Oct. 28, 2024

What to Do when Owing IRS

What to Do when Owing IRS

Owe the IRS? IRS debt reduction, settlement, what are you options to settle IRS debt. Whether you are a Trucker/Owner Operator, Self Employed, or just owing the IRS this is the program to discuss all options to settle IRS Debt, Non collectible, Iffer...

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Owe the IRS? IRS debt reduction, settlement, what are you options to settle IRS debt. Whether you are a Trucker/Owner Operator, Self Employed, or just owing the IRS this is the program to discuss all options to settle IRS Debt, Non collectible, Iffer in Compromise, Partial Pay Installment agreement or full payment plans. Get the information you need to settle your IRS tax debt. File forms 656, 433A, 433B, 433D to solve your IRS 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).

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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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Hour.

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Hey, welcome to Tax Talk for You. Is a great

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way to start out Monday morning. Just got back from

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speaking at Truck to Success seminar for truckers, especially those

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getting out from bing. W two drivers to going out

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and owner operator. You can see O I DA under

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fiftieth anniversary. I got this real nice, real nice hat.

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Really enjoyed it. So welcome to all of our truckers

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out there. We're gonna be talking today. Probably one of

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the worst subjects that we have heading into holiday season

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and everything is owing the irs.

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Now, can you just imagine how.

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Life can be when you actually have tax debt that

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the I r S is trying to collect. I mean,

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owning the I r S money is stressful, it's frightening.

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I mean, you get all these and demands for payments,

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you get reminders consistently of what you owe.

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The threat.

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Of levees, the threat of leans, wage garnishments, or you know,

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just taking the money out of your account when you

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don't expect it or you just got paid. Now, what

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can be worse than that? I mean, there's really not

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much worse than having the IRS take every dime that

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you had in your bank account when you least expected.

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I know, they sent you the notice and you've ignored it,

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or maybe you didn't open it, or maybe it's been

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months since they sent you that notice and they didn't

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take any action, and all of a sudden, they take

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it out of the blue because now they can because

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they sent you that final notice of intent to levy,

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and now they.

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Can levy that bank account. Yeah, we're coming up.

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You know, at the first of the month, and all

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of a sudden, you got paid and you needed to

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pay your rent, you needed to pay your mortgage, you

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need to make your car payment, utility bills, you name it.

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You've got to pay the groceries, and now there's nothing

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in there. Your account was frozen that the bank took

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everything out of there to pay it to that god

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awful IRS. I mean, you know, it is true. Internal

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Revenue Service has lots of power that I consider it

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to be one of the most powerful collection agencies in

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the world. You know, this country survives off tax dollars

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collected from every single American and you're no different. They're

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going to come after you and collect the money that

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you owe, and a lot of times it's just to

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get your attention. So now you're going to pay attention

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to the dollars that you owe the IRS, and you're

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going to pay attention to what's happening in your bank account.

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Maybe that'll may you pick up the phone and call

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the I R S. Or maybe they'll pick up the

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phone and call our sponsor, Taxation Solutions, tax Relief and

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get our attention on helping you stop the IRS from

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these collections. And then what can I do? What can

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you do? Once you have this money? Due to the

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I R S you do have options, and not every

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option is exactly Hey, full pay, of course, if you

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full pay it and you've got the awarewithal to do it,

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they will gladly take every dime you have to pay

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your tax debt. Gladly. I mean they're gonna be happy.

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You call them up, you dial their phone number and

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they say, hey, how much do you have? Okay, give

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it to us. You can go online and go to

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IRS dot gov payments and pay the full amount in

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or you can send them at chet. They'll gladly take

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everything you got. They'll gladly take whatever you're going to

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give them. If you tell them you've got five thousand,

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ten thousand in your bank, hey send it to us.

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That's what they're going to want. They can offer to

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put you on a payment plan. Hey, if you own

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ten twenty fifty thousand, they'll set you up on a

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payment plan to full pay and allow you to pay

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it over the time left in the statue of limitations.

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So the statue of limitations from when you file and

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accepted the return is ten years. Once ten years is there,

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that debt will go away. So if you made it

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ten years, all that debt will go away. So the

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couple of things here. So when you own the IRS,

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the first thing the IRS is going to want to

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make sure you do is not going to be incurring

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additional tax debt going forward.

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All right, well that was interesting.

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So obviously we were having internet problems in I think

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we're back so well, like I said, the first thing

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the IRS is going to want you to do is

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make sure you're not incurring any more tax DAK. So

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they're going to be looking at estimated tax payments and

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making sure you're making them for twenty twenty four. So

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those when you're filing. After you file your taxes, you've

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got to make sure you catch up with them. If

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you're working on doing some kind of resolution with the IRS,

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are going to want you to catch up with all

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the estimated tax payments for the years so that you're

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not incurring.

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Additional tax debt.

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Those estimated tax payments are made usually April fifteenth, June fifteenth,

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September fifteenth, and January fifteenth. Don't seem like quarters true quarters,

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but they're the IRS quarters that.

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They work with.

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So you always want to make sure you're making those

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estimated tax payments. Now as you're working through this with

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the IRS and you've made those estimated tax payments or

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you've caught them up, the IRS is going to be

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glad to work with you to set you up on

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a payment plan. So the first payment plan they're going

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to offer.

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You is that full pay, So you're going to.

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Be able to pay the full amount to the IRS

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over a period of time, so they can run as

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long as about eighty four months. They'll set it up

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to be direct debit, so that every single month, on

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whatever day of the month.

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You choose, they will.

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Start processing payments for you, and they prefer it to

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be direct debit. It's if you're doing this yourself and

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you can full pay again, you can go to IRS

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dot gov payments and set up that payment plan, and

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like I said, that payment plan is going to be

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absolutely a full pay for you and you'll continue.

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To pay interest in any penalties.

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That they can continue to accrue while you're on this

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payment plan.

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So interest these days isn't cheap.

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As you know, interest rates have gone up, so have

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the IRS interest rates, So you will continue to pay

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on that debt and continue to accumulate interest as you go.

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If you're trying to set up the payment plan, you

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do it over the phone, it's going to be two

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hundred and twenty five dollars fee. If you go to

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the IRS dot gov, it's only going to be one

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hundred and thirty dollars fee, and then you know you

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can also if you're going to come into money, you

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can also set it up on one hundred and eighty

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day full pay and then after one hundred and eighty

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days basically half a year, you can pay them off

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or you can actually set them up on a payment

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plan at that point too. So they give you a

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few options out there to get them as much money

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as you possibly can.

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And that's what their goal is again, is.

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To get as much money to the IRS as possible

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through whichever means the IRS has. Now, if you are

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low income and setting this up, you can also get

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the low income fee of forty three dollars.

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And so the IRS will set you up on that

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as well.

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Now, there are a lot of other options out there

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for you, and you can explore those options. And we're

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going to explore those options throughout this program on how

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you can actually set this up to maybe pay less

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than what you owe and how are you going to

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go about doing that for you and within the program

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of the IRS. We're going to take a quick break

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and then we're going to talk about partial pay installment

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agreements 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 G. Fowler will be right back

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with tax talk for you.

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If you owe the.

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IRS or are going through an IRS audit, don't go

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at it alone. Call Taxation Solutions tax Relief at eight

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eight eight nine three zero one zero one six. We

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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 now.

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Call eight eight eight nine three zero one zero one

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six or go to Taxationsolutions dot net now for a

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

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for you with more tax stock once again.

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Here's your host, Barry G. Foller.

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Hey, welcome back.

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We got a quick message here and question online and

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one of our trucking friends, which is fantastic from the

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truck show. When we were talking about trucker bookkeeping trucker taxes,

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we also talked about business entities and how business entities

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will could save you money on your taxes and how

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we use them to save money on taxes as well.

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And then we talk about least purchase of your truck.

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So you know, we talk about many different things when

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we're at these truck shows. One of the things we

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kind of hustled through because we were unlimited time at

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the truck a Success show was one of our bonus

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programs that we run in there is fighting the IRS

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and saving tax money.

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And the question was is.

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Does the IRS offer this fresh Start program? Well, we

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always hear this on the radio, and that is a

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program the IRS offers to you, the taxpayer that owes

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the IRS money. Is the fresh start, or as I

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like to put it, is the fresh money program. Fresh

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money into the IRS because it's freshly from you, the

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person that owes it hasn't paid it over a year

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to ten whatever the number of years that you've been

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owing the IRS, and it's fresh money to them. There's

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all different facets of that program. It's not a program

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that any of the resolution companies set up. It's actually

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a program within the IRS to collect money as fast

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as possible.

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Now, it does offer many options.

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Of course, the full pay, partial pay that we're going

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to talk about right now, offer and compromise non collect

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collective status, and then you know the two different types

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of offers and compromise out.

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There as well.

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That's that's available to you as a taxpayer that owes

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the i r S money. But getting into partial pay

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installment agreements, this is when you make monthly payments until

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the tax liability expires without paying the whole balance, and

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this results in the i r S settling the remaining

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00:13:29.799 --> 00:13:32.440
amount or writing it off as the.

231
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C sets come in. So what's a C set?

232
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C set is the statute of limitations that the I

233
00:13:38.480 --> 00:13:43.440
r S has to collect your tax liability. Now, if

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00:13:43.480 --> 00:13:46.879
you're listening to this program and you go to Taxation

235
00:13:47.000 --> 00:13:51.200
Solutions dot net and you put in for the free

236
00:13:51.240 --> 00:13:54.080
consultation or you give us the phone phone call here

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at eight A eight nine three zero one zero one six.

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You know, we will sit down and do a tax analysis. Now,

239
00:14:01.320 --> 00:14:05.879
a tax analysis is going to tell you several things. One,

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00:14:06.159 --> 00:14:10.679
we pulled the whole record that the IRS has on you,

241
00:14:11.399 --> 00:14:13.320
So it tells us all the letters that were sent out,

242
00:14:13.399 --> 00:14:15.960
all the collection activity that was done, how much you owe,

243
00:14:15.960 --> 00:14:19.639
what tax returns you hadn't filed, how you filed those returns.

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We're going to get more detailed records of every collection

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00:14:24.559 --> 00:14:28.000
activity they've taken against you so we can determine the

246
00:14:28.120 --> 00:14:32.200
right program. And once we've done that, we also do

247
00:14:32.279 --> 00:14:35.919
a complete analysis of every tax year that you owe.

248
00:14:35.960 --> 00:14:37.159
For now, if you.

249
00:14:37.200 --> 00:14:43.080
File timely your twenty fourteen tax debt, that would still

250
00:14:43.120 --> 00:14:47.159
have about one more year before it would fall off.

251
00:14:47.200 --> 00:14:50.440
So if you filed April fifteenth or before, you know,

252
00:14:50.480 --> 00:14:53.840
we're less than six eight months away. If you filed

253
00:14:53.840 --> 00:14:57.039
twenty thirteen taxes and you filed at the end of

254
00:14:57.759 --> 00:15:02.759
in October, that debt would falling off this year. So

255
00:15:04.240 --> 00:15:06.919
it's ten years from when you file. And so we

256
00:15:07.000 --> 00:15:09.240
look at that. What are the c sets, what is

257
00:15:09.240 --> 00:15:13.320
the statute of limitation on all of your tax debt?

258
00:15:14.159 --> 00:15:17.240
And then we develop a program for you now when

259
00:15:17.240 --> 00:15:20.679
we're developing that program. So we developed that program to

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00:15:20.759 --> 00:15:22.840
look at every one of those c sets. So, how

261
00:15:22.879 --> 00:15:25.320
are we going to save you money? What's going to

262
00:15:25.360 --> 00:15:28.480
be the most cost effective way for you to get

263
00:15:28.559 --> 00:15:34.120
rid of the tax debt and be able to control

264
00:15:35.120 --> 00:15:41.039
the irs and their collections and prevent them from getting

265
00:15:41.120 --> 00:15:44.360
dollars that you shouldn't have to pay, or maybe prevent

266
00:15:44.480 --> 00:15:49.320
you from paying those dollars. So we took a client

267
00:15:49.639 --> 00:15:53.559
and they owed about thirty two thousand, and that tax

268
00:15:53.600 --> 00:15:57.320
debt was going to expire in about five years, some

269
00:15:57.480 --> 00:16:00.480
of it may be falling off in four years and stuff.

270
00:16:00.919 --> 00:16:03.000
We put them on a payment plan that they could

271
00:16:03.000 --> 00:16:06.600
afford of about two hundred dollars a month, and you know,

272
00:16:06.679 --> 00:16:10.519
they approve that plan, that's going to be about twelve thousand.

273
00:16:11.399 --> 00:16:14.600
So now you can see the right irs will write

274
00:16:14.639 --> 00:16:18.960
off the other twenty thousand at the end of those

275
00:16:19.000 --> 00:16:23.759
five years. We've taken other people who we've looked at

276
00:16:23.799 --> 00:16:28.240
their debture limitations and the SEA SAIDs and said, hey,

277
00:16:28.759 --> 00:16:31.840
you have debt falling off at a year, some debt

278
00:16:31.919 --> 00:16:35.440
falling off in two years, three years, and then you've

279
00:16:35.480 --> 00:16:37.279
got debt that's going to be out there for ten

280
00:16:38.080 --> 00:16:40.320
you can only afford to pay, let's say one hundred

281
00:16:40.360 --> 00:16:42.720
dollars a month. We prove that to the IRS and

282
00:16:43.200 --> 00:16:45.240
puts you on a payment plan of one hundred dollars

283
00:16:45.919 --> 00:16:48.600
that perst year. We get debt fallen off the second

284
00:16:48.679 --> 00:16:52.440
year more, third year even more, and it puts a

285
00:16:52.480 --> 00:17:00.399
lot of savings in your pocket today because that debt

286
00:17:00.440 --> 00:17:02.679
falls off. Now the other debt that's going to be

287
00:17:02.720 --> 00:17:05.480
out there for current debt for eight, nine, ten years. Yes,

288
00:17:05.599 --> 00:17:07.640
you're probably going to pay it all off over that

289
00:17:07.680 --> 00:17:10.920
period of time, even at one hundred dollars a month,

290
00:17:10.960 --> 00:17:14.039
depending on how much you owe. But it becomes a

291
00:17:14.079 --> 00:17:18.440
real nice program because it's going to save you money

292
00:17:18.480 --> 00:17:24.160
without going through the huge hassle of going through let's

293
00:17:24.200 --> 00:17:32.400
say the offering compromise. And if you don't stay in

294
00:17:32.440 --> 00:17:35.240
compliance with the IRS, maybe you don't file on time,

295
00:17:35.319 --> 00:17:39.400
maybe you incurb more debt. One of the issues with

296
00:17:39.480 --> 00:17:44.000
the offering compromise is that once your nining compliance, all

297
00:17:44.039 --> 00:17:47.119
the debt comes flown back and the statute of limitations

298
00:17:47.599 --> 00:17:48.319
would not hold.

299
00:17:49.160 --> 00:17:51.799
So your statute of limitations will pick.

300
00:17:51.640 --> 00:17:58.000
Up again once you fail to file everything timely. So

301
00:17:58.519 --> 00:18:02.799
sometimes this is the the right program based on your

302
00:18:02.839 --> 00:18:06.319
compliance history and based on how you can stay in

303
00:18:06.400 --> 00:18:11.240
compliance as well throughout the term of this partial pay

304
00:18:11.400 --> 00:18:12.480
installment agreement.

305
00:18:13.160 --> 00:18:16.440
So you know, we have to look at everything because.

306
00:18:17.680 --> 00:18:22.839
Let's just say you have a tough time staying in compliments.

307
00:18:23.000 --> 00:18:25.160
You know, it could be cash flow, it could be

308
00:18:25.319 --> 00:18:27.680
just filing. It could be that you can't keep up

309
00:18:27.720 --> 00:18:30.599
with the bookkeeping and you don't hire somebody to do

310
00:18:30.680 --> 00:18:37.119
the bookkeeping for you. Those things can become issues for

311
00:18:37.200 --> 00:18:42.039
you as you go on. So if we set up

312
00:18:42.039 --> 00:18:44.720
the partial pay installment agreement and some of the debt

313
00:18:44.799 --> 00:18:48.799
goes off in the first twelve months and you're good

314
00:18:48.960 --> 00:18:51.279
with compliance, and maybe some of the debt goes off

315
00:18:51.319 --> 00:18:57.759
in the second twelve months, and then you fail, your

316
00:18:57.759 --> 00:19:00.119
statute of limitations did not stop.

317
00:19:00.200 --> 00:19:01.039
It kept running.

318
00:19:01.920 --> 00:19:06.319
So let's say you failed during that second year and

319
00:19:06.799 --> 00:19:09.480
we work to put you back into a partial pay

320
00:19:09.480 --> 00:19:15.000
installment agreement. While we're working on it, maybe that statute

321
00:19:15.000 --> 00:19:17.680
of limitations runs out on that second year and you've

322
00:19:17.759 --> 00:19:24.680
still accomplished a huge savings by that debt being written

323
00:19:24.720 --> 00:19:29.759
off by the IRS, and maybe at that point we

324
00:19:29.839 --> 00:19:32.480
need to look at and offering compromise and you decide

325
00:19:32.480 --> 00:19:36.200
to work with us to stay in compliance as you

326
00:19:36.359 --> 00:19:42.960
go continually going forward, because sometimes that's really the hard

327
00:19:43.000 --> 00:19:46.559
part of it, staying in compliance. And when we talk

328
00:19:46.599 --> 00:19:51.720
about staying in compliance, it's multifaceted. Staying in compliance is

329
00:19:52.279 --> 00:19:53.880
a filing on time.

330
00:19:54.119 --> 00:19:55.319
Okay, So you.

331
00:19:55.319 --> 00:19:58.039
Do get the option to file that extension, but you

332
00:19:58.119 --> 00:20:01.440
got to file on time, got to make your estimated

333
00:20:01.519 --> 00:20:06.880
tax payments timely, and then if it's projected where you're

334
00:20:06.920 --> 00:20:10.240
going to owe when you file, making sure you pay

335
00:20:10.319 --> 00:20:14.599
the rest of the balance due hon or before April

336
00:20:14.680 --> 00:20:17.640
fifteenth of that year. Just because you file an extension

337
00:20:17.680 --> 00:20:20.200
does not give you an extension of time to file,

338
00:20:21.079 --> 00:20:23.160
I mean an extension of time to pay. It gives

339
00:20:23.160 --> 00:20:26.920
you only an extension of time to file. Again, let's

340
00:20:26.960 --> 00:20:30.079
repeat that. It does not give you an extension of

341
00:20:30.200 --> 00:20:33.759
time to pay. It only gives you an extension of

342
00:20:33.839 --> 00:20:37.839
time to file when you file that extension. So keep

343
00:20:37.880 --> 00:20:40.640
those things in mind, and that's where the IRS is

344
00:20:40.680 --> 00:20:44.119
going to look at compliance. Now.

345
00:20:44.160 --> 00:20:45.680
It may take them a little bit of time.

346
00:20:46.160 --> 00:20:49.599
So the good news is, hey, you may have fallen

347
00:20:49.599 --> 00:20:53.079
out a compliance, but that taxtent may fall off within

348
00:20:53.119 --> 00:20:56.519
the next six months of filing.

349
00:20:56.839 --> 00:20:58.359
So we go to file your two.

350
00:20:58.279 --> 00:21:05.039
Thousand, twenty four tax return on April of twenty twenty five,

351
00:21:06.279 --> 00:21:09.599
but within six months, another years of debt's going to

352
00:21:09.680 --> 00:21:12.799
fall off, So we file the extension and if you're

353
00:21:12.880 --> 00:21:14.640
not in compliance, that.

354
00:21:14.640 --> 00:21:15.680
Debt would fall off.

355
00:21:15.960 --> 00:21:20.480
When you're in that partial pay installment agreement and you've

356
00:21:20.559 --> 00:21:26.240
accomplished eliminating some debt and then we file the tax return,

357
00:21:26.599 --> 00:21:29.759
you added more debt. You fall out a compliance, you

358
00:21:29.839 --> 00:21:31.559
lose the partial pay installment agreement.

359
00:21:31.680 --> 00:21:36.160
Maybe we come back and do it again, but it.

360
00:21:36.039 --> 00:21:38.799
Gets harder and harder the more times you fall out

361
00:21:38.839 --> 00:21:42.799
a compliance to get them to agree to this same

362
00:21:43.079 --> 00:21:46.920
kind of partial pay installment agreement. So you need you

363
00:21:47.160 --> 00:21:49.799
need to really work harder if we were to put

364
00:21:49.839 --> 00:21:53.720
you in this or you get yourself into it to

365
00:21:53.759 --> 00:21:57.039
stay in compliance. Now we're going to take a quick break,

366
00:21:57.039 --> 00:21:59.359
and when we come back, we're gonna start talking about

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00:21:59.640 --> 00:22:02.359
current only non collectible status and how you could use

368
00:22:02.400 --> 00:22:04.480
that to your advantage as well.

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

370
00:22:10.119 --> 00:22:13.359
stand by as Barry Chief Bower will be right back

371
00:22:13.480 --> 00:22:19.400
with tax talk for you. As an owner operator, you

372
00:22:19.559 --> 00:22:23.119
already spend too much time away from your family. Trucker

373
00:22:23.200 --> 00:22:26.519
Tax Tools handles all your bookkeeping and taxes.

374
00:22:26.119 --> 00:22:28.759
No matter what level trucker you are. Life on the

375
00:22:28.839 --> 00:22:29.359
road can be.

376
00:22:29.519 --> 00:22:33.279
Taxing, but that doesn't mean that your wallet or time

377
00:22:33.359 --> 00:22:37.119
with your family should suffer. Trucker Tax Tools makes your

378
00:22:37.160 --> 00:22:41.160
life run smoothly. Go to Trucker tax Tools dot com

379
00:22:41.160 --> 00:22:43.880
for a free guide that will give you the tools

380
00:22:44.240 --> 00:22:48.200
to never worry about your taxes again. Call Trucker Tax

381
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Tools eight seven seven nine sixty six two four seven

382
00:22:52.839 --> 00:22:56.440
seven or go to Trucker tax Tools dot com now

383
00:22:56.480 --> 00:23:02.880
and let the experts keep you trucking. Let's get back

384
00:23:02.920 --> 00:23:06.880
to tax stock for you with more tax stock once again.

385
00:23:07.319 --> 00:23:13.720
Here's your host, Marry G. Fallum, Hey, welcome back.

386
00:23:14.519 --> 00:23:18.240
I really love getting text messages and people asking if

387
00:23:18.240 --> 00:23:19.960
you want to join the show. You're more than happy

388
00:23:19.960 --> 00:23:22.559
to call in. We'll put you on there and talk

389
00:23:22.599 --> 00:23:24.720
to you and answer your questions as we go as well.

390
00:23:25.440 --> 00:23:30.920
But I had Dale out in Atlanta, Georgia asking about

391
00:23:31.480 --> 00:23:36.799
does this apply to business and business taxes? Businesses and

392
00:23:36.839 --> 00:23:38.119
business taxes.

393
00:23:37.680 --> 00:23:40.039
Can be handled with a payment plan.

394
00:23:40.160 --> 00:23:43.400
You can also handle them sometimes and offer a compromise.

395
00:23:44.200 --> 00:23:46.279
We'll get into some of that as we go.

396
00:23:47.480 --> 00:23:50.440
One thing about business taxes a lot of times, unless

397
00:23:50.480 --> 00:23:54.400
you're an eleven twenty is see court. The taxes you

398
00:23:54.720 --> 00:24:00.640
are going to be owned are predominantly payroll taxes, and

399
00:24:00.720 --> 00:24:06.279
with payroll taxes they have a whole different collection philosophy because.

400
00:24:06.759 --> 00:24:08.079
That was not your money.

401
00:24:09.039 --> 00:24:12.240
Part of that money is considered to be trust fund taxes,

402
00:24:12.319 --> 00:24:17.880
meaning money you pulled out of your employees payroll and

403
00:24:17.920 --> 00:24:20.799
you failed to pay that in, and part of it

404
00:24:20.880 --> 00:24:26.000
is the company taxes, so they have completely different enforcement

405
00:24:26.039 --> 00:24:32.960
collections when they're dealing with payroll tax issues and so

406
00:24:33.200 --> 00:24:37.720
not knowing exactly what your issue is with that, feel

407
00:24:37.720 --> 00:24:40.799
free to give our office the call and talk to

408
00:24:40.880 --> 00:24:44.200
us and we'll kind of talk about, you know, what

409
00:24:44.240 --> 00:24:48.160
we can do to help you with your business taxes

410
00:24:48.200 --> 00:24:51.400
if that's what you're owing, and how we can possibly

411
00:24:51.559 --> 00:24:54.720
save you money going through that.

412
00:24:54.759 --> 00:24:56.519
We've had very good.

413
00:24:58.720 --> 00:25:02.480
Results in we're with companies, So just give us a

414
00:25:02.480 --> 00:25:04.839
call at eight eight to eight nine three zero one

415
00:25:04.920 --> 00:25:09.400
zero one six, and you know we'll figure out a

416
00:25:09.400 --> 00:25:13.119
way that how we can help you resolve that issue

417
00:25:14.480 --> 00:25:17.720
now and talking about you know, non collectible. So what

418
00:25:17.759 --> 00:25:23.119
does non collectible mean. It means the IRS deems that

419
00:25:23.279 --> 00:25:27.279
you don't have the money whatsoever to make any payments

420
00:25:28.160 --> 00:25:30.240
to the I R S and they will put you

421
00:25:30.400 --> 00:25:34.799
in the status of currently non collectible. This is a

422
00:25:34.799 --> 00:25:43.440
hardship status and it's a lifeline for individuals, so proprietorships, partnerships,

423
00:25:43.480 --> 00:25:47.720
limited liability companies, escorps that are unable to afford you know,

424
00:25:47.839 --> 00:25:52.160
the tax bill. So yes, it is available to everybody. Again,

425
00:25:52.279 --> 00:25:55.279
remember payroll is a lot different in these things too.

426
00:25:55.839 --> 00:26:00.680
Most partnerships and LLCs, depending on how you your tax

427
00:26:01.039 --> 00:26:03.759
it's going to fall to your personal tax return for

428
00:26:03.920 --> 00:26:08.039
those taxes, even if they're coming after and saying hey,

429
00:26:08.079 --> 00:26:11.759
we're going to collect against the company as well. But

430
00:26:12.200 --> 00:26:16.400
currently non collectible or C and C as we do,

431
00:26:16.799 --> 00:26:20.400
is a necessity to have out there as a step

432
00:26:20.960 --> 00:26:28.319
for those struggling with financial distress. It's going to give

433
00:26:28.359 --> 00:26:33.240
you a temporary cessation of collections. Now, this could stay

434
00:26:33.480 --> 00:26:39.079
permanent for you, but the IRS considers this to be temporary.

435
00:26:39.079 --> 00:26:41.000
So it's going to hold out there for about two

436
00:26:41.039 --> 00:26:44.359
years and then the IRS may come back to you

437
00:26:44.400 --> 00:26:49.759
and ask you to show your income again, or the

438
00:26:49.799 --> 00:26:52.400
IRS is going to look at your current tax return

439
00:26:52.559 --> 00:26:57.839
and c that, Hey, you've been here and now your

440
00:26:57.920 --> 00:27:03.039
income is up here, so your income increase, so therefore

441
00:27:03.079 --> 00:27:08.799
they feel like you can then pay them. Or you

442
00:27:08.839 --> 00:27:13.759
don't file timely, or you fall out of compliance estimated

443
00:27:13.799 --> 00:27:18.000
tax payments, not filing, not making the payment on or

444
00:27:18.039 --> 00:27:23.119
before April fifteen, all things that can result in you

445
00:27:23.319 --> 00:27:25.000
getting kicked out of.

446
00:27:26.599 --> 00:27:28.160
Non collectible status.

447
00:27:29.000 --> 00:27:33.839
So you know, if you're wrestling with making ends meet,

448
00:27:33.960 --> 00:27:36.319
you don't have a lot of income coming in. Maybe

449
00:27:36.359 --> 00:27:40.440
you're just on Social Security or maybe just on teacher

450
00:27:40.519 --> 00:27:43.880
retirement or some kind of other pension plan, whatever it

451
00:27:44.000 --> 00:27:48.440
is that you're on, and you don't have the ability

452
00:27:48.480 --> 00:27:51.599
to make ends meet according to the IRS, not according

453
00:27:51.640 --> 00:27:55.279
to you. All the time, the IRS will offer the

454
00:27:55.319 --> 00:27:59.720
non collectible status to you, so you know you can

455
00:27:59.720 --> 00:28:02.440
take advantage of that. And especially again if we're close

456
00:28:02.480 --> 00:28:06.200
to C SAIDs. As C SAIDs come in, there is

457
00:28:06.240 --> 00:28:11.240
no stopping of Statute of limitations from running. So as

458
00:28:11.599 --> 00:28:15.519
time goes by, debt will fall off based on the

459
00:28:15.519 --> 00:28:16.880
Statute of limitations.

460
00:28:17.680 --> 00:28:19.640
So you know, we can use that.

461
00:28:21.039 --> 00:28:24.880
As a gap or to bridge getting some of the

462
00:28:24.920 --> 00:28:30.640
tax debt to go away. And if the income's not changing,

463
00:28:30.680 --> 00:28:34.279
it's a beautiful thing. If your income's going to change,

464
00:28:34.400 --> 00:28:37.000
then maybe we default back to that partial pay installment

465
00:28:37.000 --> 00:28:40.559
an agreement, or maybe we default to what we're going

466
00:28:40.599 --> 00:28:45.279
to talk about right now, offers and compromise. So we

467
00:28:45.680 --> 00:28:51.519
all hear this offering compromise settling your tax debt some

468
00:28:51.640 --> 00:28:54.079
of these places you've talked about penalty and pennies on

469
00:28:54.119 --> 00:28:58.759
the dollar. Everybody qualifies, No, everybody does not qualify for

470
00:28:59.039 --> 00:28:59.960
offering compromise.

471
00:29:00.599 --> 00:29:03.839
But let's first what is an offering compromise?

472
00:29:04.799 --> 00:29:08.880
That's when you file with the I R S Form

473
00:29:09.000 --> 00:29:11.960
sixty five six with the four thirty three A and

474
00:29:12.039 --> 00:29:13.039
four thirty three B.

475
00:29:13.440 --> 00:29:13.960
If you're in.

476
00:29:13.960 --> 00:29:19.759
Business and you know, basically you're asking the I R

477
00:29:19.920 --> 00:29:26.359
S to settle for some amount of money on all

478
00:29:26.480 --> 00:29:31.240
the tax that that you owe the I R S. Now,

479
00:29:32.160 --> 00:29:36.799
does the accept these right off the bat? And know

480
00:29:36.920 --> 00:29:40.559
these are going to take about a year the process. Now,

481
00:29:40.599 --> 00:29:44.000
sometimes it's ten months. I've had them go eighteen months.

482
00:29:44.960 --> 00:29:48.839
Sometimes it's faster. It all depends on you know, the

483
00:29:48.880 --> 00:29:52.119
I R S. And that's a waiting game at that point. Now,

484
00:29:52.119 --> 00:29:57.000
The one thing to remember, statute of limitations stop as

485
00:29:57.039 --> 00:30:01.799
soon as you file that offering compromise, and it will

486
00:30:02.079 --> 00:30:09.799
stay in limbo throughout the whole offering compromise process. So

487
00:30:09.880 --> 00:30:13.720
if your offering compromises accept it, it will continue to

488
00:30:13.839 --> 00:30:17.519
hold the statute of limitations for a full five years

489
00:30:18.319 --> 00:30:21.720
after the offers accept it. So that could be you know,

490
00:30:21.799 --> 00:30:25.960
six years, could be seven years for them to process

491
00:30:26.200 --> 00:30:30.200
the offer, and then the follow in five years from there. Now,

492
00:30:30.240 --> 00:30:34.519
what you're going to offer them is basically what you

493
00:30:34.640 --> 00:30:41.079
can afford to pay the irs. Now there's stringe rules

494
00:30:41.119 --> 00:30:46.480
and regulations to this offer and compromise. It isn't hey,

495
00:30:46.599 --> 00:30:50.000
this is what I have expenses going out and this

496
00:30:50.039 --> 00:30:56.400
is my income coming in. It is everything. So they're

497
00:30:56.400 --> 00:31:03.759
going to look at what you make, what assets you have, stocks, bonds, house,

498
00:31:04.519 --> 00:31:05.720
the equity in your house.

499
00:31:07.200 --> 00:31:14.839
They're going to be looking at everything and everything you owned. Now,

500
00:31:15.160 --> 00:31:17.319
if in the last year or two you sold.

501
00:31:17.240 --> 00:31:19.279
Off a car, they're going to know it. They're going

502
00:31:19.319 --> 00:31:22.720
to ask where this was, where'd the money go? If

503
00:31:22.759 --> 00:31:26.079
you gave a car to one of your children, they're

504
00:31:26.079 --> 00:31:28.519
going to want to know. They're going to ask the

505
00:31:28.599 --> 00:31:31.960
questions you have multiple cars that are titled in your name,

506
00:31:32.680 --> 00:31:35.519
They're going to ask about it. You have equity in them.

507
00:31:35.880 --> 00:31:38.359
They're going to be looking for that equity that's in that.

508
00:31:38.839 --> 00:31:40.839
They're going to be looking at what you did. If

509
00:31:40.880 --> 00:31:42.400
you pulled money out of your four to oh one

510
00:31:42.480 --> 00:31:45.839
k ira, where did that money go. That's considered to

511
00:31:45.880 --> 00:31:49.480
be possibly a dissipated asset, and they're going to be

512
00:31:49.480 --> 00:31:51.519
looking for that money unless we can show that you

513
00:31:51.640 --> 00:31:54.440
had to use it for living expenses or major repairs.

514
00:31:55.680 --> 00:31:59.279
What did you do with that money?

515
00:32:00.480 --> 00:32:02.400
You know a lot of our friends and people we

516
00:32:02.440 --> 00:32:04.240
have helped over the years, and we got into the

517
00:32:04.279 --> 00:32:07.200
trucking business that have been owner operators and truckers out

518
00:32:07.200 --> 00:32:09.720
there because they didn't make estimated tax payments and then

519
00:32:09.960 --> 00:32:12.519
you didn't file, So why did you end up owing

520
00:32:12.519 --> 00:32:16.000
this money? And they look at that as well. Those

521
00:32:16.000 --> 00:32:18.960
are the questions they ask us when we're representing you.

522
00:32:19.880 --> 00:32:25.279
The IRS is going to check and analyze your tax returns,

523
00:32:25.440 --> 00:32:29.440
your current financial records and statements to determine whether or

524
00:32:29.440 --> 00:32:32.759
not you're going to qualify for this offering compromise. They're

525
00:32:32.799 --> 00:32:37.279
going to be looking at your bank statements. They get

526
00:32:37.319 --> 00:32:39.519
the last three to six months of bank statements, and

527
00:32:39.559 --> 00:32:42.640
they're looking to make sure that you know when we

528
00:32:42.720 --> 00:32:46.119
file the four thirty threes. The four thirty threes is

529
00:32:46.160 --> 00:32:50.799
the financial roadmap to everything you have and everything you own.

530
00:32:51.240 --> 00:32:54.279
Everything's got to be on there. So you got to remember,

531
00:32:54.319 --> 00:32:57.960
this is the largest, biggest, baddest collection agency in the world.

532
00:32:58.000 --> 00:33:01.680
And you think they can't find something, they will find it. Now,

533
00:33:01.680 --> 00:33:08.960
the funny story behind this is that the IRS found

534
00:33:09.000 --> 00:33:12.200
assets for a client. We filed an offering compromise for it.

535
00:33:12.440 --> 00:33:13.680
And I'm going to tell you a little bit of

536
00:33:13.680 --> 00:33:18.279
that story and how that worked out for this client

537
00:33:18.359 --> 00:33:24.359
thinking they were hiding assets from the IRS, and how

538
00:33:24.480 --> 00:33:29.720
the IRS found these assets and how it impacted them

539
00:33:30.160 --> 00:33:32.920
when they were going for this settlement and offering compromise.

540
00:33:32.960 --> 00:33:34.079
And we're going to talk about that.

541
00:33:34.480 --> 00:33:36.240
Hey, right after this, we're going to take a short

542
00:33:36.279 --> 00:33:38.640
break and we back talking about how the IRS finds

543
00:33:38.720 --> 00:33:40.079
the things you think you hit.

544
00:33:40.319 --> 00:33:41.359
We were right back after this.

545
00:33:43.680 --> 00:33:47.359
We have only scratched the surface of today's show. Please

546
00:33:47.400 --> 00:33:50.599
stand by as Barry G. Bauer will be right back

547
00:33:50.759 --> 00:33:56.680
with tax talk for you. As an owner operator, you

548
00:33:56.799 --> 00:34:00.279
already spend too much time away from your family. Stop

549
00:34:00.359 --> 00:34:04.119
spending time doing paperwork. Go to Trucker tax tools dot

550
00:34:04.160 --> 00:34:09.079
com a solution filled specifically for truckers. Trucker tax tools

551
00:34:09.079 --> 00:34:15.280
dot Com makes your life run smoothly. Let's get back

552
00:34:15.320 --> 00:34:19.239
to tax stock for you with more tax stock once again.

553
00:34:19.719 --> 00:34:25.119
Here's your host, Barry G. Fallom Hey.

554
00:34:25.199 --> 00:34:28.159
Right before the short break there, we were talking about

555
00:34:28.159 --> 00:34:33.920
how the IRS checks your records and finds things that

556
00:34:33.960 --> 00:34:39.360
you have. The interesting story we were working with husband

557
00:34:39.360 --> 00:34:42.639
and wife and the husband really wasn't forthcoming with all

558
00:34:42.639 --> 00:34:44.840
the information. Now we go in and ask for all

559
00:34:44.840 --> 00:34:47.360
the detailed information. You fill out a worksheet for us.

560
00:34:47.719 --> 00:34:51.320
We go over this worksheet, we ask for all everything

561
00:34:51.360 --> 00:34:53.800
you owned, so we put the right program together for you.

562
00:34:55.199 --> 00:34:57.679
Wis guy I thought he was smarter than the IRS.

563
00:34:58.960 --> 00:35:01.440
He had a lot property that he owned, but he

564
00:35:01.519 --> 00:35:04.400
never gave it to us and never declared it, thinking

565
00:35:04.480 --> 00:35:06.360
the IRS wasn't going to.

566
00:35:06.360 --> 00:35:07.119
Worry about it.

567
00:35:07.960 --> 00:35:13.599
He also transferred property to his son so that he

568
00:35:13.639 --> 00:35:17.199
could try to avoid that being found. Well, the property

569
00:35:17.199 --> 00:35:22.920
he owned free and clear and kind of tried to

570
00:35:22.960 --> 00:35:25.480
disguise it in some of the property records and everything

571
00:35:25.480 --> 00:35:30.639
out there. Well, the IRS does a complete search of everything.

572
00:35:30.719 --> 00:35:34.960
Like I said, sometimes these searches amaze me that they

573
00:35:35.000 --> 00:35:38.199
come back and find cars and vehicles people haven't owned

574
00:35:38.239 --> 00:35:42.039
for three, four five years, but they didn't do anything

575
00:35:42.039 --> 00:35:46.320
with the car. It become salvage vehicle. And people didn't

576
00:35:46.320 --> 00:35:51.480
transfer titles or whatever it may be. And in this case,

577
00:35:51.519 --> 00:35:55.000
they found this huge property that he had. They also

578
00:35:55.079 --> 00:35:58.920
found that he had transferred property to his son within

579
00:35:59.000 --> 00:35:59.920
the last year or two.

580
00:36:00.559 --> 00:36:01.360
And now the.

581
00:36:01.239 --> 00:36:05.360
Irs is coming back and saying, hey, you committed fraud

582
00:36:06.599 --> 00:36:10.719
because you didn't declare this on these four thirty threes,

583
00:36:11.639 --> 00:36:15.599
and the taxpayer, our client is responsible because we make

584
00:36:15.679 --> 00:36:19.159
everybody sign there four thirty three declaring this is true

585
00:36:19.159 --> 00:36:19.760
and correct.

586
00:36:21.280 --> 00:36:22.000
Now we were.

587
00:36:22.039 --> 00:36:25.159
Able to prevent the fraud charges for them. We got

588
00:36:25.159 --> 00:36:29.440
them into an installment agreement so that they could settle

589
00:36:29.480 --> 00:36:32.519
their tax debt and pay it off, and we actually

590
00:36:32.519 --> 00:36:35.280
got them to pay most of it down by taking

591
00:36:35.360 --> 00:36:39.440
alone against this property so that we could prevent any

592
00:36:39.519 --> 00:36:43.559
charges being against them in this case. So you know,

593
00:36:43.679 --> 00:36:45.760
you've got to make sure that, hey, you're open and

594
00:36:45.840 --> 00:36:50.119
honest and letting us know everything that you've got going on,

595
00:36:50.239 --> 00:36:53.199
because if you don't tell us, we can't protect you.

596
00:36:54.119 --> 00:36:56.679
And that's what our job is when you hire taxation

597
00:36:56.760 --> 00:37:00.880
solutions secretly, it is to protect you and your assets

598
00:37:00.920 --> 00:37:03.960
to the best of our ability. But the only way

599
00:37:03.960 --> 00:37:05.599
we can do it is if you're talking to us

600
00:37:05.639 --> 00:37:09.159
and communicating and telling us these things.

601
00:37:09.199 --> 00:37:14.440
Now, just because you think.

602
00:37:14.239 --> 00:37:16.559
You can't afford to pay the IRS or you should

603
00:37:16.639 --> 00:37:21.360
get the settlement because you can't make ends meet. Now,

604
00:37:21.400 --> 00:37:27.679
the IRS has different requirements than you and I do, okay,

605
00:37:27.840 --> 00:37:34.400
and those different requirements are going to be the national standards.

606
00:37:34.639 --> 00:37:43.559
What the IRS allows you to deduct for housing, utilities,

607
00:37:44.280 --> 00:37:53.360
your car, food, all those necessity items they have national

608
00:37:53.360 --> 00:37:59.039
standards for. And you can't exceed deductibility for those national

609
00:37:59.119 --> 00:38:01.400
standards even if your mortgage is.

610
00:38:03.039 --> 00:38:03.840
Five hundred one.

611
00:38:03.800 --> 00:38:08.840
Thousand dollars higher than the national standard. Now they need

612
00:38:08.880 --> 00:38:11.760
to increase those standards because of increased interest rates and

613
00:38:11.800 --> 00:38:17.679
everything else to make these standards actually work across the country.

614
00:38:17.679 --> 00:38:20.199
But it all goes by what state you.

615
00:38:20.199 --> 00:38:22.920
Live in, what county you live in, and then the

616
00:38:22.960 --> 00:38:25.920
standard is set for where you live.

617
00:38:27.199 --> 00:38:29.840
And so once you can put.

618
00:38:29.559 --> 00:38:32.559
Those things in, then we can see, hey, do you

619
00:38:32.800 --> 00:38:38.320
qualify for this standards for an offering compromise are much

620
00:38:38.360 --> 00:38:42.559
more stringently followed than they are for partial pay installment

621
00:38:42.599 --> 00:38:49.760
agreements or non collectible status. So we've got to follow

622
00:38:49.800 --> 00:38:54.960
these national standards pretty strictly. The other problem we come

623
00:38:55.000 --> 00:38:58.199
into is equity in your house. So if you've owned

624
00:38:58.199 --> 00:39:01.840
your house for a period of time, you can see

625
00:39:01.840 --> 00:39:05.159
that your equity may sometimes exceed.

626
00:39:04.760 --> 00:39:05.679
Your tax debt.

627
00:39:06.199 --> 00:39:09.000
And then we've got to go after possibly trying to

628
00:39:09.039 --> 00:39:11.199
get a loan on the house or something, or you've

629
00:39:11.239 --> 00:39:14.519
got money and retirement accounts, the IRS is going to

630
00:39:14.559 --> 00:39:16.920
want you to see if you could pull the money

631
00:39:16.960 --> 00:39:22.800
from that retirement account. A lot of retirement accounts out

632
00:39:22.840 --> 00:39:26.880
there don't give you access to it, and we would

633
00:39:26.920 --> 00:39:30.760
need to see that in your retirement plan through your

634
00:39:30.760 --> 00:39:34.400
company to make sure that you cannot access that, and

635
00:39:34.440 --> 00:39:39.400
the IRS is going to want to see that proof.

636
00:39:42.480 --> 00:39:44.199
Then the RS is going to look at what your

637
00:39:44.199 --> 00:39:47.599
offer is. Your offer can't be zero. I mean, we've

638
00:39:47.639 --> 00:39:49.480
done offers for one hundred dollars, We've done them for

639
00:39:49.519 --> 00:39:52.440
one thousand dollars, We've done them for ten twenty thousand.

640
00:39:53.280 --> 00:39:57.320
We've even done offers for one hundred thousand on a million.

641
00:39:57.079 --> 00:39:58.400
Dollar tax debt.

642
00:39:59.400 --> 00:40:05.440
We had to look at revamping people's financial situation to

643
00:40:05.480 --> 00:40:06.280
make things work.

644
00:40:06.320 --> 00:40:08.920
So what do we mean by that? And remember you

645
00:40:08.920 --> 00:40:09.440
got to work.

646
00:40:09.360 --> 00:40:11.480
With a tax pro when you do this, because if

647
00:40:11.559 --> 00:40:14.000
you're not working with a Taxation Solutions tax Relief and

648
00:40:14.039 --> 00:40:16.480
you're trying to do it on your own, not every

649
00:40:16.480 --> 00:40:19.599
one of these things apply to you. So make sure

650
00:40:19.639 --> 00:40:23.480
you're getting good advice from a tax pro and rolled

651
00:40:23.519 --> 00:40:27.960
agent CPA that does this on a daily basis, like

652
00:40:28.039 --> 00:40:33.559
we do in Taxation Solutions tax Relief. You may need

653
00:40:33.599 --> 00:40:36.239
to go out and buy a newer used car, get

654
00:40:36.280 --> 00:40:39.719
a car payment instead of a car that's fully paid off.

655
00:40:40.960 --> 00:40:43.159
That could be money that you could be paying to

656
00:40:43.239 --> 00:40:46.039
the IRS, but we get it pulled out because now

657
00:40:46.119 --> 00:40:49.519
you have the car payment, so it's like the IRS

658
00:40:49.559 --> 00:40:51.880
paying for that car. Same thing we do sometimes in

659
00:40:51.920 --> 00:40:56.800
the partial pay installment agreements as well. We make sure

660
00:40:56.840 --> 00:40:59.760
you have all your taxes filed, make sure you're making

661
00:40:59.760 --> 00:41:02.800
an estimated tax payments. Make sure if you're a business

662
00:41:03.239 --> 00:41:05.760
and trying to go through an offering compromise, are you're

663
00:41:05.800 --> 00:41:08.000
currently paying all your payroll taxes.

664
00:41:08.519 --> 00:41:10.440
Making sure those are there.

665
00:41:10.920 --> 00:41:14.079
You cannot be going through bankruptcy or have an open

666
00:41:14.159 --> 00:41:19.880
bankruptcy out there, and making sure you're making all your

667
00:41:19.960 --> 00:41:23.400
estimated tax payments, not just while the offer is pending,

668
00:41:23.440 --> 00:41:27.639
but continuing on year after year to make sure you're

669
00:41:27.639 --> 00:41:34.480
doing things right and staying in compliance. Now, again, offering

670
00:41:34.559 --> 00:41:41.760
compromise is not right for every situation out there. Everybody's

671
00:41:41.840 --> 00:41:48.159
situation is different. So not only you have to meet

672
00:41:48.239 --> 00:41:53.519
these strict eligibility requirements and the IRS expects you to

673
00:41:53.719 --> 00:41:59.239
use all your available assets, including that equity in the home,

674
00:42:00.719 --> 00:42:04.000
they also expect you to stay in compliance for the

675
00:42:04.039 --> 00:42:09.119
next five years strict compliance with the tax law.

676
00:42:09.920 --> 00:42:11.400
Now how strict are they?

677
00:42:14.159 --> 00:42:19.079
Well, had a client come to me four years, eleven

678
00:42:19.159 --> 00:42:24.320
months and failed to file their tax return.

679
00:42:25.000 --> 00:42:25.400
They had a.

680
00:42:25.320 --> 00:42:32.039
Beautiful offering compromise. They had six figure tax that settled

681
00:42:32.079 --> 00:42:39.760
for one thousand dollars somewhere in there, and when they

682
00:42:39.760 --> 00:42:43.360
didn't file a tax return on time, didn't file the

683
00:42:43.440 --> 00:42:45.599
extension for the tax return. Because this is what If

684
00:42:45.599 --> 00:42:47.599
he would have filed the extension and made the payment,

685
00:42:47.639 --> 00:42:48.480
he would have been fined.

686
00:42:49.880 --> 00:42:51.320
He ended up filing.

687
00:42:51.000 --> 00:42:54.159
Thirty days late forgot to file the extension, owed five

688
00:42:54.199 --> 00:43:00.400
thousand dollars. The IRS returned his offer and compromise with

689
00:43:00.480 --> 00:43:04.880
the full amount of tax, the full statute of limitations

690
00:43:04.920 --> 00:43:09.239
that was left, and all penalties and interests that would

691
00:43:09.280 --> 00:43:13.159
accumulated over those five years came flooding back.

692
00:43:13.880 --> 00:43:16.119
Now what do you do?

693
00:43:18.679 --> 00:43:20.920
Can you go back in and file a new offer compromise? Yes,

694
00:43:20.920 --> 00:43:24.679
if you qualify, you can't. This guy happened to improve

695
00:43:25.039 --> 00:43:30.920
his life greatly and was making six figures. He could

696
00:43:31.000 --> 00:43:35.159
now afford to pay this tax debt. He could now

697
00:43:35.360 --> 00:43:39.079
afford to start making payments and had money in the

698
00:43:39.119 --> 00:43:42.599
bank so he could make a large down payment on

699
00:43:42.639 --> 00:43:48.320
this tax as well. Couldn't save them fell out a compliance.

700
00:43:50.400 --> 00:43:55.440
It was an accident, but the IRS doesn't care. They

701
00:43:55.480 --> 00:44:00.719
don't care at all. So we recommend find a great

702
00:44:00.719 --> 00:44:05.000
program and make sure you're staying in compliance after your

703
00:44:05.000 --> 00:44:10.159
offering compromise is done. Okay, call us here at Taxation

704
00:44:10.239 --> 00:44:14.559
Solutions dot net. Taxation Solutions dot net eight eight eight

705
00:44:14.639 --> 00:44:16.880
nine three zero one zero one six. We offer you

706
00:44:16.960 --> 00:44:20.440
a free consultation. We want you to come in and

707
00:44:20.480 --> 00:44:22.480
call us. Let's talk about what's going on in your

708
00:44:22.519 --> 00:44:24.800
life with tax that you have, and let us find

709
00:44:24.840 --> 00:44:27.639
a way to put a solution in place. And we

710
00:44:27.679 --> 00:44:31.679
had some great trucking questions that came in Why we

711
00:44:31.679 --> 00:44:35.440
were at the Truck to Success seminar. Before I go there,

712
00:44:35.639 --> 00:44:39.079
I want to say congratulations to Tom Wheatley. I've been

713
00:44:39.119 --> 00:44:44.639
working with him with OIDA Foundation for now maybe seven

714
00:44:44.679 --> 00:44:48.440
to ten years on the Truck to Success seminar that

715
00:44:48.519 --> 00:44:51.880
we do pretty much every year. I think we missed

716
00:44:51.960 --> 00:44:55.159
the COVID year. We may have done it Zoom and

717
00:44:56.239 --> 00:45:01.039
one other year in there, but it's been a fantastic program.

718
00:45:01.079 --> 00:45:03.519
If you're an owner operator and want to be out there,

719
00:45:04.199 --> 00:45:09.960
check out oh IDEA Owner Operator Independent Drivers Association get

720
00:45:10.000 --> 00:45:14.719
into the Foundation as well. They have some great webinars

721
00:45:14.760 --> 00:45:18.920
for you being in the trucking industry. But they were

722
00:45:18.960 --> 00:45:21.920
talking to me and saying, hey, can you do a

723
00:45:21.960 --> 00:45:26.719
settlement for truckers. Absolutely, if your self employed got yourself

724
00:45:26.719 --> 00:45:27.400
in this debt.

725
00:45:27.239 --> 00:45:29.960
We work with you as well. Even if you are

726
00:45:30.159 --> 00:45:32.079
employed and maybe you pulled.

727
00:45:31.840 --> 00:45:34.320
Money out of a retirement account and you weren't aware

728
00:45:34.320 --> 00:45:36.320
of all the taxes that you were going to be doing,

729
00:45:36.920 --> 00:45:40.840
or you got laid off from your job and you

730
00:45:41.000 --> 00:45:43.400
had money that you had on the loan from a

731
00:45:43.480 --> 00:45:45.559
four to oh one K, and then it's considered to

732
00:45:45.559 --> 00:45:48.800
be a distribution and now you owe taxes, we can

733
00:45:48.840 --> 00:45:51.639
work with you and solve those problems and those issues

734
00:45:51.679 --> 00:45:55.039
for you. It could be a partial pay agreement, it

735
00:45:55.079 --> 00:45:59.400
can be a non collectible status, it can be offering compromise.

736
00:46:00.119 --> 00:46:02.440
But let's sit down and talk about it and figure

737
00:46:02.480 --> 00:46:08.079
out what's the right way to go for you. John

738
00:46:08.199 --> 00:46:13.039
over here in right here to Houston area. Yes, if

739
00:46:13.039 --> 00:46:16.159
you give us a call, we potentially could settle that

740
00:46:16.280 --> 00:46:18.679
tax debt. And you know, if you owe ten thousand

741
00:46:18.719 --> 00:46:21.440
dollars or more, we're more than happy and glad to

742
00:46:21.440 --> 00:46:25.199
help you. You look like you're own about seventy five hundred,

743
00:46:26.440 --> 00:46:27.880
your taxes could be more than that.

744
00:46:28.000 --> 00:46:30.639
Let's talk about it. We might have a way in

745
00:46:30.800 --> 00:46:32.119
programs for you.

746
00:46:32.199 --> 00:46:36.239
As well to help you set off that tax debt

747
00:46:36.960 --> 00:46:42.280
and resolve your tax issue. And resolving tax issues is

748
00:46:42.320 --> 00:46:46.719
what we do at Taxation Solutions dot net.

749
00:46:47.400 --> 00:46:49.079
Call us let us get started.

750
00:46:49.760 --> 00:46:53.679
We started truck or tax Tools because we were out

751
00:46:53.719 --> 00:46:59.320
there solving a lot of self employed issues for owner

752
00:46:59.360 --> 00:47:03.599
operators out there, and we do this for everybody, so

753
00:47:04.079 --> 00:47:06.639
check us out at truckertax tools dot com.

754
00:47:06.679 --> 00:47:07.440
As well, we.

755
00:47:07.480 --> 00:47:10.840
Do bookkeeping and taxes for you and we're glad to

756
00:47:10.880 --> 00:47:15.079
help you. Hey, next week, send us an email. Let

757
00:47:15.159 --> 00:47:18.360
us address the questions that you have right here on

758
00:47:18.480 --> 00:47:22.679
tax Talk for You, and let us get down to

759
00:47:22.719 --> 00:47:27.440
the nitty gritty of taxes, bookkeeping as an owner operator,

760
00:47:27.519 --> 00:47:30.800
as a independent contractor, as a self employed So tune

761
00:47:30.840 --> 00:47:33.000
in next week and join us at tax Talk for You.

762
00:47:33.400 --> 00:47:37.800
Thanks for tuning in, well, continue this conversation next week.

763
00:47:37.960 --> 00:47:42.480
Thanksgetting Are you an individual or business that wants to

764
00:47:42.599 --> 00:47:46.400
understand taxes and how they affect you? Are you looking

765
00:47:46.440 --> 00:47:52.039
for specific tax advice for self employed business owners and truckers.

766
00:47:52.639 --> 00:47:56.679
Are you behind on taxes and your bookkeeping? Are you

767
00:47:56.800 --> 00:47:59.719
dealing with the irs and ready to have some releave?

768
00:48:00.599 --> 00:48:04.440
Then you need Tax Talk for You, hosted by tax

769
00:48:04.480 --> 00:48:06.639
and Shrucker expert Barry G.

770
00:48:06.960 --> 00:48:07.840
Fowler EA.

771
00:48:08.199 --> 00:48:12.000
Tune in ten am Eastern Time every Monday right here

772
00:48:12.039 --> 00:48:15.559
on W four CY Radio and Talk for TV. Don't

773
00:48:15.599 --> 00:48:19.440
forget to check this and past episodes at tax TALKFORU

774
00:48:19.800 --> 00:48:23.360
dot com. See you next week at W four cy

775
00:48:23.880 --> 00:48:26.599
dot com.