Shows
Tax Man, Tax Relief PodcastEP118: Can Elon Musk stop fraud at the IRS?Is the IRS losing billions to fraud while taxpayers struggle with compliance? In this episode, I discuss Elon Musk’s recent remarks about government inefficiencies, including how billions are lost annually to tax fraud. From false tax credits to identity theft, the IRS faces significant challenges in preventing fraud. I explore how his vision might lead to enhanced tools that identify fraud faster and help the IRS work more effectively. We also take a closer look at the timeline for these changes. While immediate improvements are unlikely, Musk’s influence could lead to...
2025-01-2801 minTax Man, Tax Relief PodcastEP117: How The IRS Uses AI to Improve Their TechThe IRS has started leveraging AI to address inefficiencies, and it’s changing the game for taxpayers. In this episode, I explore how the IRS is improving its technology to enhance tax compliance and enforcement. They’ve introduced callbacks to reduce wait times and document uploaders to eliminate the need for physical mail. We also take a closer look at how AI might expand its role in the future. Cryptocurrency traders, for instance, are likely to face increased scrutiny as the IRS taps into more sophisticated technology. If you’re...
2025-01-2102 minTax Man, Tax Relief PodcastEP116: Donald Trump and Elon Musk’s Big IRS PlansDo IRS inefficiencies have you worried about your financial stability? Donald Trump and Elon Musk are making headlines with bold ideas to tackle fraud and revamp the IRS. In this episode, I break down how Donald Trump and Elon Musk’s proposals could significantly impact the IRS. Elon Musk recently highlighted the role of outdated government technology in enabling financial fraud within the IRS, including false refunds and credits. On the other hand, Donald Trump’s focus on getting IRS employees back into the office full-time could help resolve the delays caused by remote work.
2025-01-1402 minTax Man, Tax Relief PodcastEP115: Avoiding Citizenship Delays with Tax ComplianceAre you worried that unresolved tax issues could stand in the way of your dream of becoming a U.S. citizen? In this episode, I address how tax compliance directly impacts the citizenship process. Many people don’t realize that the IRS plays a significant role in ensuring your eligibility. I explain why filing all tax returns—even from years ago—is essential. I also share actionable advice for those who may feel stuck. Even if you’re years behind on your taxes, there are solutions. From missed filings to overdue payments, th...
2025-01-0701 minTax Man, Tax Relief PodcastEP114: Must-Have Audit Records for IRS ApprovalIs the thought of an IRS audit keeping you up at night? Facing an audit can be intimidating, but with the right records, you can turn it into an opportunity to secure your financial peace of mind. In this episode, I focus on the audit records the IRS requires and how you can ensure compliance. From bank statements and receipts to credit card statements, I break down the process with practical advice to help you navigate an audit with confidence. I also discuss solutions for those who lack complete records. If you...
2024-12-3101 min
Tax Man, Tax Relief PodcastEP113: Erase Tax Anxiety with Expert IRS Debt SolutionsIRS debt can feel overwhelming, especially when you're worried about levies, garnishments, or those constant collection notices. But it doesn't have to be this way. In this episode, I’m sharing the proven strategies I use to help individuals and small business owners tackle their IRS tax issues head-on. I’ll explain how I work with clients to negotiate settlements, release levies, and create lasting solutions to manage back taxes. One of the biggest mistakes I see is people focusing on back taxes without staying current on their new obligations, which makes t...
2024-12-0306 min
Tax Man, Tax Relief PodcastEP112: Feel the Relief with Expert IRS Tax SettlementsFinancial stress and worries about bank levies or tax liens can feel overwhelming. In this episode, I take you through to resolving IRS tax disputes for self-employed individuals and small business owners. We help clients handle everything from settlements and protection holds to getting levies released. With so many unqualified advisors offering empty promises, finding a trusted path to real relief may seem impossible. But there are proven solutions that can finally ease that burden and help you move forward. Tune in and take control of your financial future today. Hear fro...
2024-11-2602 min
Tax Man, Tax Relief PodcastEP111: Real Tax Solutions to Ease IRS StressThe fear of losing control over your finances due to tax disputes is stressful and exhausting. In this episode, I share how to help individuals and small business owners handle tax disputes with the IRS and state taxing authorities. We know how distressing it is to face collections and potential levies, and the fake promises you see online. Many people are misled by unqualified advisors promising to erase their tax debt for nothing, leaving them feeling even more uncertain. But we give you real, trusted solutions available to help you resolve these issues for good....
2024-11-1901 min
Tax Man, Tax Relief PodcastEP110: Breaking Free from IRS Levies with Expert HelpAre you up at night, worrying that the IRS might seize your bank account or garnish your wages? In this episode, we dive into real solutions for the self-employed, middle-aged men and women dealing with IRS issues. I discuss crucial topics like payment plans, penalty abatements, and the strategic options available to resolve these taxing matters. From dealing with wage garnishments to securing a release on a levied bank account, we cover it all with a professional, caring approach. Tune in to learn from an expert who’s helped countless individuals take control of their fina...
2024-11-1201 min
Tax Man, Tax Relief PodcastEP109: Slashing Business Tax Debt with Proven IRS StrategiesBusiness tax debt can feel like an insurmountable challenge, but with the right approach, it’s possible to reduce your liability and regain control. In this episode, we get straight to the point with practical tips and real-life examples of how you can slash your business tax debt and protect your financial future. The most effective strategies for managing and reducing business tax debt broke down the importance of knowing whether you're personally liable for your business’s tax debt. The critical step of getting a collection hold with the IRS, giving you time to figure...
2024-11-0503 min
Tax Man, Tax Relief PodcastEP108: Why New IRS Agents Are Causing DelaysThe IRS has brought in a wave of new agents, and while that sounds like it should speed things up, it’s actually causing delays for many taxpayers. In this episode, Jonathan Donenfeld talks about how the influx of new IRS agents is creating bottlenecks in the system, especially for cases involving more than $50,000. This lack of experience is pushing larger cases to the back burner, and with so many new agents, it’s taking longer to resolve higher-priority cases. He also discusses how new revenue officers are getting smaller cases to start, which means that...
2024-10-2902 min
Tax Man, Tax Relief PodcastEP107: How to Safeguard Against IRS Trust Fund ClaimsThe IRS is relentless when it comes to trust fund recovery penalties, which can leave you personally liable for the taxes you collect from employees but fail to remit. In this episode, Jonathan Donenfeld discusses the IRS trust fund recovery penalty and how it affects business owners like you. This penalty isn't limited to the business owner alone—if you’re an operator or even a partial owner, you could be held personally responsible as well. The IRS treats unpaid payroll taxes as if you're withholding their money, and in severe cases, this can lead to cri...
2024-10-2202 min
Tax Man, Tax Relief PodcastEP106: The IRS Is Targeting Your Self-Employment EarningsIf you're self-employed or own a small business, you're likely on the IRS's radar. In this episode, Jonathan Donenfeld talks about why the IRS is targeting self-employed individuals and small business owners, focusing on unpaid payroll taxes. This makes it easier for the IRS to collect. If you’re a business owner, not paying your payroll taxes could result in personal liability under the trust fund recovery penalty. He also explores why most IRS revenue officers are dedicated to cases involving self-employed individuals like us. This shows that no matter your income if your tax fili...
2024-10-1501 min
Tax Man, Tax Relief PodcastEP105: Don't Let the IRS Jeopardize Your Bank Account!Are you losing sleep over the possibility of the IRS draining your bank account? The IRS has been making big moves lately, and it’s essential to stay ahead. In this episode, I discuss the latest IRS actions, including the reintroduction of LT11 notices. This LT11 is an intent to levy notice, meaning the IRS has the right to seize your bank account or garnish your wages if you don't respond. Another key topic we tackle is how the IRS is targeting non-filers, especially those they believe earn $400,000 or more. The IRS often mistakes your tot...
2024-10-0802 min
Tax Man, Tax Relief PodcastEP104: Get Your Tax Advice From A Licensed ProfessionalThe IRS Fresh Start Program has been around for over ten years, yet many tax relief firms claim it's a new initiative to attract clients. In this episode, I address the importance of getting tax advice from licensed professionals. We’ll debunk the myths surrounding the IRS Fresh Start Program and highlight the dangers of relying on unqualified advice. Learn why it’s essential to consult with CPAs or attorneys who are bound by ethical standards to provide accurate and reliable guidance. Avoid the pitfalls of unqualified advice. Tune in now to ide...
2024-09-1003 min
Tax Man, Tax Relief PodcastEP103: BREAKING NEWS: The IRS Hires Thousands Of New EmployeesYou've probably heard the news: the IRS is hiring thousands of new employees. But what does this mean for taxpayers, especially those with complex tax situations? In this episode, I break down the recent developments at the IRS, focusing on the hiring of new employees across three main areas: general customer service, compliance officers for audits, and revenue officers for collections. We'll explore how these changes are likely to impact you, with an emphasis on increased audits and collections efforts. Learn what you can do to prepare and protect yourself in thi...
2024-09-0301 min
Tax Man, Tax Relief PodcastEP102: Why Is It So Hard To Setup A Payment Plan With the IRSWhy is setting up a payment plan with the IRS incredibly difficult???? In this episode, I explain why setting up a payment plan with the IRS is so challenging. We'll discuss the main issues, including the influx of new and untrained IRS agents, the complexities for those owing significant amounts, and the slow processing times. Learn practical tips for navigating this bureaucratic maze, including how tax professionals like us can expedite the process. Tune in now to learn how to effectively manage your tax payments and find relief. JLD...
2024-08-2702 min
Tax Man, Tax Relief PodcastEP101: Update Your Address With the IRS!Did you know that failing to update your address with the IRS could lead to serious issues? It's a common problem that can be easily avoided with the right steps. In this episode, I discuss the importance of keeping your address updated with the IRS. We’ll explore a real-life case where a client missed critical IRS notices because they moved and didn't update their address. Learn why it's your responsibility to keep your address current, how to properly update it, and the potential consequences of failing to do so.
2024-08-2001 min
Tax Man, Tax Relief PodcastEP100: What To Do If The IRS Levied Your Bank AccountHas the IRS just levied your bank account? It's a scary situation, but there are steps you can take to address it. In this episode, I explain what to do if the IRS has levied your bank account. We'll cover the essential actions to take immediately, such as checking your bank account, confirming the levy, and understanding your tax obligations. Learn about the process for removing the levy, including setting up a payment plan, completing necessary forms, and providing substantiation documents. Get the insights you need to navigate this stressful situation and...
2024-08-1301 min
Tax Man, Tax Relief PodcastEP99: Are You Qualified For An Offer In Compromise?An Offer in Compromise is a complex process. Knowing if you qualify before you start is crucial. In this episode, I discuss the intricacies of qualifying for an Offer in Compromise (OIC). We'll explore why it’s essential to evaluate your eligibility before applying, how the IRS collection statute impacts your case, and what alternatives might be better suited for your situation. Gain a clear understanding of the OIC process and learn how to make informed decisions about resolving your tax debt. Don’t waste time on an Offer in Compromise if you do...
2024-08-0602 min
Tax Man, Tax Relief PodcastEP98: Is Offer In Compromise The Best Option For You?Offer in Compromise sounds like a great solution to resolve your tax debt, but the reality is that most people don’t qualify. In this episode, I discuss why the widely-known Offer in Compromise may not be the best option for many taxpayers and introduce an alternative called the partial payment installment agreement (PPIA). Learn how a PPIA can provide a low monthly payment plan that lasts until your tax debt expires, often resulting in a better outcome. Discover why this option is often more attainable and faster to implement than an Off...
2024-07-3001 min
Tax Man, Tax Relief PodcastEP97: Tax Issues Affecting The Construction IndustryAre rising costs and tax issues threatening your construction business? You're not alone. In this episode, I discuss the tax challenges that are currently affecting the construction industry. We'll explore why inflation and 1099 payments are causing many construction professionals to fall behind on their taxes, and I also share the crucial steps to take to get your tax situation under control, avoid collections, and create a plan to stay current with your taxes going forward. For self-employed professionals and small business owners in the construction industry, understanding and managing tax responsibilities is c...
2024-07-2302 min
Tax Man, Tax Relief PodcastEP96: Typical Cases That A Tax Resolution Specialist Work OnWhat kind of tax problems do people face and how can a tax resolution specialist help? In this episode, I share insights into the typical cases I handle as a tax resolution specialist. Discover how self-employed individuals, often hit by divorce, business slowdowns, or medical issues, can find themselves behind on taxes. We'll discuss the steps to take when you’re in a tax bind, how to protect your assets and family and the importance of developing a solid plan to resolve tax issues permanently. Learn how to navigate your tax issue...
2024-07-1602 min
Tax Man, Tax Relief PodcastEP95: Death and TaxesYou've heard the saying: death and taxes are the only certainties in life. But what happens to your tax debt when you die? In this episode, I delve into the complexities of dealing with tax debt after death. We'll explore what happens to your taxes when you pass away, the responsibilities of the estate's executor, and how to avoid common mistakes that could leave your family with unexpected liabilities. Discover what you need to know to ensure that your tax issues are managed correctly and that your loved...
2024-07-0901 min
Tax Man, Tax Relief PodcastEP94: Am I Personally Liable For My Business's TaxWondering if you could be personally on the hook for your business's tax debts? The answer isn't always straightforward. In this episode, we explore the different types of business structures and taxes that can impact your financial responsibility. We’ll discuss payroll tax, sales tax, and the specific liabilities for C corporations, S corporations, and single-member LLCs. Get the expert advice you need to navigate your tax responsibilities and protect your assets. Tune in now to gain clarity and expert insights on managing your ta...
2024-07-0201 min
Tax Man, Tax Relief PodcastEP93: Why Are Tax Problems Such A Burden To People?Ever felt like your tax problems are a shadow hanging over your life? You're not alone. Many people find their IRS issues to be more frightening than anything else they face. In this episode, I discuss why tax problems are such a burden for so many people. We'll explore common fears, such as the IRS seizing your bank account and the embarrassment of revealing tax issues to loved ones. Learn about practical steps you can take to resolve your tax issues, establish a payment plan or settlement, and move forward with con...
2024-06-2503 min
Tax Man, Tax Relief PodcastEP92: What To Do If You Don't Have Your Tax RecordsStruggling to file your taxes because you can't find your records? You’re not alone, and there are solutions to get you back on track with the IRS. In this episode, I discuss what to do if you don't have your tax records. We'll go over how to obtain IRS transcripts, reconstruct your financial history, and use industry standards to estimate expenses. For self-employed professionals and small business owners, losing tax records doesn’t have to be the end of the road. Learn how to navigate the complexit...
2024-06-1801 min
Tax Man, Tax Relief PodcastEP91: The IRS Now Uses Technology To Come After PeopleAre you aware that the IRS is now leveraging advanced technology to track down unfiled tax returns? The game has changed, and ignoring those letters from the IRS could cost you dearly. In this episode, we explore how the IRS is using technology to identify individuals with unfiled tax returns. Learn what happens when the IRS files a Substitute for Return (SFR) on your behalf and how you can still file your accurate return to mitigate penalties and interest. Gain critical insights into the steps you need to take to stay ahead of the IRS.
2024-06-1101 min
Tax Man, Tax Relief PodcastEP90: What To Do If You Don't Agree With the IRS's AuditFeeling cornered by an IRS audit that doesn't seem fair? You're not at the end of your rope. Knowing your rights and options can be your best defense against an aggressive audit. In this episode, I delve into what you can do if you disagree with the IRS's audit assessment. We'll cover everything from understanding the initial audit process to navigating appeals and other resolution paths. Arm yourself with the knowledge to fight back effectively and secure a more favorable outcome. Take control of your audit situation! Tune in now for ex...
2024-06-0401 min
Tax Man, Tax Relief PodcastEP89: What To Do If You're Being Audited By The IRSReceiving an audit notice from the IRS can be intimidating, but knowing how to respond can make all the difference. Are you equipped to handle an IRS audit without fear? In this episode, I'll guide you through the initial steps to take when you find out you're being audited. From understanding the types of audits to preparing your documentation, learn the crucial actions that can help you manage the audit process effectively and minimize stress. For self-employed individuals and small business owners, an IRS audit doesn't have to s...
2024-05-2802 min
Tax Man, Tax Relief PodcastEP88: IRS Targeting High-Networth Businesses and IndividualsAre you losing sleep over the fear of an IRS audit? You're not alone. With recent increases in audit activities focusing on high-networth individuals and businesses, understanding the IRS's criteria and preparing accordingly is more crucial than ever. In this episode, I break down the latest IRS tactics targeting those who appear to have high earnings on paper. We'll explore how gross revenue figures could flag you for an audit and what it means for self-employed professionals. Get the insights you need to safeguard your finances from potentially crippling audits. Stay informed and ahead of...
2024-05-2101 min
Tax Man, Tax Relief PodcastEP87: How Did I Start In Tax Resolution BusinessI am a CPA specializing in saving people from crippling tax debts and problems. Pivotal moments like these are as unexpected as they are life-changing. In this episode, I dive into the heart of why I started in the tax resolution business—a field where stakes are high, and the rewards are deeply personal. Discover how a surprising client visit spurred my shift from general accounting to becoming a beacon of hope for those battling the IRS, eventually leading to an emotional journey from a $220,000 tax bill to a life-changing settlement. Don’t let ta...
2024-05-1401 min
Tax Man, Tax Relief PodcastEP86: 3 Steps to Resolve Your Back Tax IssuesWhen someone approaches me with a back tax problem, we follow a simple three-step approach to find a resolution. The initial step, which I like to call 'stop the bleeding,' involves assessing their accounts, determining what filings are necessary, and quantifying the amount owed. Once we have a clear understanding of the situation, we move on to the second step: finding the solution. We explore various possibilities like an offer in compromise, partial payment, or penalty abatement. There are plenty of options available to tackle the problem effectively. However, the third s...
2024-04-0902 min
Tax Man, Tax Relief PodcastEP85: Resolve Your Tax Troubles ASAPMany individuals I come across often feel scared and embarrassed about their tax problems, but let me assure you that you are not alone. Countless people experience issues with the IRS. There are various reasons why these problems arise, such as family circumstances, medical emergencies, divorce, business setbacks, or even receiving poor advice or not planning appropriately. Falling behind on taxes can easily happen to anyone, and it doesn't make you a bad person. The crucial part is to take action before the situation worsens and becomes overwhelming. Unfortunately, many individuals tend to let it g...
2024-04-0202 min
Tax Man, Tax Relief PodcastEP84: Your IRS Problem Solver Is HereHello, I'm Jonathan Donenfeld, the President of JLD Tax Resolution Group. I started my own business in 2015 with a focus on helping other small business owners resolve their tax problems. As a business owner myself, I understand the struggles and the overwhelming nature of dealing with the IRS. Many business owners lose sleep, worrying about the IRS instead of dedicating their energy to improving their business. That's where I come in! I genuinely enjoy helping people find solutions to their IRS problems. Witnessing the relief they experience once the ordeal is over is incredibly rewarding – it's like a...
2024-03-2601 min
Tax Man, Tax Relief PodcastEP83: Tax Advisory | JLD Tax Resolution GroupDo you know that the IRS is primarily hiring individuals for three key positions? Firstly, they're bringing in people to conduct audits on partnerships. Secondly, they're hiring auditors for s-corp businesses. Lastly, they're also recruiting revenue officers who will focus on pursuing individuals and companies with unpaid taxes. In order to enhance their operations, the IRS is investing in advanced training. They're expanding their team with more lawyers, CPAs, and seasoned professionals, aiming to build stronger and more comprehensive cases. Now, what does this mean for you? Well, it impli...
2024-03-1907 min
Tax Man, Tax Relief PodcastEP82: Tax Resolution TipsHandling an audit and responding to the IRS are crucial steps that require attention. Typically, the IRS will provide you with a list of requested items and the scope of the audit. It is essential to carefully assess what you have and determine what is accurate, incorrect, or improperly filed. Based on this evaluation, you can craft your response accordingly. Consider avoiding having the person who prepared your tax return represent you in an IRS audit. The reason behind this advice is quite simple: if there happens to be an error in your tax return, th...
2024-03-1204 min
Tax Man, Tax Relief PodcastEP81: What is a Partial Payment Installment Agreement? (PPIA)Have you heard of the Partial Pay Agreement? It's a little-known yet fantastic way to save a ton of money with the IRS. We refer to it as the back door Offer in Compromise. The great thing about it is that it's much easier to get accepted and involves way less paperwork. Plus, it takes into account your assets to a lesser extent, making it a truly effective program. Over the years, we've managed to save our clients millions of dollars through this option. If you're curious and want to learn more, don't hesitate to gi...
2024-03-0501 min
Tax Man, Tax Relief PodcastEP80: Understanding the ‘Back Door’ Offer in CompromiseWhy is the Partial Pay Agreement with the IRS referred to as the 'back door' Offer In Compromise? The reason behind this is simple - it has proven incredibly effective in allowing you to settle your tax liability for less than you owe. Unlike the offer In compromise - a partial pay agreement is relatively easier to have accepted. It saves you time and reduces the amount of paperwork involved. Many people are attracted to the idea of an offer in compromise due to its popularity on the internet, radio and TV. However, not everyone qu...
2024-02-2701 min
Tax Man, Tax Relief PodcastEP79: Crypto & The IRSHave you recently received a letter from the IRS regarding a proposed adjustment of your income? Wondering how to handle it? It's important to demonstrate the accurate cost basis for your stock or crypto purchases. The best approach is to submit an amended return through the appropriate channels. Even if you don't owe the tax, failing to address this adjustment may lead to the IRS charging you for the perceived gain. If you're seeking guidance in resolving such obligations, the friendly professionals at JLD Tax Resolution Group are here to assist you. Book a fre...
2024-02-2004 min
Tax Man, Tax Relief PodcastEP78: Why Lawyers Have Tax ProblemsMany lawyers work for themselves, especially if they are a partner or own their own firm, and their income can vary greatly. Like many other self-employed individuals, they often struggle to withhold enough money for taxes. Issues also arise when lawyers want to maintain a certain image and lifestyle, resulting in high personal expenses and falling behind on their taxes. It is crucial to address these tax matters promptly since the IRS tends to target professionals like lawyers who fail to fulfill their tax obligations. [WATCH] Why Lawyers Have Tax Problems ▶ https...
2024-02-1302 min
Tax Man, Tax Relief PodcastEP77: IRS Increased FundingIt has been a little over a year since the Senate approved IRS funding of $45.6 billion for enforcement. And what we have noticed is that the IRS has made hiring more higher-level professionals a top priority. It seems like they are determined to recruit additional accountants, lawyers, and experts with advanced knowledge. This will enable them to conduct audits on a larger scale, focusing on high net worth individuals, businesses, partnerships, and S corps. To gain a deeper understanding, watch the full video! At JLD Tax Resolution Group, we specialize in he...
2024-02-0604 min
Tax Man, Tax Relief PodcastEP76: The IRS FocusThe IRS is targeting many self-employed individuals who earn six figures or more. It's interesting to note that we're witnessing an increase in audits for small business owners who file Schedule C and fall into the same income bracket. Among those being audited by the country’s tax bureau are professionals like doctors, lawyers, real estate brokers, and financial advisers, who typically do not maintain proper records. It's hard to believe, but many of them make mistakes on their self-prepared tax returns. As a result, the IRS is finding these cases highly lucrative and worthwhile to pursue...
2024-01-3002 min
Tax Man, Tax Relief PodcastEP77: IRS Increased FundingIt has been a little over a year since the Senate approved IRS funding of $45.6 billion for enforcement. And what we have noticed is that the IRS has made hiring more higher-level professionals a top priority. It seems like they are determined to recruit additional accountants, lawyers, and experts with advanced knowledge. This will enable them to conduct audits on a larger scale, focusing on high net worth individuals, businesses, partnerships, and S corps. To gain a deeper understanding, watch the full video! At JLD Tax Resolution Group, we specialize in he...
2023-12-0504 min
Tax Man, Tax Relief PodcastEP76: The IRS FocusThe IRS is targeting many self-employed individuals who earn six figures or more. It's interesting to note that we're witnessing an increase in audits for small business owners who file Schedule C and fall into the same income bracket. Among those being audited by the country’s tax bureau are professionals like octors, lawyers, real estate brokers, and financial advisers, who typically do not maintain proper records. It's hard to believe, but many of them make mistakes on their self-prepared tax returns. As a result, the IRS is finding these cases highly lucrative and wort...
2023-11-2802 min
Tax Man, Tax Relief PodcastEP75: Offer In Compromise vs. Partial Pay Installment AgreementA lot of people want to do an offer in compromise (OIC) but are not qualified to get one. But in fact, it is much easier to qualify for a partial pay installment agreement (PPIA) than OIC. There are two things to consider before doing either an OIC or a PPIA. First, know your income and expenses and assets and liabilities. Second, check when your tax debt expires. If your tax debt is expiring soon, do not go for an offer in compromise because it can extend the time for the IRS to...
2023-08-2201 min
Tax Man, Tax Relief PodcastEP74: How To Get Your 75% Civil Fraud Penalty RemovedThe IRS only issues a civil fraud penalty when they are certain you owe tax and can prove your intent to fake an expense, a dependent, or a business in an audit. When you are charged with a civil fraud penalty, you should not fight against it. Instead, focus on getting it removed because it will cost almost the same amount as the tax. Tell the assigned agent that you agree to the tax assessment if they agree not to assess the civil fraud penalty. This method has allowed us a lot of significant penalty abatement.
2023-08-1501 min
Tax Man, Tax Relief PodcastEP73: When To Appeal Your Tax AuditWe go to appeals on almost all of our tax audits. This is because you normally get a better deal when you file an appeal to tax court. What happens when you appeal is that the case goes to a settlement officer that will settle the case before it goes to tax court, which the IRS dislikes. Cases in tax court involve more time and money and judges do not usually take these cases. Even if you don't have any documentation, it is highly recommended to appeal and state that you are going t...
2023-08-0801 min
Tax Man, Tax Relief PodcastEP72: Lien RemovalGetting your lien removed is possible. If the IRS placed a lien against your account, you need to decrease your tax debt to under $25,000. Then, get into a direct debit installment agreement (DDIA) for the remaining balance. After three payments in your DDIA, apply for lien removal. Let’s say your property has a lien. If you are trying to refinance your mortgage to get a better rate, apply for a lien subordination. However, the IRS will only grant it if you were going to pay them more money. For ex...
2023-08-0101 min
Tax Man, Tax Relief PodcastEP71: Partial Pay Installment AgreementA partial pay installment agreement (PPIA) is what some call the “backdoor offer in compromise.” This involves not paying your tax liability in full. For most people, a PPIA is a much easier way to get a settlement with the IRS than an offer in compromise (OIC). The reasons include the less time needed to process, the fewer assets it takes into account, and how much easier it is to qualify for. Remember not to settle for an OIC. Always look out for all options. A PPIA can be a great way to get...
2023-07-2501 min
Tax Man, Tax Relief PodcastEP70: What is a Revenue Officer?A revenue officer is an agent responsible for collecting revenue for the IRS. Their goal is to get as much money as possible. These officers have the power to levy your bank account and garnish your wages. When a revenue officer is assigned to your case, they will send you an initial document request (IDR). They will ask for bank statements, pay stubs, and a filled-out form 433A, or for business owners, form 433B. With these documents, the revenue officer will identify how much you can pay. They may want...
2023-07-1801 min
Tax Man, Tax Relief PodcastEP69: What to Do If You Owe Back Taxes: Our 3 Step Process to Permanently Resolve Your Back Taxes You can resolve your tax issues in three steps. The first step is called the “stop the bleeding” phase. If you have back tax issues, it is possible the IRS has collections pending against you, a revenue officer, potential bank levies, and wage garnishments. Control the damage as much as possible by getting a hold of your account. Get in contact with the assigned agent for your case. Check any outstanding balances to avoid the IRS draining your bank account. The second step is the resolution phase. Together with your trusted accountant, create a customized plan to reso...
2023-07-1103 min
Tax Man, Tax Relief PodcastEP67: IRS vs High Networth IndividualsAccording to the IRS, a high-net-worth individual is one who makes over $100,000. They have a special department that looks into these individuals with unfiled tax returns. For businesses, the IRS considers gross revenue. If a business has $200,000 worth of revenue after expenses and only $50,000 of income, it is still considered high net worth. One of the biggest issues preventing people from dealing with unfiled taxes is unorganized books and lost receipts. There are a few simple ways you can get your tax returns done, even if your books are a mess.
2023-07-0401 min
Tax Man, Tax Relief PodcastEP66: What Does the IRS Look for When Auditing a Small Business?What Issues Are the IRS Looking for When They Audit Small Businesses? If you happen to be an S Corp, they'll be taking a closer look at your shareholder compensation. If your salary is unreasonable or too low, they might flag you for not paying enough Social Security or Medicare taxes. They'll also check that you're correctly filing and paying employment tax for your employees, ensuring everyone gets the correct forms like W-2s or 1099s. That's another issue. We're also seeing a focus on travel and entertainment expenses. These...
2023-06-2701 min
Tax Man, Tax Relief PodcastEP65: Passport RevocationWe've noticed quite a few taxpayers receiving letters from the IRS lately, specifically a CP508. This notice is typically sent out when the IRS is certifying your tax debt, usually if you owe $50,000 or more - but in 2023, that threshold will be $59,000. Essentially, the notice will inform you that the State Department can no longer issue or renew a passport due to your outstanding tax debt. If you have an outstanding passport, they can revoke it as well. This is a tool that the IRS is being much more aggressive with. So if this happens...
2023-06-2001 min
Tax Man, Tax Relief PodcastEP64: IRS Update | Hiring AgentsHey there, it's Jonathan Donenfeld from JLD Tax Resolution Group, and I have news to share regarding the recent hiring of new IRS agents. From what we've gathered, the IRS has brought on roughly 10,000 agents. These agents are mainly divided into two groups - one focused on providing uplevelled customer service, while the other concentrates on collections and enforcement. What should we expect with this latest development? On the collections and enforcement side, we're seeing them focusing on small businesses, mainly S Corps and LLCs. The issues that they're focusing on...
2023-06-1502 min
Tax Man, Tax Relief PodcastEP63: The Tax Strategy that Wealthy People UseMany ask what a proven and effective strategy is to build wealth and minimize taxes. The number one strategy that many savvy investors utilize is the Buy, Borrow, and Die method. This approach involves purchasing appreciating assets, such as real estate, and leveraging them through borrowing. The beauty of this method is that the borrowed funds are not subject to taxation, and any capital gains from the eventual sale of the asset can be deferred through various methods like 1031 exchanges. As a result, numerous wealthy business owners have been able to amass fortunes while minimizing th...
2023-05-1601 min
Tax Man, Tax Relief PodcastEP62: #1 Way Tax Preparers Get AuditedIf you're a tax preparer, you need to be aware of the number one reason for audits - the earned income credit. The IRS tends to hone in on this aspect since it's much simpler for them. Rather than going through all of the returns, they'd instead audit the preparer. The tax bureau is particularly vigilant in areas with many low-income earners, where fraudulent claims are highly likely to be made. As a tax preparer, you could be held personally liable if you add false or fake credits to a return. Let us he...
2023-05-0901 min
Tax Man, Tax Relief PodcastEP61: Can't Get Through to the IRS?A question or comment we get a lot is: "I have a tax issue. I'm trying to call the IRS and can't get through to them. So what do I do?" We understand that navigating the process and getting ahold of the IRS can be very difficult. That's where we come in - as practitioners, we have different lines to call, the necessary access and experience to step up the process and help alleviate your stress. When you call us – we can help you save time, energy and resolve your tax troubles for you...
2023-05-0301 min
Tax Man, Tax Relief PodcastEP60: What Happens if You Invested in FTX?What Happens if You Invested in FTX? In this episode, Jonathan Donenfeld discusses the impact of SPF bankruptcy on FDX investors. If you had invested funds in FDX or had accounts there, and now it's worth nothing or you're not getting any funds back, you may be able to write that off as a capital loss. Jonathan explains that it's like buying a stock for $5 and selling it for $1 at a $4 loss. If you invested $10 and now it's worth zero, you have a $10 loss that can offset other capital gains and be carried forward...
2023-04-2501 min
Tax Man, Tax Relief PodcastEP59: The FTX ScandalThere has been a great deal of interest surrounding the FTX scandal and the role played by Sam Bankman-Fried. From a tax and accounting perspective, there are some very interesting things. First, it's evident they had terrible records. For any small business, meticulous record keeping is critical to show your expenses correctly when you're ever audited. The reason for this is that illegal gains are still considered taxable, and in this case, Fried was allegedly taking money from his company and falsely reporting it as loans. He failed to provide any proper documentation or payment pl...
2023-04-1802 min
Tax Man, Tax Relief PodcastEP58: AI Takes Over Taxes - How the IRS Uses Artificial IntelligenceAI Takes Over Taxes - How the IRS Uses Artificial Intelligence In this episode of Tax Man, Tax Relief Podcast, I discuss how the IRS is utilizing artificial intelligence to improve its auditing and collection efforts. I will share how the IRS is targeting business owners in certain industries with specific expenses, using AI to analyze data and identify potential tax problems. Key Points: [00:00:03] Introduction to the topic of the IRS and AI [00:00:55] How the IRS is targeting specific types of businesses with AI [00:01:43] The characteristics of ta...
2023-04-1101 min
Tax Man, Tax Relief PodcastEP57: Hire a Professional When Talking to the IRSIf you're facing a tax problem or are being audited, you don't have to speak to the IRS yourself. It's best to hire a professional, such as a CPA, enrolled agent, or attorney, to represent you. Remember, what you say to the IRS can be used against you, so make sure you get the help of a professional. Learn more in this new episode: Hire a Professional When Talking to the IRS ▶️ Let us help you solve your IRS problem with ease. Request a free consultation at 201-479-2572 or visit https://fal.cn/3...
2023-04-0401 min
Tax Man, Tax Relief PodcastEP56: Back Taxes Payroll IssuesBusiness owners who experience difficulty with payroll taxes generally have difficulty with cash flow. This occurs when they are waiting on payments from others in the business, yet they must continue to engage people to do the work. Unfortunately, not paying the IRS in anticipation of being able to make the payment at a later time leads to significant penalties, interest, and a cycle of nonpayment. Business owners and employers should strive to remain current on payments while simultaneously looking at possible payment plans and settlement options for past-due amounts. Learn more in t...
2023-03-2801 min
Tax Man, Tax Relief PodcastEP55: What Cases with the IRS Go Criminal?What type of tax cases have we seen that have gone criminal? The Internal Revenue Service (IRS) pays close attention to business proprietors who manage more than one business and move money between their accounts. They also hunt down those that are not paying the corresponding payroll taxes. This highlights the importance of resolving tax issues appropriately, as even an honest mistake can come across as an attempt to elude these taxes. If funds are being moved to support another business, this may seem innocent to the individual, but the IRS may perceive it differently....
2023-03-2101 min
Tax Man, Tax Relief PodcastEP54: Payroll Tax ProblemsThe consequences of not paying your payroll taxes can be absolutely devastating to any business, as the penalties for failure to file, failure to pay, or failure to deposit can quickly add up over multiple payroll cycles. In addition, payroll taxes are considered trust fund taxes. The owner and those responsible for running the payroll could face personal liability in the form of criminal cases recommended by the IRS if their obligation is not paid over multiple periods and years. The IRS takes tax fraud very seriously, so if they suspect you of hiding or ly...
2023-03-1401 min
Tax Man, Tax Relief PodcastEP53: The Largest Collection Agency | The IRS👉 Did you know that the country's tax bureau is the world's largest collection agency? The Internal Revenue Service is responsible for collecting the funds necessary for the government to pay for its services. When you call the IRS to report a tax debt owed, you're transferred to the collection division. That person is taking your information to figure out how to collect money from you. For this reason, it is crucial to be aware of the different options available regarding settlement and penalty abatement before engaging with the IRS. Be proactive and understand that by deali...
2023-03-0701 min
Tax Man, Tax Relief PodcastEP52: How to Stop an IRS Bank LevyHave you been sent letters from the Internal Revenue Service and failed to respond? Have you accumulated debt from long-standing unpaid taxes? Has an agent assessed your case but have yet to receive contact? Then the IRS may impose a levy on your bank account. To rectify this, one should take immediate steps to become compliant with the IRS' requirements. This would include filing completed tax returns, as well as contacting the assigned agent, and submitting the relevant financial disclosure form (Form 433-A or 433-B, in the case of a business).
2023-02-2802 min
Tax Man, Tax Relief PodcastEP51: Biggest Effects of Back TaxesThe negative consequences of tax issues are immense. Not only do they prevent people from achieving security and financial freedom, but these burdens can also creep into every aspect of their lives and severely hinder personal development. Whether it's having to forgo important life events such as getting married, buying a house, or even finding the courage to discuss the issues with loved ones and employers - the overwhelming tension of tax problems can leave people feeling vulnerable and isolated. But by taking the necessary steps to solve the problem, you can lift that heavy burden and s...
2023-02-1402 min
Tax Man, Tax Relief PodcastEP50: How Business Owners Can Resolve Their Back TaxesHow Business Owners Can Resolve Their Back Taxes How can business owners with substantial back tax problems resolve their issues? The first thing you need to see is what caused the issue, get ahold of your accounts with the IRS, and get into compliance. You can't do anything with the IRS if you have unfiled returns or are not responsive to them. The IRS offers various options like Offer in Compromise, Partial Pay Installment, Streamlined Installments, and Penalty Abatements. Whatever your situation is, there is an option to re...
2023-02-0702 min
Tax Man, Tax Relief PodcastEP49: How The IRS Audits AttorneysHow The IRS Audits Attorneys As attorneys are small business owners, it is necessary for them to have a trust account in which client funds are deposited and then transferred to pay for expenses and fees. Since attorneys have not always been great record keepers, the IRS and state governments often audit them, such as in New Jersey, where the bar can undertake audits. There are stringent laws and regulations regarding record keeping, and experienced professionals must be sure to have their bank accounts reconciled each month. When faced with an audit, the go...
2023-01-3102 min
Tax Man, Tax Relief PodcastEP48: Can the IRS Contact Your Neighbor?Can the IRS Contact Your Neighbor? Many people have recently received letters from the IRS saying that the tax bureau may contact their neighbors, people close to them, or people in their business. As a general rule, the government's tax bureau can only contact third parties, including your neighbors, your company, or your bank, to obtain information or collect the taxes you owe, given that they have already sent an advance notice. The IRS does this for the following reasons: 1) It's an intimidation factor. It's obvi...
2023-01-2401 min
Tax Man, Tax Relief PodcastEP47: What Are The New IRS Agents Up To in 2023?What Are The New IRS Agents Up To? Taxpayers should prepare for the influx of new revenue officers and collection agents at the Internal Revenue Service, most of whom are in training. They're working with the field agents and slowly learning the ropes. If you're a business owner and you owe back taxes, don't be surprised if one day you see an agent show up at your place of business due to the increased number of new hires in the IRS. We'll see many more in-person visits as they show their ser...
2023-01-1701 min
Tax Man, Tax Relief PodcastAre You a Business Owner With Years Of Unpaid Tax Returns?Are You a Business Owner With Years Of Unpaid Tax Returns? Many people think, "Oh, I didn't make much money. I don't need to worry about the IRS." Remember, the tax bureau may look at your gross revenue, not your expenses. For example, you took in $100,000. That's the only part the IRS sees because they may see your Form 1099s, where you can get assessed with no deductions. If you're not paying attention, the next thing you know, the IRS moves your account to collections, and you're getting bank levi...
2023-01-1001 min
Tax Man, Tax Relief PodcastWhy Do So Many Real Estate Brokers Have Tax Problems, taxes, tax resolution, tax problems, tax attorney, tax levy, tax resolution businessWhy Do So Many Real Estate Brokers Have Tax Problems? Host: Jonathan Donenfeld, CPA, MSA So many real estate and mortgage brokers have tax problems for two reasons: 1) They operate their businesses as sole proprietorships and are usually overwhelmed in budgeting for expenses and balancing their numbers 2) They have fluctuating incomes every month and every year Inconsistent commissions require making the necessary adjustments to living conditions and smart estimated tax payments. When looking to become an S-corp from a sole proprietorship, they can take a...
2023-01-0302 min
Tax Man, Tax Relief PodcastEP44: Why Do Successful Business Owners Owe A Lot in Back Taxes?Why Do Successful Business Owners Owe A Lot in Back Taxes? This is primarily due to the habit of putting off the obligation to keep their books up to date, planning for due dates, and anticipating what is necessary to keep up with employment and sales taxes, especially the most common issue, income taxes. So if you're not taking out enough for estimated taxes, you're not maximizing deductions, or you can't figure out what you're doing wrong— it will continue. You're still going to have the same problems, and you're never going to get out of the IR...
2022-12-2701 min
Tax Man, Tax Relief PodcastEP43: Can the IRS take your house??When you owe the IRS back taxes and fail to arrange payments, you risk the seizure of your property. The bureau typically collects payment through a levy or taking the money in your bank account, doing wage garnishments, levy retirement accounts, or Social Security benefits. The tax bureau can also seize your assets, including your home, in the worst circumstances. The possibility of losing one's house to satisfy tax debts can be a scary thought. While the IRS can get a lien on your residence, they will be required to secure a court approval and f...
2022-12-2001 min
Tax Man, Tax Relief PodcastEP42: Owe the IRS over $100,000?!?Do You Owe the IRS over $100,000?!? A six-figure debt usually causes panic, especially for small business owners. With the IRS, the longer you wait, the more interest, penalties, and potential for collections for actions against you. There are three things you should do. First, get a collection hold on your account. See if there's an agent assigned to your case. Get their information. Second, get into compliance. File any unfiled returns. Determine your current income, assets, and what needs to be protected. Look for a settlement of monthly payment you can n...
2022-11-1502 min
Tax Man, Tax Relief PodcastEP41: Will new IRS agents target small businesses?Will new IRS agents target small businesses? With an array of taxes that businesses have to pay, whether local, state, or federal —these can be pretty daunting for the busy and overwhelmed entrepreneur! 😱 What's more concerning is the expected increased crackdown of the Internal Revenue Service on small businesses. The IRS is poised to come after more non-compliant individuals and companies with the recent bill passed by the US Senate adding billions of dollars of budget for IRS enforcement. More budget means more agents will come after partnerships and S-corporations! What's going to be unfortunate is tha...
2022-11-1001 min
Tax Man, Tax Relief PodcastWill New IRS Agents Target The Middle Class?Will new IRS agents target the middle class? With recent development that the IRS will receive increased funding of $80 billion over ten years, $45 billion will go towards enforcement of tax laws with a focus on adding human resources and modernizing technology. Enforcement can mean more audits of businesses and more collection agents pursuing people who owe taxes or think that they owe taxes. Unfortunately, the people that the IRS goes after are usually small business owners. They look at people who are self-employed. In most small businesses, the owners are middle-class or upper-middle-class, but...
2022-11-0102 min
Tax Man, Tax Relief PodcastEP39: Tax Resolution vs. Tax RepresentationAs an entrepreneur, understand that tax representation and tax resolution are two entirely different aspects of services you need to ensure the sustainability of your business. Tax preparers look at your financials and keep your books in order. If someone is limited to preparing taxes, they can represent you when problems with the Internal Revenue Service arise, but usually, they will not get you the best resolution because they're not knowledgeable or experienced in that area. On the other hand, you should call on certified tax specialists to work on resolving back taxes, audits, or no...
2022-10-2701 min
Tax Man, Tax Relief PodcastEP38: Offer In Compromise vs. Partial Pay Installment AgreementOffer In Compromise vs. Partial Pay Installment Agreement It's time to settle your tax debt with the IRS, and you have main options for resolution: Offer In Compromise (OIC) and Partial Pay Installment Agreement (PPIA). Which method should you choose? We regularly get people that call us wanting to file for an Offer In Compromise (OIC) as an option to settle unpaid taxes. The truth is that most people do not qualify for the OIC, and it is much more challenging to get approved. Even if you qualify for an OIC, it is...
2022-10-2002 min
Tax Man, Tax Relief PodcastEP37: The IRS is mailing millions of underpayment reporting lettersThe IRS is Mailing Millions of Underpayment Reporting Letters The IRS is finally catching up post-COVID and expanding enforcement. Now, they are sending automated notices to individuals that did not report all of their income on their tax returns. The most common notice is the CP2000, which is sent if they see that you had a 1099 from sales of a home, stock, cryptocurrency, a type of dividend, or self-employment income that was unreported on your tax return. The IRS will assume you bought assets for zero. They automatically propose an assessment for the...
2022-10-1102 min
Tax Man, Tax Relief PodcastIs income tax debt dischargeable in bankruptcy?Is income tax debt dischargeable in bankruptcy? Should you file for bankruptcy or work out your taxes separately? Before you make any decision, you need to determine two things. First, you need to know what type of tax debt it is. Trust fund taxes, payroll taxes, and sales taxes are not dischargeable in bankruptcy. Second, determine when your tax return was filed. This includes the year and the collection statute expiration date. The IRS has a certain time frame to collect a tax debt. If you’re nearing expiration, you can get your ta...
2022-09-2002 min
Tax Man, Tax Relief PodcastWhat is Form 433-A?A Form 433-A is required if a revenue officer is assigned to your case to determine how much you can pay the IRS every month. It is also used if you are applying for an offer in compromise, a CNC (currently not collectible), or any type of IRS settlement arrangement. The IRS can file a criminal case if you provide false information. In the form, you have to list key information. First, the people in your household and marital status. Include joint debt, any settlements, and your spouse’s financial information, unless it’s a separ...
2022-09-2006 min
Tax Man, Tax Relief PodcastEP34: Why Do Professional Athletes Have Tax Problems?Why do so many professional athletes have tax problems? We are currently working with NBA players with various tax issues in different states. These professional athletes are challenged with multi-state tax reporting and filing, having to pay taxes in places where they live and where they work. Having all their focus on the sport they participate in, it can be daunting to be knowledgeable of their federal obligations, pay taxes in 15 or 20 states, and go back and forth to different places where they practice and play. In some cases, multiple states will want to claim t...
2022-09-0602 min
Tax Man, Tax Relief PodcastEP33: Why Do Celebrities Have Tax Problems?Why do so many celebrities have tax problems? On a podcast, Steve Harvey recently made a tell-all about how he owed the Internal Revenue Service a whopping $22 million. The comedian, author, and Miss Universe Pageant host shared his harrowing experience and how he worked out a payment arrangement with the IRS. Steve is one of the many celebrities the agency loves to go after. The IRS wants to make a point that they're not giving breaks to people in the public eye and are impartial to the rich and famous. Since most of tho...
2022-08-3002 min
Tax Man, Tax Relief PodcastWhat is Form 5471?What is IRS Form 5471? If you are an officer, director, or shareholder of a foreign corporation, you may need to file Form 5471 to report the company's income, shares, and shareholder information. Not filing this form and not reporting your interest can lead to significant penalties. The penalties can be $30,000 a year, and hundreds of thousands, depending on how many years you have been filed, the corporation's value, and whether it has foreign bank accounts. The IRS has voluntary disclosure programs that can allow you to avoid or reduce some of these penalties. It's really important th...
2022-08-2301 min
Tax Man, Tax Relief PodcastReport Your Foreign Bank Accounts To The IRSWhat happens if you are not reporting your foreign bank accounts to the IRS? If you have a bank account in a foreign country, you must report it by filing a Report of Foreign Bank and Financial Accounts (FBAR). The US government created FBAR to discover tax cheats hiding money in offshore accounts. If you haven't filed your FBAR or submitted it late, there are violations with potentially high penalties, whether it's $10,000 or hundreds of thousands of dollars in your account and the number of years you have in the file. The IRS has...
2022-08-1601 min
Tax Man, Tax Relief PodcastWhat Happens If You Don't File Your New Jersey Sales Tax Returns?What happens if you don't file your New Jersey sales tax returns? Like most states, New Jersey relies heavily on their sales tax revenue for funding. If you don't file sales tax, New Jersey will assess the amount that can be wildly higher than your liability, and you can go back and file the returns and reduce that amount. Sometimes it can be lower than what the actual liability is. They can add penalties and interest, for which you can request penalty abatement or work out a payment plan. You must look at the bill an...
2022-08-0901 min
Tax Man, Tax Relief PodcastInnocent Spouse ReliefInnocent Spouse Relief: How do you qualify, and when to apply? When married taxpayers sign a joint tax return, they attest that all the information provided is correct and are equally responsible for their declared income, potential taxes, and penalties to be owed. In cases where one party needs to prove that they didn't sign the return, signed under duress, or were unaware of the fraud, the Innocent Spouse Rule is a consideration the IRS provides as a relief. This eases a requesting party from tax obligations due to improperly reported income filed with a c...
2022-08-0201 min
Tax Man, Tax Relief PodcastWhen do you file an amended tax return?Did you make a mistake on your tax return? Have you forgotten to claim a credit or deduction? If you left out information on your original return or forgot to include income and made errors, fix your returns with Form 1040X with the corrected version. Don't forget that it must be within three years from the date you filed your original return. You want to do this before the IRS realizes you need to file an amended return to avoid the significant charges. The IRS can hit you with a 25% penalty for underpaying taxes.
2022-07-2601 min
Tax Man, Tax Relief PodcastHave You Failed to Pay Your Payroll Taxes?What happens if you fail to file Form 941 and fail to pay your payroll taxes? Not paying employment taxes can be the most harmful thing a business can do. The IRS considers payroll tax a trust fund penalty, and it is what the government goes after most. They deem that organizations that fail to pay payroll tax are similar to committing the act of stealing. Employers can face huge penalties and individual liability for the person running payroll in the business. So making sure that you pay payroll taxes is extremely important. There ar...
2022-07-2001 min
Tax Man, Tax Relief PodcastHow Do You Stop An IRS Wage Garnishment?How Do You Stop An IRS Wage Garnishment? In dealing with tax debt, you must be responsive to the IRS when they send you letters instead of freezing in shock and causing prolonged inaction. Normally a wage garnishment happens when an IRS revenue officer is assigned to your case and finds you unresponsive in giving them options to resolve your IRS issues. You can pay in full if it is workable, set up a payment plan, or apply for an offer in compromise. So it's crucial that you reach out, have a plan o...
2022-07-1201 min
Tax Man, Tax Relief PodcastHow many years of filed tax returns do you need to be considered in compliance?How many years of filed tax returns do you need to be considered in compliance? Taxpayers who have not filed tax returns for a long time ask us this most common question: How many years back should they file to comply with the IRS? The general rule provided by IRS Policy Statement 5-133 states that taxpayers must file six years of back tax returns to be in good standing with the IRS. Sometimes the bureau will require more if there is an open audit or an assessment, particularly for those with larger liabilities. ...
2022-07-0501 min
Tax Man, Tax Relief PodcastOffer In Compromise Acceptance FormulaWhat formula does the Internal Revenue Service use to determine whether or not they will accept your Offer in Compromise to settle your tax bill? The IRS looks at your current income, assets, and liabilities and wants to see if you can pay them in full within the collection statute expiration date. If they determine that you can pay them in full, they will reject your Offer in Compromise. It's important to do this analysis before applying to determine whether your offer will be accepted. The OIC program is not for everyone; therefore, it is be...
2022-06-2801 min
Tax Man, Tax Relief PodcastThe Importance of Dealing with IRS IssuesImportance of Dealing with IRS Issues If you leave tax issues unmonitored or unresolved, dealing with the IRS is like facing the force of a bowling ball ready to hit the pins in your life and knock them over. ✔️ First, there's the emotional toll. Many of you probably can't sleep because you're worried. You can never really forget your tax problems because they can keep you up at night and keep you worried right in the morning when you wake up! Will the IRS levy my bank account? Will they garnish my paycheck? Maybe your wife...
2022-05-0302 min
Tax Man, Tax Relief PodcastDoes New Jersey have an Offer In Compromise Program like the IRS?I'm Jonathan Donenfeld, CPA and Certified Tax Resolution Specialist. Many of you are asking if the state of New Jersey has an Offer In Compromise Program. For your information, they do not have an OIC program similar to the Federal Government's, but what they have is a Closing Agreement. The Closing Agreement is where the taxpayer can ask the state to accept a lesser payment than the total amount of the tax liability. However, it's much harder to get accepted because there are different qualifications, and not everyone qualifies. But if you owe the state of New J...
2022-04-1901 min
Tax Man, Tax Relief PodcastMental Burden of Owing Back TaxesWhen you owe back taxes, you're often up at night, so worried that you can't sleep. You're embarrassed to tell your family, friends or even your significant other. You're afraid to pursue a relationship. You're scared to tell someone about this problem that you're having. So even though it's hurting you financially, what it does is hurt you mentally. Because you're not resting, you're thinking about other things. Instead of focusing on the important things — your job, career and relationships — it's taking away your mind power from that. Start to resolve your problem and take steps to hire a profe...
2022-04-1202 min
Tax Man, Tax Relief PodcastWhy do successful business owners fall behind on taxes?Why do so many successful business owners have tax issues? Entrepreneurs at the beginning wear so many hats. They are doing the actual work, getting the clients, doing the sales and marketing, hiring people, serving as the HR department, doing inventory, getting supplies, materials and MANY MORE. With all these tasks at hand, one thing that can easily fall behind is their taxes. Keeping books up to date is often put aside, especially if the business owner does not know how to keep a good record. And then, when time becomes tight, and they need to file, t...
2022-03-2201 min