Tax Man, Tax Relief Podcast

You'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 l...

Wondering 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 ad...

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 a...

Struggling 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 smal...

Are 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 stil...

Feeling 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 yo...

Receiving 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 man...

Are 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 figu...

I 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...

When 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 v...

Many 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 tax...

Hello, 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...

Do 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 adv...

Handling 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 w...

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...

Why 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.  Ma...

Have 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...

Many 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 t...

It 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...

The 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 mai...

A 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 PP IA. First, know your income and expenses and assets and liabilities. Second, check when your tax debt expires. If your tax debt is expiring soo...

The 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, fo cus 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 i...

We 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 h...

Getting 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 y our property has a lien. If you are trying to refinance your mortgage to get a better rate, apply for a...

A 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. Re...