SOURCE: Tax Resolution Institute

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March 03, 2010 13:00 ET

Man Sells Business to Bank and Settles IRS Tax Liens After Bulldozing His Own Home to Avoid Foreclosure

Before the Devilish Settlement for $666,666.67, the Carpet Business of Terry Hoskins Was Next in Line in His Demolition Derby Against Unfair IRS Tax Liens

LOS ANGELES, CA--(Marketwire - March 3, 2010) -  Terry Hoskins bulldozed his home in Moscow, Ohio, after his bank began foreclosure proceedings. IRS tax liens on business properties owned by Hoskins were responsible. Hoskins had never missed a mortgage payment. The decision by the bank to foreclose on his home in response to the IRS tax liens enraged the homeowner. "When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it -- no, I wasn't going to stand for that, so I took it down," he told a local news station.

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According to the Tax Resolution Institute, with the amount owed to the IRS, Terry Hoskins could have avoided such craziness if he had consulted with a tax professional like Peter Stephan in the beginning. Business owners in a tax crisis often become stuck and do nothing. By taking action and working out a settlement with the IRS, business owners can avoid the horror that Terry Hoskins experienced.

The struggle between the Internal Revenue Service and Terry Hoskins was resolved when the RiverHills Bank purchased his Amelia carpet business for the opening bid of $666,666.67 at a sheriff's auction. The deal had the bank clear all debts, including money owed to the IRS. Daughter Miranda Hoskins commented: "We've reached an agreement that both parties are happy with at this point." Hoskins said that he hopes to rebuild the house that he tore down with the bulldozer. "I've actually hung my keys up for the dozer," Hoskins stated.

When asked about the Terry Hoskins case, tax professional Peter Stephan of the Tax Resolution Institute pointed out that such extreme emotional reactions never need reach such a point of volatility. It is like shaking up a coke bottle and being surprised when the carbonated soda shoots out when it's opened. By not dealing directly with IRS tax problems, a taxpayer shakes up the financial security of their future. As Peter Stephan clearly explained, "If Terry Hoskins had called the Tax Resolution Institute when his tax crisis first arose, he never would have had needed the bulldozer in the first place."

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