September 22, 2025 • 45 mins
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Episode Transcript
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Speaker 1 (00:00):
The topics and opinions express in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicitor implies shall be extended to W FOURCY Radio
or it's employees are affiliates. Any questions or comments should
be directed to those show hosts. Thank you for choosing
(00:21):
W FOURCY Radio.
Speaker 2 (00:28):
Barry G.
Speaker 3 (00:28):
Fouler EA brings you tax talk for you right here
on W four CY Radio and Talk for TV. As
an enrolled agent and a national leader in tax resolution
as well as Trucker bookkeeping and tax planning. With over
thirty years of experience, Barry will break down taxes, bookkeeping,
(00:49):
tax planning, and tax relief for individuals and businesses just
like you. So let's have some tax talk for you
with your hosts.
Speaker 2 (00:59):
Barry G.
Speaker 4 (01:02):
Hey, good morning and welcome. It's a great way to
start the week off, talking taxes, tax problems, how to
resolve those problems. You know, we got about three weeks
to filing deadline. Of October fifteenth. So grab yourself a
nice cup of coffee. It's a great way to start
the morning and sit back and enjoy the show. And
(01:25):
if you've got questions, by all means, let's get them in.
We'll answer those questions. You know, we're talking about tax
problems and stuff, but you know, tax problems weren't always
around until we actually got a modern tax code, and
I mean modern tax code meeting the tax code that
(01:45):
actually was the foundation for the coaches that we're in
now because here in the United States, or were when
we were at colony it we had taxes, and you know,
before the American Revolution, you know, we had taxes imposed
by Great Britain such as the Aamp Act of seventeen
(02:05):
sixty five and then Townshed Townshed Acts of seventeen sixty seven,
and these levy taxes and left the colonists without any
consent and were a major.
Speaker 5 (02:20):
Cause of the American Revolution.
Speaker 4 (02:22):
And then post revolution, you know, with the country's founding,
the federal government was mainly funded through tariffs.
Speaker 5 (02:29):
Imagine that.
Speaker 4 (02:31):
And tariffs were on imports and excise taxes on specific
products such as like whiskey. States and localities collected property
taxes and excise tax again on whiskey, and it also
led to the Whiskey Revolution, so you can see people
fought over taxes in the Civil War.
Speaker 5 (02:54):
This is probably the first.
Speaker 4 (02:55):
Time that there was a federal income tax, and that
was back in eighteen sixty two to help fund the
Civil War. At that time, President Abraham Lincoln signed into
law the first federal income tax, and it taxed incomes
above six hundred dollars and it was at a whopping
rate of three percent. We could all live with a
(03:19):
three percent tax rate, I think, wouldn't it be nice
to go back to that. However, you know, people don't
like taxes, so that did get repealed in eighteen seventy two.
And I like history, so it's really kind of cool
to look back and see the history and then the
history of the sort of say modern income tax. In
(03:43):
eighteen ninety five, there was an attempt to re establish
an income tax, but the Supreme Court actually ruled it unconstitutional,
saying that it was a direct tax that had to
be apportioned among the states by population. However, in nineteen
thirty the Sixteenth Amendment was ratified, giving Congress the legal
(04:03):
authority delay and collect taxes on income from whatever source
derived without apportionment among the several states. And we let
congressmen get involved, and then we let the constitutional amendment
that got ratified by all the states to elect the
(04:24):
dreaded income tax that we have to live with, sort
of say now. And that brought upon the nineteen thirteen
Revenue Act.
Speaker 5 (04:33):
And you know, following the.
Speaker 4 (04:35):
Ratification of that sixteenth Amendment, Congress passed the Revenue Act
of nineteen thirteen, officially establishing the modern federal income tax system. Initially,
less than one percent of the population paid the tax,
So you know, it's kind of amazing, you know, you
think about it, and you know, we went from one
(04:58):
percent of the population paid in the tax to a
higher percentage and I say, roughly fifty percent. But you know,
that tax at that time really wasn't that high, and
it was really low. And then the tax rates continued
to increase over time because, as I would say, American
(05:21):
government got greedy. American government decided they could redistribute wealth.
American government decided that they could take from others and
do what they wanted to do with other people's money.
And so therefore they collect more and more money from
you I, and then it led to a Great Depression,
which then led to saying we needed a safety net.
(05:44):
Not the safety net of churches and family, but a
safety net from the government called Social Security. Wasn't meant
to be the be all, end all retirement. It was
mainly meant to be there as a safety net if
something was to happen like the Great Depression. So you know,
(06:05):
they have managed to always find ways to take money
do things with this money. And then they decided that
they could then put the government into debt and build
that debt continually for you, I, our grandkids, our great grandkids.
(06:25):
And it's time to put our foot down and get
back to a balanced budget, pay this debt back, and
let the country live on what it collects, not live
off the backs of future generations. Yes, this is my
soapbox today. Yes, I truly believe that we need to
get back to living off of what the government collects,
(06:47):
balance the budget, and get back to actually doing.
Speaker 5 (06:52):
A budget line on them by line.
Speaker 4 (06:54):
On them that you and I and every American it
could look at a bill and decide, hey.
Speaker 5 (07:00):
Is this right.
Speaker 4 (07:02):
Things that we've seen through dose and stuff that are
recovering you know, millions of dollars is just a small
piece of what's going on in this government and what
they give away and what they do, and the deficits
that we run. Can't continue to run a deficit forever.
You took and put these numbers into your and my budget,
(07:23):
and we were running that kind of deficit on a
smaller scale, on our smaller numbers in our household, you
would be bankrupt in no time at all. You couldn't
afford to continue to live having that deficit year after
year after year and paying the interest on the notes
that would be coming due, and not to mention the
(07:44):
notes that are to be paid off, not to mention
the social security that has to be paid to you
and I and others in the future because of what
we have paid in. Yes, I have some great comments here.
Seems like the American government takes liberties with our money.
Speaker 5 (08:00):
It does.
Speaker 4 (08:01):
It plays fast and loose, not just our money, but
future money. Does a government know how to manage money?
Speaker 5 (08:08):
Now?
Speaker 4 (08:09):
Nobody ever said the government knew how to manage money.
Congressmen want to stay in office, you want to solve problems.
I think the first thing you do is you put
every Congressman, every Senator, and every person that works in
the federal government into the same system we are so security,
same healthcare that we've got to buy through the marketplace
or whatever. They shouldn't be on their own system. They
(08:31):
should be on the very system that we are on.
They're no better than you and I. There should not
be a retirement when you leave Congress. You should be
able to go back into the workforce and go work,
same with any other federal government position. Put I'm on
solid security. If it's good for you, it's good for them.
As my grandfather used to say, what's good for the
(08:52):
goose is good for the gandernes. Let's make it true
in the United States. But that takes you and I
getting out and voting.
Speaker 5 (08:58):
And assisting that this happen.
Speaker 4 (09:00):
If term limits are good for the president, term limits
should be good for Congressman. You should go back to
this is what we did doing our civil duty to
serve for this government. Not to be there all the time,
not to make a guiden guidly amount of money, but
to serve and then get back to my community and
(09:24):
work within the community and do the things that we
need to do. Not to be feeding off the federal
government all your life. You know, we can preach, we
can talk, we can do everything, but it takes action,
and it takes action from every American, not just some Americans.
Speaker 5 (09:43):
And you know, Thomas.
Speaker 4 (09:44):
Jefferson, I believe is the one, or maybe with Bendamin
Franklin and once said, once Americans figure out they can
vote themselves the rays or vote themselves money, it's going
to be the end of the republic as it is.
Stop trying to vote yourself money or somebody else. You know, money.
Churches be the ones that help people, help your neighbor,
help your family. Should be within not within the government. Hey,
(10:08):
I promise today what we're going to talk about is
how to resolve your IRS problems. Now we know where
the IRS problems come from. Government needs money, Government wants money.
Government's got to have money to survive. Government's got to
pay this, got to pay that. How do they do it?
It's collecting from you and I and everybody else. Hey,
if you owe the IRS money, there are solutions to
(10:29):
solve your tax problems. And don't let an IRS agent
say you don't need representation. We're going to talk about
your solutions to IRS problems.
Speaker 3 (10:39):
Right after that, we have only scratched the surface of
today's show. Please stand by as Barry GIF Fowler will
be right back with tax talk for you.
Speaker 2 (10:52):
If you own the.
Speaker 3 (10:53):
IRS or are going through an IRS audit, don't go
at it alone. Called Taxation Solutions Relief at eight eight
eight nine three zero one zero one six. We are
your solution for IRS debts, audits, back taxes, garnishments, leans
and levees. Whether you're an individual or business, you need
(11:16):
a solution and a strong, aggressive tax resolution.
Speaker 2 (11:21):
Don't let the IRS walk all over you.
Speaker 3 (11:23):
Stop the IRS now call eight eight eight nine three
zero one zero one six or go to Taxationsolutions dot
net now for a free no obligation consultation. Let's get
back to tax stock for you with more tax stock
(11:44):
once again.
Speaker 2 (11:45):
Here's your host, Barry G. Fowler.
Speaker 4 (11:50):
Hey, welcome back. You know the first segment we were
talking about the beginning tax Goode. I find some things
to be really amazing. And we had bought Gentlemen's Practice
many years ago, and one of the things that we
were cleaning out, filing cabinets and cleaning things out, and
I actually found a tax return from nineteen eighteen that
(12:12):
was filed, and actually this one was actually kind of
interesting because of how much money they made and what
they were doing.
Speaker 5 (12:21):
So it was really cool.
Speaker 4 (12:22):
When my father passed away a few years ago, I
was going through his records and found my grandfather's early
returns from the nineteen thirties, So that was really cool
to be able to look at and see, you know,
what the tax code was then and how they did taxes.
(12:44):
I mean, when we first started doing taxes, it was
pent that'sil and paper, and you know, way back then,
some of these were actually done on a typewriter, so
you know, it was it was kind of cool and
kind of interesting, and some of the returns that were filed.
Amazed that somebody would actually do a tax return, you know, typed,
(13:07):
but you know, there it was. Most of the returns
we see from the old days were handwritten. And you know,
my dad still had records from the sixties in the
seventies when he was.
Speaker 5 (13:20):
Doing his own returns, even.
Speaker 4 (13:22):
Though he was a CPA and knew that he didn't
have to keep records back that far. It was kind
of cool to see the records that my dad had
of his returns. At my mom's returns, back when they
were first married. I think so they didn't have any
tax problems, which is thank god. If you have a
(13:43):
tax problem, it's not the end of the world. It
only feels like it. The weight of the federal government,
the weight of not knowing what is going to happen today, tomorrow,
the next day, or Friday, or the day you get paid.
It can be devastating in your family. I mean, if
(14:05):
you're married, your husband should be taken care of this.
You as a wife, you know, if he's not going
to take care of it, then you do. Somebody needs
to step up and deal with the problem, to get
the irs off your back, because the weight of it
is going to break the marriage. The weight of it
is going to continue to add stress in between you
(14:25):
and your spouse, with your kids, with your family, and
it's stress that can become overwhelming. We've heard it from people.
We hear it in their voices, we hear it when
we're talking to them. We can hear the fear and
the anxiety that goes along with us because you don't
know what's going to be next. So you know, where
(14:47):
we start to resolve attached problem is we first need
to identify the issue or issues that are causing the.
Speaker 5 (14:57):
Problem, cause the problem, are the problem.
Speaker 4 (15:00):
And so we sit down and we do a complete
tax analysis, and it's where we go through and we
look what returns need to be filed, what returns were filed.
Did you go through an audit. If you went through
the audit, was the audit done right? Did you guys
get the opportunity or did you provide the support for
that audit? Did you file the returns or did somebody
(15:21):
file those returns correctly or were they just filed incorrectly?
And it can be corrected and lower the balance down.
It is the statute of limitations running and are they
going to run out soon? So every year, every tax
debt has a statute of limitations and it's ten years
from when that return is accepted and filed or the
(15:44):
tax is assessed. So if you didn't file a return
and maybe three years later and the IRS did an
SFR substitute for a return, well three years later, that's
when the statute started running. But the IRS, when they
do a substitute for a return, does not do it
in your favor? Does it do it with all of
(16:06):
the deductions that you should have or deserve or you have,
and so maybe we need to go back and file
the actual return, but maybe the substitute return was filed
and we're close to that ten year statute of limitations
and the time is going to run out. Why restart
it for something? Let it run out and be done
with it. We look at all that, We analyze all
(16:28):
that so that you and I will be able to
sit down and have a very good conversation about your
tax debt and what it's going to require to solve
this tax debt. Now, you know, people say the first
thing you need to do is identify the problem in
the issue and then contact the IRS. And it's all
good and perfect if you want to do that, great,
(16:51):
And this is contact them immediately, especially if you're actually
doing and asking a question AI or you know, hey,
you know whoever on your phone that's going to do
this internet search for you. It says, you know, identify
the problem and then contact the IRS. The IRS is
going to only talk about a payment plan with you.
(17:12):
How much can you afford to pay? How much do
you have in your bank account? And sometimes those are
just questions that these guys are going to ask to
determine how much money they're going to get from you
today and then in payments in the future even if
you can't afford it. But you need to explore all
your options. You need to explore everything that's going on.
Speaker 2 (17:33):
First.
Speaker 4 (17:34):
Maybe we do the tax analysis and we come back
and it's really said, well, we're going to explain.
Speaker 5 (17:39):
To you you should do this, this, and this, do these.
Speaker 4 (17:42):
Three steps, resolve your tax problem, and then you can
get back to live in your life.
Speaker 5 (17:47):
Be done. But it's major.
Speaker 4 (17:50):
Maybe you've got to do these three or four steps
and we'll be able to get it wet down a
little bit. But then make a decision together how you
can resolve this tax problem. See, because you've got a
tax problem, and maybe it's a result of unfiled tax returns.
So maybe you haven't filed three, four, or five seven
(18:11):
years of taxes. Well, the IRS is going to ask
for at least the last six. You may want to
do seven or eight because you don't want them to
file substitute for returns. Maybe there wasn't any reason to file,
so we can just get them filed and be done.
Maybe we can fix returns that are on SFR substitute.
(18:33):
Maybe we need to file amended returns and fixed returns
that were done improperly. Maybe maybe you're a truck driver
out there and you had somebody doing taxes for you
that knows nothing about trucking and they missed a lot
of deductions, and it could be somebody you trust. And
we dealt with somebody that was coming with us, and
(18:55):
they didn't want to give us returns from their CPA
who was preparing them. But they finally gave us some information.
And one first thing we did is we noticed that
the schedule see was done completely wrong. It doubted us
and decided they weren't going to use this. But we
explained to them, hey, this guy just has no clue
what he's doing for truckers, and that really happens. Hey,
(19:18):
that's the way life is. If you trust him, that's fine,
But if it's completely wrong, you want to get it fixed.
You want to do it right. So it's the same
thing we do in here when we're resolving these tax problems.
We're looking for ways to make your liability to write
amount and then find ways to resolve them after that
part is taken care of. So again that first step
(19:41):
is to do the tax analysis, and that is review everything,
look at everything that's going on, categorize it based on Hey,
this is the statute of limitations that's going to run out.
This is maybe an audited happened, or these are the
returns that need to be done. These are the returns
that we need to look at to make sure they
(20:02):
were done correctly, or you know, is there something we
need to fix, good, bad, or indifferent so that we
don't have problems in the future. And then determine now
your actual liability to the IRS and determine your financial
ability to pay or not pay or not cover what
(20:27):
the IRS is saying that you owe. So you get
started in that tax problems and you get into solving
tax resolution. And that is the name of the game,
is getting things done the right way in the right
timing to finally put a solution in place that's going
(20:51):
to save you money today, tomorrow, in the future. Hey,
when we come back, we're going to talk about all
the other steps that you need to take to resolve
your tax problem.
Speaker 5 (21:04):
We're gonna do.
Speaker 3 (21:04):
That right after we have only scratched the surface of
today's show.
Speaker 2 (21:10):
Please stand by as Barry G. Fowler will be right
back with tax talk for you.
Speaker 3 (21:18):
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you trucking. Let's get back to tax stock for you
(22:04):
with more tax stock once again.
Speaker 2 (22:07):
Here's your host, Barry chief Fallum.
Speaker 4 (22:12):
Hey, welcome back talking about tax problems, tax issues, solving
your tax problems. You know, if you do have a
tax problem and you're desiring help, you give us a
call it eight eight eight nine three zero one zero
one six again eight eight nine three zero one zero
one six and you know we can work with you
(22:34):
and help you through your tax problem. It's a free call.
There's no obligation. Free consultation. You're going to call into
the office and talk to one of my assistants, and
then you'll move over and talk to one of our
enrolled agents. Likely it's going to be me, because I
like to get involved right from the beginning with our
(22:54):
clients or future clients and help you make a decision
what the best way to go. What do you use
us or not, or whether you use somebody else. You
need to get the help that you need going forward
to resolve the problem. Now, what I tell you is
is that, hey, you got to watch out because there
(23:15):
are a lot of unscrupulous people in this industry who
will tell you what you want to hear. And they'll
tell you right off the bat that, hey, we can
get you an offering compromise. You may qualify for a
offering compromise, possibly qualify for offering compromise. But all you
really heard was offering compromise, settling this for less than
(23:36):
what you owe. And you say yes, and you sign
up with them. Then you find out that that's not
your solution, or that's not true, or there's all these
other things you've got to do and pay for. Still,
you need to do something that's going to be step
by step, completely guided, and you want to see kind
of what we do. There is a book that I
(23:57):
wrote that's online. It's called the IRS Playbook dot Info again,
IRS Playbook dot Info. It's complete information, but it's our
three simple steps that we take to resolve your tax problems.
And I've been using this method for the last thirty
years to resolve tax problems for individuals and businesses all
(24:20):
across the country, people that owe the IRS. You know,
anywhere from ten thousand to millions of dollars we've dealt
with to resolve tax problems. Now you know there there
are several ways that solutions can be put in place. Now,
you know what I say is that first solution maybe
(24:44):
correcting all the tax returns that were filed incorrectly, and
maybe that lowers the liability down to something you can
afford or handle, or gets rid of it altogether.
Speaker 5 (24:54):
I've seen that happen.
Speaker 4 (24:56):
Maybe you've gone through an audit and it's completely just
an audit reconsideration, and we can win that and the
debt can go away. And that's really some nice ways
of seeing debt fall off or go away. You know,
you've got to sit down and talk with somebody and
(25:17):
make it make sense and then make it work for
you and your family to put the right solution and
resolution to your problem. Now, if you call the I
r S, the first thing they're going to do is
potentially give you the option to full pay. So if
you can afford it, hey, full pay it. It stops interest,
(25:41):
it stops penalties. Get it off your back. Go make
the payment, get it done. The interest rates and the
penalties is more than what you're going to earn by
keeping that money as an investment and stuff. Take it,
pay it off, be done with it. Then you don't
have to deal with anybody doing resolution for you. You
don't have to deal with a solution or payment plan
(26:03):
or anything else.
Speaker 5 (26:04):
Debt's done, penalty stop.
Speaker 4 (26:06):
Now, make sure that every year from that point going forward,
you stay in compliance. Paying the income tax doesn't mean
you've got to pay an absorbitive amount of tax. What
you need to do is work with somebody that's going
to make sure that you are getting every deduction possible
for yourself, your business personally, and you're taking advantage of
(26:29):
all the tax credits that are out there to lower
your liability down to the lowest amount allowed.
Speaker 5 (26:34):
By law and.
Speaker 4 (26:37):
Pay the least amount. That's what your goal should always be.
Judge William Renquest said there was nothing ever a problem.
He was a Supreme Court just as many years ago.
Matter of fact, he was the Chief Justice, and you
know him saying that meant that there was nothing in
(26:57):
the law that prevented you from doing tax plan and
planning to avoid tax at all costs and using the
tax code to your advantager.
Speaker 5 (27:06):
What do you think the tax code is there for.
Speaker 4 (27:09):
Well, it's government guidance to collect as much money as possible,
but it's also your guidance to find every single deduction
that you can have that's allowed by law. And that's
what people like myself and other enworld agents do, is
we specialize in taxes, trying to lower what you're going
to pay legally within the system and using the tax.
Speaker 5 (27:32):
Code to your advantage.
Speaker 4 (27:34):
What do you think every president, whatever you think, every
Senator and congressman do. What do you think every billionaire
millionaire does? They use the tax code one hundred percent
to their benefit, getting the right offs at the right time,
in the right place to lower their taxes down to the.
Speaker 5 (27:53):
Lowest amount of allowed by law.
Speaker 4 (27:55):
One big beautiful bill gives you several advantages for twenty
twenty five, twenty six and going forward in the future.
And you've got to use those things that are in
that bill to your advantage. Whether you are in business
as a trucker, whether you're in a business consulting or
retail manufacturing, whatever line of business that you're in, use
(28:18):
it to your advantage. You as an individual taxpayer, there
are things in this bill you can use to your
advantage as well. You need to use it to lower
the amount you're going to pay in taxes so that
if you ever do have money that you're going to oh,
you can afford to pay it hopefully. But that being said,
(28:39):
you've got to stay in compliance and do the things
to prevent penalties, because penalties get costly. Now you know
we've determined how much money you can't afford to pay it.
You know what are your options? Well, you know your
first option is an installment agreement. You know it allows
you to make monthly payments up to seventy two months.
(29:00):
You know, the online payment application is good for you.
If you want you go to IRS dot gov, go
to payments and set up an installment agreement and if
you owe less than fifty thousand. There's some other concerns
and stuff in there, but you could go on there
and set up the installment agreement yourself. They will give
(29:20):
you the option how much you're going to pay, and
it's a full pay option, nothing else. So they're going
to give you up to seventy two months to do. Now,
maybe you know you're looking at taking a second mortgage
or something. You just need time to get the mortgage done,
to pay off the tax debt or get a loan.
(29:42):
You know, the IRS does allow you to do one
hundred and eighty day full pay hold, which means in
one hundred and eighty days you plan on full paying
and you can put that, you know, through online, or
you can call the IRS hold for about three hours
and do that as well. And I don't really recommend
(30:06):
doing that unless you truly are going into full pay. Sometimes,
if you're working with the representative, we need some time
to gather documents and do things, move it in the
right direction to get the right plan in place for you.
So those holes become invaluable to us while we're representing,
(30:29):
and we don't use that full one hundred and eighty
days we'll maybe use thirty or sixty days here and
there just to get us to that point where we
have the solution ready to go. Now, you can't afford
to pay, so what are your other options now? So
they have a When you go in and you calculate it, it says, hey,
(30:54):
you're going to pay one thousand dollars a month to
pay this tax debt over the next seventy two months.
Speaker 5 (31:00):
And you go, oh, my budget just doesn't have that
in there. What am I going to do?
Speaker 2 (31:03):
Now?
Speaker 4 (31:05):
We can possibly do a partial pay installment agreement, so
you know, if you've got assets, IRS is going to
look at the value of those assets. If we win
any other route, they're going to look at your income
and your actual expenses and what's allowable and what's not,
and then they will come back and say, you know,
(31:27):
we'll agree on this number here, and what we've got
to do is fill out the forums four thirty three
A in detail. We also fill out A four to
thirty three F so it's less detail as well. If
we're depending on the status we're trying to get into.
And then if you're running a business or own a business,
(31:49):
you will probably have to add the four thirty three
B with it as well. Now we'll look at all
those things and see how we're going to address these
things and what other options do you have as available
to you to solve your IRS problem. We'll do that
right after this quick break.
Speaker 3 (32:11):
We have only scratched the surface of today's show. Please
stand by as Barry G. Fowler will be right back
with tax talk for you. As an owner operator, you
already spend too much time away from your family. Stop
spending time doing paperwork. Go to Trucker tax tools dot com,
(32:32):
a solution built specifically for truckers. Trucker tax tools dot
Com makes your life run smoothly. Let's get back to
tax stock for you with more tax stock once again.
Speaker 2 (32:47):
Here's your host, Barrygfower.
Speaker 4 (32:52):
Welcome back talking about your IRS problems and settling those
problems and getting a solution put in place. Realistically, what
you've got is for options out there again. It's the
installment agreement full pay. You're going to pay it up
to seventy two months and pay all the interest and
penalties and everything back to the IRS over those seventy
(33:16):
two months. Then there's also the partial pay installment agreement.
There's also what everybody hears and here in the commercials,
the offers and compromise where it's an agreement to settle
your tax debt for less than the full amount you owe,
and then the other option is currently non collectible. Now,
I'm going to talk about these things as we go,
(33:37):
and I'm going to go backwards on this.
Speaker 5 (33:39):
Well.
Speaker 4 (33:39):
Currently non collectible is a status where the IRS determines
that you can't pay anything on your tax debt due
to financial hardship. It does delay collection activities, it does
get reviewed usually in two years, unless your income hasn't changed.
Speaker 5 (33:58):
We use it for.
Speaker 4 (33:59):
People that don't see that their income is ever going
to change. Maybe you're on Social Security and that's all
you have. Maybe you're on disability and you're not seeing
any other money coming in and you owe a lot
of back taxes. This is a solution that will let
the statute of limitations run out and not pay anything
ever back if your financial position isn't going to change.
(34:22):
But this isn't for everybody, because I've seen people go
on and saying, hey, I'm not going to increase my
income and stuff, and then all of a sudden an
opportunity comes up or they take a job that's making
really good money and they see a lot of this
money going to the IRS to pay the tax debt
at that point. But it did run the statute of
limitations for a while, and you know, maybe some of
(34:46):
the debt will fall off. We've used it that way
as well. But what might be a better option could
be the offering compromise, you know, the be all bend
all holy grail as you may hear on the rate.
You know, oh I see is out there offer and compromise.
We're going to settle this for debt for less than
(35:08):
what you owe, and it prevents you from paying the
full tax liability. And you can actually go on nine
and use the IRS tool to see if you're going
to qualify. So if you don't trust anybody, you can
go in and do the pre qualifier. But you know,
the first thing I'm going to tell you is is
if you call us, be completely honest about your situation,
(35:29):
Be completely honest about what you own, property, values of it,
equity in it, because all that comes into play the
financially money wise, you may not be able to make
a payment because of your mortgage and your debts and
car payments, and family, food, housing, clothing, logical, you name it,
(35:53):
medical payments. All these things could make it to where
you can't afford to pay. But then all of a sudden,
here's the kicker. You have a lot of equity in
your house and the IRS is going to want that,
but yet you don't have the wherewithal to borrow that money.
Maybe we can prove you can't get it, but the
IRS is going to be looking for that. So you know, yes,
(36:17):
if you check all the boxes that I have low income,
my expenses are too high, but not so much higher
over national standards that the I R S could determine
you can pay because the IRS doesn't use what you
are paying out. Yes, they will use your car payment
up to the national standard. They will use your mortgage payment,
(36:41):
electrical gas, utilities, property taxes, insurance on your home up
to the national standard for your area. Yes, dude, clothing,
these things also, we'll be taken into account, but not
to what you spend if you exceed the national standards,
(37:03):
only up to the national standards.
Speaker 5 (37:05):
If you're below the.
Speaker 4 (37:06):
National standards in any of this, they're going to take
actual So if you only own one car, husband and wife,
they're only going to take the one car payment. The
other person make it money towards public transportation. Or maybe
you own two cars but one only has a car payment.
Only that one car payment is going to be applied,
so you know you've got to look at it. Maybe
(37:28):
you do qualify based on your actual but you don't
qualify based on national standards, complex tax questions, complex tax issues.
You need somebody that knows what they're doing, how to
help you qualify, or how to make things work within
your life too qualify. Once you do determine, you do qualify,
(37:51):
and you file the four thirty three A possibly B
and the six fifty six for the offer and compromise.
You submit it to the IRS with payments, and you
wait and wait and wait. Now they tell you you've
got to be up to date underestimated tax payments. You've
got to be in compliance because if not, it's going
(38:13):
to be kicked out right back to you and they're
going to decline the offer, and you will be technically
have withdrawn the offer at that point because you not
being in compliance if you don't have tax returns filed,
or you're behind on other taxes or the performs not
filled out correctly. The IRS will kick those all back
to you as if they weren't filed. They're not going
(38:35):
to send you the money bag keeping that, but they're
going to send you the forest back and say it's
been withdrawn. You want to make sure you dot your
i's and cross your t's. So the offering compromise with
the IRS also comes with a five year compliance that's
right after they accept. Now you're going to be in
compliance from the day you file to the day they accept,
(38:57):
and then for the next five years years after that,
where this dead comes flowing back right to you. Penalties
and interest all occurring during this whole time. You doubt
me on that, SCRs. Doubt me on that. Ask a
client who came back to me. Came to me a
few years ago, and the first thing he came to
(39:18):
me and said, Hey, I screwed up. I said, what
did you do? Well, I filed late. Okay, this is
no big deal. Well I owed money, Okay, no big deal.
They're just going to hit you with a little bit
of penalties.
Speaker 5 (39:29):
I was in the.
Speaker 4 (39:30):
Middle of an offering compromise. Okay, how far into the
middle of this offering compromise? Well, was into the last
six months meanings he was in compliance for four years,
six months into it, six months before it would have
been finalized and done and gone away, and all two
(39:51):
hundred and fifty thousand dollars plus penalties and interest crewed
over the time came flooding back to him, and they say, hey,
that's no big deal. He qualified for an offering compromise.
Once he can qualify possibly again, and we can start
this whole thing all over again. Unfortunately, this gentleman bound
away got a great job. He was making good six
(40:14):
figure income. Therefore he could afford to pay this tax
debt back, and he accumulated other assets along the way. See,
the IRS doesn't care. Once it accepts the offering compromising.
You can go gangbusters and make as much money as
you want once it's accepted, and they're not going to
go back and look at that. But they expect you
to stay one hundred percent of compliance. This gentleman fell
(40:34):
out of compliance, you got all the debt coming back.
That's one of the negatives in an offering compromise. You
want somebody to monitor the situation and want to make
sure you're working with somebody to make sure your returns
are filed every time timely. You want to make sure
you're making your estimated tax payments and dotting your eyes
and crossing your teeth. That being the case, this gentleman
didn't do that, and he ended up back with all
(40:56):
the debt. So you kind of got to watch this.
What's the other option, partial pay installment agreement. The partial
pay Installment Agreement has a little less lines to this
and contingencies to it. Yes, you've got to still stay
in compliance and not owe any more tax and pay
your estimated taxes and stuff like that, but the IRIS
agrees on a smaller payment over the statute of limitations.
(41:21):
Time and debt can fall off. So we structured a
client's tax debt. They were well over one hundred and
fifty thousand dollars in debt. We did our complete tax
analysis and found out that hey, over the next three
years they're going to have a significant portion of their
debt fall away. So they're going to lose twenty or
(41:43):
thirty thousand of the debt will fall off at the
end of this year early next year, and then midyear
next year they have another thirty or forty thousand falling off,
and then sometime the year after they're going to have
a bunch of debt fall off. So we were able
to structure that larger tax debt into small payments that
(42:03):
they could actually afford right now in compliance with the IRS,
and let this debt fall off as we go. Their
savings was still very good and great for them in
their life, and it was a payment they could afford
to make. They were paying one hundred dollars a month
(42:24):
on this tax debt, so yes, over a year, they're
going to pay twelve hundred over two years twenty four hundred.
But the twenty four hundred was going to allow close
to seventy five to eighty thousand dollars fall off right
there in two years, with other big chunks falling off
for the next year or two as well. So it
became a very good option for them, so that they
(42:48):
could see that what we put into place drop their
debt down to something they could afford and would not
be detrimental to the options out there. You've got to
consider your options. The first thing that I would do
if I owe money to the IRS is give Taxation
Solutions tax relief a call today eight eight eight nine
(43:11):
three zero one zero one six again eight eight, eight
nine three zero one zero one six.
Speaker 5 (43:18):
Hey, I had fun today.
Speaker 4 (43:19):
I know as on my soapbox in the whole first segment,
but we got to talk about how tax code started,
which is really kind of cool, a little bit of history.
Tune in right here in tax Talk for you. You can
go to tax Talk the number four letter you dot
com again tax Talk for you dot Com. Follow us
over there, never miss an episode. You can follow us
(43:39):
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But be here every Monday at ten am on W
four c Y Radio. Be here at tax talkforu dot com.
(44:01):
And if you do miss an episode, you can go
to all the different podcast sites and find us right there.
Just type in tax Talk for you dot com and
you'll be able to find us. Hey be here Monday,
ten am Eastern time, W four CY Radio. Thank you
very much. How a god bless, glorious and awesome week.
Make this week special. Do something fun for you, your kids,
(44:25):
your spouse. Do that, but be here Monday, ten am
Eastern Time at tax Talk for You dot com.
Speaker 5 (44:31):
Thank you God bless.
Speaker 3 (44:34):
Are you an individual or business that wants to understand
taxes and how they affect you. Are you looking for
specific tax advice for self employed business owners and truckers.
Are you behind on taxes and your bookkeeping? Are you
dealing with dirs and ready to have some relief, then
(44:55):
you need Tax Talk for You, hosted by tax and
trucker experts Barry G.
Speaker 2 (45:01):
Fower EA.
Speaker 3 (45:02):
Tune in ten am Eastern time every Monday right here
on W four c Y Radio and Talk for TV.
Don't forget to check this and past episodes at tax
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(00:21):
W FOURCY Radio.
Speaker 2 (00:28):
Barry G.
Speaker 3 (00:28):
Fouler EA brings you tax talk for you right here
on W four CY Radio and Talk for TV. As
an enrolled agent and a national leader in tax resolution
as well as Trucker bookkeeping and tax planning. With over
thirty years of experience, Barry will break down taxes, bookkeeping,
(00:49):
tax planning, and tax relief for individuals and businesses just
like you. So let's have some tax talk for you
with your hosts.
Speaker 2 (00:59):
Barry G.
Speaker 4 (01:02):
Hey, good morning and welcome. It's a great way to
start the week off, talking taxes, tax problems, how to
resolve those problems. You know, we got about three weeks
to filing deadline. Of October fifteenth. So grab yourself a
nice cup of coffee. It's a great way to start
the morning and sit back and enjoy the show. And
(01:25):
if you've got questions, by all means, let's get them in.
We'll answer those questions. You know, we're talking about tax
problems and stuff, but you know, tax problems weren't always
around until we actually got a modern tax code, and
I mean modern tax code meeting the tax code that
(01:45):
actually was the foundation for the coaches that we're in
now because here in the United States, or were when
we were at colony it we had taxes, and you know,
before the American Revolution, you know, we had taxes imposed
by Great Britain such as the Aamp Act of seventeen
(02:05):
sixty five and then Townshed Townshed Acts of seventeen sixty seven,
and these levy taxes and left the colonists without any
consent and were a major.
Speaker 5 (02:20):
Cause of the American Revolution.
Speaker 4 (02:22):
And then post revolution, you know, with the country's founding,
the federal government was mainly funded through tariffs.
Speaker 5 (02:29):
Imagine that.
Speaker 4 (02:31):
And tariffs were on imports and excise taxes on specific
products such as like whiskey. States and localities collected property
taxes and excise tax again on whiskey, and it also
led to the Whiskey Revolution, so you can see people
fought over taxes in the Civil War.
Speaker 5 (02:54):
This is probably the first.
Speaker 4 (02:55):
Time that there was a federal income tax, and that
was back in eighteen sixty two to help fund the
Civil War. At that time, President Abraham Lincoln signed into
law the first federal income tax, and it taxed incomes
above six hundred dollars and it was at a whopping
rate of three percent. We could all live with a
(03:19):
three percent tax rate, I think, wouldn't it be nice
to go back to that. However, you know, people don't
like taxes, so that did get repealed in eighteen seventy two.
And I like history, so it's really kind of cool
to look back and see the history and then the
history of the sort of say modern income tax. In
(03:43):
eighteen ninety five, there was an attempt to re establish
an income tax, but the Supreme Court actually ruled it unconstitutional,
saying that it was a direct tax that had to
be apportioned among the states by population. However, in nineteen
thirty the Sixteenth Amendment was ratified, giving Congress the legal
(04:03):
authority delay and collect taxes on income from whatever source
derived without apportionment among the several states. And we let
congressmen get involved, and then we let the constitutional amendment
that got ratified by all the states to elect the
(04:24):
dreaded income tax that we have to live with, sort
of say now. And that brought upon the nineteen thirteen
Revenue Act.
Speaker 5 (04:33):
And you know, following the.
Speaker 4 (04:35):
Ratification of that sixteenth Amendment, Congress passed the Revenue Act
of nineteen thirteen, officially establishing the modern federal income tax system. Initially,
less than one percent of the population paid the tax,
So you know, it's kind of amazing, you know, you
think about it, and you know, we went from one
(04:58):
percent of the population paid in the tax to a
higher percentage and I say, roughly fifty percent. But you know,
that tax at that time really wasn't that high, and
it was really low. And then the tax rates continued
to increase over time because, as I would say, American
(05:21):
government got greedy. American government decided they could redistribute wealth.
American government decided that they could take from others and
do what they wanted to do with other people's money.
And so therefore they collect more and more money from
you I, and then it led to a Great Depression,
which then led to saying we needed a safety net.
(05:44):
Not the safety net of churches and family, but a
safety net from the government called Social Security. Wasn't meant
to be the be all, end all retirement. It was
mainly meant to be there as a safety net if
something was to happen like the Great Depression. So you know,
(06:05):
they have managed to always find ways to take money
do things with this money. And then they decided that
they could then put the government into debt and build
that debt continually for you, I, our grandkids, our great grandkids.
(06:25):
And it's time to put our foot down and get
back to a balanced budget, pay this debt back, and
let the country live on what it collects, not live
off the backs of future generations. Yes, this is my
soapbox today. Yes, I truly believe that we need to
get back to living off of what the government collects,
(06:47):
balance the budget, and get back to actually doing.
Speaker 5 (06:52):
A budget line on them by line.
Speaker 4 (06:54):
On them that you and I and every American it
could look at a bill and decide, hey.
Speaker 5 (07:00):
Is this right.
Speaker 4 (07:02):
Things that we've seen through dose and stuff that are
recovering you know, millions of dollars is just a small
piece of what's going on in this government and what
they give away and what they do, and the deficits
that we run. Can't continue to run a deficit forever.
You took and put these numbers into your and my budget,
(07:23):
and we were running that kind of deficit on a
smaller scale, on our smaller numbers in our household, you
would be bankrupt in no time at all. You couldn't
afford to continue to live having that deficit year after
year after year and paying the interest on the notes
that would be coming due, and not to mention the
(07:44):
notes that are to be paid off, not to mention
the social security that has to be paid to you
and I and others in the future because of what
we have paid in. Yes, I have some great comments here.
Seems like the American government takes liberties with our money.
Speaker 5 (08:00):
It does.
Speaker 4 (08:01):
It plays fast and loose, not just our money, but
future money. Does a government know how to manage money?
Speaker 5 (08:08):
Now?
Speaker 4 (08:09):
Nobody ever said the government knew how to manage money.
Congressmen want to stay in office, you want to solve problems.
I think the first thing you do is you put
every Congressman, every Senator, and every person that works in
the federal government into the same system we are so security,
same healthcare that we've got to buy through the marketplace
or whatever. They shouldn't be on their own system. They
(08:31):
should be on the very system that we are on.
They're no better than you and I. There should not
be a retirement when you leave Congress. You should be
able to go back into the workforce and go work,
same with any other federal government position. Put I'm on
solid security. If it's good for you, it's good for them.
As my grandfather used to say, what's good for the
(08:52):
goose is good for the gandernes. Let's make it true
in the United States. But that takes you and I
getting out and voting.
Speaker 5 (08:58):
And assisting that this happen.
Speaker 4 (09:00):
If term limits are good for the president, term limits
should be good for Congressman. You should go back to
this is what we did doing our civil duty to
serve for this government. Not to be there all the time,
not to make a guiden guidly amount of money, but
to serve and then get back to my community and
(09:24):
work within the community and do the things that we
need to do. Not to be feeding off the federal
government all your life. You know, we can preach, we
can talk, we can do everything, but it takes action,
and it takes action from every American, not just some Americans.
Speaker 5 (09:43):
And you know, Thomas.
Speaker 4 (09:44):
Jefferson, I believe is the one, or maybe with Bendamin
Franklin and once said, once Americans figure out they can
vote themselves the rays or vote themselves money, it's going
to be the end of the republic as it is.
Stop trying to vote yourself money or somebody else. You know, money.
Churches be the ones that help people, help your neighbor,
help your family. Should be within not within the government. Hey,
(10:08):
I promise today what we're going to talk about is
how to resolve your IRS problems. Now we know where
the IRS problems come from. Government needs money, Government wants money.
Government's got to have money to survive. Government's got to
pay this, got to pay that. How do they do it?
It's collecting from you and I and everybody else. Hey,
if you owe the IRS money, there are solutions to
(10:29):
solve your tax problems. And don't let an IRS agent
say you don't need representation. We're going to talk about
your solutions to IRS problems.
Speaker 3 (10:39):
Right after that, we have only scratched the surface of
today's show. Please stand by as Barry GIF Fowler will
be right back with tax talk for you.
Speaker 2 (10:52):
If you own the.
Speaker 3 (10:53):
IRS or are going through an IRS audit, don't go
at it alone. Called Taxation Solutions Relief at eight eight
eight nine three zero one zero one six. We are
your solution for IRS debts, audits, back taxes, garnishments, leans
and levees. Whether you're an individual or business, you need
(11:16):
a solution and a strong, aggressive tax resolution.
Speaker 2 (11:21):
Don't let the IRS walk all over you.
Speaker 3 (11:23):
Stop the IRS now call eight eight eight nine three
zero one zero one six or go to Taxationsolutions dot
net now for a free no obligation consultation. Let's get
back to tax stock for you with more tax stock
(11:44):
once again.
Speaker 2 (11:45):
Here's your host, Barry G. Fowler.
Speaker 4 (11:50):
Hey, welcome back. You know the first segment we were
talking about the beginning tax Goode. I find some things
to be really amazing. And we had bought Gentlemen's Practice
many years ago, and one of the things that we
were cleaning out, filing cabinets and cleaning things out, and
I actually found a tax return from nineteen eighteen that
(12:12):
was filed, and actually this one was actually kind of
interesting because of how much money they made and what
they were doing.
Speaker 5 (12:21):
So it was really cool.
Speaker 4 (12:22):
When my father passed away a few years ago, I
was going through his records and found my grandfather's early
returns from the nineteen thirties, So that was really cool
to be able to look at and see, you know,
what the tax code was then and how they did taxes.
(12:44):
I mean, when we first started doing taxes, it was
pent that'sil and paper, and you know, way back then,
some of these were actually done on a typewriter, so
you know, it was it was kind of cool and
kind of interesting, and some of the returns that were filed.
Amazed that somebody would actually do a tax return, you know, typed,
(13:07):
but you know, there it was. Most of the returns
we see from the old days were handwritten. And you know,
my dad still had records from the sixties in the
seventies when he was.
Speaker 5 (13:20):
Doing his own returns, even.
Speaker 4 (13:22):
Though he was a CPA and knew that he didn't
have to keep records back that far. It was kind
of cool to see the records that my dad had
of his returns. At my mom's returns, back when they
were first married. I think so they didn't have any
tax problems, which is thank god. If you have a
(13:43):
tax problem, it's not the end of the world. It
only feels like it. The weight of the federal government,
the weight of not knowing what is going to happen today, tomorrow,
the next day, or Friday, or the day you get paid.
It can be devastating in your family. I mean, if
(14:05):
you're married, your husband should be taken care of this.
You as a wife, you know, if he's not going
to take care of it, then you do. Somebody needs
to step up and deal with the problem, to get
the irs off your back, because the weight of it
is going to break the marriage. The weight of it
is going to continue to add stress in between you
(14:25):
and your spouse, with your kids, with your family, and
it's stress that can become overwhelming. We've heard it from people.
We hear it in their voices, we hear it when
we're talking to them. We can hear the fear and
the anxiety that goes along with us because you don't
know what's going to be next. So you know, where
(14:47):
we start to resolve attached problem is we first need
to identify the issue or issues that are causing the.
Speaker 5 (14:57):
Problem, cause the problem, are the problem.
Speaker 4 (15:00):
And so we sit down and we do a complete
tax analysis, and it's where we go through and we
look what returns need to be filed, what returns were filed.
Did you go through an audit. If you went through
the audit, was the audit done right? Did you guys
get the opportunity or did you provide the support for
that audit? Did you file the returns or did somebody
(15:21):
file those returns correctly or were they just filed incorrectly?
And it can be corrected and lower the balance down.
It is the statute of limitations running and are they
going to run out soon? So every year, every tax
debt has a statute of limitations and it's ten years
from when that return is accepted and filed or the
(15:44):
tax is assessed. So if you didn't file a return
and maybe three years later and the IRS did an
SFR substitute for a return, well three years later, that's
when the statute started running. But the IRS, when they
do a substitute for a return, does not do it
in your favor? Does it do it with all of
(16:06):
the deductions that you should have or deserve or you have,
and so maybe we need to go back and file
the actual return, but maybe the substitute return was filed
and we're close to that ten year statute of limitations
and the time is going to run out. Why restart
it for something? Let it run out and be done
with it. We look at all that, We analyze all
(16:28):
that so that you and I will be able to
sit down and have a very good conversation about your
tax debt and what it's going to require to solve
this tax debt. Now, you know, people say the first
thing you need to do is identify the problem in
the issue and then contact the IRS. And it's all
good and perfect if you want to do that, great,
(16:51):
And this is contact them immediately, especially if you're actually
doing and asking a question AI or you know, hey,
you know whoever on your phone that's going to do
this internet search for you. It says, you know, identify
the problem and then contact the IRS. The IRS is
going to only talk about a payment plan with you.
(17:12):
How much can you afford to pay? How much do
you have in your bank account? And sometimes those are
just questions that these guys are going to ask to
determine how much money they're going to get from you
today and then in payments in the future even if
you can't afford it. But you need to explore all
your options. You need to explore everything that's going on.
Speaker 2 (17:33):
First.
Speaker 4 (17:34):
Maybe we do the tax analysis and we come back
and it's really said, well, we're going to explain.
Speaker 5 (17:39):
To you you should do this, this, and this, do these.
Speaker 4 (17:42):
Three steps, resolve your tax problem, and then you can
get back to live in your life.
Speaker 5 (17:47):
Be done. But it's major.
Speaker 4 (17:50):
Maybe you've got to do these three or four steps
and we'll be able to get it wet down a
little bit. But then make a decision together how you
can resolve this tax problem. See, because you've got a
tax problem, and maybe it's a result of unfiled tax returns.
So maybe you haven't filed three, four, or five seven
(18:11):
years of taxes. Well, the IRS is going to ask
for at least the last six. You may want to
do seven or eight because you don't want them to
file substitute for returns. Maybe there wasn't any reason to file,
so we can just get them filed and be done.
Maybe we can fix returns that are on SFR substitute.
(18:33):
Maybe we need to file amended returns and fixed returns
that were done improperly. Maybe maybe you're a truck driver
out there and you had somebody doing taxes for you
that knows nothing about trucking and they missed a lot
of deductions, and it could be somebody you trust. And
we dealt with somebody that was coming with us, and
(18:55):
they didn't want to give us returns from their CPA
who was preparing them. But they finally gave us some information.
And one first thing we did is we noticed that
the schedule see was done completely wrong. It doubted us
and decided they weren't going to use this. But we
explained to them, hey, this guy just has no clue
what he's doing for truckers, and that really happens. Hey,
(19:18):
that's the way life is. If you trust him, that's fine,
But if it's completely wrong, you want to get it fixed.
You want to do it right. So it's the same
thing we do in here when we're resolving these tax problems.
We're looking for ways to make your liability to write
amount and then find ways to resolve them after that
part is taken care of. So again that first step
(19:41):
is to do the tax analysis, and that is review everything,
look at everything that's going on, categorize it based on Hey,
this is the statute of limitations that's going to run out.
This is maybe an audited happened, or these are the
returns that need to be done. These are the returns
that we need to look at to make sure they
(20:02):
were done correctly, or you know, is there something we
need to fix, good, bad, or indifferent so that we
don't have problems in the future. And then determine now
your actual liability to the IRS and determine your financial
ability to pay or not pay or not cover what
(20:27):
the IRS is saying that you owe. So you get
started in that tax problems and you get into solving
tax resolution. And that is the name of the game,
is getting things done the right way in the right
timing to finally put a solution in place that's going
(20:51):
to save you money today, tomorrow, in the future. Hey,
when we come back, we're going to talk about all
the other steps that you need to take to resolve
your tax problem.
Speaker 5 (21:04):
We're gonna do.
Speaker 3 (21:04):
That right after we have only scratched the surface of
today's show.
Speaker 2 (21:10):
Please stand by as Barry G. Fowler will be right
back with tax talk for you.
Speaker 3 (21:18):
As an owner operator, you already spend too much time
away from your family. Trucker Tax Tools handles all your
bookkeeping and taxes no matter what level trucker you are.
Life on the road can be taxing, but that doesn't
mean that your wallet or time with your family should suffer.
Trucker Tax Tools makes your life run smoothly. Go to
(21:39):
Trucker tax Tools dot com for a free guide that
will give you the tools to never worry about your
taxes again. Call Trucker Tax Tools eight seven seven nine
sixty six two four seven seven or go to Trucker
tax Tools dot com now and let the experts keep
you trucking. Let's get back to tax stock for you
(22:04):
with more tax stock once again.
Speaker 2 (22:07):
Here's your host, Barry chief Fallum.
Speaker 4 (22:12):
Hey, welcome back talking about tax problems, tax issues, solving
your tax problems. You know, if you do have a
tax problem and you're desiring help, you give us a
call it eight eight eight nine three zero one zero
one six again eight eight nine three zero one zero
one six and you know we can work with you
(22:34):
and help you through your tax problem. It's a free call.
There's no obligation. Free consultation. You're going to call into
the office and talk to one of my assistants, and
then you'll move over and talk to one of our
enrolled agents. Likely it's going to be me, because I
like to get involved right from the beginning with our
(22:54):
clients or future clients and help you make a decision
what the best way to go. What do you use
us or not, or whether you use somebody else. You
need to get the help that you need going forward
to resolve the problem. Now, what I tell you is
is that, hey, you got to watch out because there
(23:15):
are a lot of unscrupulous people in this industry who
will tell you what you want to hear. And they'll
tell you right off the bat that, hey, we can
get you an offering compromise. You may qualify for a
offering compromise, possibly qualify for offering compromise. But all you
really heard was offering compromise, settling this for less than
(23:36):
what you owe. And you say yes, and you sign
up with them. Then you find out that that's not
your solution, or that's not true, or there's all these
other things you've got to do and pay for. Still,
you need to do something that's going to be step
by step, completely guided, and you want to see kind
of what we do. There is a book that I
(23:57):
wrote that's online. It's called the IRS Playbook dot Info again,
IRS Playbook dot Info. It's complete information, but it's our
three simple steps that we take to resolve your tax problems.
And I've been using this method for the last thirty
years to resolve tax problems for individuals and businesses all
(24:20):
across the country, people that owe the IRS. You know,
anywhere from ten thousand to millions of dollars we've dealt
with to resolve tax problems. Now you know there there
are several ways that solutions can be put in place. Now,
you know what I say is that first solution maybe
(24:44):
correcting all the tax returns that were filed incorrectly, and
maybe that lowers the liability down to something you can
afford or handle, or gets rid of it altogether.
Speaker 5 (24:54):
I've seen that happen.
Speaker 4 (24:56):
Maybe you've gone through an audit and it's completely just
an audit reconsideration, and we can win that and the
debt can go away. And that's really some nice ways
of seeing debt fall off or go away. You know,
you've got to sit down and talk with somebody and
(25:17):
make it make sense and then make it work for
you and your family to put the right solution and
resolution to your problem. Now, if you call the I
r S, the first thing they're going to do is
potentially give you the option to full pay. So if
you can afford it, hey, full pay it. It stops interest,
(25:41):
it stops penalties. Get it off your back. Go make
the payment, get it done. The interest rates and the
penalties is more than what you're going to earn by
keeping that money as an investment and stuff. Take it,
pay it off, be done with it. Then you don't
have to deal with anybody doing resolution for you. You
don't have to deal with a solution or payment plan
(26:03):
or anything else.
Speaker 5 (26:04):
Debt's done, penalty stop.
Speaker 4 (26:06):
Now, make sure that every year from that point going forward,
you stay in compliance. Paying the income tax doesn't mean
you've got to pay an absorbitive amount of tax. What
you need to do is work with somebody that's going
to make sure that you are getting every deduction possible
for yourself, your business personally, and you're taking advantage of
(26:29):
all the tax credits that are out there to lower
your liability down to the lowest amount allowed.
Speaker 5 (26:34):
By law and.
Speaker 4 (26:37):
Pay the least amount. That's what your goal should always be.
Judge William Renquest said there was nothing ever a problem.
He was a Supreme Court just as many years ago.
Matter of fact, he was the Chief Justice, and you
know him saying that meant that there was nothing in
(26:57):
the law that prevented you from doing tax plan and
planning to avoid tax at all costs and using the
tax code to your advantager.
Speaker 5 (27:06):
What do you think the tax code is there for.
Speaker 4 (27:09):
Well, it's government guidance to collect as much money as possible,
but it's also your guidance to find every single deduction
that you can have that's allowed by law. And that's
what people like myself and other enworld agents do, is
we specialize in taxes, trying to lower what you're going
to pay legally within the system and using the tax.
Speaker 5 (27:32):
Code to your advantage.
Speaker 4 (27:34):
What do you think every president, whatever you think, every
Senator and congressman do. What do you think every billionaire
millionaire does? They use the tax code one hundred percent
to their benefit, getting the right offs at the right time,
in the right place to lower their taxes down to the.
Speaker 5 (27:53):
Lowest amount of allowed by law.
Speaker 4 (27:55):
One big beautiful bill gives you several advantages for twenty
twenty five, twenty six and going forward in the future.
And you've got to use those things that are in
that bill to your advantage. Whether you are in business
as a trucker, whether you're in a business consulting or
retail manufacturing, whatever line of business that you're in, use
(28:18):
it to your advantage. You as an individual taxpayer, there
are things in this bill you can use to your
advantage as well. You need to use it to lower
the amount you're going to pay in taxes so that
if you ever do have money that you're going to oh,
you can afford to pay it hopefully. But that being said,
(28:39):
you've got to stay in compliance and do the things
to prevent penalties, because penalties get costly. Now you know
we've determined how much money you can't afford to pay it.
You know what are your options? Well, you know your
first option is an installment agreement. You know it allows
you to make monthly payments up to seventy two months.
(29:00):
You know, the online payment application is good for you.
If you want you go to IRS dot gov, go
to payments and set up an installment agreement and if
you owe less than fifty thousand. There's some other concerns
and stuff in there, but you could go on there
and set up the installment agreement yourself. They will give
(29:20):
you the option how much you're going to pay, and
it's a full pay option, nothing else. So they're going
to give you up to seventy two months to do. Now,
maybe you know you're looking at taking a second mortgage
or something. You just need time to get the mortgage done,
to pay off the tax debt or get a loan.
(29:42):
You know, the IRS does allow you to do one
hundred and eighty day full pay hold, which means in
one hundred and eighty days you plan on full paying
and you can put that, you know, through online, or
you can call the IRS hold for about three hours
and do that as well. And I don't really recommend
(30:06):
doing that unless you truly are going into full pay. Sometimes,
if you're working with the representative, we need some time
to gather documents and do things, move it in the
right direction to get the right plan in place for you.
So those holes become invaluable to us while we're representing,
(30:29):
and we don't use that full one hundred and eighty
days we'll maybe use thirty or sixty days here and
there just to get us to that point where we
have the solution ready to go. Now, you can't afford
to pay, so what are your other options now? So
they have a When you go in and you calculate it, it says, hey,
(30:54):
you're going to pay one thousand dollars a month to
pay this tax debt over the next seventy two months.
Speaker 5 (31:00):
And you go, oh, my budget just doesn't have that
in there. What am I going to do?
Speaker 2 (31:03):
Now?
Speaker 4 (31:05):
We can possibly do a partial pay installment agreement, so
you know, if you've got assets, IRS is going to
look at the value of those assets. If we win
any other route, they're going to look at your income
and your actual expenses and what's allowable and what's not,
and then they will come back and say, you know,
(31:27):
we'll agree on this number here, and what we've got
to do is fill out the forums four thirty three
A in detail. We also fill out A four to
thirty three F so it's less detail as well. If
we're depending on the status we're trying to get into.
And then if you're running a business or own a business,
(31:49):
you will probably have to add the four thirty three
B with it as well. Now we'll look at all
those things and see how we're going to address these
things and what other options do you have as available
to you to solve your IRS problem. We'll do that
right after this quick break.
Speaker 3 (32:11):
We have only scratched the surface of today's show. Please
stand by as Barry G. Fowler will be right back
with tax talk for you. As an owner operator, you
already spend too much time away from your family. Stop
spending time doing paperwork. Go to Trucker tax tools dot com,
(32:32):
a solution built specifically for truckers. Trucker tax tools dot
Com makes your life run smoothly. Let's get back to
tax stock for you with more tax stock once again.
Speaker 2 (32:47):
Here's your host, Barrygfower.
Speaker 4 (32:52):
Welcome back talking about your IRS problems and settling those
problems and getting a solution put in place. Realistically, what
you've got is for options out there again. It's the
installment agreement full pay. You're going to pay it up
to seventy two months and pay all the interest and
penalties and everything back to the IRS over those seventy
(33:16):
two months. Then there's also the partial pay installment agreement.
There's also what everybody hears and here in the commercials,
the offers and compromise where it's an agreement to settle
your tax debt for less than the full amount you owe,
and then the other option is currently non collectible. Now,
I'm going to talk about these things as we go,
(33:37):
and I'm going to go backwards on this.
Speaker 5 (33:39):
Well.
Speaker 4 (33:39):
Currently non collectible is a status where the IRS determines
that you can't pay anything on your tax debt due
to financial hardship. It does delay collection activities, it does
get reviewed usually in two years, unless your income hasn't changed.
Speaker 5 (33:58):
We use it for.
Speaker 4 (33:59):
People that don't see that their income is ever going
to change. Maybe you're on Social Security and that's all
you have. Maybe you're on disability and you're not seeing
any other money coming in and you owe a lot
of back taxes. This is a solution that will let
the statute of limitations run out and not pay anything
ever back if your financial position isn't going to change.
(34:22):
But this isn't for everybody, because I've seen people go
on and saying, hey, I'm not going to increase my
income and stuff, and then all of a sudden an
opportunity comes up or they take a job that's making
really good money and they see a lot of this
money going to the IRS to pay the tax debt
at that point. But it did run the statute of
limitations for a while, and you know, maybe some of
(34:46):
the debt will fall off. We've used it that way
as well. But what might be a better option could
be the offering compromise, you know, the be all bend
all holy grail as you may hear on the rate.
You know, oh I see is out there offer and compromise.
We're going to settle this for debt for less than
(35:08):
what you owe, and it prevents you from paying the
full tax liability. And you can actually go on nine
and use the IRS tool to see if you're going
to qualify. So if you don't trust anybody, you can
go in and do the pre qualifier. But you know,
the first thing I'm going to tell you is is
if you call us, be completely honest about your situation,
(35:29):
Be completely honest about what you own, property, values of it,
equity in it, because all that comes into play the
financially money wise, you may not be able to make
a payment because of your mortgage and your debts and
car payments, and family, food, housing, clothing, logical, you name it,
(35:53):
medical payments. All these things could make it to where
you can't afford to pay. But then all of a sudden,
here's the kicker. You have a lot of equity in
your house and the IRS is going to want that,
but yet you don't have the wherewithal to borrow that money.
Maybe we can prove you can't get it, but the
IRS is going to be looking for that. So you know, yes,
(36:17):
if you check all the boxes that I have low income,
my expenses are too high, but not so much higher
over national standards that the I R S could determine
you can pay because the IRS doesn't use what you
are paying out. Yes, they will use your car payment
up to the national standard. They will use your mortgage payment,
(36:41):
electrical gas, utilities, property taxes, insurance on your home up
to the national standard for your area. Yes, dude, clothing,
these things also, we'll be taken into account, but not
to what you spend if you exceed the national standards,
(37:03):
only up to the national standards.
Speaker 5 (37:05):
If you're below the.
Speaker 4 (37:06):
National standards in any of this, they're going to take
actual So if you only own one car, husband and wife,
they're only going to take the one car payment. The
other person make it money towards public transportation. Or maybe
you own two cars but one only has a car payment.
Only that one car payment is going to be applied,
so you know you've got to look at it. Maybe
(37:28):
you do qualify based on your actual but you don't
qualify based on national standards, complex tax questions, complex tax issues.
You need somebody that knows what they're doing, how to
help you qualify, or how to make things work within
your life too qualify. Once you do determine, you do qualify,
(37:51):
and you file the four thirty three A possibly B
and the six fifty six for the offer and compromise.
You submit it to the IRS with payments, and you
wait and wait and wait. Now they tell you you've
got to be up to date underestimated tax payments. You've
got to be in compliance because if not, it's going
(38:13):
to be kicked out right back to you and they're
going to decline the offer, and you will be technically
have withdrawn the offer at that point because you not
being in compliance if you don't have tax returns filed,
or you're behind on other taxes or the performs not
filled out correctly. The IRS will kick those all back
to you as if they weren't filed. They're not going
(38:35):
to send you the money bag keeping that, but they're
going to send you the forest back and say it's
been withdrawn. You want to make sure you dot your
i's and cross your t's. So the offering compromise with
the IRS also comes with a five year compliance that's
right after they accept. Now you're going to be in
compliance from the day you file to the day they accept,
(38:57):
and then for the next five years years after that,
where this dead comes flowing back right to you. Penalties
and interest all occurring during this whole time. You doubt
me on that, SCRs. Doubt me on that. Ask a
client who came back to me. Came to me a
few years ago, and the first thing he came to
(39:18):
me and said, Hey, I screwed up. I said, what
did you do? Well, I filed late. Okay, this is
no big deal. Well I owed money, Okay, no big deal.
They're just going to hit you with a little bit
of penalties.
Speaker 5 (39:29):
I was in the.
Speaker 4 (39:30):
Middle of an offering compromise. Okay, how far into the
middle of this offering compromise? Well, was into the last
six months meanings he was in compliance for four years,
six months into it, six months before it would have
been finalized and done and gone away, and all two
(39:51):
hundred and fifty thousand dollars plus penalties and interest crewed
over the time came flooding back to him, and they say, hey,
that's no big deal. He qualified for an offering compromise.
Once he can qualify possibly again, and we can start
this whole thing all over again. Unfortunately, this gentleman bound
away got a great job. He was making good six
(40:14):
figure income. Therefore he could afford to pay this tax
debt back, and he accumulated other assets along the way. See,
the IRS doesn't care. Once it accepts the offering compromising.
You can go gangbusters and make as much money as
you want once it's accepted, and they're not going to
go back and look at that. But they expect you
to stay one hundred percent of compliance. This gentleman fell
(40:34):
out of compliance, you got all the debt coming back.
That's one of the negatives in an offering compromise. You
want somebody to monitor the situation and want to make
sure you're working with somebody to make sure your returns
are filed every time timely. You want to make sure
you're making your estimated tax payments and dotting your eyes
and crossing your teeth. That being the case, this gentleman
didn't do that, and he ended up back with all
(40:56):
the debt. So you kind of got to watch this.
What's the other option, partial pay installment agreement. The partial
pay Installment Agreement has a little less lines to this
and contingencies to it. Yes, you've got to still stay
in compliance and not owe any more tax and pay
your estimated taxes and stuff like that, but the IRIS
agrees on a smaller payment over the statute of limitations.
(41:21):
Time and debt can fall off. So we structured a
client's tax debt. They were well over one hundred and
fifty thousand dollars in debt. We did our complete tax
analysis and found out that hey, over the next three
years they're going to have a significant portion of their
debt fall away. So they're going to lose twenty or
(41:43):
thirty thousand of the debt will fall off at the
end of this year early next year, and then midyear
next year they have another thirty or forty thousand falling off,
and then sometime the year after they're going to have
a bunch of debt fall off. So we were able
to structure that larger tax debt into small payments that
(42:03):
they could actually afford right now in compliance with the IRS,
and let this debt fall off as we go. Their
savings was still very good and great for them in
their life, and it was a payment they could afford
to make. They were paying one hundred dollars a month
(42:24):
on this tax debt, so yes, over a year, they're
going to pay twelve hundred over two years twenty four hundred.
But the twenty four hundred was going to allow close
to seventy five to eighty thousand dollars fall off right
there in two years, with other big chunks falling off
for the next year or two as well. So it
became a very good option for them, so that they
(42:48):
could see that what we put into place drop their
debt down to something they could afford and would not
be detrimental to the options out there. You've got to
consider your options. The first thing that I would do
if I owe money to the IRS is give Taxation
Solutions tax relief a call today eight eight eight nine
(43:11):
three zero one zero one six again eight eight, eight
nine three zero one zero one six.
Speaker 5 (43:18):
Hey, I had fun today.
Speaker 4 (43:19):
I know as on my soapbox in the whole first segment,
but we got to talk about how tax code started,
which is really kind of cool, a little bit of history.
Tune in right here in tax Talk for you. You can
go to tax Talk the number four letter you dot
com again tax Talk for you dot Com. Follow us
over there, never miss an episode. You can follow us
(43:39):
on Facebook. Whether you follow us through Trucker tax Tools,
you can go to Trucker tax Tools dot com or
Trucker tax Tools Facebook page. You can go to Taxation
Solutions Facebook page. You can follow us there on Instagram.
But be here every Monday at ten am on W
four c Y Radio. Be here at tax talkforu dot com.
(44:01):
And if you do miss an episode, you can go
to all the different podcast sites and find us right there.
Just type in tax Talk for you dot com and
you'll be able to find us. Hey be here Monday,
ten am Eastern time, W four CY Radio. Thank you
very much. How a god bless, glorious and awesome week.
Make this week special. Do something fun for you, your kids,
(44:25):
your spouse. Do that, but be here Monday, ten am
Eastern Time at tax Talk for You dot com.
Speaker 5 (44:31):
Thank you God bless.
Speaker 3 (44:34):
Are you an individual or business that wants to understand
taxes and how they affect you. Are you looking for
specific tax advice for self employed business owners and truckers.
Are you behind on taxes and your bookkeeping? Are you
dealing with dirs and ready to have some relief, then
(44:55):
you need Tax Talk for You, hosted by tax and
trucker experts Barry G.
Speaker 2 (45:01):
Fower EA.
Speaker 3 (45:02):
Tune in ten am Eastern time every Monday right here
on W four c Y Radio and Talk for TV.
Don't forget to check this and past episodes at tax
talkfu dot com. See you next week at W four
c y dot com
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