Resilience and Resolve with Lance Drury

Episode Summary In this episode of Resilience and Resolve, tax attorney Lance Drury breaks down one of the most common areas of confusion among taxpayers—understanding the difference between an IRS lien and an IRS levy. While these two terms are often used interchangeably, they carry very different legal and financial consequences. Attorney Drury explains how liens affect property and credit, how...

Episode Summary Attorney Lance Drury examines the high cost of missing IRS filing deadlines, detailing the failure-to-file and failure-to-pay penalties, interest rates, and potential IRS enforcement actions. The episode provides practical strategies for timely tax compliance, avoiding penalties, and addressing unfiled returns, offering essential guidance for individuals and small business owners f...

Episode Summary Tax attorney Lance Drury examines IRS relief options that temporarily pause collection actions, including six-month payment agreements, collection due process hearings, and equivalency hearings. The episode covers eligibility requirements, application processes, financial hardship considerations, and the risks of relying on temporary relief without a long-term plan, providing essen...

Episode Summary In this episode of Resilience and Resolve, tax attorney Lance Drury breaks down the costly risks of misclassifying employees as independent contractors. He explains the key legal differences between employees and contractors, why the IRS focuses heavily on worker classification, and the financial consequences of getting it wrong. From back payroll taxes and penalties to whistle blo...

Episode Summary: In this insightful episode of Resilience and Resolve, tax attorney Lance Drury about the tax consequences of gambling, whether at casinos, online betting platforms, or even cryptocurrency-based wagers. Lance explains how the IRS treats gambling winnings and losses, why the agency frowns upon gamblers, and the severe consequences of not reporting income. He also shares real-life st...

Episode Summary: In this informative episode of Resilience and Resolve, tax attorney Lance Drury discusses the complexities of amending tax returns. Lance explains the most common reasons taxpayers need to file amended returns, the strict timelines for claiming refunds, and how the process works amid IRS delays. He also highlights key red flags that trigger audits, the importance of documentation,...

Episode Summary: In this eye-opening episode of Resilience and Resolve, tax attorney Lance Drury talks about the growing threat of IRS scams. They uncover the most common schemes, including fake settlement letters, threatening phone calls, and identity theft tactics used to steal personal information. Lance shares real-life examples of victims, explains what the IRS will never do, and offers cruci...

Episode Summary In this episode of Resilience and Resolve, tax attorney Lance Drury explains how IRS bank levies work, the differences between levies, liens, and garnishments, and what steps taxpayers can take to stop or reverse a levy. Lance also reveals strategic ways to delay IRS collections, protect assets, and avoid financial hardship. Whether you’re facing IRS actions or simply want to under...

Episode Summary In this episode of Resilience and Resolve, tax attorney Lance Drury breaks down the hidden dangers of IRS interest and penalties that can turn a manageable tax bill into a financial nightmare. He explains the difference between failure-to-file and failure-to-pay penalties, how fast they accumulate, and why even small mistakes can lead to massive tax debt. Lance also shares real-lif...

Episode Summary In this episode of Resilience and Resolve, tax attorney Lance Drury uncovers why so many self-employed individuals and independent professionals fall into the IRS trap. From missed quarterly estimated tax payments to poorly documented expenses, Lance explains the most common mistakes freelancers and business owners make—and how to avoid snowballing tax problems. He shares practical...

Episode Summary In this episode of Resilience and Resolve, tax attorney Lance Drury explains the ins and outs of the IRS audit process, from what triggers an audit to the different types of audits taxpayers may face. He discusses common mistakes business owners make that increase audit risks, why proper documentation is critical, and the importance of professional representation when dealing with...

Episode Summary In this episode of Resilience and Resolve, tax attorney Lance Drury breaks down the truth about Offers in Compromise (OIC)—a tax relief program often marketed as a way to settle IRS debt for “pennies on the dollar.” Lance explains who really qualifies, how the IRS calculates eligibility, and the potential pitfalls of filing an OIC without proper guidance. He also shares insights on...

Episode Summary In this episode of Resilience and Resolve, tax attorney Lance Drury talks about the realities of IRS tax liens, how they differ from levies, and their impact on property, credit, and financial decisions. Lance explains the legal process of filing a lien, how it attaches to your property, and what steps taxpayers can take to protect their rights. He also clarifies common misconcepti...

In this episode, attorney Lance Drury unpacks the complexities surrounding IRS tax liens. He breaks down what liens are, how they differ from levies, how they affect your property and finances, and the options available to taxpayers. Lance also discusses common misconceptions, how liens can impact real estate transactions and credit, and the role of title companies in lien resolution. It’s an esse...

Episode Summary: In this episode, tax attorney Lance Drury dives into one of the most dangerous financial pitfalls for business owners: payroll tax liability. They explore why the IRS treats these cases with such severity, what the trust fund recovery penalty means for personal financial exposure, and how small business owners can protect themselves from devastating consequences. Key Timestamps: 0...

Episode Summary: In this episode, veteran tax attorney Lance Drury explains those dreaded IRS notices. He unpacks the differences between CP14 and LT11 letters, shares real-world tax horror stories, and offers crucial tips on how to avoid wage garnishments, bank levies, and costly mistakes. Lance emphasizes the urgency of timely legal action, the importance of professional help, and common pitfall...

Episode Summary: In this eye-opening episode, tax attorney Lance Drury unpacks the complex relationship between IRS tax liabilities and divorce proceedings. From misconceptions about liability division to the nuances of Innocent Spouse Relief and the limitations of divorce agreements, this episode provides essential guidance for anyone navigating a separation with outstanding tax debt. Lance also...

Episode Summary In this episode of Resilience and Resolve, host Kevin Rosenquist and tax attorney Lance Drury take a deep dive into the world of IRS penalties—and more importantly, how to get relief from them. From first-time penalty abatement to the complex process of proving reasonable cause, Lance explains what taxpayers need to know if they’ve fallen behind and are facing costly penalties. He...

Episode Summary In this episode of Resilience and Resolve, attorney Lance Drury joins host Kevin Rosenquist to unpack the complexities of innocent spouse relief—a provision that can protect one spouse from tax liabilities incurred by the other. Lance shares real-life examples, breaks down eligibility requirements, and offers insight into the IRS’s review process, including how long it takes and wh...

Episode Summary: Tax attorney Lance Drury breaks down IRS penalties, abatement processes, and navigating complex tax resolution strategies. Learn about failure to file vs. failure to pay penalties, requirements for first-time penalty abatement, and what constitutes "reasonable cause" for penalty relief.   Key Timestamps: 00:31 - Types of IRS penalties and calculation methods 02:24 - Understanding...

Episode Summary: Lance Drury explores the complexities of Currently Not Collectible (CNC) status with the IRS. This episode breaks down who qualifies, the application process, and potential pitfalls taxpayers should consider. Lance shares insights on how CNC status affects penalties, interest, and tax liens, while discussing recent changes in IRS practices regarding CNC status removal.   Key Times...

Episode Summary: Lance Drury breaks down the critical differences between IRS Offer in Compromise and Installment Agreements. Learn how these tax resolution options work, their eligibility requirements, and which solution might be best for your situation. Discover insider tips on navigating tax debt and avoiding common pitfalls in the process.   Key Timestamps: 00:05 - Introduction and episode ove...

Episode Summary In this episode, Lance Drury and LPN host Kevin Rosenquist discuss common issues and challenges businesses face with sales tax. Lance emphasizes the criminal implications of not remitting collected sales tax, shares a shocking case involving 96 felony charges for sales tax fraud, and provides advice on maintaining compliance. Key tips include keeping meticulous records, segregating...

In this episode of Resilience and Resolve with Lance Drury, Lance and Kevin discuss the most common tax issues small businesses face and how to resolve them. They explore the importance of making timely tax payments, the dangers of ignoring payroll taxes, and the consequences of not filing. Lance provides advice on tax resolution options, including installment agreements and currently non-collecti...

Episode Summary In this episode, Lance Drury and LPN host Kevin Rosenquist discuss common issues and challenges businesses face with sales tax. Lance emphasizes the criminal implications of not remitting collected sales tax, shares a shocking case involving 96 felony charges for sales tax fraud, and provides advice on maintaining compliance. Key tips include keeping meticulous records, segregating...