Resilience and Resolve with Lance Drury
Resilience and Resolve with Lance Drury: Understanding the Basics of Tax Resolution
Episodes
Episode Summary:
In this episode of Resilience and Resolve, host Evan Mack and attorney Lance Drury delve into the complexities of dealing with IRS Offer in Compromise rejections. Lance, with over 30 years of experience in tax resolution, explains the common reasons why offers are rejected and the importance of professional guidance in these situations. He highlights the appeal process as a crucial step for taxpayers whose offers a...
Episode Summary: In this episode of Resilience and Resolve, host Evan Mack sits down with Attorney Lance Drury to discuss the intricacies of IRS payment plans and the potential for adjustments. Lance explains how the IRS can review and modify payment agreements, especially in cases of partial pay installment agreements, which are subject to review every two years. He highlights the importance of maintaining compliance with the IRS ...
Episode Summary:
In this episode of Resilience and Resolve, host Evan Mack sits down with Attorney Lance Drury to explore the intricacies of the IRS appeals process. Lance, with over 30 years of experience assisting individuals and small business owners, shares insights on how taxpayers can challenge IRS decisions without heading straight to court. He explains the role of the IRS Office of Appeals and highlights the advantages of ...
Episode Summary:
In this episode of Resilience and Resolve, host Evan Mack and Lance Drury delve into the intricacies of IRS collection due process hearings. Lance explains the rights taxpayers have to challenge IRS collection actions and the importance of understanding these rights to prevent unwarranted levies. The discussion highlights the backlog at the IRS, which has led to delays in hearings and alternative strategies like e...
Episode Summary:
In this episode of Resilience and Resolve, attorney Lance Drury joins host Evan Mack to explore the complexities of IRS enforcement when it comes to business taxes. Lance, with over 30 years of experience, explains the critical distinctions between business and personal asset targeting by the IRS. He discusses the implications of unpaid payroll taxes, the importance of keeping business and personal finances separat...
Episode Summary:
In this episode of Resilience and Resolve, Attorney Lance Drury discusses the critical topic of IRS property seizures for unpaid tax debts. Lance explains the circumstances under which the IRS might seize physical property, such as homes, and the types of property they typically pursue, like bank accounts and wages. He highlights the importance of responding to IRS notices promptly to avoid enforcement actions and ...
Episode Summary:
In this episode of Resilience and Resolve, host Evan Mack sits down with Lance Drury to demystify the complexities of federal tax liens. Lance, with over 30 years of experience in resolving IRS tax issues, explains the triggers and implications of a federal tax lien. The discussion covers the differences between a lien and a levy, the process of filing a lien, and the potential impact on property and credit.
Lance...
Episode Summary:
In this episode of Resilience and Resolve, host Evan Mack is joined by Attorney Lance Drury to discuss the intricacies of dealing with the IRS when they suspect hidden income or assets. Lance shares insights from his extensive experience, highlighting common pitfalls taxpayers encounter, such as failing to disclose rental properties or co-mingling personal and business finances. He emphasizes the importance of main...
Episode Summary:
In this episode of Resilience and Resolve, host Lisa Mosbey and attorney Lance Drury delve into the intricacies of providing financial information to the IRS during tax resolution cases. Lance, with over 30 years of experience, explains the importance of adhering to national standards and the types of documentation required to verify income and expenses.
He shares insights on how the IRS scrutinizes financial disc...
Episode Summary:
In this episode of Resilience and Resolve, host Lisa Mosbey sits down with Lance Drury to demystify the IRS financial disclosure process, particularly focusing on IRS Form 433. Lance, with over 30 years of experience, explains when and why the IRS requests a full financial picture from taxpayers, especially when negotiating to pay less than the full amount owed. He breaks down the different types of Form 433, such ...
Episode Summary:
Attorney Lance Drury discusses how the IRS uncovers income and assets when individuals owe back taxes, emphasizing the importance of full disclosure to avoid penalties and navigate tax issues successfully.
Key Timestamps:
00:00 – Welcome to Resilience and Resolve with Lance Drury. Welcome back to Resilience and Resolve…
04:02 – So what role do these documents like these W2s and these 1099s and o...
Episode Summary:
In this episode of *Resilience and Resolve* Lance Drury sheds light on the reasons behind stalled IRS cases and the events that reignite IRS activities. He discusses how delays, understaffing, and bureaucracy contribute to prolonged case resolutions, emphasizing the importance of staying compliant and proactive in dealing with IRS matters.
Key Timestamps:
00:00 – Introduction
01:30 – Reasons for IRS cas...
Episode Summary:
In this episode of *Resilience and Resolve* Lance Drury sheds light on the misconception of partial compliance with the IRS. He emphasizes the critical importance of full compliance to resolve tax issues effectively. Lance shares insights on common pitfalls faced by self-employed individuals and small business owners, offering valuable advice on navigating IRS challenges.
Key Timestamps:
00:00 – Introduction
...
Episode Summary:
In this episode of *Resilience and Resolve*, Attorney Lance Drury delves into the complexities of resolving tax debt for individuals with seasonal or irregular income. Lance sheds light on how self-employed individuals can navigate IRS challenges by strategically planning their financial documentation. From understanding the impact of income fluctuations to the importance of accurate record-keeping, this episode of...
Episode Summary:
In this episode of *Resilience and Resolve* Lance Drury sheds light on why IRS collection activities can suddenly resume after a period of silence. Lance explains the bureaucratic reasons behind this phenomenon and highlights how changes in income and compliance status can impact the situation. Ignoring IRS notices can have severe consequences, as Lance emphasizes the importance of proactive communication with the ...
Episode Summary:
In this episode, Lance Drury explains the implications of IRS estimates on back taxes, highlighting the importance of filing accurate returns to avoid overpayment. Discover how correcting IRS estimates can significantly reduce tax liabilities and penalties, offering actionable insight for anyone facing this challenge.
Key Timestamps:
00:00 – Introduction
02:15 – IRS's Substitute for Return (SFR) Process
...Episode Summary: In this episode, Attorney Lance Drury discusses the impact of major life changes like divorce, job loss, and illness on IRS agreements. He emphasizes the importance of renegotiating agreements when economic circumstances shift, highlighting real-life examples where early intervention made a significant difference in IRS responses.
Key Timestamps: 00:00 – Introduction 02:15 – Effect of major life changes...
Episode Summary: In this episode of *Resilience and Resolve*, Attorney Lance Drury sheds light on why IRS tax problems often escalate when individuals try to address them. He shares insights on how contacting the IRS without a clear plan can lead to unreasonable demands and deadlines, causing situations to worsen. Lance emphasizes the importance of staying calm, seeking professional help, and having a clear strategy to navigate IRS...
Episode Summary:
In this episode of *Resilience and Resolve* Lance Drury sheds light on the crucial topic of filing unfiled tax returns. Lance emphasizes the IRS's requirement of filing the last six years of tax returns before considering settlement options. He warns against the risks of guessing wrong and highlights the common mistakes made by taxpayers and accountants. Understanding the implications of filing the correct nu...
Episode Summary:
In this episode, Lance Drury discusses the implications of IRS personal responsibility for business tax debt. He explains how business structures may not always protect individuals, leading to potential personal liability for unpaid payroll taxes. Lance emphasizes the importance of compliance and timely tax payments to avoid personal exposure to IRS collections.
Key Timestamps:
00:00 – Introduction
03:12 &nda...
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