The IRS Debt and Audit Podcast

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, hosts Brian Loughrin, a seasoned tax attorney, and Sean O'Connor delve into the intricacies of partial payment installment agreements with the IRS. Brian explains how these agreements allow taxpayers to pay less than their full IRS balance over time and discusses the factors that influence the IRS's decision to accept such arrang...

Episode Summary:  In this episode of the IRS DEBT and Audit Podcast, host Evan Mack is joined by seasoned tax attorney Brian Loughrin to discuss the critical role of IRS revenue officers in tax collection cases. Brian explains why the assignment of a revenue officer marks a more serious stage in the IRS collection process, highlighting the implications for individuals and business owners alike.  T...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Evan Mack is joined by seasoned tax attorney Brian Loughrin to explore the complexities of IRS tax debt related to illegal income. Brian explains why the IRS can pursue taxes on illegally earned money, even after a criminal conviction, using historical cases like Al Capone as examples.  The discussion covers how illegal inco...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Evan Mack sits down with seasoned tax attorney Brian Loughrin to discuss why cash-heavy businesses often attract closer scrutiny from the IRS. Brian, with over 25 years of experience in resolving IRS issues, explains the challenges cash businesses face, including the IRS's preference for electronic transactions that are easi...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Evan Mack sits down with seasoned tax attorney Brian Loughrin to unravel the mystery behind IRS collection activities that seem to vanish for years only to reappear suddenly. Brian, the founder of Tampa Tax Relief, shares insights from his 25 years of experience dealing with IRS issues, discussing how COVID-19 and staffing c...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host LeAnn Lyon sits down with seasoned tax attorney Brian Loughrin to explore the intricacies of the IRS appeals process. Brian, founder of Tampa Tax Relief, shares his extensive experience in helping clients resolve tax disputes before they reach the courtroom. The discussion covers the role of the IRS Office of Independent App...

Episode Summary: In this episode of the IRS Debt and Audit Podcast, host LeAnn Lyon sits down with seasoned tax attorney Brian Loughrin to discuss the intricacies of IRS asset seizure. Brian, founder of Tampa Tax Relief, brings over 25 years of experience in helping individuals and business owners navigate serious IRS issues. The conversation delves into what assets are most at risk, the process l...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor teams up with seasoned tax attorney Brian Loughrin to tackle common misconceptions about settling IRS debt. Brian, the founder of Tampa Tax Relief, draws on over 25 years of experience to explain why many taxpayers are misled by advertisements promising to settle debts for pennies on the dollar. He delves into...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor and seasoned tax attorney Brian Loughrin delve into the complexities of tax cases that escalate from civil matters to criminal investigations. Brian, with over 25 years of experience and founder of Tampa Tax Relief, explains the triggers that lead the IRS to involve its Criminal Investigation Division (CID). Th...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor sits down with seasoned tax attorney Brian Loughrin to explore the intricacies of the IRS's currently not collectible (CNC) status. Brian, with over 25 years of experience in resolving IRS issues, explains how the IRS pauses collection efforts for individuals facing genuine financial hardship. The discussion co...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor joins seasoned tax attorney Brian Loughrin to delve into the complex world of IRS bank levies. Brian, with over 25 years of experience, explains the process of how bank accounts can be frozen due to IRS actions and what steps individuals can take to regain access to their funds. The discussion covers the shock...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor is joined by seasoned tax attorney Brian Loughrin to discuss the intricacies of Substitute for Returns (SFRs) filed by the IRS. Brian explains how the IRS uses software to generate these returns when taxpayers fail to file, often leading to inflated tax liabilities due to the absence of deductions. The conversa...

Episode Summary: In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor sits down with seasoned tax attorney Brian Loughrin to discuss the complexities of handling large IRS tax debts, particularly those exceeding $100,000. Brian, the founder of Tampa Tax Relief, leverages over 25 years of experience to explain   how the IRS's approach changes with larger balances, the significance...

Episode Summary: In this episode of the IRS Debt and Audit Podcast, host LeAnn Lyon engages with seasoned tax attorney Brian Loughrin to explore the complexities of managing multiple bank accounts and how it may trigger IRS scrutiny. Brian, with over 25 years of experience, explains why the IRS pays closer attention to individuals and small business owners who maintain several bank accounts. He di...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host LeAnn Lyon sits down with seasoned tax attorney Brian Loughrin to discuss the intricacies of IRS wage garnishment. Brian, founder of Tampa Tax Relief, shares his expertise on how wage garnishment begins, the communication process from the IRS, and the devastating financial impact it can have on individuals. He explains the i...

Episode Summary:  Exploring the complexities of the IRS offer and compromise program, tax attorney Brian Loughrin discusses why many applicants face rejection due to unrealistic expectations and financial disclosures. Understanding the nuances of this process is crucial for anyone seeking tax debt resolution. Key Timestamps: 00:00 – Introduction 00:37 – Definition of Offer and Compromise 02:05 – Q...

Episode Summary:  In this episode, tax attorney Brian discusses how the IRS assesses a taxpayer's ability to pay significant tax debts. He explains the concept of ability to pay, the financial information the IRS evaluates, and how it impacts resolution paths like installment agreements. Brian sheds light on the IRS's viewpoint on income, expenses, and assets, offering insights into navigating IRS...

Episode Summary:  In this episode, tax attorney Brian Loughrin discusses the implications of IRS installment agreements going into default. He explains common reasons for defaults, how the IRS responds, and the importance of staying compliant to avoid enforcement actions, offering valuable insights for taxpayers managing IRS debts. Key Timestamps: 00:00 – Introduction 0:47 – What Happens When an I...

Episode Summary:  Exploring the IRS's authority to seize business assets and shut down businesses due to tax issues. Tax attorney Brian discusses the types of tax problems that put businesses at risk and the escalation of enforcement actions. Learn how communication changes with the IRS and the importance of involving a tax attorney early to prevent severe consequences for your business. Key Times...

Episode Summary:  In this episode, tax attorney Brian breaks down the IRS financial disclosure process, focusing on the 433 series forms and how they impact resolving tax debt. Learn how these forms provide the IRS with crucial financial information to determine payment arrangements, offering valuable insights for individuals facing tax challenges. Key Timestamps: 00:00 – Introduction 1:02 – Role...

Episode Summary:  In this episode of the IRS Debt and Audit Podcast, tax attorney Brian Loughrin explains the IRS collection statute expiration date and how it impacts the timeline for collecting tax debt. Understanding this crucial concept can help individuals and business owners navigate their tax obligations effectively, offering actionable insight for anyone facing this challenge. Key Timestam...

Episode Summary:  In this episode, tax attorney Brian breaks down the trust fund recovery penalty, highlighting how unpaid payroll taxes can lead the IRS to pursue individuals personally. He explains the implications, responsibilities, and potential consequences for business owners facing IRS scrutiny, offering valuable insights for navigating tax challenges. Key Timestamps: 00:38 – Explaining the...

Episode Summary:  In this episode, tax attorney Brian Loughrin explains the significance of IRS revenue officers in tax matters, detailing when and why cases are assigned to them. He breaks down the differences between automated IRS collection processes and revenue officer involvement, emphasizing the communication changes and financial information required. Brian also shares insights on how havin...

Episode Summary: In this episode of the IRS Debt and Audit Podcast, tax attorney Brian Loughrin sheds light on the U.S. Tax Court, explaining its origins, functions, and how cases find their way into this specialized court. He clarifies that the U.S. Tax Court caters to individuals, small businesses, and large corporations, offering a platform to resolve federal tax disputes. Brian emphasizes the...

Episode Summary: In this episode, tax attorney Brian Loughrin sheds light on the distinctions between tax fraud, tax evasion, and common behaviors that may trigger the IRS to view a tax issue as criminal rather than civil. He explains how criminal investigations by the IRS are initiated, the importance of early legal intervention, and the potential penalties individuals may face in such cases. Key...