Did you know that fear of income taxes and the IRS is so real that there's an actual physiological name for it? It's Forosophobia. Tax debt in particular can be a daunting issue, affecting not only your finances but also your peace of mind. On this episode of CFO at Home, Vince talks with Morgan Anderson, a tax resolution expert, about the complexities and solutions surrounding tax debt, from understanding the common causes of tax debt to exploring viable options for resolution. You can learn more about Morgan and her firm, Golden Lion Tax Solutions by going to GoldenLionTaxSolutions.com
Key Takeaways:
Common Causes: Tax debt often stems from unexpected events such as illness, death, inheritance issues, or business setbacks.
Initial Reactions: The most common fear among clients is the possibility of going to jail, exacerbated by the intimidating image of IRS collectors.
Resolution Options: The most common solutions include setting up monthly payment plans and seeking penalty forgiveness for justifiable reasons.
Offer in Compromise: While enticing, this option has strict qualifications and is not suitable for everyone.
Proactive Approach: It's crucial to be proactive in addressing tax debt rather than avoiding it, as early action can prevent further complications.
Vetting Professionals: When seeking professional help, it's essential to verify credentials, ask about experience with similar cases, and listen to your instincts.
Key Links
Website - GoldenLionTaxSolutions.com
Facebook - Golden Lion Tax Solutions
LinkedIn - Morgan Anderson, EA, NTPI Fellow
Contact the Host - vince@thecfoathome.com
