepted. We saved this taxpayer $50,000, and we charged him $3,000.

April 2005: The taxpayer owed the IRS income taxes for 1994, 1995 and 1996. The total amount due was approximately $24,000. We presented, and the IRS accepted, an Offer in Compromise in the amount of $2,400. The taxpayer saved over $20,000 and we charged approximately $2,000.

February 2004: This self-employed taxpayer owed the IRS income taxes for 1999, 2000, 2001 and 2002, amounting to approximately $56,000. We presented, and the IRS accepted, an Offer in Compromise for $13,300, saving the taxpayer over $40,000. Our fee was $2,500. 
November 2004: This taxpayer owed the IRS $43,000 relating to income taxes for 1996-2002.We presented, and the IRS accepted, an Offer in Compromise for $500, saving the taxpayer over $40,000. Our fee was $2,000.

March 2003: Our client owed approximately $600,000 in income taxes. We prepared and submitted an Offer in Compromise for $100,000, which was rejected by the IRS. They said they could not accept less than $506,000. This is because the taxpayer had substantial assets. We appealed that decision and finally settled with the Service for $250,000, saving the taxpayer $350,000. Our fee was $8,000, or about 2 percent of the amount saved.

February 2003: The taxpayers owed $90,000 in income taxes relating to years 1990-1997 because of not paying estimated taxes on income from contract labor. We offered the IRS $2,500 pursuant to an Offer in Compromise and it was accepted. Our fee was $2,500, or less than 3% of the amount owed.

January 2003: The taxpayer owed income taxes of $127,000, plus penalties and interest from 1998 to 2001. The taxpayer became unemployed in 2001. We submitted an Offer in Compromise for $1,000, which the IRS accepted. We saved this taxpayer over $127,000, and we charged him $2,000 or about 2% of the taxes he owed.

January 2003: The taxpayer owed $27,000 relating to years 1991, 1992 and 1993. We presented an Offer in Compromise for $1,000, because the taxes were dischargeable in bankruptcy and the fact that the IRS had failed to properly file a Federal Tax Lien. Even though the taxpayer had the ability to pay $11,500 (per IRS calculation), they agreed to accept $1,500.We saved the taxpayer $26,000. Our fee was $2,000.

Client Comments

“I would like to thank Mr. Rick Adamson, CPA with Adamson, Hood and Company, for handling our IRS tax problems. We were in debt over $100,000. When Mr. Adamson negotiated with the IRS, we paid $13,000.” Linda, Hockley, TX

“I was satisfied with the work Rick did for us in working with the IRS. It took a while, but we got it done.” Ray, Centerville, TX

“He (Mr. Adamson) was very good. It was a terrible headache, and he made it go away.” Physician, Houston, TX

“Rick helped me with an Offer in Compromise which saved me over $500,000. I am greatly appreciative.” Eric, Houston, TX

“Mr. Adamson helped me with an IRA audit. The result was a ‘No Change’ audit. I really think the Service just gave up and quit.” Leah, Birmingham, Alabama

“Rick handled a two year tax audit for me during 2010. My return contained some significant exposure items.  He was able to navigate around them so they never became problems. The result was a ‘No Change’ audit, except for some interest income I forgot to report to the tax return preparer. I was very pleased.” Steven, Humble, TX

Articles

IRS to Get Tougher on Sole Proprietor Audits
The Internal Revenue Service will be taking additional steps to check on whether sole proprietors are hiding sources of income during field audits.

Firms Hoard Almost $1T Cash
(FOX Business) - US companies are hoarding almost $1 trillion in cash but are unlikely to spend on expanding their business and hiring new employees due to continuing uncertainty about the strength of the economy, Moody's Investors Service said on Tuesday.

Deskbook - IRS Procedures - Collection

Link to Deskbook