March 17, 2025

Solving IRS Problems

Solving IRS Problems

Solving IRS Problems, do you owe the IRS need a solution to get tax relief, here are the solutions to make you life easier, Offer in compromise, Partial Pay Installment agreement, Non Collectible status, Installment agreement. What tax solution is...

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Season 2

Solving IRS Problems, do you owe the IRS need a solution to get tax relief, here are the solutions to make you life easier, Offer in compromise, Partial Pay Installment agreement, Non Collectible status, Installment agreement. What tax solution is right for you to get tax relief. How do you fix an IRS audit gone bad, Audit reconsideration. What are the statue of limitations what does it mean for tax relief and you solution to your tax problem. How do Owner Operators/Truckers solve tax debt.

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).

Tax Talk 4 U Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

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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 me 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.

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With over thirty years of experience.

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Barry will break down taxes, bookkeeping, tax planning, and tax

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relief for individuals and businesses just like you. So let's

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have some tax talk for you with your host, Barry G.

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Foul.

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Good morning America, and welcome tax talk for you. Hey,

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I enjoyed doing these shows, and sometimes you take the

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extra time and you prepare for these shows and you say, hey,

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I've got to talk about this or I've got to

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talk about that. It's about getting information and answering questions

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as well. And you know, if you've got questions, go

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ahead and text them in, call in. Let's get your

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questions answered about solving your tax debt, solving your tax problem. Hey,

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something interesting I was seeing today and brief time I

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had to look at some stuff because we're in the

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middle of tax season. Here have some tax resolution clients

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I'm working on and getting some solutions put in place.

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But one thing struck me and I saw statistics. And

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you know, I'm a numbers guy. I like numbers. I

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like looking at numbers and seeing what is actually happening

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out there. Well, I took a look at some some

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really crazy numbers, and what was interesting to me was

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people talk about, you know, the rich need to pay tax.

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I've I've always said when I talked he truck to

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success someone ours and talking to people about taxes bookkeeping

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in tax relief is you know, everybody's always good with

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a tax as long as it's not on them, which

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is really true. You know, you hear the politicians talk about,

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you know, increasing taxes, but you know they have ways

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to avoid taxes. You hear actors talk about, you know,

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wanting to increase taxes, but it's not wanting to be

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on them, you know, as always somebody else. So, you know,

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when we started looking at this, you say seven point

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six percent of tax filers pay sixty seven point ninety

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percent of the taxes in the USA. And this is

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back from twenty twenty two. That means seven point six

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of Americans making two hundred thousand and greater are paying

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sixty seven point nine percent of the taxes. You know,

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the next group one hundred to two hundred thousand to

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sixteen percent of the filers pay the next twenty five percent,

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and that leaves everybody below that paying the rest of

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the taxes, which isn't a huge amount of tax when

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you're talking that, you know, basically, ninety three percent, ninety

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four percent of the taxes are paid from twenty three

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percent of Americans filing taxes. So of course everybody is

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better when somebody else is paying the tax you know.

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It's it's one of those amazing things, that's all else.

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It was kind of amazing to me got to see

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some of these numbers, and we kind of went back

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and since I was in there and I was looking

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at it, and we're looking at twenty twenty two. I

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went back and they had statistics from back from sixty nine, seventies, eighties,

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even into the nineties, and in the twenty twenty two statistics,

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it showed there was thirty four thousand people that filed

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tax returns that made over ten million dollars. If you

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look back to nineteen ninety nine and before, they didn't

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have that category. So you know, times have change, numbers

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have gone up, income has gone extremely up through the roof,

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and you know those people pay tax at a very

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high rate. Yeah, they get a lot of tax deductions.

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They have ways to find those tax deductions. But that's

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what everybody's ultimate goal is is to find a way

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to continue to reduce the amount of tax that you pay.

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But you want to make more money. So what you're

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really looking at is what is my effective tax rate

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where it's my marginal tax bracket, and how do I

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reduce those taxes? And that's what everybody should be looking at,

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is how do we go through and reduce those taxes.

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You know, Trump's working on certain things to reduce taxes

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for everyday Americans. You know, from trying to pass no

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tax on Social Security, trying to pass no tax on tips,

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and trying to pass no tax on overtime. And you know,

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some of that will help. Some of it, you know,

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may or may not help. You know, are they going

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to steal tax it for Social Security and Medicare or

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are they just trying to stop the federal taxes on it,

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the federal income taxes. I don't know the specifics behind it,

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what they're trying to do. It would really be nice

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that you've paid into Social Security. If you choose to

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start taking Social Security at sixty two, you shouldn't have

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a tax on it. You shouldn't have an offset for

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other income either. Those would be some nice things to

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see past. How do we get there? It's again, you know,

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President working with Congress to pass the laws to set

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things straight and right for everyday Americans. And that's what

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we're looking forward to today. We're talking about tax solutions

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and solving tax problems. We've been in this business of

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tax relief for many, many years and been fighting the

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irs for tax relief for the last thirty plus years

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forty years and been very successful at it. One of

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the reasons we've gotten into this business was truckers, and

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we started working with truckers because they had quite a

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bit of tax problems from non filing to filing and

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owing a bunch of money to IRS filing substitute for

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returns and then owing even more money. Oh, you know,

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the question comes, Hey, what's a substitute for return? A

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substitute for return is when you haven't filed a tax

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return and the IRS files on your behalf. I guess what,

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IRS doesn't go through your records and gets you the

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best deal and lower the taxes. IRS takes that ten

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ninety nine. If you were a trucker out there and

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you're an owner operator working for somebody, and you know

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you're whether you're lease on or you know, got your

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own authority and invoicing, whatever the case is, and you're

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getting ten ninety nine's the IRS takes that ten ninety

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nine puts it on Schedule C with no deductions. So

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if you grossed two hundred thousand dollars on a ten

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ninety nine, you get hit with the full amount of

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Social Security and Medicare at tax on that up to

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the limits, you get hit with the full income tax

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on that they're not adding kids. If you've been filing

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joint they're going to put a joint return there with

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your wife and whatever or husband, whichever one is out there.

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And if you're both owner operators and stuff. Imagine the

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ten ninety ninees you guys get and then you guys

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get hit all of that, and now you don't just

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have a ten or twenty thousand dollars debt. You're staring

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down the barrel of one hundred thousand dollars a tax

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debt plus penalties, interests and everything else they can throw

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on it. So things like this in life is crazy

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that you would have to deal with this, but you've

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got to deal with it. How do you deal with it? First,

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get that return prepared, Get all the returns prepared that

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you hadn't prepared as yet, so that means gather your

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information together, get the bookkeeping done through truck or tax

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tools dot Com, and get the returns filed. Now, let's

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say you don't have all of the bookkeeping. Maybe you

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have your final settlement statement or you've got a summary

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settlement statement. We can start with that and move forward.

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Get some of the expenses in there and then find

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the rest of them so that you can get a

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return prepared with the best available information and get as

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many write offs as possible on that return. Savings can

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be great. Now not going to avoid penalties and interest.

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It's going to reduce penalties because you don't truly owe

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as much as the IRS thinks you do. It's going

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to reduce the interest because the interest will be recalculated

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based on the amount you actually owe. So we can

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fix those things and take the next next step of

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moving forward with solution. But we've got to get all

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those tax years filed. Now. IRS is only going to

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ask for about six years of returns. Now, if that

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substitute return was from seven or eight years back, we're

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going to want to file those returns as well to

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get rid of the tax that the IRS is saying

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that you owe that you shouldn't own, and get it

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down to a real number. Now we're going to talk

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more about solutions to your tax problem, but also solving

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some of these solutions for you dating back further than that,

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and we're going to talk about returns. Maybe you shouldn't

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change after this break, we.

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Have only scratched the surface of today's show. Please stand

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by as Parry G. Fowler will be right back with.

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Tax talk for you.

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If you owned the IRS or are going through an

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IRS audit, don't go out it alone. Called Taxation Solutions

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tax Relief at eight eight eight nine three zero one

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zero one six, we are your solution for IRS debts, audits,

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back taxes, garnishments, leans and levees. Whether you're an individual

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or business, you need a solution and a strong, aggressive

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tax resolution. Don't let the IRS walk all over you.

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Stop the IRS now call eight eight eight nine three

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zero one zero one six or go to Taxationsolutions dot

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net now for a free no obligation consultation. Let's get

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back to tax stock for you with more tax stock

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once again. Here's your host, Barry G. Fowler.

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Hey, welcome back, talking about solutions to your tax problems,

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getting that tax relief that you deserve, you qualify for.

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You know, what are the options, what should we be doing?

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How can we help solve those issues? How can you

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do it yourself. We have a great podcast that we've

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done which is Tax Solutions one oh one. Can go

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back and listen to that, and it's talking about solving

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your tax problems. But today you know and talking about

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solutions that are out there you know, are there returns

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that you shouldn't fix that were done incorrectly or maybe

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somebody maybe the IRS did substitute for returns. So which

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returns would you fix and which returns would you file?

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Which returns would you not do? Well? The IRS first

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is going to make sure you file the last six

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years returns, make sure you definitely get twenty twenty four

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is return done before you put any solution in place,

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because if you're going to owe money in twenty four,

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you're going to want to get that done. But what

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should you not fix even if they were issues? Well,

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anything is close to statue limitations. Now, what's the statue

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of limitations? Statue of limitations means the IRS only has

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ten years to collect the tax that is due. After

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that that tax falls off. So if you filed and

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they accepted a return ten years ago today, that money

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would fall off. So you know, that would be going

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back to a return that was filed March seventeenth, twenty

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twenty fifteen, twenty fifteen, and it would have been a

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prior years or return, so that would have been thirteen's

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or twelve's return, and that debt would then be falling off.

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So if maybe they did a substitute for return. Maybe

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you've strung the irs all around long enough that you're

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getting close to statue limitations. It's a good time to

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continue to delay, not file that return and let that

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debt fall off. There are many times we structure payment

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plans whereas it allows the debt to fall off over

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a period of time. So maybe you've got some returns

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that debt's falling off in three months, six months, one year.

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These could be staggered because you were delinquent back then

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and filing and now you're seeing this debt close to

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falling off. So putting in a partial pay installment agreement

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that allows this debt to fall off sometimes can be

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life changing and saving you money on taxes that you owe.

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We took a client in the past couple of months

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and we've looked at them and they were a new client.

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We did a tax analysis where we start and if

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you call in and to Taxation Solutions and we can

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set you up or a tax analysis. They're actually given

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a fifty percent discount. If you heard us here on

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tax Talk for you to call them, call us at

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eight eight eight nine three zero one zero one six.

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We'll get into doing a tax analysis to determine what

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you should file, but you shouldn't file what could be

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the actual best solution for you. But we took a

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client and we put them into partial pay installment agreement.

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They paid a small amount every month and as they

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were going debt was falling off periodically. Probably saved them

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close to seventy five thousand dollars in taxes, penalties, and

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interests by getting them through a period of about nine

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months to where most of their tax debt fell off

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and they were left with just a little bit of

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tax debt for the current years, which was really nice

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and beautiful for really a savings. If they would have

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went into what they call as an offer and compromise,

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then they may have settled for a little bit less,

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but they would have been on the hook for five

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years and that would not have been the ideal situation

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for them, and they would have probably end up paying

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them maybe a little bit more over a period of time.

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And if they've defaulted in the five years, all that

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debt would have come back and they would have been

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back in a bad situation. So definitely want to take

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a look at those things. Hey, we did have a

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question now I love questions when they come in. So

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if you've got questions, feel free to text amn call

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us in. We'd love to answer. And we've got Frank. Here.

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Is there a penalty for going back and filing back

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tax returns? Well, Frank, First off, if you owe money

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on any return and you file and don't pay, if

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you file timely, they're going to hit you for failure

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to pay. If you file late, they're going to hit

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you with a penalty for non payment. And they're going

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to hit you a penalty for filing late. If you

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have refunds, there is no penalty. However, if you're over

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three years, so that means you know, right now you're

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filing twenty fours. If you file twenty threes, file twenty twos,

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and if you have a refund, you would be able

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to get the money back that the IRS would refund

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your money. Now, going back before that, if you have refunds,

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the IRS keeps that money. Doesn't sound fair to you?

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Does It doesn't sound fair to me because if you

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owe money, the IRS expects you to pay it outside

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of those three years. But if they owe you money,

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they're not going to pay you. Go figure who wrote

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the law. Oh, our congressman wrote the law and IRS

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and forces it interesting facts. So yes, Frank, there are

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penalties if you owe money going back and filing those returns.

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But the IRS, in order to put a solution in place,

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you would have to file them anyway. So get those

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returns filed if you owe money, whatever year, or the

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IRS is sending you a nastygram saying hey, you got

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to file this or file that. Give Taxation Solutions a call.

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You know, we can get returns filed. We can get

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information filed. A beautiful part when we do tax analysis.

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We can also get wage and income information from the

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IRS to determine what you filed. You may not be

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able to find some of the information. We can find

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the information from the IRS, and we're able to get

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full records from the IRS of everything that's happening in

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file and determine exactly what needs to be filed and

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what doesn't need to be filed. But that starts with

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that free consultation. Free call it eight eight eight nine

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three zero one zero one six again eight eight eight

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nine three zero one zero one six, tell them you

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heard me here at tax talk for you and they'll

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give you fifty percent off tax analysis. It's a great deal,

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great way to find out what you actually what you

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need to file and then what can solutions we can

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put in place for you and or you know what

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kind of solution you can put in place for yourself

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if you want to try to do it yourself, do

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it yourselves or not always the things I recommend. There

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are times we will tell people, hey, it's not cost

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effective to use our service to solve the tax debt

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you owe, and we'll give you some advice on what

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you need to do for yourself to get it done.

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But if our service is going to definitely be what

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you need to put the solution and save you money,

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we're going to be the first one to tell you, hey,

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you should be jumping through the hoops with us, so

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that so that excuse me, so that you know we

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can help save you money from you your tax debt

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and put the solutions that you need place. And we

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were talking about truckers and why we got involved in

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helping truckers, but we also help all small businesses and individuals,

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mainly ten thousand dollars or more, but there are times

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we help under that because there are solutions need to

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be place. Sometimes there's a lot of years you haven't filed.

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When you get those filed and it corrects some things

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and then you don't owe ten thousand dollars, which is

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great because that is one of the solutions we could

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put in place that saves you money. Or maybe you

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went through a bad audit and didn't provide any information

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and the IRS just assumed everything was wrong. We can

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get in there and do an audit reconsideration and correct

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that as well. Those are some of the solutions that

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we've got to look at to determine, you know, the

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right way to go for you. So we were talking

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about truckers and how we got involved in with truckers.

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We ran in some really bad agents that all they

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had was had it out for truck drivers and owner

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operators out there and actually would take vacations and their

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vacation would actually be driving across the country looking for

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trucks to repossess. And yes they do that. So if

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you have tax debt, you want to be in front

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of it. The same with your houses and your businesses

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is you need to be in front of the you know,

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in front of your problem to stop the IRS before

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you lose everything. And we're going to talk a little

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bit more about different types of solutions that you can

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put in place and some of the reasons small businesses

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get into tax trouble as well. Right after this break,

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we have.

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Only scratched the surface of today's show. Please stand by

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as Barry je Thatwer will be right back with.

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Tax talk for you.

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As an owner operator, you already spend too much time

347
00:21:56.799 --> 00:22:00.440
away from your family. Truck or tax tools handle all

348
00:22:00.480 --> 00:22:03.839
your bookkeeping in taxes. No matter what level trucker you are,

349
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life on the road can be taxing, but that doesn't

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00:22:07.319 --> 00:22:10.680
mean that your wallet or time with your family should suffer.

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Trucker Tax Tools makes your life run smoothly. Go to

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00:22:15.200 --> 00:22:18.000
Trucker text Tools dot com for a free guide that

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00:22:18.119 --> 00:22:21.720
will give you the tools to never worry about your

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taxes again. Call Trucker Tax Tools eight seven seven nine

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00:22:26.400 --> 00:22:30.559
sixty six two four seven seven or go to Trucker

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00:22:30.599 --> 00:22:34.119
tax Tools dot com now and let the experts keep

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00:22:34.160 --> 00:22:40.039
you trucking. Let's get back to tax stock for you

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with war tax Stock once again, here's your host, Barry G.

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Faller.

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Hey, welcome back. We're gonna start you off with a

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great question and from Eric here. We actually met Eric

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at the inaugural Moonshine Louisiana Moonshine Festival out in Leedsville,

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Louisiana the other weekend. His question was, do you help

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small businesses with tax problems dealing with payroll taxes? Yes,

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we do. Payroll taxes are one of those big issues

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out there. If you're not making your payroll tax payments

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and paying your payroll taxes in and you've got some

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major issues. And if you've paid absolutely zero of those taxes,

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you can also be hit as a business owner or

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business manager. If you're signing checks and have authority to

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sign checks, you can be hit with these penalties, which

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is the civil penalties for not paying the payroll taxes in.

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And as a matter of fact, you know, not only

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we deal with the business owners, but sometimes the manager

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or senior executives of a company can get hit with

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those civil penalties for the trust funds that taxes that

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were not paid in. Now, the trust fund tax itself

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is the portion of tax you withheld from your employees

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check and did not remit to the federal government. So

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you don't get hit with trust funds for the taxes

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that the company matches for social Security and Medicare. You're

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only going to get hit for social Security and Medicare

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and federal tax that you withheld from your employees check

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and didn't remit to the federal government. Those are major,

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major issues, and you definitely want somebody to be in

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front of these problems. These are ones the tax will

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not going to go away. The IRS is going to

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keep coming after you to collect this tax, and they

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make it a priority to collect these taxes and they

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don't pool around about them. We were dealing with a

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company here recently who didn't pay their payroll taxes for

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a number of years and the IRS was all over them,

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about to hit them with trust fund penalties for each

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of the owners and one of the managers that was

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signing on the check as well, and they were getting

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close to getting signature cards, which they would have found

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out that there was another family member who was fairly

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wealthy that could have paid it all. So definitely need

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to jump in front of this to head this off.

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And we were able to get the company to pay

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the trust fund penalties or trust fund part of the tax,

402
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so that they didn't get hit with the trust fund penalty,

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which saved the innocent two innocent parties, the manager and

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the one wealthy family member who happened to be an

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around the account. We don't know why they didn't own

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any of the business, weren't involved in the business, but

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I think it was an emergency type situation when the

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two owners were out of town and then put together

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a payment plan to start paying those taxes back. It's

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pretty hefty payment plan, but you know, they're making good

411
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money and hadn't paid in quite a bit of payroll

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taxes and we're talking high six figures, so you know,

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things are crazy out there. But some of the stuff happened,

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and we understand happened. And you know, inflation sometimes drives

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that bottom line and reduces the amount of money that's available.

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And you're still trying to pay your employees, which is

417
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most important to you and one of the easiest places

418
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to not pay for payroll taxes, but those are sometimes

419
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the most important. Best thing to do is set those

420
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up to pay with every every single payroll. Now, it

421
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makes it a little complicated sometimes cash flow wise, but

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that is what you really need to do and make

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sure that you don't get into those problems. But if

424
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you got those problems, Hey, give us a call it

425
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Taxation Solutions, tax relief eight eight eight nine three zero

426
00:27:16.759 --> 00:27:20.039
one zero one six again eight eight eight nine three

427
00:27:20.160 --> 00:27:23.119
zero one zero one six or go to Taxation Solutions

428
00:27:23.200 --> 00:27:27.359
dot net free consultation. You know, we don't charge you

429
00:27:27.359 --> 00:27:30.079
anything just to talk to you. But you know, hey,

430
00:27:30.119 --> 00:27:31.559
if you want to move forward, you want to do

431
00:27:31.559 --> 00:27:35.160
a tax analysis again, we're offering fifty percent off. Give

432
00:27:35.200 --> 00:27:38.799
us a call. Let us move forward from there and

433
00:27:38.880 --> 00:27:42.480
talking about solutions. You know, there are solutions to your

434
00:27:42.519 --> 00:27:48.240
payroll taxes, there are solutions to you know, your audits

435
00:27:48.279 --> 00:27:52.000
that gone wrong. There's solutions to the money that you

436
00:27:52.200 --> 00:27:59.440
owe the irs. Everything does have its solution, and everything,

437
00:28:00.279 --> 00:28:03.960
you know, sometimes the solutions aren't what you like. Sometimes

438
00:28:04.039 --> 00:28:09.920
those solutions aren't the most ideal in your line of

439
00:28:09.960 --> 00:28:15.640
work or what you're seeing from other people. You know,

440
00:28:16.039 --> 00:28:20.079
sometimes the solution that you want isn't the solution you're

441
00:28:20.119 --> 00:28:22.079
going to be able to get. I know that's hard.

442
00:28:22.640 --> 00:28:25.079
It's a hard pill to swallow, especially when you hear

443
00:28:25.160 --> 00:28:30.079
the ads everybody qualifies or fresh start or you can

444
00:28:30.119 --> 00:28:33.400
get an offering compromise. Maybe did you hear that they

445
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slipped that in potential. Maybe those are the two words

446
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they use while they're talking to you on the phone

447
00:28:41.000 --> 00:28:44.000
because they don't want to be committed to getting you

448
00:28:44.079 --> 00:28:49.920
the solution of an offering compromise because not everybody does qualify.

449
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You may make too much money, even if you're living

450
00:28:53.799 --> 00:28:57.200
paycheck to paycheck, even if it doesn't seem like you

451
00:28:57.279 --> 00:29:00.200
have as much money as you think you do. See,

452
00:29:00.240 --> 00:29:04.359
the IRS has things called national standards, and those national

453
00:29:04.519 --> 00:29:09.240
standards isn't always what you pay for your mortgage. It's

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what the IRS says, this is the average mortgage in

455
00:29:12.000 --> 00:29:16.920
your region, in your city or zip code. This is

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00:29:16.960 --> 00:29:21.440
what cost of living is, you know, providing food, insurance,

457
00:29:21.880 --> 00:29:25.799
car payments. They have national standards for everything, and you know,

458
00:29:25.839 --> 00:29:28.799
maybe your mortgage is one thousand dollars above what the

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00:29:28.880 --> 00:29:32.599
national standard is. The DIRS doesn't care. They just don't care,

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00:29:33.079 --> 00:29:35.799
especially when you're trying to qualify for an offering compromise.

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So if she made too much money, then you're not

462
00:29:39.079 --> 00:29:42.559
going to qualify. If the tax dead is yours and

463
00:29:42.599 --> 00:29:45.240
you just got married and you're living together and have

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00:29:45.359 --> 00:29:50.759
one household, guess what her income absorbs half the expenses

465
00:29:50.920 --> 00:29:54.400
or actually pro rated based on what you make or

466
00:29:54.440 --> 00:29:57.599
what she makes. Whatever the ratio is there, he or

467
00:29:57.680 --> 00:30:02.160
she has to absorb that portion of expenses. So you know,

468
00:30:02.279 --> 00:30:04.960
if you have tax debts, solve your tax dby problem first.

469
00:30:05.359 --> 00:30:07.680
If you're going to get married and you have tax

470
00:30:07.720 --> 00:30:10.519
did get a solution to put in place so that

471
00:30:11.200 --> 00:30:14.519
you can have a better solution today than what you

472
00:30:14.599 --> 00:30:17.240
may have once you get married. I had a client,

473
00:30:17.680 --> 00:30:20.519
you know, interesting enough, We were working on an offering

474
00:30:20.599 --> 00:30:23.559
compromise with them, sent them all the paperwork, came back

475
00:30:23.559 --> 00:30:26.359
and goes, now, I got married six months ago. What

476
00:30:26.799 --> 00:30:29.680
you didn't tell us, well, she's not responsible for this

477
00:30:29.799 --> 00:30:32.880
tax that will. We understand that. But what is what

478
00:30:33.079 --> 00:30:37.119
she is responsible for is her fair share of the

479
00:30:37.160 --> 00:30:40.640
household expenses. But the house isn't in her name. We

480
00:30:40.759 --> 00:30:45.160
understand that it's still a household and you're still living together,

481
00:30:45.480 --> 00:30:50.400
you have joint expenses, and therefore she pays her fair

482
00:30:50.480 --> 00:30:55.519
share based on her income. Coming in communication talk, let

483
00:30:55.640 --> 00:30:57.839
us know what's going on. This is what you can

484
00:30:57.880 --> 00:31:01.759
put the right solution in place. Now you've been qualified

485
00:31:01.759 --> 00:31:05.319
for that offering compromise. That's fantastic. Offering compromise settles for

486
00:31:05.440 --> 00:31:08.000
less than what you owe, but comes with that five

487
00:31:08.119 --> 00:31:11.359
year period of compliance. I mean you got to stay

488
00:31:11.400 --> 00:31:14.519
one hundred percent in compliance. If you owe estimated tax payments,

489
00:31:14.599 --> 00:31:17.119
pay them quarterly or pay a monthly if you can't

490
00:31:17.160 --> 00:31:19.839
manage it on a quarterly basis. Make sure you file

491
00:31:19.920 --> 00:31:23.400
your returns on time. What happens if you don't? You

492
00:31:23.440 --> 00:31:26.359
know anywhere in that five year period from when that

493
00:31:26.440 --> 00:31:29.759
offer is accepted, so that you know, you start having

494
00:31:29.759 --> 00:31:31.759
to be in compliance from the day you file that

495
00:31:32.440 --> 00:31:36.680
offer through five years after it's accepted. So anytime in

496
00:31:36.720 --> 00:31:39.559
that five year period after it's accepted you don't file

497
00:31:39.559 --> 00:31:43.400
a return on time, higher ask and kick that offer out.

498
00:31:43.799 --> 00:31:47.799
Great example, at a client missed the deadline, owed money.

499
00:31:48.240 --> 00:31:51.440
Guess what you missed it by twenty days and he

500
00:31:51.640 --> 00:31:55.839
was only sixty days from one hundred percent five year compliance.

501
00:31:56.319 --> 00:31:58.880
All the debt came flowing back. Hey, you can't settle

502
00:31:58.920 --> 00:32:01.200
with not sure you can do for a compromise. What

503
00:32:01.240 --> 00:32:03.799
are your options? Let's talk about it right after the spring.

504
00:32:06.240 --> 00:32:09.880
We have only scratched the surface of today's show. Please

505
00:32:09.920 --> 00:32:13.160
stand by as Barry G. Fowler will be right back

506
00:32:13.279 --> 00:32:19.200
with tax talk for you. As an owner operator, you

507
00:32:19.319 --> 00:32:22.759
already spend too much time away from your family. Stop

508
00:32:22.839 --> 00:32:26.680
spending time doing payperwork. Go to Trucker tax toools dot

509
00:32:26.680 --> 00:32:31.839
com a solution filled specifically for truckers. Trucker taxtools dot

510
00:32:31.839 --> 00:32:37.920
Com makes your life run smoothly. Let's get back to

511
00:32:38.079 --> 00:32:41.799
tax stock for you with more tax stock once again.

512
00:32:42.240 --> 00:32:44.160
Here's your host, Barry G.

513
00:32:44.440 --> 00:32:44.839
Fowler.

514
00:32:47.119 --> 00:32:49.960
Hey, welcome back. I love that add that we do

515
00:32:50.119 --> 00:32:54.079
for truck tax Tools tarter tax tools. Right now we're

516
00:32:54.119 --> 00:32:59.759
offering a fantastic deal for truckers owner operators out there.

517
00:33:00.519 --> 00:33:05.839
We have a base bookkeeping plan for you. You know, if

518
00:33:05.880 --> 00:33:08.279
you're an owner operator out there, you need bookkeeping. You

519
00:33:08.319 --> 00:33:11.039
need to know somebody that knows the ins and outs

520
00:33:11.079 --> 00:33:15.839
of the of bookkeeping and taxes for truckers, which is

521
00:33:15.880 --> 00:33:19.200
what Trucker Tax Tools and I do. I speak at

522
00:33:19.839 --> 00:33:23.960
truck to Success done by Owner Operators, Independent Drivers Association,

523
00:33:24.960 --> 00:33:29.599
and you know we do this for truckers all the time.

524
00:33:29.680 --> 00:33:33.440
But twenty five dollars a week for your bookkeeping and

525
00:33:33.559 --> 00:33:38.160
you can't beat that anywhere that's out there. Give Trucker

526
00:33:38.200 --> 00:33:40.880
Tax Tools a call. Go to Trucker tax tools dot com.

527
00:33:41.119 --> 00:33:44.200
Fill out one of our contact me now pages and

528
00:33:44.240 --> 00:33:47.519
we'll be in touch with you right away. But while

529
00:33:47.519 --> 00:33:51.519
this offer is out there, let Trucker Tax Tools get

530
00:33:51.559 --> 00:33:56.119
your life running smoothly. Get us gets you into a

531
00:33:56.160 --> 00:34:00.400
plan that can help you get your life back when

532
00:34:00.440 --> 00:34:04.000
you're at home, so you spend more time with your family,

533
00:34:04.319 --> 00:34:10.199
less time doing paperwork, less time doing the other things

534
00:34:10.280 --> 00:34:14.559
that you're doing that you should be spending with the family.

535
00:34:14.679 --> 00:34:18.320
So go to Trucker tax tools dot com make your

536
00:34:18.360 --> 00:34:24.679
life as easy as possible. We're talking about other offers

537
00:34:24.719 --> 00:34:29.000
out there, and you know what can you do to

538
00:34:29.400 --> 00:34:35.000
solve your your tax problem. You know there are partial

539
00:34:35.000 --> 00:34:38.920
pay installment agreements, there's just an installment agreement, there's non

540
00:34:38.960 --> 00:34:42.480
collectible status. So what's the difference. What's the best for you?

541
00:34:44.039 --> 00:34:46.519
It really depends on your situation. Hey, you know what

542
00:34:46.559 --> 00:34:47.960
I forgot to give you the number of the Drugger

543
00:34:48.000 --> 00:34:50.920
Tax Tools. Go to eight seven seven nine nine six

544
00:34:51.000 --> 00:34:54.000
two four seven seven again eight seven seven nine nine

545
00:34:54.119 --> 00:34:58.480
six two four seven seven. Let us put a great

546
00:34:58.480 --> 00:35:03.039
bookkeeping plan in place twenty five dollars a week or

547
00:35:03.119 --> 00:35:06.760
the basic bookkeeping is where we start from. But give

548
00:35:06.800 --> 00:35:11.039
them call hey, So kind of what we're looking at

549
00:35:11.079 --> 00:35:17.000
here is what's the right So offering compromise, you might

550
00:35:17.039 --> 00:35:19.199
have trouble with staying in compliance, So what are my

551
00:35:19.280 --> 00:35:22.000
other options? Well, if you're not making enough money, maybe

552
00:35:22.039 --> 00:35:25.480
you're on Social Security, or maybe the income just isn't

553
00:35:25.519 --> 00:35:28.880
coming in yet, maybe the statute of limitation is going

554
00:35:28.880 --> 00:35:33.320
to run out shortly, so you just need a short

555
00:35:33.400 --> 00:35:38.039
term fix. You know, that could be non collectible, meaning

556
00:35:38.039 --> 00:35:40.360
you don't have enough money to pay the IRS at all,

557
00:35:40.719 --> 00:35:43.280
and the IRS will puts you in this non collectible status.

558
00:35:43.719 --> 00:35:46.719
It gives you a period of time now most likely

559
00:35:46.760 --> 00:35:48.679
about two years, are going to come back in and

560
00:35:48.719 --> 00:35:52.119
review it. But if you see a huge increase of

561
00:35:52.159 --> 00:35:55.000
the income, the IRS is going to come back a

562
00:35:55.039 --> 00:35:57.480
little bit quicker and review this and try to set

563
00:35:57.519 --> 00:36:00.280
you up in a payment plan or collect all the money.

564
00:36:01.440 --> 00:36:03.599
So it's one of the things we've got to discuss

565
00:36:04.239 --> 00:36:06.239
where you're at. If you're just on Social Security, net

566
00:36:06.280 --> 00:36:09.559
income is not going to change, not collective status, it's

567
00:36:09.599 --> 00:36:12.840
probably ideal, and let the debt run out over whatever

568
00:36:12.840 --> 00:36:15.960
the statute of limitations it's left, and if you have

569
00:36:16.079 --> 00:36:19.639
no other assets out there, then you know there's not

570
00:36:19.760 --> 00:36:21.519
going to be inheritance. We got to worry about or

571
00:36:21.559 --> 00:36:24.079
anything else. Or maybe there is some assets out there

572
00:36:24.480 --> 00:36:26.480
and you don't want to touch them because it's maybe

573
00:36:26.519 --> 00:36:28.519
wrapped up in equity in the house and you can't

574
00:36:28.519 --> 00:36:31.880
afford to move or do anything else. So you know,

575
00:36:32.039 --> 00:36:34.280
maybe non collectible is good and we can get to

576
00:36:34.320 --> 00:36:36.280
the statute of limitations and a lot of the debt

577
00:36:36.320 --> 00:36:40.760
will fall off. Maybe it's a partial pay installment agreement,

578
00:36:40.840 --> 00:36:44.760
meaning you have just enough money to make some payment

579
00:36:45.159 --> 00:36:48.159
to the IRS, but you have other assets that you

580
00:36:48.199 --> 00:36:51.599
want to still protect, and we can possibly get that

581
00:36:51.639 --> 00:36:55.800
partial pay installment agreement where you pay less than the

582
00:36:55.840 --> 00:36:59.159
full amount do over a period of time and you

583
00:36:59.199 --> 00:37:01.800
still get a good chunk of change that drops off

584
00:37:01.920 --> 00:37:05.119
over that period of time, or if it's set up

585
00:37:05.800 --> 00:37:11.039
such that you're paying a low amount every month and

586
00:37:11.159 --> 00:37:14.280
debt continues to fall off. So we took a client

587
00:37:14.440 --> 00:37:17.440
that could only afford one hundred and fifty a month,

588
00:37:17.880 --> 00:37:20.760
or the IRS now when they did the we're going

589
00:37:20.840 --> 00:37:23.599
to do the offering compromise, the offering compromise was going

590
00:37:23.679 --> 00:37:26.320
to be a lot more, meaning that the IRS was

591
00:37:26.360 --> 00:37:30.960
determining they could almost pay half of their debt back

592
00:37:31.079 --> 00:37:35.519
based on income and expenses. That they would allow. We

593
00:37:35.599 --> 00:37:38.800
turned it around and put them into a partial pay

594
00:37:38.800 --> 00:37:41.599
installment agreement. Now they were paying this one hundred and

595
00:37:41.599 --> 00:37:44.599
fifty a month for four years. You know, that seems

596
00:37:44.679 --> 00:37:49.000
really kind of tough making this payment. Made sure it

597
00:37:49.039 --> 00:37:52.639
was direct debit so that the plan would not go awry,

598
00:37:53.079 --> 00:37:56.800
they wouldn't miss a payment. They paid this amount one

599
00:37:56.880 --> 00:37:59.760
hundred and fifty a month. You know, that's eighteen hundred

600
00:37:59.760 --> 00:38:03.679
dollars a year and four years, so that was seventy

601
00:38:03.679 --> 00:38:08.360
two hundred. But in those four years, sixty five thousand

602
00:38:08.480 --> 00:38:12.639
dollars got written off for statute of limitations. That is

603
00:38:12.760 --> 00:38:18.079
still a really good deal. They're offering compromise alone. Before

604
00:38:18.119 --> 00:38:20.559
the IRS it would get involved and say hey, they

605
00:38:20.599 --> 00:38:22.880
had the other assets to be able to pay was

606
00:38:22.960 --> 00:38:25.920
going to be close to five thousand dollars upfront, So

607
00:38:26.079 --> 00:38:28.840
twenty two hundred dollars more they got it paid off

608
00:38:28.880 --> 00:38:32.400
in four years. Debt fell off, they didn't have to

609
00:38:32.440 --> 00:38:37.000
worry about compliance, and they got the benefit of keeping

610
00:38:37.239 --> 00:38:43.039
their money or not borrowing money to make this payment.

611
00:38:43.960 --> 00:38:47.400
You know, we've looked at other solutions. We had an

612
00:38:47.760 --> 00:38:51.960
insurance agent who was making pretty good money. We were

613
00:38:52.000 --> 00:38:54.440
able to change the way in the structure of their

614
00:38:54.480 --> 00:39:00.440
business and lower what ability had to pay give him

615
00:39:00.519 --> 00:39:03.800
and offering compromise. Now this seems like a lot of money.

616
00:39:04.280 --> 00:39:07.360
Offering compromise was for one hundred and twenty five thousand dollars,

617
00:39:07.599 --> 00:39:10.480
but he owed three hundred and seventy five thousand, so

618
00:39:10.599 --> 00:39:14.639
two hundred and fifty thousand dollars savings. But this offer

619
00:39:14.719 --> 00:39:18.320
had to be paid in full in six months, so

620
00:39:18.599 --> 00:39:22.400
we helped him arrange a new mortgage on his house,

621
00:39:22.920 --> 00:39:27.119
get the money, pay the IRS off for the offer

622
00:39:27.199 --> 00:39:31.840
amount within the six months of acceptance of the offer.

623
00:39:32.280 --> 00:39:34.039
He is now free and clear of the other two

624
00:39:34.119 --> 00:39:36.480
hundred and fifty thousand dollars as long as he stays in

625
00:39:36.519 --> 00:39:40.280
compliance for the next four years, and as his job

626
00:39:40.960 --> 00:39:43.719
is to stay in compliance so that this debt that

627
00:39:43.760 --> 00:39:47.519
he saved by taking the mortgage on the house is

628
00:39:47.719 --> 00:39:51.119
well worth what he's doing. And the interest rates on

629
00:39:51.159 --> 00:39:54.239
the mortgage was much cheaper than the interest he was

630
00:39:54.320 --> 00:39:58.079
going to be paying to the IRS. So which solutions

631
00:39:58.159 --> 00:40:00.760
right for you? Hey tell you to give us a

632
00:40:00.800 --> 00:40:04.360
call your taxation solutions to call mentineer or get the

633
00:40:04.400 --> 00:40:08.239
fifty percent off of the tax analysis. Call it eight

634
00:40:08.280 --> 00:40:11.400
eight eight nine three zero one zero one six again

635
00:40:11.559 --> 00:40:14.639
eight eight eight nine three zero one zero one six

636
00:40:15.119 --> 00:40:19.280
toll free call free consultation. Let us talk about what

637
00:40:19.320 --> 00:40:21.719
the tax problem is. We can give you some ideas

638
00:40:21.760 --> 00:40:24.679
of what we're looking at or thinking about solution. What

639
00:40:24.719 --> 00:40:27.000
we ask you to do is answer the questions honestly,

640
00:40:27.320 --> 00:40:30.159
because you'll go through questions with you. How much are

641
00:40:30.199 --> 00:40:33.559
you making? What is the equity in your house? What

642
00:40:33.639 --> 00:40:35.920
do you have in your iras? Four to one k's,

643
00:40:36.039 --> 00:40:40.679
other investments, other investment properties. Hey, be upfront, be honest,

644
00:40:41.039 --> 00:40:44.280
because guess what, even if you lie to us and

645
00:40:44.400 --> 00:40:47.360
we file an offering compromise, the IRS is going to

646
00:40:47.400 --> 00:40:51.320
find it. Higher S doesn't take offers and compromises very easily.

647
00:40:51.559 --> 00:40:54.159
You know, i RS does a full check of you,

648
00:40:54.599 --> 00:41:01.800
property records, investments for one case, any place that you

649
00:41:02.079 --> 00:41:05.079
have money, the IRS is going to track it down

650
00:41:05.519 --> 00:41:08.320
and say, hey what about this. This can be used

651
00:41:08.320 --> 00:41:11.280
to help pay your tax debt. This can be used

652
00:41:11.679 --> 00:41:16.079
to pay off the government. See you hear about all

653
00:41:16.119 --> 00:41:18.639
these great stories about fresh Start, you know, I hear

654
00:41:18.679 --> 00:41:21.599
them on the ads and everything else, and I laugh

655
00:41:22.079 --> 00:41:24.599
because I look at the fresh Start program is fresh

656
00:41:24.679 --> 00:41:28.000
money to the IRS. That's their fresh start. Get as

657
00:41:28.079 --> 00:41:31.079
much money out of you and I as possible for

658
00:41:31.199 --> 00:41:34.800
the dollars that is, and that is the fresh start.

659
00:41:35.119 --> 00:41:36.800
I promise. I was going to talk about audits and

660
00:41:36.920 --> 00:41:39.480
audit's gone bad. We only have a couple minutes left.

661
00:41:39.519 --> 00:41:41.960
I'm going to be really quick and really breath. You've

662
00:41:41.960 --> 00:41:44.360
gone through an audit. You didn't give them any information,

663
00:41:44.480 --> 00:41:46.960
or you only give them half the information, or you

664
00:41:46.960 --> 00:41:50.079
didn't know how to compile the information. You didn't want

665
00:41:50.199 --> 00:41:53.880
to pay somebody else to help you with your audit.

666
00:41:54.039 --> 00:41:58.360
Now you owe fifty hundred five hundred thousand because the

667
00:41:58.400 --> 00:42:02.719
IRS imputed tax fraud penalties, you name it. They put

668
00:42:02.760 --> 00:42:05.639
on an interest and everything else, but you didn't get

669
00:42:05.639 --> 00:42:08.400
them any support. Well, now it's time to become taxation

670
00:42:08.519 --> 00:42:12.679
solutions and let's do an audit reconsideration. We did an

671
00:42:12.719 --> 00:42:15.599
audit reconsideration that a couple of years ago that went

672
00:42:15.639 --> 00:42:18.760
back five years to this audit, that they never provide

673
00:42:18.760 --> 00:42:21.599
a support we want. We saved them close to a

674
00:42:21.679 --> 00:42:26.320
million dollars in taxes, penalties and interest because we were

675
00:42:26.360 --> 00:42:30.119
able to provide the support and the information required and

676
00:42:30.360 --> 00:42:33.599
asked the IRS to reconsider this tax did that they

677
00:42:33.639 --> 00:42:37.960
these people should not have owned owed? And hey that

678
00:42:38.239 --> 00:42:40.360
sometimes that can be done for you. You know, if you're

679
00:42:40.400 --> 00:42:42.639
going through the audit, I suggest you get help, whether

680
00:42:42.639 --> 00:42:46.599
it's a Taxation Solutions dot net, our tax relief or

681
00:42:46.639 --> 00:42:52.079
whether it is somebody else. Get help with your audit.

682
00:42:52.239 --> 00:42:55.079
You don't want to lose and then owe money. You

683
00:42:55.320 --> 00:42:59.639
need somebody to help you through this audit. And you

684
00:42:59.639 --> 00:43:01.960
know you go free. Give us a call eight eight

685
00:43:01.960 --> 00:43:04.599
eight nine three zero one zero one six. You know,

686
00:43:04.719 --> 00:43:08.199
let us help you. You're looking for solutions. We got

687
00:43:08.199 --> 00:43:11.000
some great podcasts at tax Talk for You. If you

688
00:43:11.000 --> 00:43:14.320
go to tax talkfu dot com. You can subscribe there.

689
00:43:14.800 --> 00:43:16.719
You can get to all of our old podcasts. You

690
00:43:16.760 --> 00:43:21.800
can go to iHeart, Spotify, you pretty much name it.

691
00:43:22.119 --> 00:43:25.719
We're there with the podcast for tax Talk for You,

692
00:43:27.280 --> 00:43:30.480
helping you find ways to save money on your taxes,

693
00:43:30.960 --> 00:43:34.840
get you better bookkeeping, get you solutions in place for

694
00:43:35.719 --> 00:43:38.440
money owed. But that's where it starts. And be here

695
00:43:38.480 --> 00:43:41.320
every Monday at ten am at Tax Talk for You

696
00:43:42.000 --> 00:43:47.119
W four cy Radio on YouTube. Hey join us there,

697
00:43:48.440 --> 00:43:51.599
click like and share a tax Talk for You on

698
00:43:51.639 --> 00:43:55.440
Facebook as well. Again every Monday, ten am right here

699
00:43:55.960 --> 00:43:58.280
W four c Y Radio. We'll see you next week.

700
00:43:59.239 --> 00:44:01.800
Are you and then individual or business that wants to

701
00:44:01.880 --> 00:44:05.719
understand taxes and how they affect you? Are you looking

702
00:44:05.760 --> 00:44:11.360
for specific tax advice for self employed business owners and truckers?

703
00:44:11.960 --> 00:44:16.000
Are you behind on taxes and your bookkeeping? Are you

704
00:44:16.119 --> 00:44:19.079
dealing with the irs and ready to have some relief?

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Then you need Tax Talk for You, hosted by tax

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and trucker expert Barry G. Fowler EA Kenyan, ten am

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Eastern Time every Monday right here on W FOURCY Radio

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and Talk for TV. Don't forget to check this and

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past episodes at tax TALKFORU dot com. See you next

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week at W fourcy dot com