Oct. 20, 2025

Missed Filing Deadline Now What

Missed Filing Deadline Now What
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Season 3

TaxTalk4U.com Missed Tax Deadline IRS Deadlines when to file, pay estimated taxes, estimated tax due dates. Getting all your deductions that save you money on taxes. For truckers, business owners or individuals the tax requirements and deadlines. Owner-operators and business owners can file as self-employed business owners. Missed tax deadline IRS penalties, Missed S-Corp or partnership deadline. Settling IRS debt. Bookkeeping made simple to get every deduction.

Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Tax Talk 4 U is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests, and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and Talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. With over

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thirty years of experience, Barry will break down taxes, bookkeeping,

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tax planning, and tax relief for individuals and businesses just

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like you. So let's have some tax talk for you

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with your hosts.

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Barry G.

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Fowler.

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Hey, good morning and welcome.

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It's another great day, you know to be here talking

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taxes and uh you know today we're talking about you

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missed the tax deadline. You know now what to be

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honest with you didn't know show prep just coming out here.

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We're just going to wing it today and answer any

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questions you have. But first and foremost, you.

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Missed the deadline.

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Now what you know, what are you going to do now? Well,

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if the I R S owes you a refund, just

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get your taxes filed and you know they're going to

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give you the refund and they're going to give you interest. Now,

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maybe you missed and you hadn't a filed, not just

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twenty twenty four's tax return, twenty freeze tax return, maybe

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twenty twenty two's tax return. Well you get those filed

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and there's a refund, you're going to get that money. Unfortunately,

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go beyond that, and the I R. S Is now

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keeping your money. It was your money, but after three

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years that money seems to evaporate and go away.

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Now amazing.

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You know, if you owe them money, they're still coming

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after their money or your money that you owe them.

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But if they owe you, they don't have to pay.

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It's not a two way street. It's kind of one way.

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It's their way and it's the only way. And that's

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you know, per Congress and everything, because hey, they want

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you to file, and they want you to file timely,

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and then you know they've spent the money anyway, so

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you know, hey, they're not getting back. Now that being said,

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you know, you can get the refunds and everything, and

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they're going to pay the interest on those as well.

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Not as much as what you.

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Would probably make out right now investing elsewhere, but you're

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going to get that money back plus refund. A friend

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of mine, a client of ours, actually came up over

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to us and started using us. Well, the prior firm

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that he was using didn't file his twenty three tax

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return for both his personal and business. It didn't do

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anything for twenty twenty four. They built him quite a bit,

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but didn't get anything done. We come to find out

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that he's got about forty thousand dollars coming back, which

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is really nice, and so you know, unfortunately that means

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the IRS has been sitting on that money and he

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hasn't had the money to invest or use personally because

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it's sitting there at the irs. Well, that is not

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the way you want to go, so you never want

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to leave the irs. So that kind of money sitting

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there even for a year until you file, what you

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really want to do is make sure you're doing your

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tax planning so that when you file, and hopefully you

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file by April fifteenth, or you file by October fifteen,

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that maybe there's a little bit of money coming back

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to you, or you know, if you're filing by April fifteenth,

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maybe you're paying.

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In just a little bit of money. But you don't

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want to.

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Be in a situation where you've paid in you know,

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ten twenty thirty thousand dollars way too much or even

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underpaid by that and then have the IRS just refund

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your money, because if you file April fifteenth, they're just

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giving you the money that you have there, they're giving

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it back no interest. They get to keep that. You know,

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in October, yeah, they're going to pay you maybe a

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little bit of interest, but they're you know, they've earned

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a lot more than what you did because you've had

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a whole year that you've been putting this money there

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and you haven't earned anything for the money that's sitting

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there at the IRS.

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So you know, they're never a.

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Goal to overpay, at least not overpaid by a lot

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of money, and it's never a goal to underpay by

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a lot of money. You know, you want to make

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sure your estimates are right. You want to make sure

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you're paying the right amount of money, and then you

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can go you know from there. You using that as

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an example, you know, you're looking at, you know, somebody

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that gave away, you know, twelve or thirteen or fifteen

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hundred dollars in interest income, not to mention much more

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than that that they probably could have earned.

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On them by themselves.

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Or let's say you got a credit card debt or

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something else out there that's now high interest rate, when

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you think you could have taken that kind of forty

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thousand dollars and paid off quite a bit of debt

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and saved you a lot of interest out even on

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your credit cards. So you know, those are the kind

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of things that you've got to look at and really

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really make a decision of, hey, how much money am

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I paying in, how much money am I getting back,

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and then modify that each year or so that you're

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only paying in the right amount of money, especially when

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you're in business. So you know, if you're self employed,

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you know, running a consulting business, maybe you run an escort,

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maybe you run a LLC or multi member partnership. You know,

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you got to really look at how much you're paying

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in and estimated taxes or you know, if you're an

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escort up in your own payroll, how much money are

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you paying from there, and you know, run those estimates

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and be as close to the amount of money that

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you're going to ohe come April fifteenth every single year.

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You know, don't just assume and paying a whole bunch.

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Hey, you know this is.

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What I love questions, and if you've got questions, please

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send them in. We need as much help today's show

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because it's all about you and the questions that you have.

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And we got our first question, which from Greg. Hey, great,

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do they tax that interest when they keep it? Now

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they're not accumulating interests, they're just earning the interest off

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the money or using that to pay down debt. So

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you know, if you file April fifteenth, then let's just

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say you're getting that forty thousand dollars back. They give

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you your forty thousand, They keep all the rest of

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the money that interest they would have earned or whatever

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over the year. There's no tax on it. You're not

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getting charged for it. You're they're not even acting as

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if you earned it. They earned it or they paid

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down of course debt. Wait a minute, we never paid

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debt down around here in this country, do we. That's

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just an unbeknownst thing here to our government. It's more

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like get more in debt, not pay down debt. But

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if they pay you the interest, yes, you got to

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report that on your tax return. And what you'll see is,

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in this client's case, he's going to get about forty

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one thousand, five hundred or so dollars back, you know,

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in interest, maybe a little.

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Bit more than that.

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So he's going to get tax on that extra you know,

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roughly fifteen hundred dollars that he's going to get because

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he received it. If they didn't pay you any interest,

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you're not going to get a ten ninety nine for

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the interest. You don't have to pay tax on it.

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So you know you didn't really get it, you didn't

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really earn it. So what happens now when you owe

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does anybody guess? You know, they charge you penalties. If

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it's under nine hundred dollars and you pay it, they're

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not going to charge you. So if you filed, you know,

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October fifteenth, and you know you got file timely and

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you owed nine hundred dollars and you paid it. They're

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not going to charge you penalties on that. They're going

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to get you with some interest or something, but they're

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not going to charge a penalty, which is really a

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nice thing. Now any amount over that, then you get

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the penalties an interest. If you don't file and you

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miss the filing deadline, well then it's penalties after penalties

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after penalty irs. Congress loves penalties almost as much as

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they love taxing you and I. You know, I'm not

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sure which one they love more. I think they get

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more kicks out of taxing you and I then they

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do out of giving us penalties. But hey, if you

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miss the deadline, they're doing something kick you in the

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rear end to make sure that you don't do it again.

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So you get a failure to file penalty, and then

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you get failure to pay penalty, and then they slap

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you with interest on the money that you should have paid,

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not just from April fifteenth, but then they go back

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and look at your estimated tax payments, and you didn't

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make your estimated tax payments, so therefore they hit you

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with interest on the estimated tax payments that you should

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have made, but you didn't make. That all adds up,

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you know, if it isn't bad enough that they hit

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you with the penalty, and then they hit you with

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penalties after penalties, and they continue to accumulate those penalties

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for a period of time for the failure to file,

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and they hit you each month while you haven't filed,

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and then of course they hit you with the penalties

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for failure to pay and add to it every month

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for a certain number of months out there, and then

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they continue to add the interest. So somebody asked me

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one day, how to ten thousand turn into twenty thousand

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dollars T and I'll use an interest over time. So

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you know, you kind of got to think about this.

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You know, should I be making sure I make all

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my tax payments and estimated tax payments?

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Absolutely?

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And then uh, you know, should I pay this off

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sooner rather than later? Yes, if you got the wherewithal

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to pay it, yes, you should always step up and

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pay it. Have we got some other questions coming in,

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We're going to take a short break and then we're

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going to start maybe addressing some of those questions. It's

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still talking about penalties, and then what can we do

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to solve the tax problem before.

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It becomes too late, and we'll do that right after this.

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We have only scratched the surface of today's show. Please

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stand by as Barry Chief Fowler will be right back

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with tax talk for you. If you own the I

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R S or are going through an IRS audit, don't

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go at it alone. Called Taxation Solutions tax Relief at

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eight eight eight nine three zero one zero one six,

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we are your solution for IRS debts, audits, back taxes, garnishments,

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leans and levees. Whether you're an individual or business, you

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need a solution and a strong, aggressive tax resolution. Don't

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let the IRS walk all over you. Stop the IRS

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now call eight eight eight nine three zero one zero

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one six or go to Taxationsolutions dot net now for

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a free no obligation consultation. Let's get back to tax

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stock for you with more tax stock once again, here's

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your host, Barry G.

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Feller.

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Hey, penalties, penalties, penalties, penalties. Everybody's gotta you know, charge

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your penalties. If you're late paying a credit card, they

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charge you penalty, and then h charge you interest, and

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then they even increase the interest rate. In this case,

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we're talking about taxes. And uh, you know, we had

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a question from Jeff that came in and kind of

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where you're getting there is how much is the penalty

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and how long do the IRS charge these penalties if

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you fail to file, well, the failure to file penalty

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is charge it five percent of your unpaid tax for

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each month or part of a month your return is late.

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So the sooner you file, the better. Now, if you've.

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Paid all your taxes and you got a refund, there's

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no penalties. Now, this penalty only goes on for five months,

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so it caps at twenty five percent. So if you

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owed ten thousand dollars, you're going to get a five

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percent penalty for five months. Twenty five percent penalty basically,

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so another twenty five hundred. So you know, you kind

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of got to look at this and say, hey, you know,

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I've got to get this thing filed as soon as possible.

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Now that goes Also is if you don't file an

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extension and all of a sudden you owe money and

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you thought you were getting a refund, well, and you

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file by October, that's six months, they're going to charge

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you that penalty over that period of time because it

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was due April fifteenth, and you didn't file for an extension. Now,

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remember extension is a time to file, but not a

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time to pay. You're still supposed to pay by April fifteenth.

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Now what happens also if you fail to pay, in

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which you know, they're giving you the failure to file penalty.

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I'm based on how much money owe. So again, if

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you didn't know anything, you don't get the penalty. The

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failure to pay penalty goes right on top of that

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failure to file penalty, and it's typically half a percent

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of your unpaid tax for each month or part of

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a month retax remains unpaid. It continues until either the

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tax is paid it hits the maximum cap of twenty

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five percent of your unpaid taxes. So that's where we

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now got to fifteen thousand dollars off of ten thousand

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dollars tax. Now they also have a right to tax

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you and increase this penalty up to one percent based

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on different situations that you may be in. So you know,

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you kind of got to see exactly what the IRS

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is doing to you, and then they charge you interest.

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Now they don't just charge your interest on that ten

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thousand dollars tax, but to make matters worse, they charge

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you interest on the tax and the penalties that are

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outstanding until it's paid in full. There is no cap

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on the interest they're going to charge you. Even when

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you're on a payment plan, they continue to charge you

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interest on both penalties and the taxes that are owed.

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Credible little thing called penalties an interest in how it

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accumulates that debt at such a high level. And we

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had a great question come in Kevin. He asked, what

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if they don't accept your business return but don't tell you,

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why do they set all these penalties?

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Well, Kevin, here's the thing.

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The I R S should be telling you and sending

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you a letter of exactly why your business return wasn't accepted.

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So we're going to make some assumptions here, you know,

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or you can ask the next question and tell me

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what kind of company you have? Was it a partnership?

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Was it an escort? Was a single member LLC? Was

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it an ink? How are you set up? But now

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I'm going to take some guesses here. So you're Kevin

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in company INK and you file for your e I N.

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They sent you an AI N letter. The EI N

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letter came back and you didn't read it, and it said, hey,

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if you want to be an escorp, you got to

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file these forms. But right now you are set up

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as an eleven twenty It means you are corporation and

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it means you pay tax as a corporation. And the

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tax form that you have to file was laid out

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in the EI in letter and it said you need

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to file eleven twenty by March fifteenth of the next year. Well,

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you filed an eleven twenty s and it did not

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get accepted. Yes, the IRS is now going to charge

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you penalties until your corporate return is filed and tax

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is paid. Because you're filing an eleven twenty means you

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were a c corp and the corporation pays tax, not you.

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It's not a pass through entity.

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However, you could go back and file that eleven twenty

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s with saying that this is your first year as

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an es corp, saying here's the twenty five point fifty

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three here is our letters saying we claim this net

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income from the K one on our personal return, and

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the I r S will take in the return, not

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necessarily accept the return, but will process and then accept

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the ESCORP and then accept the es CORP return. There's

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little procedures you've got to go through. We can fix

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that for you. We can help you with that here

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at Taxation Solutions. If you give us a call at

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eight eight eight nine three zero one zero one six.

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We'll talk to you about that.

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But you know, we can take care of doing the

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return for you and then work on getting that es

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CORP status approved as well. So again it's eight eight

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eight nine three zero one zero one six. We also

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helpe resolve all I r S problems and making sure

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that you know we can resolve those issues and hopefully

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get rid of some penalties and then get you in

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the right plan for your Kevin came back and said

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file the escort return the year before and not sure

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how things are set up. So Kevin, what I would

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say is go back and get that aim letter review it.

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We can go back and do a complete tax analysis

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for you for your corporation and yourself. We can come

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back and refile that ESCORP return with all the attached documents,

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asking for grace and guidance from the IRS, and get

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that escort status put in place. Now, remember with that

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ESCORP hopefully you've been doing payroll for yourself or any

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other owners that are in the business that are working

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in the business, because you are required to have a

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reasonable salary for yourself in the business as well. One

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other thing I would warn you if you don't remember

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what was in that AI in letter, it gives you

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a couple other things that you would need to file.

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Well.

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One of that is payroll taxes, which means it will

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tell you if you've got to file nine forty three

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nine one, nine forties. Those things are in that letter,

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Especially if you put on the SS four when you

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applied for that es CORE or I mean you applied

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for the employer identification number that you're going to run

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payroll sometime in the next year. They automatically assume that

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you should be filing these forms, even if it's zero.

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The IRS requires those to be filed as well, and

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it takes them a little while to start generating penalties

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and requests for those forms, but you would have to

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watch out for those as well, so you know, it

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becomes one of those difficult things that you need to

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make sure of. When you're setting up your company, the

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very first.

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Thing you've done is one you've.

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Went to the Secretary of State's office in your state,

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and you set up Kevin in Company, Inc. Or Kevin

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in Company LLC. Or Whidget's Inc. Whichet's LLC.

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And you fill out. After you get.

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That designation and everything, then you turn around and apply

359
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for your employer Identification number. So once through the state,

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once through federal government, and once you have your company name,

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you file the SS four you get your employer Identification number,

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and then it becomes one of those most important things.

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Read that letter, Read what the IRS sends you, Read

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what the IRS told you. If you did it online,

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make sure that you're following through. We tell people all

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the time. Sometimes help seems expensive, but it's more expensive

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sometimes to go to loan and make a mess of

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things and then have to go back and fix it.

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So reading becomes a very When you do have somebody

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working with you to file your tax return, give them

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a copy of that letter. They should ask for that,

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regardless when you first.

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Sign on with them. Here we get some more questions

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coming in.

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We're going to continue answering those questions, and then we're

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going to get back to talking about resolving that tax

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issue that you created by filing late. Do that right

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after the spring.

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We have only scratched the surface of today's show. Please

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00:21:25.240 --> 00:21:28.480
stand by as Barry G. Fowler will be right back

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with tax.

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Talk for you.

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As an owner operator, you already spend too much time

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00:21:36.079 --> 00:21:39.880
away from your family. Trucker Tax Tools handles all your

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00:21:39.880 --> 00:21:43.119
bookkeeping and taxes. No matter what level trucker you are.

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00:21:43.359 --> 00:21:46.559
Life on the road can be taxing, but that doesn't

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00:21:46.599 --> 00:21:49.960
mean that your wallet or time with your family should suffer.

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00:21:50.519 --> 00:21:54.440
Trucker Tax Tools makes your life run smoothly. Go to

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00:21:54.480 --> 00:21:57.279
Trucker Tax Tools dot com for a free guide that

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00:21:57.400 --> 00:22:01.799
will give you the tools to worry about your taxes again.

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00:22:02.160 --> 00:22:06.240
Call Trucker Tax Tools eight seven seven nine six six

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00:22:06.599 --> 00:22:10.559
two four seven seven or go to Trucker tax Tools

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00:22:10.599 --> 00:22:15.279
dot com now and let the experts keep you trucking.

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00:22:17.160 --> 00:22:20.000
Let's get back to tax Stock for you with more

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tax talk, and once again here's your host, Barry G.

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Fallon.

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Hey, you know again, if you've got questions, you know,

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feel free to throw the men to us. We're going

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00:22:33.160 --> 00:22:35.599
to answer those questions. You're helping the show. You guys

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are as much a part of the show as I am.

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00:22:37.839 --> 00:22:40.039
What do you guys need to know? How can we

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00:22:40.119 --> 00:22:43.519
help you. How can we resolve your tax problems? Or

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00:22:44.000 --> 00:22:46.640
maybe how can we help you get the most out

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00:22:46.640 --> 00:22:49.119
of your tax return and get the best refund and

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00:22:49.160 --> 00:22:53.759
get the money back that you're deserving. Right man, Maybe

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00:22:54.160 --> 00:22:57.519
you just messed up and you file late and you oh,

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00:22:57.640 --> 00:23:00.799
so now we got to resolve the tax issue. So

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00:23:00.839 --> 00:23:02.279
don't be afraid to give us a call. I get

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00:23:02.279 --> 00:23:04.799
a free consultation. Let us see what we can do

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00:23:04.920 --> 00:23:06.759
for you and how we can help you. Again, it's

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eight eight eight nine three zero one zero one six

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again eight eight eight nine three zero one zero one six.

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And we've got a question in from Leslie. Yep.

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We've been talking about the ZIM letters. She's asking if

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you missed the letter and don't know what the corporation

416
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is set up as, how can you figure it out?

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One you've Hopefully, if you've kept the letter, you can

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go back and try to find it. I know what

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happens to a lot of IRS correspondence. Sometimes people just

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throw them out and they don't pay attention. Or even

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if you had a registered agent or somebody that filed

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for you, they maybe gotten that letter and you'll be

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able to contact them and they should be able to say, yeah,

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I got a copy of it and give it to

425
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you if you've done it all yourself and you lost

426
00:23:53.000 --> 00:23:55.640
it or just have no idea where it is, the

427
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next best thing would be to call the IRS. Be

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ready to be able to give them that employer identification number,

429
00:24:03.079 --> 00:24:07.759
which sure you have, give them the employer address, make

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sure is the correct address for the business, and then

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00:24:12.039 --> 00:24:18.039
your information and what your ownership or work position is

432
00:24:18.160 --> 00:24:22.079
within the company. Now the IRS will give you all

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the information you need of what, where, when and why

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you need to file, so they would be able to

435
00:24:28.839 --> 00:24:34.559
answer the question for you saying, hey, your LLC was

436
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set up as a single member sole proprietorship and therefore

437
00:24:38.359 --> 00:24:42.519
you file on schedule see of your personal tax return

438
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or it said that you filed as a multi member LLC.

439
00:24:46.960 --> 00:24:50.680
It should be filing a partnership return and here's your deadline.

440
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Now.

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If you do call the I R S and ask

442
00:24:53.559 --> 00:24:56.240
those a couple of things of how should I be filing,

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00:24:56.279 --> 00:25:01.759
make sure they look at everything reponsible to file. Payroll

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texture maybe your trucking company. Are you required to file

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the heavy hauling Heavy Highway Hauling Tax Return twenty two

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ninety which is due in July of every year. IRS

447
00:25:15.920 --> 00:25:17.559
may have those filing.

448
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Requirements down for you.

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Well, now, once you figure all that out in talking

450
00:25:22.000 --> 00:25:25.240
with them, if you're not running payroll and you have

451
00:25:25.319 --> 00:25:28.599
no employees and they say you have payroll taxes to

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00:25:29.079 --> 00:25:32.400
be filed, talk to the agent on the phone right

453
00:25:32.440 --> 00:25:35.839
there and tell them I don't have employees, I am

454
00:25:35.920 --> 00:25:40.839
not running payroll. They can remove that payroll filing requirement

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00:25:41.160 --> 00:25:44.400
for you and remove all the returns that have not

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00:25:44.680 --> 00:25:45.799
been filed.

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Now, if they've done substitute.

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For returns, you may have to go back and do

459
00:25:50.200 --> 00:25:54.440
amended returns or do actual returns and show that it

460
00:25:54.599 --> 00:25:58.599
was zero's let's just talk to the agent out there.

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00:25:58.799 --> 00:26:01.640
They're going to give you that information now. If you

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00:26:01.640 --> 00:26:03.759
don't have three four hours to sit on the phone

463
00:26:03.759 --> 00:26:06.720
and wait for the IRS right now, maybe longer than that.

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00:26:06.799 --> 00:26:11.160
With only twenty five percent of their workforce working, you know,

465
00:26:11.359 --> 00:26:15.200
we can do a complete tax analysis for you, for

466
00:26:15.359 --> 00:26:19.079
you and your business and make sure that everything is correct,

467
00:26:19.079 --> 00:26:22.559
which isn't a bad thing, and it's relatively expensive. Right now,

468
00:26:23.400 --> 00:26:28.640
we have discounted tax analysis running for people currently across

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00:26:28.680 --> 00:26:32.759
the board. It's Taxation Solutions DOT net, or you can

470
00:26:32.839 --> 00:26:34.960
just give us a call at eight eight eight nine

471
00:26:35.079 --> 00:26:39.839
three zero one zero one six Again eight eight nine

472
00:26:39.920 --> 00:26:43.880
three zero one zero one six give us a call.

473
00:26:44.000 --> 00:26:47.079
We'll do that tax analysis for you. It's very deeply

474
00:26:47.160 --> 00:26:50.599
discounted just to be able to help you. And just

475
00:26:50.640 --> 00:26:52.920
make sure you reference the show Tax Talk.

476
00:26:52.839 --> 00:26:53.680
For You Andy.

477
00:26:53.720 --> 00:26:56.680
While we're talking about tax Talk for you, if you

478
00:26:56.680 --> 00:27:01.359
go to tax Talk the number four letter you dot com,

479
00:27:01.799 --> 00:27:05.319
you can follow us over there, follow us on Facebook,

480
00:27:05.359 --> 00:27:09.480
and never ever miss an episode on for Tax Talk

481
00:27:09.559 --> 00:27:12.960
for You dot com. I W four c Y Radio,

482
00:27:13.319 --> 00:27:17.240
which we're here every Monday at ten am Eastern time.

483
00:27:17.839 --> 00:27:20.599
But if you follow us, you'll never miss a show,

484
00:27:20.680 --> 00:27:23.599
which is the best thing for you if you need

485
00:27:23.680 --> 00:27:27.519
information about taxes. And we have open forums, so therefore,

486
00:27:27.799 --> 00:27:30.319
if you have questions, we're going to answer those questions

487
00:27:30.319 --> 00:27:34.599
that help you out. We have a question here from

488
00:27:36.400 --> 00:27:38.960
looks like Joey heard a rumor that the I R

489
00:27:39.079 --> 00:27:43.680
s will actually forgive taxes. Well, the answer to that is, yeah,

490
00:27:43.920 --> 00:27:47.720
they do. If you can get through ten years, yeah,

491
00:27:47.839 --> 00:27:52.599
ten years without the IRS doing elections and leving your bank.

492
00:27:52.400 --> 00:27:56.440
Account or we're doing a wage garnishment, or.

493
00:27:56.359 --> 00:27:59.720
If you're in social security, social security or pension, they

494
00:27:59.759 --> 00:28:04.559
can harnish those as well. But in general, the IRS

495
00:28:04.599 --> 00:28:08.839
has ten years to collect on unpaid TAKS debt. After that,

496
00:28:09.359 --> 00:28:12.720
the debt is wipe clean from the books. The IRS

497
00:28:12.799 --> 00:28:15.799
just writes it off. Now that's the ten year statute

498
00:28:15.799 --> 00:28:19.559
of limitations. Now ten years isn't just ten years, So

499
00:28:19.920 --> 00:28:24.160
ten years can be extended. So depending on if you

500
00:28:24.200 --> 00:28:27.240
file for like a CDP hearing blacks and new process hearing,

501
00:28:28.480 --> 00:28:30.720
you filed for non collectible status.

502
00:28:30.279 --> 00:28:31.680
Well anything is pending.

503
00:28:32.200 --> 00:28:36.680
It stops that collection activity, stops the statute of limitations

504
00:28:36.720 --> 00:28:37.880
from running.

505
00:28:38.160 --> 00:28:40.480
Now that's statute of.

506
00:28:40.480 --> 00:28:43.839
Ten years is ten years from the day that you

507
00:28:44.039 --> 00:28:48.279
file in the return accepted. So yes, if you filed

508
00:28:48.279 --> 00:28:52.079
October fifteenth, twenty twenty four, and you owed ten twenty

509
00:28:52.160 --> 00:28:57.640
fifty thousand dollars in October fifteenth of twenty thirty four,

510
00:28:58.240 --> 00:29:01.359
if you got away without paying any that debt plus

511
00:29:01.400 --> 00:29:06.039
penalties plus interest, it will all go away. Unless you

512
00:29:06.160 --> 00:29:13.279
filed for offering compromise CEDP hearing non collectible status, then

513
00:29:13.640 --> 00:29:17.400
that time period is going to continue to hold the

514
00:29:17.440 --> 00:29:20.440
statute of limitations. So let's say you decided to file

515
00:29:20.519 --> 00:29:23.640
for an offering compromise, I'm back tax debt, and it

516
00:29:23.799 --> 00:29:28.359
sits out there and it's processed for let's say a year,

517
00:29:28.960 --> 00:29:33.920
your statute limitations gets extended by that year. It could

518
00:29:34.079 --> 00:29:36.279
be longer than that because it may take them two

519
00:29:36.319 --> 00:29:38.880
or three more months to kick it out of the

520
00:29:38.960 --> 00:29:42.480
offer status, and so then it's fourteen to fifteen months

521
00:29:42.519 --> 00:29:45.920
that it's extended by. So you know, you got to

522
00:29:46.000 --> 00:29:48.400
not just look at the time period, but how all

523
00:29:48.440 --> 00:29:52.200
the different extensions to that statute of limitations. But if

524
00:29:52.240 --> 00:29:56.759
you do nothing in the irs, you know, does it's

525
00:29:56.799 --> 00:29:59.359
whatever it's going to do over the ten years and

526
00:29:59.480 --> 00:30:02.720
you managed to ignore them, ignore them. They take a

527
00:30:02.720 --> 00:30:04.440
little bit of money because they leve at your bank

528
00:30:04.440 --> 00:30:08.480
account or you're not working in a finally levy against

529
00:30:08.559 --> 00:30:13.240
Social Security and you let that role. Eventually it's going

530
00:30:13.319 --> 00:30:16.799
to you know, that's going to fall off unpaid unless

531
00:30:16.799 --> 00:30:18.640
the collections from Social Security is enough to.

532
00:30:18.559 --> 00:30:19.119
Pay it off.

533
00:30:19.200 --> 00:30:21.880
Then it's going to go away anyway, because you paid

534
00:30:21.880 --> 00:30:24.039
it off. But if they happen to levey your bank

535
00:30:24.079 --> 00:30:27.680
accounts or your pension or your IRA's or your four

536
00:30:27.720 --> 00:30:30.839
to oh one k's, then you know you're really out

537
00:30:30.880 --> 00:30:32.599
of luck, it's getting getting paid.

538
00:30:33.960 --> 00:30:34.119
You know.

539
00:30:34.319 --> 00:30:37.519
Yes, I've seen quite a few people go through and

540
00:30:38.160 --> 00:30:41.160
work the system to get to the statute of limitations.

541
00:30:42.200 --> 00:30:43.759
And we've had a lot of people that come to

542
00:30:43.839 --> 00:30:46.039
us and we do tax analysis. And one of the

543
00:30:46.039 --> 00:30:49.279
things that we're looking at when we do our tax

544
00:30:49.279 --> 00:30:52.519
analysis is one, of course, have they filed everything? Have

545
00:30:52.559 --> 00:30:57.359
they filed it correctly and timely? What penalties can we remove?

546
00:30:57.599 --> 00:31:02.039
And then when is the statute of limitations running? And

547
00:31:02.079 --> 00:31:05.240
then we go from there and look at what is

548
00:31:05.279 --> 00:31:09.880
the best solution. So solutions to tax problems come in

549
00:31:10.160 --> 00:31:14.960
various different plans and ideas. You know, the whole goal

550
00:31:15.279 --> 00:31:18.319
is to reduce the debt down as much as we

551
00:31:18.359 --> 00:31:22.519
can to be either affordable or to go away. So

552
00:31:22.559 --> 00:31:24.720
you just filed this year, but you have other years

553
00:31:24.720 --> 00:31:27.599
that you filed for in the past. Now, how do

554
00:31:27.680 --> 00:31:30.920
you get this debt to go away? Well, you sit

555
00:31:30.960 --> 00:31:34.119
and wait ten years? Statue of limitations right now? Okay,

556
00:31:34.680 --> 00:31:37.400
maybe you can make it, but maybe you can't. What

557
00:31:37.759 --> 00:31:42.400
are the true in real options? And where do you

558
00:31:42.519 --> 00:31:46.160
go from here? You've seen it accumulate. You see the

559
00:31:46.200 --> 00:31:50.759
debt get worse and worse. Now what do you need

560
00:31:50.839 --> 00:31:54.480
to do to put a solution to your tax problem

561
00:31:54.720 --> 00:31:57.920
once and for all. Hey, it's anybody's guess, but I know.

562
00:31:58.480 --> 00:32:00.839
And right after we take this quick break, I'm gonna

563
00:32:00.839 --> 00:32:03.000
give you some hints on what you can do. What

564
00:32:03.079 --> 00:32:06.680
we can do solve your tax problem with the IRS.

565
00:32:06.880 --> 00:32:08.079
We'll do that right after this.

566
00:32:09.319 --> 00:32:13.000
We have only scratched the surface of today's show. Please

567
00:32:13.039 --> 00:32:16.319
stand by as Barry G. Fowler will be right back

568
00:32:16.359 --> 00:32:22.200
with tax talk for you. As an owner operator, you

569
00:32:22.440 --> 00:32:25.839
already spend too much time away from your family. Stop

570
00:32:25.960 --> 00:32:29.759
spending time doing paperwork. Go to Trucker tax tools dot

571
00:32:29.799 --> 00:32:34.680
com a solution filled specifically for truckers. Trucker tax tools

572
00:32:34.720 --> 00:32:40.880
dot Com makes your life run smoothly. Let's get back

573
00:32:40.920 --> 00:32:44.880
to tax stock for you with more tax stock once again,

574
00:32:45.359 --> 00:32:47.279
here's your host, Barry G.

575
00:32:47.519 --> 00:32:47.880
Fowler.

576
00:32:50.279 --> 00:32:53.720
Hey, you know a great way to end that last segment. Hey,

577
00:32:53.720 --> 00:32:55.599
what's going to be a solution to your problem?

578
00:32:55.759 --> 00:32:56.000
Hey?

579
00:32:56.160 --> 00:32:57.799
But before I get into that, I had a question

580
00:32:57.880 --> 00:33:03.440
from Jeremy what triggers the IRS to audit you? Because

581
00:33:03.480 --> 00:33:05.480
I am going through an audit and don't know why

582
00:33:05.839 --> 00:33:08.599
it was triggered. Well, without looking at your return, I

583
00:33:08.640 --> 00:33:12.359
couldn't tell you. But the number one reason is underreporting

584
00:33:12.799 --> 00:33:14.960
your income. So the I r S gets a lot

585
00:33:14.960 --> 00:33:20.079
of income forms ten ninety nine's, W two's ten ninety

586
00:33:20.160 --> 00:33:25.400
nine S, house sales, brokerage transactions. You know, any of

587
00:33:25.440 --> 00:33:29.160
these things you have to report on your tax return.

588
00:33:29.200 --> 00:33:32.240
These are all income, So any income you're earning, if

589
00:33:32.279 --> 00:33:36.240
you don't report all your income, it's an easy trigger

590
00:33:36.640 --> 00:33:37.440
for the I r S.

591
00:33:37.519 --> 00:33:40.160
And sometimes it's a correspondence out it. Other times it's

592
00:33:40.160 --> 00:33:42.680
a full fledge audit that depends on what else is

593
00:33:42.720 --> 00:33:43.480
on your return.

594
00:33:43.599 --> 00:33:48.200
So if you've taken excess business seductions, you know you

595
00:33:48.319 --> 00:33:52.240
may get that full fledged audit because you underreported your

596
00:33:52.279 --> 00:33:55.440
income where it may have flown floated right underneath the radar.

597
00:33:56.000 --> 00:34:00.720
If you didn't do that, nobody knows. But the IRS

598
00:34:00.839 --> 00:34:04.400
right now concentrates mostly on those earning more than two

599
00:34:04.519 --> 00:34:10.039
hundred thousand, But if you are a schedule C you're

600
00:34:10.159 --> 00:34:13.199
more apt to get audited as well, because, in my opinion,

601
00:34:13.280 --> 00:34:16.639
the IRS thinks every business owner that reports on a

602
00:34:16.679 --> 00:34:20.000
schedule CE lie sheets and steals and doesn't report all

603
00:34:20.039 --> 00:34:23.840
their cash income everything else. So make sure that you're

604
00:34:23.840 --> 00:34:28.480
reporting all your income. And take all legit deductions that

605
00:34:28.599 --> 00:34:33.400
you can find, and that becomes really really important. So

606
00:34:33.440 --> 00:34:36.760
how do we solve your IRS problems? Well, we all

607
00:34:36.840 --> 00:34:41.360
hear on the radio and then offers and compromise that

608
00:34:41.480 --> 00:34:44.159
means you settled your debt for less than so. And

609
00:34:44.199 --> 00:34:47.559
it always makes it sound like everybody qualifies, Well not

610
00:34:47.679 --> 00:34:50.760
everybody qualifies. If you can afford to pay. You can't

611
00:34:50.920 --> 00:34:55.480
qualify even if you can't afford in your eyes, if

612
00:34:55.519 --> 00:34:59.400
you can afford to pay in the IRS's eyes, because

613
00:34:59.400 --> 00:35:02.840
they have different standards than you do or I do,

614
00:35:03.440 --> 00:35:07.039
because they look at what is national standards. National standards

615
00:35:07.039 --> 00:35:09.519
gives you a certain amount of money you don't exceed

616
00:35:09.679 --> 00:35:15.320
for you know, housing and utilities. You know national standards

617
00:35:15.360 --> 00:35:20.519
for food, and you know whatnot over there, national standards

618
00:35:20.599 --> 00:35:24.599
for you know what your car payment cannot exceed or

619
00:35:24.679 --> 00:35:31.320
car expenses cannot exceed. You know, school expenses for your kids,

620
00:35:31.320 --> 00:35:37.760
whether they're in private school for high school or elementary

621
00:35:37.800 --> 00:35:40.239
or middle school does not get included.

622
00:35:40.280 --> 00:35:40.519
There.

623
00:35:42.000 --> 00:35:46.159
Tuition, college tuition for your older kids, that does not

624
00:35:46.400 --> 00:35:48.960
get included in any way, shape or form, and that

625
00:35:49.039 --> 00:35:51.320
kind of amazing the government has. It's a two way street.

626
00:35:51.800 --> 00:35:54.639
You failed a fast food for college, and your income

627
00:35:54.679 --> 00:35:58.000
has to be counted for them even though they're over eighteen.

628
00:35:58.440 --> 00:36:02.079
But yet when you have of IRS problems, they can't

629
00:36:02.119 --> 00:36:07.599
count college tuition into your equation to set all your

630
00:36:07.800 --> 00:36:12.000
tax Who wrote that in Congress? You know, it's just

631
00:36:12.039 --> 00:36:15.639
their interpretation of what's right what's wrong. You know you

632
00:36:15.679 --> 00:36:17.639
can only have two cars. If you've got cars for

633
00:36:17.679 --> 00:36:20.480
your other kids and they're owned outright, they're considered assets

634
00:36:20.480 --> 00:36:21.719
and you should sell them.

635
00:36:22.079 --> 00:36:24.079
So offering compromise isn't right.

636
00:36:23.960 --> 00:36:26.360
For everybody, and that's something we've got to go sit

637
00:36:26.400 --> 00:36:29.800
down and go through a complete analysis. You can go

638
00:36:29.840 --> 00:36:32.880
through and do an installment agreement. Most installment agreements that

639
00:36:32.960 --> 00:36:35.079
the IRIS is looking to do is a full pay

640
00:36:35.480 --> 00:36:37.760
when you call them, that's what they're going to give you.

641
00:36:38.159 --> 00:36:39.159
Now, you might be able to.

642
00:36:39.199 --> 00:36:41.840
Qualify for a partial pay installment agreement, meaning you're going

643
00:36:41.880 --> 00:36:43.880
to pay less than what you owe over a period

644
00:36:43.880 --> 00:36:46.559
of time, but you're going to pay now that they're

645
00:36:46.559 --> 00:36:48.679
a little bit looser on the standards, you don't have

646
00:36:48.760 --> 00:36:51.840
to meet the national standard. Your other expenses and stuff

647
00:36:51.880 --> 00:36:54.960
are going to be included at least during the time

648
00:36:55.000 --> 00:36:58.960
period that you're making these payments or at least the

649
00:36:59.000 --> 00:37:01.719
time period that car payment and stuff is going to

650
00:37:01.760 --> 00:37:06.079
be around, so be able to go possibly partial pay

651
00:37:06.119 --> 00:37:10.559
installment agreement, and then maybe it's the non collectible status

652
00:37:11.079 --> 00:37:14.079
and that's where you don't pay anything as long as

653
00:37:14.119 --> 00:37:17.519
your income doesn't increase. Now, they may look at it

654
00:37:17.559 --> 00:37:19.760
in a couple of years, and that's fine. If your

655
00:37:19.760 --> 00:37:22.480
income hasn't changed, you're going to stay in that non

656
00:37:22.519 --> 00:37:27.079
collectible status. Now, which one's right. Well, first thing, first,

657
00:37:27.400 --> 00:37:29.159
first thing we're going to do is sit down and

658
00:37:29.199 --> 00:37:31.159
look at what you owe, how much you owe, what

659
00:37:31.199 --> 00:37:34.599
the statute of limitations are. Maybe you have a year

660
00:37:34.679 --> 00:37:37.400
or two or some that are showing up in about

661
00:37:37.519 --> 00:37:39.800
four to six months, that's a statute that's going to

662
00:37:39.920 --> 00:37:43.000
run out. On that being the case, we may not

663
00:37:43.119 --> 00:37:45.960
want a solution right away, or we might just go

664
00:37:46.039 --> 00:37:50.199
after a partial pay installment agreement and let small payments

665
00:37:50.280 --> 00:37:54.039
go and then that debt falls off. But we definitely

666
00:37:54.119 --> 00:37:57.719
don't want to do anything to extend the statute of limitations,

667
00:37:57.719 --> 00:38:00.559
and we don't necessarily want to file that offering compromise

668
00:38:00.639 --> 00:38:04.320
right away because it starts extending that statute of limitations. Now,

669
00:38:04.400 --> 00:38:08.679
the other fault with this offering compromise is it also

670
00:38:08.800 --> 00:38:13.559
has a five year period of full compliance. That means

671
00:38:13.599 --> 00:38:16.280
five years from when it's accepted. So if you stop

672
00:38:16.360 --> 00:38:20.599
the statute of limitations running today and filing by filing

673
00:38:20.599 --> 00:38:23.760
an offering compromise and they process that in a year,

674
00:38:24.360 --> 00:38:28.360
you have from today until they accepted for another five

675
00:38:28.440 --> 00:38:30.679
years after that that you've got to be one hundred

676
00:38:30.679 --> 00:38:34.599
percent in compliance. And after that five you know, if

677
00:38:34.599 --> 00:38:39.039
you're sometime during that five years you fail to stay

678
00:38:39.039 --> 00:38:42.480
in compliance, all the debt comes flowing back with the

679
00:38:42.519 --> 00:38:48.239
original statue of limitations starting from there, so wherever you

680
00:38:48.320 --> 00:38:52.280
were in your statutes, it picks up. So sometimes that

681
00:38:52.440 --> 00:38:56.719
is not the best course of action to take, especially

682
00:38:56.760 --> 00:38:58.840
if you know for a fact that there's no way

683
00:38:58.920 --> 00:39:02.639
you're going to stay one hundred percent in compliance with

684
00:39:02.760 --> 00:39:06.000
the tax laws. So sometimes that partial pay installment agreement

685
00:39:06.039 --> 00:39:09.840
works better. Sometimes that non collectible status, you know, works better.

686
00:39:10.599 --> 00:39:13.599
Sometimes that full pay installment agreement is just the only

687
00:39:13.679 --> 00:39:16.400
option for you. But it's one of those things that

688
00:39:16.400 --> 00:39:18.800
we can sit down and look at doing and we

689
00:39:18.840 --> 00:39:21.079
see this a lot for truckers, and we see this

690
00:39:21.119 --> 00:39:23.760
a lot for small business owners, you know, across the

691
00:39:23.800 --> 00:39:26.519
board that get into some small problems and it becomes

692
00:39:26.639 --> 00:39:29.599
larger problems. And what's going to be the solution. Well,

693
00:39:29.840 --> 00:39:32.000
you know, if you if you call up in one

694
00:39:32.000 --> 00:39:36.079
of those radio ads tv ads, they're going to tell

695
00:39:36.119 --> 00:39:39.280
you you're going to qualify for an offering compromise and

696
00:39:39.320 --> 00:39:41.320
get you to sign up. But the whole thing they

697
00:39:41.320 --> 00:39:46.000
said was before that possibly maybe nothing's for certain. It

698
00:39:46.000 --> 00:39:49.719
depends on whether the IRS will accept it all excuses.

699
00:39:50.000 --> 00:39:52.239
That's why sometimes it's best to go sit down and

700
00:39:52.280 --> 00:39:55.440
go through a complete tax analysis where we can actually

701
00:39:55.480 --> 00:39:58.760
design the program to say, hey, you're going to qualify

702
00:39:58.840 --> 00:40:02.360
based on this or that, and then here's what the

703
00:40:02.360 --> 00:40:06.159
cost is to get you into this program. And whether

704
00:40:06.199 --> 00:40:09.079
you go with us or not, from that standpoint, at

705
00:40:09.119 --> 00:40:12.440
least you are armed with the knowledge to be able

706
00:40:12.480 --> 00:40:15.840
to determine what route you need to go to put

707
00:40:15.840 --> 00:40:19.039
the best solution in place for you. Now we've even

708
00:40:19.079 --> 00:40:21.280
told some people, hey, this is easy enough. You should

709
00:40:21.280 --> 00:40:23.840
be able to do this, this, and this yourself and

710
00:40:24.400 --> 00:40:29.840
get your tax problem resolved. We handle everybody case by case.

711
00:40:30.400 --> 00:40:33.800
There is no cookie cutter to this. There are certain

712
00:40:33.960 --> 00:40:37.480
people that we can look at and say today don't

713
00:40:37.559 --> 00:40:40.239
qualify for an offering compromise. But when we get in it,

714
00:40:40.280 --> 00:40:43.920
they left out a few things that we really needed

715
00:40:44.079 --> 00:40:47.719
because they didn't think about them. And then we change

716
00:40:47.760 --> 00:40:50.119
one or two things that they're doing in their life,

717
00:40:50.199 --> 00:40:53.239
and all of a sudden they qualify to buy on

718
00:40:53.360 --> 00:41:00.239
offer and compromise and settle a million dollars Taxidad or

719
00:41:00.679 --> 00:41:03.920
somebody for far less than what they're going to owe,

720
00:41:03.960 --> 00:41:07.719
because we are able to make changes to their life

721
00:41:07.840 --> 00:41:13.079
to qualify better in the offering compromising something they can afford.

722
00:41:13.639 --> 00:41:17.159
Danny Ass How long does tax analysis take? Well, there's

723
00:41:17.199 --> 00:41:21.320
two steps to it. Now. The first step is going

724
00:41:21.400 --> 00:41:25.239
to be calling the irs. We always put into our

725
00:41:25.280 --> 00:41:30.760
tax analysis a hold with the IRS, and so we

726
00:41:30.840 --> 00:41:33.320
get the hold, we get them to send us the

727
00:41:33.360 --> 00:41:37.599
information about the debts that you owe, and then we

728
00:41:37.639 --> 00:41:41.000
wait for the IRS to process that power of attorney

729
00:41:41.039 --> 00:41:43.920
so our system can pull everything else from the IRS

730
00:41:43.960 --> 00:41:47.159
in about two weeks, where we get all the c

731
00:41:47.360 --> 00:41:50.199
said dates and everything else that's there, which is the

732
00:41:50.199 --> 00:41:53.960
Statute of limitation dates and any other information that we

733
00:41:54.159 --> 00:41:57.800
could not get from a revenue agent on the phone.

734
00:41:58.480 --> 00:41:59.239
So about two to.

735
00:41:59.199 --> 00:42:01.599
Three weeks and we've got all the stuff here to

736
00:42:01.599 --> 00:42:04.079
be able to tell you where we go from there.

737
00:42:05.039 --> 00:42:08.519
Tax analysis costs will vary, but we're right now we're

738
00:42:08.519 --> 00:42:10.880
doing fifty percent of so call us at eight eight

739
00:42:10.960 --> 00:42:14.119
eight nine three zero one zero one six jump in

740
00:42:14.159 --> 00:42:18.880
today and take advantage of that. Harriet asked, does this

741
00:42:19.000 --> 00:42:24.159
work for a small corp as well? Well, Harry, depends

742
00:42:24.159 --> 00:42:27.199
on how you're reporting, and if you're reporting on eleven twenty, yes,

743
00:42:27.280 --> 00:42:30.280
we can do certain things for you there. If you're

744
00:42:30.320 --> 00:42:34.280
reporting as an S corp, then all the taxes actually

745
00:42:34.320 --> 00:42:37.079
flow to your personal and yes, we take care of

746
00:42:37.119 --> 00:42:40.239
you personally, and then we can do a tax analysis

747
00:42:40.320 --> 00:42:45.519
for both of you and the business out there as well. Now,

748
00:42:45.519 --> 00:42:49.000
payroll taxes, that's a whole nother story. We did a

749
00:42:49.000 --> 00:42:51.239
whole segment on payroll taxes. So if you go look

750
00:42:51.239 --> 00:42:53.880
at our podcasts, you can go to tax Talk for

751
00:42:54.000 --> 00:42:57.360
you and do a search over there and you can

752
00:42:57.400 --> 00:43:00.320
find a podcast about payroll taxes and how to deal

753
00:43:00.360 --> 00:43:02.599
with those. Well, a matter of fact, you might have

754
00:43:02.639 --> 00:43:07.079
another great discussion about payroll taxes here out there. And

755
00:43:07.199 --> 00:43:10.800
our last question here, will this information bring up any

756
00:43:10.880 --> 00:43:12.039
issues with the irs?

757
00:43:12.079 --> 00:43:14.199
And no, not at all.

758
00:43:14.679 --> 00:43:19.159
Hey join us every Monday ten am here Eastern time

759
00:43:19.679 --> 00:43:22.960
on W four CRY Radio at tax Talk for You

760
00:43:23.440 --> 00:43:24.239
dot Com.

761
00:43:24.639 --> 00:43:24.920
Again.

762
00:43:24.960 --> 00:43:29.000
It's tax Talk the number four letter dot com and

763
00:43:29.119 --> 00:43:32.960
we'll see you every Monday right here again ten am

764
00:43:33.159 --> 00:43:34.400
W four c I Radio.

765
00:43:34.480 --> 00:43:35.119
Don't miss it.

766
00:43:35.440 --> 00:43:40.599
Follow us on Facebook, follow us on Instagram, follow us

767
00:43:40.760 --> 00:43:43.159
on tax Talk for you dot Com.

768
00:43:43.480 --> 00:43:46.800
Have a god bless glorious week. We'll see you next week.

769
00:43:47.679 --> 00:43:50.840
Are you an individual or business that wants to understand

770
00:43:50.920 --> 00:43:54.239
taxes and how they affect you? Are you looking for

771
00:43:54.360 --> 00:43:59.800
specific tax advice for self employed business owners in truckers?

772
00:44:00.360 --> 00:44:04.400
Are you behind on taxes and your bookkeeping? Are you

773
00:44:04.519 --> 00:44:07.480
dealing with the irs and ready to have some relief,

774
00:44:08.320 --> 00:44:12.159
then you need Tax Talk for You, hosted by tax

775
00:44:12.239 --> 00:44:16.719
and trucker expert Barry G. Fowler EA. Tune in ten

776
00:44:16.800 --> 00:44:20.519
am Eastern time every Monday right here on W four

777
00:44:20.519 --> 00:44:24.039
CY Radio and Talk for TV. Don't forget to check

778
00:44:24.159 --> 00:44:29.000
this and past episodes at tax talkforu dot com. See

779
00:44:29.000 --> 00:44:34.079
you next week at W four cy dot com.