Tax Relief with Timalyn Bowens

Episode 39:   In this episode , Timalyn continues her discussion of the importance of IRS Form 433-F when negotiating with the IRS.   You may want to review Episode 38, which is Part 1 of the discussion.   It'll help you to better understand today's episode. To listen to Episode 38, click here . What Is IRS Form 433-F? This is the Collection Information Statement.   This is the form the IRS uses t...

Episode 38:   In this episode , Timalyn is going to discuss a document that's often used in tax relief negotiations, IRS Form 433-F.   In her previous episode, she addressed the tax relief journey to try to make it easier to understand.   Today, she'll do the same with a form that plays a big role in your negotiations with the IRS. NOTE:   Timalyn points out that you need to make sure you're using...

Episode 37:   In this episode , Timalyn describe s what happens during the process of you retaining tax representation.   She provides explanations of what's going to happen during the 3 phases of tax relief.   Timalyn walks us through the onboarding process, the investigation phase, compliance and negotiation.   While she'll step in to represent you, it's still a partnership and she'll need your...

Episode 36:   In this episode , Timalyn continues with a topic related to payroll taxes.   Today, she'll discuss the Trust Fund Recovery Penalty.   It's one of the biggest tax penalties the IRS can use.   The penalty can be up to 100% of the taxes owed.   Does she have your attention yet?   Let's listen to Timalyn discuss how to avoid this penalty. In episode 28, Timalyn discussed the IRS Accuracy...

Episode 35:   In this episode , Timalyn focuses on the importance of payroll taxes.   Paying employee taxes is a cost of doing business.   If you have classified actual employees as independent contractors, you are guilty of tax evasion.   The penalties are severe.   The IRS Test to Determine Classification Properly classifying people who work for you is an important responsibility.   The IRS has...

Episode 34:   In this episode , Timalyn discusses the seemingly controversial topic of tax evasion vs. tax avoidance.   These terms have very different meanings, although some people mistakenly use them interchangeably.   She'll explain the terms and how to help you understand whether you're attempting to do something illegal, or extremely (legally) beneficial. Tax avoidance is a legal strategy us...

Episode 33:   In this episode , Timalyn takes a step back to explain what she means when she uses the term tax representation.   She mentions it in podcasts, but it's term people may not fully understand.   If you have tax problems with the IRS, there's a good chance tax representation is exactly what you're looking for, right now.   Before she begins, Timalyn takes a minute to thank her listeners...

Episode 32:   In this episode , Timalyn will discuss the process remove a tax lien.   She recently taught a class to a group of tax professionals.   Many of them had questions related to this topic.   Based on their responses, she thought this would be a good topic to share with actual taxpayers who follow her podcast. If you're dealing with this situation, you've probably already received the IRS...

Episode 31:   In this episode , Timalyn focuses on preventative care for business owners.   Today, she'll focus on sole proprietor taxes.   She reminds her audience that over 90% of the clients she works with, who owe back taxes they can't pay, are business owners.   Many of these clients are single-member LLCs, also referred to as sole proprietors.   Let's listen to Timalyn as she continues her m...

Episode 30:   In this episode , Timalyn discusses her mission to fill the tax literacy gap.   Many people, including business owners, don't fully understand their taxes and what they sign each year.   Timalyn will highlight some upcoming opportunities to help you to learn more. Welcome to the 30 th episode of Tax Relief with Timalyn Bowens.   Timalyn begins with some quick stats about podcasts.  ...

Episode 29:   In this episode , Timalyn discusses the IRS CP14 notice.   You'll receive this form if you owe unpaid taxes to the IRS.   It's a demand for payment.   So, what do you do now?   Timalyn will provide all the information you need to know to handle this issue. Timalyn begins by pointing out that the IRS wants you to set up an account and ideally receive notifications electronically.   Th...

Episode 28:   In this episode , Timalyn discusses the IRC 662 Accuracy-Related Penalty.   She'll explain what it is, how it can be issued against you and how to avoid it.   She'll use the example of a live case involving Beyoncé Knowles-Carter.   Timalyn begins by explaining how a case is in the US Tax Court, part of the Taxpayer Privacy Act no longer applies.   This is why she's able to find publ...

Episode 27:   In this episode , Timalyn is relaxing after the federal tax deadline.   Today, she'll discuss the IRS appeals process.   Timalyn will discuss how to make an appeal and how it affects your current situation. You might find it helpful to go back and listen to Episode 26 on the IRS Collection Due Process .   It sets up today's topic. Let's face it, nobody like to pay taxes.   As an enro...

Episode 26:   In this episode , Timalyn explains what happens when the IRS pursues payment from you for back taxes.   She'll discuss some of your taxpayer rights, even when you're behind on your tax payments. Special Note:   This episode's launch will mark the podcast's 1-year anniversary.   Thank you for your continued interest and time. As we get started, please note the abbreviation CDP refers...

Episode 25:   In this episode , Timalyn goes back to basics as it relates to taxes.   She'll discuss some common tax terms people misunderstand.   Reviewing the basics will help you be prepared to sign your tax returns with confidence.   Today, she'll discuss our progressive pay system and 5 basic tax terms.   Let's get started. Timalyn has a blog post you might find helpful, 15 Tax Terms Every Ta...

Episode 24:   In this episode , Timalyn discusses tax extensions.   The tax deadlines are quickly approaching, so this information is extremely timely.   She'll explain what the extension is, what you need to do , and the IRS forms you'll need.   She will also discuss how an extension doesn't prevent certain IRS penalties, even if you filed the tax extension properly.   While there's still time, m...

Episode 23:   In this episode , Timalyn addresses a question she gets fairly often.   Do I need a T ax A ttorney, an Enrolled Agent , or a CPA ?   Timalyn's mission is to fill the tax literacy gap, one taxpayer at a time, so she's going to answer this important question for all of us.   She begins by explaining the answer may depend on your situation.   Each of the 3 types of tax professionals has...

Episode 22:   In this episode , Timalyn focuses on her passion.   It's helping you to face your biggest fear, the IRS.   Timalyn explains that the majority of her clients are first-generation entrepreneurs.   Today, she'll provide advice many of them have needed and others will need. The Biggest Reason People Run into IRS Issues Timalyn comments the biggest reason people, especially entrepreneurs...

Episode 21:   In this episode, Timalyn discusses the confusion she encounters with some business owners.  This involves the question of why they owe taxes.  Often, the issue involves estimated tax payments .  This episode isn't only for business owners.  Individuals may also need to make estimated tax payments.  In today's episode, Timalyn will explain what these payments are, who should make them...

Episode 20:   In this episode, Timalyn explains the retention requirements for tax records.  As an individual or a business, you need to hang on to your tax records for a period of time.  It's a common question Timalyn gets and today, she'll walk you through what you need to do.  Be sure to grab your pen and paper. How long should I keep my tax records for an audit? There's not one single answer t...

Thank you for tuning in to Tax Relief with Timalyn Bowens this year! It would not have been a success without you listening, subscribing, and sharing.  Enjoy the rest of this Holiday Season and come back in 2 weeks as we start 2023 off strong.  Don't forget to connect with Timalyn on social media ! 

Episode 19:   In this episode, Timalyn explains a tax issue related to separated and/or divorced parents, as it relates to claiming a child for tax purposes.  This topic is confusing to parents, other tax professionals, and even some family law attorneys.  Remember, regardless of what the divorce decree states, this issue is governed by federal tax law.  They are completely different and guess whi...

Episode 18:   In this episode, Timalyn provides information on how to temporarily delay IRS collections.  Notice, these delays are temporary, not permanent.  The holidays can be difficult for many people.  There are people who have felt so overwhelmed that they chose suicide as a way out from the weight of their back taxes. Timalyn hopes this episode will provide some light and hope so that won't...

Episode 17:   In this episode, Timalyn reminds us that we're 6 weeks away from the end of the year.  With that in mind, she's offering 3 overlooked tax deductions for business owners.  These deductions are not income-restricted.  You can make as much as you want and still be able to put these tax deductions to work for you, assuming you actually made money in your business.  It's time to get your...

Episode 16:   In this episode, Timalyn shares her perspective on the question, "How to Choose a Tax Professional."  Entrusting someone to help you with taxes is an important decision you should make with careful consideration.  This is even more vital when you have back tax issues.  Timalyn begins with 2 disclaimers.  First, she hasn't been able to get to the podcast studio, so you may notice a sl...