June 20, 2025 • 42 mins
Failing to file your taxes for several years is no small matter—but it’s not the end of the road, either. On the next Faith & Finance Live, CPA Kevin Cross will join Rob West to share some practical steps to help you get back on track if you haven’t filed your taxes according to the government guidelines. Then Rob will tackle your financial questions. So, join us for the next Faith & Finance Live, where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
S1 (00:08):
Did you hear the one about the guy who tried
to pay his taxes with a smile? Unfortunately for him,
the IRS still prefers cash. Hi, I'm Rob West. All
jokes aside, failing to file your taxes for several years
is no small matter, but it's not the end of
the road either. Kevin Cross joins us today with practical
steps to help you get back on track. And then
(00:29):
it's on to your calls at 800, 525 7000. That's 800, 500, 25, 7000.
This is Faith in finance live here on Moody Radio.
Biblical wisdom for your financial decisions. Well, my good friend
(00:50):
Kevin Cross is a seasoned CPA who's helped countless people
navigate their taxes, especially those who have fallen behind. Kevin
is a good friend. We go way back. I think
we said this morning it it could be as many
as 30 years. Imagine. I didn't think I was. Yeah, well,
not that old okay. But nevertheless we go way back
to the Fort Lauderdale days. I was a wealth manager.
(01:12):
Kevin had a CPA firm. We were both in ministry,
actually serving Larry Burkett. And you were teaching seminars and churches?
I was as well. He would join my dad and
I when we had a a radio show there in
Fort Lauderdale. Kevin was our tax guy. It was a
lot of fun.
S2 (01:28):
Oh my. We had a great time.
S1 (01:29):
Getting the band back together.
S2 (01:30):
Is a big deal, right?
S1 (01:32):
I'm so glad Kevin's here. Listen, he loves God's people.
He loves God's Word, and he loves helping people integrate
faith and finance. In fact, uh, back in, uh, Fort Lauderdale,
he would he was in Hollywood, Florida. He would close
his CPA firm one day a week just to do
free budget counseling. That gives you a little sense of
who Kevin is. And today we want to kind of
(01:54):
dive into this topic that happens more often than not,
and it's those who have fallen behind on their taxes.
Maybe you're listening today saying, you know what, Rob? I
haven't filed in five years. Maybe it's been ten years
and you are not alone. I mean, there are a
lot of people out there, despite what you might think.
And I realize the weight that comes with carrying that burden. Kevin,
(02:15):
we've talked about this many times. This is pretty common,
isn't it?
S2 (02:19):
Well, it's so common. And I think more people would, um,
realize it's so common if it wasn't such a stigma. Yeah,
if we weren't embarrassed about talking about it. But probably
you spoke to someone today who has some back tax issues.
S1 (02:33):
Yes. Well, and you probably didn't know it. Right. Because
to your point, nobody does talk about it. So listen,
Kevin's here for the entire program. We will be taking
your calls. We will prioritize calls for those in our
listening audience who are in this situation. You've not filed
your taxes for a while. You're looking for a path forward.
The lines are open right now. You can begin calling
(02:56):
800 525 7000. That's 800 525 7000. Let's dive into
this topic, Kevin. Um, for someone who's hearing my voice
right now, they're in that situation. What do they need
to know? And where do they start?
S2 (03:09):
Okay. They need to know. Number one, there's help. There's
absolute hope. And we need to start now to get
into compliance. Now they might say, well, look, I'm behind
three years, five years I can't afford to pay, so
I'm just not filing. Well, what the IRS wants you
to do is file last year's tax return. And the
best thing you can do is to full pay whatever
(03:31):
the last year's was. Then we can go the IRS
and say we had a hiccup. We had a an
issue for one year, five years, ten years, whatever it was.
But now we're back in compliance. It's not that we
don't want to file taxes. We we fell into financial difficulty,
health ailments, what have you. And now we want to
(03:51):
resolve it and we'll see what the IRS has and
what we have to file.
S1 (03:55):
Yeah, I think just the conventional wisdom is, well, if
I'm behind, I probably need to start. At the first
year I didn't file and work my way forward. That
obviously not only is something we probably don't want to face,
but we may have difficulty even pulling all that paperwork together.
Why do you suggest, and why does the IRS favor
(04:15):
getting in compliance with the current year first?
S2 (04:18):
Okay, well, it looks like a if you looked at
a heart rate monitor. Yeah. You know, you had some
good heart rhythms here in the past. And then there
was some whatever tachycardia or whatever. And then back to normal.
You had a patch there. That was a tough time. Yeah.
That's why coming into compliance now is the best thing
for us to do.
S1 (04:35):
All right. Well as I said Kevin Cross is here.
He's a CPA. He has particular expertise and offers and
compromises and representing taxpayers before the IRS. He's here today
to be an encouragement to you, to provide some hope,
some practical help, but also to take your questions if
you're in that category. You have not filed in the past,
(04:55):
perhaps for many years, and you'd like to talk to
Kevin about your situation. Go ahead and call right now.
The lines are filling up, but we've got room for you.
800 525 7000. Again, that number 800 525 7000. This
is faith and finance. Live our goal each day to
help you be a wise and faithful steward of God's
(05:16):
money in every aspect of your lives as you live, give, owe,
and grow God's money. Well, one aspect of that is
honoring the Lord through our paying of taxes. We want
to help you do that today. We'll be right back.
Thanks for joining us today on Faith and Finance Live.
(05:36):
I'm Rob West with me today, my good friend Kevin Cross.
He's a CPA. He's got a firm here in the
state of Georgia. We know each other from many years
ago being in Fort Lauderdale together, doing ministry together and
doing some work together. But Kevin has a particular expertise
in not only helping believers be good stewards of what
(05:56):
God has entrusted to them, but also representing taxpayers before
the IRS. Today, we're tackling a topic that is more
common than you might think, and that is those who
have not filed their taxes perhaps in years, maybe many years,
getting them back in compliance. And as Kevin said before
the break, there is a path forward. There is hope. Kevin. Uh,
(06:17):
you know, what is the typical cause of this situation?
S2 (06:21):
Well, one year something bad happens. And, you know, we
can blame it on Covid. We can blame it on
a divorce. We can blame it on some type of sickness, uh,
a loss of a job, any type of financial reversal.
All of a sudden you don't get your taxes filed. Yeah.
Or you go to file your taxes and something happens.
You don't have the right form, it gets spit back,
and then all of a sudden you're in a tailspin
(06:43):
because you can't get that form. Another year has passed
and then you're thinking, I'm going to have the same
problem this year. I better resolve that. That prior year.
And now we're talking three, four, five years.
S1 (06:53):
Yeah, we know it happens a lot with folks that
are self-employed gig economy workers. If you're starting a small business,
you always need more money than you have because you're
trying to get it up and running. You don't send
in those quarterly payments. You know there's going to be
a big tax bill. You can't pay it. And then
that spirals as well.
S2 (07:10):
Yeah. Well, you know when you have a W2 usually
the taxes are taken out. You get a refund every year.
We hear that. Yeah. When you work for yourself gig
economy nothing's taken out. Plus you match your Social Security
and Medicare. Yeah. So all of a sudden you owe
another 7.5% on top of what you didn't put away.
So that's enough to put somebody over and go, oh,
(07:31):
I haven't filed. I don't I can't afford it. And
so therefore since I can't afford to pay the tax
I'm not going to file. That's common.
S1 (07:37):
Yeah. We're going to dive into these color questions here
in just a second. But what are the most common
approaches that you're able to work out? I know there's
a payment plan option. There's also something called an offer
and compromise. Talk about the typical path forward.
S2 (07:50):
Well, I wrote an article about 30 years. Nothing's changed. Really. Okay.
And there's five things you can do. An offer and compromise.
You can do an installment agreement. You can obviously do
a full pay. You can do a bankruptcy. Some taxes
are dischargeable in bankruptcy. And then there's one thing called
status 53, which means that the IRS cannot collect from you.
(08:11):
So you can wait out the statute, the collection statute
expiration date, which is ten years. So can you imagine
waiting that out? And then the taxes just drop off.
And there's some callers. We even got some today who
who are waiting and they don't know. It's like probably
within a year or two from the IRS not being
able to collect. You imagine our listeners knowing that and
(08:32):
the hope that we give them.
S1 (08:34):
Yeah. And in some cases we talked about just the
the obligation we have as Christ followers to honor our
debts and the things we commit to, as you said.
And some of these, they're complex. Number one. In many
cases they don't have the ability to pay. Number two,
they may have paid already more than the taxes owed.
It's just the penalties and interest drove it way.
S2 (08:53):
Up quite often because the IRS is the worst creditor
to ever have. Not only do they charge interest, but penalties,
so you could be charged up to 30% per year. Yeah,
with the aggregate of that. So that means if you
make minimum payments after three years, you could have full
paid it back. But that's all interest and penalties.
S1 (09:11):
Well you mentioned offer in compromise. Is that kind of
like a debt settlement that you'd have on a credit card?
S2 (09:17):
Explain that. That is so powerful, so popular. A lot
of people have taken advantage of it. A lot of
these firms say, hey, we can offer debt relief. Give
us ten grand, give us five grand, and they don't deliver.
You see, an offer and compromise is strategic. You have
to see if you qualify. And so before I would
take any offer and compromise, I would see if the
taxpayer would qualify. And that means offering more than a
(09:40):
dollar of their net worth, a dollar over their net worth.
And if they're older, it's easier. If they're younger, the
IRS can say no. That code section is 7122 if
you want to Google that. It gives the commissioner authority
to accept an offer. So they have full authority. So
it's not a guarantee. It's not a slam dunk. Yeah.
So you need somebody who's been down this road before,
(10:03):
who's not going to just take your money and say,
promise you the moon and the stars and then say, sorry.
The IRS denied it.
S1 (10:10):
And there's a lot of, uh, well, bad actors out
there in this space that prey on people in this position.
S2 (10:16):
So many. Yeah. I mean, I'm not even going to
mention names, but. But one got indicted 30 years ago,
got disbarred prior, and they asked me to be an
expert testimony against him. I was I didn't have to
do it because they made an arrangement on the courthouse steps. However,
there are many bad actors who will get your money
and then say, sorry, we couldn't do anything.
S1 (10:37):
Yeah. Be really careful on that last one I want
to tackle. And then we're going to get into these questions.
Installment loan. Is that available to everybody and how does
it typically work?
S2 (10:45):
A guaranteed installment agreement is available to every taxpayer, but
the amount is kind of. You can't make up, you know,
you can't say, hey, I'm going to give you five bucks.
It is a minimum amount. You have to be able
to divide how much you owe into 72 months, and
you have to be able to pay it off. And
so they have a little ratio that they use to
(11:06):
determine whether your installment is correct. Now you can have
a lower installment the first year and then bump it up.
The IRS would go for that. But an installment agreement,
you're still paying interest and penalties. So I don't like
installment agreements. You don't I don't I say, hey, look,
if you're going to pay 30%, ask somebody for a
loan for 10% and now full pay and pay that
(11:26):
person back.
S1 (11:27):
Yeah. Kevin, obviously a lot of people in this position
just want to put it out of their minds, ignore it,
hope it goes away, but they live with the weight
that they're going to come home one day, and there's
going to be an IRS agent on the front doorstep.
I mean, does that actually happen?
S2 (11:42):
That is the fear. It probably happened to clients that
I know of, maybe a half a dozen times in
almost 40 years of practice. However, almost every client has
the fear. Yeah. So is it. Is it real? I
have not seen it lately, but back in the day,
if it's egregious and there's fraud and there's evasion. But
(12:04):
people we talk to, they're not trying to evade the IRS.
They're not trying to evade taxes. They're trying to do
the right thing. They just don't know how.
S1 (12:11):
Yeah. Often, in many cases, I know, you see people actually,
in reality, owe a lot less than they think. Isn't
that true?
S2 (12:19):
That's beautiful. Because when people are listening to the radio
and this has happened for 30 years now, they would
call us and say, look, I want to get married
or the Holy Spirit is convicting me. I need to
come clean. And we find out all the information we get, uh,
transcripts from the IRS, and we go ahead and file and. Unbelievable. Lievable.
It makes you believe in God by just watching this unfold.
(12:42):
And they don't owe as much. Or some of them
get refunds. And the tears and the the praise to
God and the new spouses who come in and say, oh,
thank you so much. And they're thinking that guy or
that gal for getting their things in order. And it
was all God saying, hey, look, trust me, trust me
on this. Take this step of faith.
S1 (12:59):
Wow. Uh, we're going to hit this break. And then
I promise we're going to start getting to your phone
calls here. But that made me think of, you know,
last time you were here, we had the gentleman who
had been incarcerated. He got out. You helped him pro
bono to get back in compliance. And I remember the
day he called me to tell me about Brother Kevin
and what you had done for him, and he was
in tears. He said, Rob, I just paid my taxes
(13:22):
and he was so thankful. I really appreciate that. What
was that journey like?
S2 (13:26):
Oh my, that was so. And he was so scared. Yeah.
And you know, you can't convey, hey, I'm not scared
for you when you're fearful. You're like, look, nobody can
help me overcome that, but the truth and the truth
was he didn't know that much. And we filed. It
was beautiful and he could pay it off. It was
so nice.
S1 (13:43):
So good, so satisfying. Wow. Well, we're going to tackle
your questions today. We know each of you have a story.
You've got a situation you're wanting to know how do
you proceed from here. Kevin's ready to help you. We've
got three lines open. So if you've got a situation
Kevin Kross here today to talk with you about your
tax situation, especially if you've got some back taxes you
haven't filed in several years or perhaps just one year,
(14:06):
whatever it might be 800 525 7000. That's 800 525 7000.
We're going to begin to dive into those questions right
after this break. So call right now again 800 525 7000.
This is faith in finance live. We'll be right back.
S3 (14:32):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal, or other professional who understands your
specific situation.
S1 (14:55):
This is faith and finance. Live. I'm Rob West Kevin
Cross here today. We're talking about paying back taxes. You
know we only play that disclaimer when you're on. You
know that right? I'm just kidding. It happens every day. Hey, uh,
let's dive into your questions. You know, if you're out
there today and you're listening and you haven't filed your
taxes in years, here's what we want you to know.
There's hope and there's a path forward. And Kevin's here
(15:17):
to help you find that. Let's go to Grand Rapids. JW,
thanks for your patience. Go ahead.
S4 (15:23):
Yeah. Hi. I so I haven't filed my taxes and
I think about four years. I, uh, I started a
small a small tile business with just me and one
other person in Florida. And I did that for about
four years. The first year I did it, I had
no idea what I was doing with the paperwork and
(15:46):
any of that. And, uh, I went to file my
taxes online myself and with a tax expert over the phone,
and I put it all in and it wouldn't let me,
wouldn't let me go through. And, um, the lady said, oh,
we'll just we'll just restart it. And it deleted it all.
(16:07):
And I sat there for four days after work, you know,
for till 2 or 3 in the morning, putting it
in all, putting it all in, you know, receipt by receipt. Um,
and after that, I just, I just got overwhelmed and my,
my wife had a mental break. I had two, three children,
(16:30):
two with special needs. Um, and things just got overwhelming. And. Yeah,
you know, I just didn't know what to do, and I,
I met with a tax person there, and, um, I
gave him my first year's worth of stuff. But one
of my children, I don't have their Social Security card
(16:52):
because they never sent it to us. And with the
amount of work, with the amount of hours that I
had to put into work just to just to get by,
I couldn't find the time to go get the Social
Security number. And it was during Covid. They wanted me
to mail my ID and and I wasn't comfortable with it.
(17:12):
And and then it just snowballed and I got overwhelmed
and didn't know didn't know what to do. And I
just didn't didn't file. I no longer have the business.
I moved to Michigan with my, uh, my wife and kids,
and we moved to be closer to her parents, and
we all go to church together. And, you know, they
(17:33):
help out with the kids here and there. But I
was just I was thinking about it literally right before
the the show came on. I thought to myself, I
really need to get this done. And, you know, it's
a total God thing that the show came on. And
this is what the this is what you're talking about. So.
S1 (17:53):
Wow. Yeah. Incredible. DJ thanks for sharing your story. That's
not easy. Kevin your thoughts?
S2 (17:58):
Yeah. DJ thank you. Uh, well, what you've been through, um,
I automatically thought about the taxpayer advocate's office. They love
to advocate for taxpayers who've had issues and calamities like
you have had, and somehow, systemically, the IRS has failed them. Obviously,
(18:19):
you have a kiddo. You couldn't get the Social Security number.
So therefore that was the end of the road for them,
unless you brought it in and you didn't have the
the bandwidth to do that. That's not fair. That's not
the way it's designed. So the Taxpayer Advocate Service, I
want you to Google this taxpayer advocate service IRS. And
then there's a local office wherever you're living and and
(18:43):
call them and say, hey, look, I heard about you.
I heard you advocate for the taxpayers and it's free
of charge. And if that doesn't work, I want you
to call me because it's sad to hear how the
IRS has failed you.
S1 (18:58):
Mhm. Yeah. Um, he doesn't have the business any longer. Um,
how long ago was this, I mean, which have you
not filed since or is there just 1 or 2
years of a gap.
S4 (19:10):
No I haven't it's, uh, it's four years and then
I four years or three years of the business. And
then just this past year, this past year, I really,
you know, the business. I closed the business and moved
to Michigan. Um, still doing the same stuff, but I
don't have a company anymore.
S1 (19:30):
Yeah, but you haven't filed since that point, correct?
S4 (19:33):
No. Yeah. It's been four years since then. Okay.
S1 (19:36):
Okay.
S2 (19:37):
Well, I would definitely say let's file the last year,
but they probably withheld a refund or maybe said that
you owed for 20, 20 or 20. You know, around
that time when you in that whole Covid time. Um,
and if you did come up with that Social Security number,
they should reduce the amount that you owe. So if
there's a past due liability that can be lowered by
(20:00):
having the taxpayer advocate kind of step in, um, you know,
kind of fight for you.
S1 (20:05):
Yeah. DJ do you have the ability to either start
on an installment plan or, or pay in full at
this point or. I realize you've got a lot on
your plate and you probably don't have a lot of surplus.
S4 (20:17):
No, no. I mean, I've been living paycheck to paycheck
since we moved here, so.
S2 (20:23):
Well, DJ, you might be a good candidate for an
offer and compromise. Or I mentioned a status 53. If
we can't afford to pay our taxes, the statute of
limitations continues to run. But you don't have to make payments.
And so you probably are a very good candidate that
you don't even have to file an offer and compromise.
So these are things to definitely look into with someone
(20:46):
in your area. Yeah. You know, there's a lot of
wonderful people. Whatever church you go to, there should be
somebody like like Rob and I who might be able
to kind of help walk you along.
S1 (20:58):
Yeah. And if you don't find any, some someone, uh,
Kevin will be happy to jump into that situation and
help you navigate from here. Let's do this TJ. Hold
the line. Our team's going to get your information. Reach
out to the Taxpayer Advocate office. If that doesn't materialize
um you know Kevin can certainly come alongside you and
see if he can be of assistance. Listen, don't lose hope.
(21:19):
We're going to get you back in compliance, hopefully starting
with last year and then, um, you know, pray that, uh,
the Lord will continue to provide in a way that
would allow you to stay on track from this point forward.
And then the question is, you know, how do we
take care of those that gap, uh, in the middle
and as, as Kevin said, there are options. And depending
(21:40):
on your situation, you may end up owing less than
you think, especially if an offer in compromise can be negotiated. DJ,
thanks for your call today. Ken. Rachel. Richard, coming your
way after the break. We'll be right back.
S5 (22:00):
So what do you do if you haven't filed taxes
in years?
S1 (22:03):
Well, that's the focus of our conversation today. This is
Faith and finance live here on Moody Radio. I'm Rob
West with me, my friend Kevin Cross, CPA, uh, tax advocate.
He's represented hundreds of folks before the IRS and, uh,
loves God's people and loves helping them be wise stewards.
Today We're talking about that specific situation and we'd love
(22:25):
to hear from you. Let's head right back to the phones. Bartlett, Illinois. Hi, Ken.
Go ahead sir.
S6 (22:30):
Hi. Um, in 1999, I did not file taxes. Um,
I actually was due a refund on federal tax, but
I owed, uh, about $350 on state tax and had
no money to pay, so I did not file. Um,
(22:52):
would the statute of limitations have expired on that since
it was 1999?
S2 (22:58):
Well, funny you should ask. If you file, the statute
of limitations starts to run. Now, if you don't file technically,
the state and the IRS can go back kind of
indefinitely if they think there's some type of chicanery at
300 something dollars, I don't think that they're going to
(23:20):
be coming after you, especially since it was 1999. You
would have gotten a letter already. And what happens is
they might go ahead and assess, and then the statute
of limitations does start to run. So that would be
something to be interesting to find out. Contacting the state.
It's very benign to do that. By the way contacting
(23:42):
the IRS and the state doesn't kind of, you know,
put them, you know, on the radar. You can just
contact them and say, hey, look, do I have any
outstanding liabilities? And it'd be interesting to find out because
I and that's one of the first steps everyone who's
listening can do go online, create an account with the IRS,
and you can see what transcripts, see what the IRS
(24:04):
is doing on your, um, record of account now.
S1 (24:07):
So when you log in at Irs.gov, you create the account, um,
you they will actually have on your transcript any amounts
owed for prior years, correct?
S2 (24:17):
Correct. And obviously you can hit pay here because that's
what they want. They want everything automated. They don't want
a human intervention. They don't want they don't want action
like that. They want you to be able to do
everything online. Less people power. Yeah. So it's a great system.
So just because you register for that doesn't mean they're
going to be knocking at your door.
S1 (24:36):
Yeah. So that would be Ken's next step in your
mind is to go see what the transcript shows for 99.
S2 (24:42):
Correct. And that would be state. Now there may not
be an online account for that state. You might have
to call them and say, hey, I want to make
sure I'm in compliance. Do I owe anything? And whoever
answers the phone will say, what's your Social Security number? Okay.
You identify yourself, okay, we're going to look back. Nope.
You're good. Yeah. Interesting. And then you can ask for
a transcript. Almost like proof. Yeah. Can you send me
(25:03):
a my yearly transcript showing that I don't know anything?
They'll say sure.
S1 (25:08):
Yeah. Interesting. Ken, is that helpful?
S6 (25:10):
It is. Um, it would I if they decided I
did owe that money. Would I owe interest on that.
S2 (25:18):
Interest and penalties? Probably, but there would be a statute
of limitations on that since 1999. That's going to it
might have tripled, but I don't see that. I, I
tell you, maybe if it was 2019, but 1999 sounds
like that has been already archived by that state.
S1 (25:36):
Interesting. Well, get that information, Ken. If we can help further,
give us a call back. Thanks for your call today
to Texas. Hi, Rachel. Go ahead.
S7 (25:43):
Yeah. Thank you for taking my call.
S1 (25:45):
Sure.
S7 (25:46):
Um, I stopped paying. I start feeling the income taxes
return in 19. I mean, 2019, uh, before that, I
never did have to pay anything. They never got anything.
I never had anything to declare. So I stopped filing
income tax. And now I'm kind of thinking, well, did
(26:09):
I do right or wrong?
S2 (26:12):
Now, you know, technically you don't have to file a
tax return if there's no tax due, if your income
doesn't exceed the standard deduction or or generate any type
of tax. However, I always tell people go and file
that zero return or that return that shows that you
made lower than the standard deduction shows that you owe
zero tax that way it kind of closes the account.
(26:35):
But no, you did not do anything wrong. A lot,
a lot, a lot of of retired people who don't
have a tax liability don't have to file. And it
would be a burden on the retirees to do that.
So the IRS will not require you to file a
tax return.
S1 (26:53):
Yeah. And here in my notes she's a widow. She's
lived off Social Security and has never worked.
S2 (26:57):
Now you're you now have the file. Don't worry about it.
S1 (27:00):
Very good. Rachel, thanks for your call today. Uh, Palm Beach,
Florida is where Richard's located. Go ahead. Sir.
S8 (27:06):
Yeah, I want to thank you for your, uh, input
in the past. Now, I'm in the process. In 2021,
me and my ex, uh, father, our taxes jointly. Are
you there, Howard?
S1 (27:24):
Uh, yeah. Rob and Kevin here with you today? Go ahead. Sir.
S8 (27:28):
Yeah, we filed our taxes in 2021. We were going
through a divorce. She had done a money market health
insurance deal with our health insurance, and we were not
eligible for it. We got penalized for it. And the
IRS came after me, even though I didn't apply for
(27:48):
that money market account. She did all the applying for
health insurance. And in our divorce they really never said
where we were. And I haven't heard anything from the
IRS since our divorce. And this year I got a
1099 from my previous Employer that I had aged out
(28:13):
of my, uh. My, uh, my stock program that I
had my stocks invested in and put it in another
stock retirement program that made myself $40,000 taxable, which the
(28:34):
tax lady did. My taxes this year said that if
I hadn't had that transfer, that my taxes would have
been $307. But now it's over $7,000. But I have
not received anything from the IRS ever since 2021, when
I started my divorce.
S1 (28:55):
All right. Uh, we're having a little trouble hearing you, Richard.
Were you able to piece that together?
S2 (28:58):
I think so now, Richard, one of the issues was
this health care marketplace. Um, evidently your spouse, your former
spouse had some type of, uh, with the government health care,
and they gave her, um, a lower premium. So when
you filed a joint return, your total income was higher
(29:20):
than what she reported, which meant that you had to
pay that money back, which increased your total overall tax liability.
And so that affected you because you got married. So
there's nothing you can do about that. Everybody who's getting
married last year, this year and their spouse was on
government health care, and they put that they were only
going to make X amount of dollars, and now you
(29:40):
made double or triple that. And it looks like you
you have to pay a lot in. It's true. And
so that's one thing that you're going to have to
say uncle to Richard. And the second you made some
money on on your investments from the pension and adding
that to your, your, uh, your taxable income is going
to increase your tax. So unfortunately, I tell you, that's
(30:02):
something we probably can't fight. Um, but hopefully this year
you don't have that event, you don't have that tax liability.
S1 (30:08):
And then for 2021, how should he handle that. We've
got just about 20s.
S2 (30:12):
That's what the health care marketplace you're probably going to
have to say uncle and say, hey, let me get
on an installment agreement with you or full pay it.
Find out how much it is. Ask them maybe to
abate the penalties that you have. Very good. You could
do a first time penalty abatement. Say those words to them.
I want a first time penalty abatement if that works.
S1 (30:30):
And then he can get back in compliance. Yes. Excellent. Richard,
thanks for your call today. We'll take a quick break.
When we come back in our final segment, Kevin will
be here to tackle a few more questions. Then Jerry
Boyer will be with us for the last few moments
of the program to weigh in on the economy here
on a Friday. At the end of the week, we'll
be right back. Stay with us. Thanks for joining us
(30:55):
today on Faith and Finance Live. I'm Rob West with
me today, my friend Kevin Cross, CPA and tax advocate.
He's been representing folks before the IRS for a long time.
He loves helping God's people, and we've been talking about
the path forward. If you find yourself in a position
where you haven't filed in years for whatever reason, and
we know there's all kinds of scenarios that can lead
(31:16):
to that. But as Kevin said, there's hope and there
are options. And we've been discussing those today. Let's head
back to the phones. Cleveland, Ohio. David, how can we
help you?
S9 (31:26):
Yes, sir. My situation is I filed my taxes late
and IRS refused to pay my refund, stating that I
was late on filing my taxes and the time lapsed.
What's my options? How late? Appeal. I three years I
tried to appeal. I get the same answer.
S1 (31:49):
Yeah. I'm seeing in my notes here. It was the
2013 taxes that you filed in 2016 and that. And
they said because he was three years late, he couldn't
get his refund.
S2 (31:58):
Yeah.
S9 (31:59):
Yeah. You had three years limit.
S2 (32:01):
Yes there is. And you filed it right after the
three year limit.
S9 (32:06):
Yeah, just around the three year limit.
S2 (32:08):
Just so painful. You know, they can collect from you
for ten years, but we have to get a return
to them within three years.
S1 (32:18):
In order to get the.
S2 (32:18):
Refund. Yes. Or forever barred. That's the language in the statute.
S1 (32:22):
For that year or for every year moving forward.
S2 (32:25):
That year and the past years. So unfortunately, you're not
going to get that refund. It doesn't matter how what
you do. There was a case where somebody was financially, um,
disabled and the statute stopped, but it was they were incarcerated,
(32:46):
they were in a home, um, and they were unable
to file. And so there are some cases, but for
the most part, for the rest of us, if we
file after three years, um, you can't get that refund.
S1 (33:01):
David, I wish we had better news, but unfortunately that
that was accurate. What they were telling you. And so
that refund is lost. Uh, thank you for calling my friend.
We appreciate you being on the program. Uh, well, we'll
have time for one more caller here, Kevin. And this
is a treat, because you remember I mentioned a moment ago,
one of my favorite stories was somebody that called in
(33:21):
while you were on in the past related to this
issue of not filing taxes. I'll let him tell his story.
Charles from Georgia. Go right ahead, sir. Thanks for calling.
S10 (33:34):
Hey, Rob. How are you doing?
S1 (33:36):
I'm doing great, sir. It's good to hear your voice.
S10 (33:39):
Good to hear. Uh, listen to the show all the time. Bob,
you are sitting with the man. Kevin. That is the man,
bless God.
S1 (33:51):
Tell the listeners what happened in your life.
S10 (33:55):
Yeah, they told me to be concise, so I went
30 filing. I called you, I was going to do
one of those tax things, and you said no, and
you hooked me up with Kevin Cross. And I actually
ended up paying taxes for the first time year before last. Wow.
(34:15):
And it was the best money I've ever spent. I have,
I've been praying about it, wanting to get right with Caesar. Um, I'm.
I'm a Tyler. Uh, but I did have that second
part taken care of. Wow. Listen, last year, I got
a tax return. Would you believe that?
S1 (34:37):
You got a refund?
S10 (34:39):
I got a refund first. Refund.
S1 (34:42):
And for.
S2 (34:45):
How many years?
S10 (34:48):
Now I got a refund from the federal and the state.
And listen, here's the good part. Because I learned a
guy in obedience with what Jesus said about this season,
this season. I've got more money in the bank right
now than I've ever had in my entire life. Wow.
I mean, it is. It is. God has just blessed
(35:12):
me financially because I wanted to be in obedience with
His Word when it comes to that. Yes. Um, and,
and and I owe all all of it to Kevin Cross.
He is the man.
S1 (35:27):
Wow. Uh, well, I'll tell you.
S10 (35:28):
Kevin, thank you enough for putting me with him. And, uh,
my my life is great now.
S1 (35:37):
Uh, well, Charles, I'm so thankful for your testimony. I'm
thankful for the joy in your voice. I'm not sure
I've ever heard more joy in the voice of somebody
about paying their taxes, but it's the heart behind it.
You want to be, uh. You want to honor the Lord,
and you want to be in in compliance. You want
to be right before the government. And you were able
to do that. Charles, I think I heard this right,
(35:58):
but but clarify for me. How many years had it
been that you hadn't filed your taxes before you met Kevin?
S10 (36:05):
Over 30.
S1 (36:06):
30 years. Kevin. How does that happen? I mean, how
do you proceed? What happened in his situation? What did
you do?
S2 (36:14):
Well, that was Charles was, like, willing to do whatever
it took. Yeah. He said, look, whatever the Lord wants
me to do, I'm going to do. And he walked.
He took a step out of the boat, and he
walked on water. We contacted the IRS, had a conference
with them, ordered all the transcripts, all the wage and income.
Figured out what we need to file, and we just.
(36:34):
And he kind of just threw himself on the mercy
of the court, so to speak. We filed everything and.
Oh my goodness. And a lot of things the IRS
didn't didn't want to go back any further. Obviously, we
didn't go back 30 years. And it was so beautiful.
It was God in God's intervention. Yes. And it really
wasn't me. Charles, thank you for giving me that that credit.
(36:54):
But I tell you, uh, you and God, I tell
you amazing story. Yes, it sure is.
S1 (37:00):
Well, Charles, we're so thankful for you. And I'm so
thrilled to hear what God's doing in your life. And
thank you for your willingness to be found faithful. And
I know that what you're sharing here today is an
encouragement to thousands, if not tens of thousands, who are
listening right now, who are in the position you were
in and are now hearing what God has done to
get you on the other side. God bless you, my friend.
S10 (37:23):
He's faithful. Thank you so much, Rob.
S1 (37:25):
Yes he.
S10 (37:25):
Is.
S2 (37:26):
Oh. Thank you. You're the best.
S1 (37:28):
What a way to end our time together. Kevin, what
does that. How does that make you feel? Just as
you hear that.
S2 (37:33):
Oh, my. I tell you, it's. It's so surreal. It's
life changing.
S1 (37:39):
Yeah, it.
S2 (37:40):
Really.
S1 (37:40):
Is. Hey, my friend, thanks for your time today. We're
going to have you back real soon, but really appreciate
your ministry.
S2 (37:46):
Thank you. Appreciate yours.
S1 (37:47):
That's Kevin cross. You want to learn more about what
he does go to Kevin Cross, CPA. That's Kevin Cross, CPR.
All right. We're going to finish here today with another
one of my favorites. It's Jerry Boyer. Jerry's our resident economist.
And we're going to round out the broadcast this week
with an update on the markets and the economy. Jerry,
did you get to hear, uh, Charles just now?
S11 (38:09):
No, I didn't I did this morning, but not just now.
S1 (38:12):
Okay. Yeah, Charles just called, and, uh, he had not
paid his taxes for 30 years, and we were able
to connect him with a godly CPA who got him
in compliance. And the joy in his voice to say, Rob,
I paid my taxes, and he was so thrilled. Uh,
I don't get that call very often, Jerry, but, uh,
we we heard it today, and it was a joy. Uh, listen,
(38:34):
my friend, what do you have for us today? What?
As we round out the week. Boy, there's so much
going on. And, boy, we need to pray for our
leaders because there is just a lot of weighty things
that are being talked about and discerned over. Um, but
how does that relate to the economy and where we
find ourselves?
S11 (38:50):
Well, the economy has been largely I mean, there's usually
1 or 2 major stories that are driving things, and
for a long time that's been what's the fed going
to do? The fed is not in charge right now. Right.
And then it's who's going to be the president. Then
we've got the answer to that. And that was generally
seen as good by markets. And then it's will the
president wage a trade war, or will the president not
(39:12):
wage a trade war against the world. And then we
sort of resolve that, which is he's not waging a
trade war against the world. Maybe against China. And it's
not going to be a full out war. We're trying
to open up Chinese markets. So we've had all these
things we've gone over. And right now, of course it is.
Are we going to have a major war in the
Middle East that's going to spill over in ways that
are unpredictable? Um, and so we've seen that driving gold prices.
(39:34):
We've seen that driving oil prices to some degree. There's
a risk premium in oil prices. Now generally markets have
been you know liking. Markets have not, in my opinion
reacted super strongly to this war. And I think it's
because they do not think there's going to be broad
American involvement. Probably we're talking about at most we lend
(39:56):
a bomber and a very powerful bomb, a bunker buster
mop to Israel, which is far from, say, the, um, um,
you know, occupation of Iraq or the occupation of Afghanistan. Uh,
so if that happens, if the president says, look, we're
going to participate kind of indirectly, uh, by letting by
(40:16):
by lending or leasing this weapon to Israel, markets will
probably respond to that somewhat negatively. But if it doesn't spread,
then it's not going to go all out. Um, as
of now, markets are not expecting to be bailed out
by the fed. And I don't think they're going to be, um,
and we're kind of past the trade war thing. So
now this is the next threat. But let's say that
(40:38):
we resolve this threat. Let's say that Israel finds out,
you know, a way to end nuclear, the nuclear ambition
of Iraq, either with our help with a bunker buster
or not. Um, then that could be a really good
thing for markets trade war behind us. Big beautiful bill
with overspending but also some pro-growth tax cuts. And we
could be in a position with a glide path. So
(40:58):
why why were markets down at all in response to
the the war with Israel against Iran? Because wars can
have unexpected outcomes, you just don't know how they're going
to spread. And so reports that maybe Turkey is going
to get involved and Turkey is a U.S. ally, sort of. Um,
at least they were during the Cold War. They've been
a little slicker since then. The sick man of Europe
(41:20):
is what I call them. Um, so what if they
got involved and then, you know, that could be a
little bit destabilizing. You know, there was always a fear
that Russia would get involved because they're an ally of Iran.
But Russia is kind of busy. Um, you know, having
trouble defeating a country, that's what, a 10th of their size. Uh,
China has not come to the rescue of Iran. But
(41:40):
if they do, that could be destabilizing. So, look, we're
in a situation of high risk. High reward. And I
think last week. What? You know what I said to you?
I'm going to run this analogy again. Um, so we have, uh,
you know, Israel, uh, tries to end the nuclear program
in Iran. Markets go down about 800 points. What if
(42:01):
instead the headline had been Iran tests a nuclear weapon?
Markets would be down thousands of points. I think the
end of this will be to reduce risk, not add it.
At least that's my hope and my prayer.
S1 (42:12):
Yeah. Well, that's very well said, Jerry. Very helpful, and
gives us a few things to pray about as well.
Hey my friend, thanks for your time as always.
S11 (42:20):
Thank you. God bless.
S1 (42:21):
All right, that's Jerry Boyer. He's our resident economist. Wow.
Full program today. A lot of incredible wisdom shared by
our good friend Kevin Cross and Jerry Boyer. Uh, thank
you for inviting us into your stories as well. Faith
and finance lives a partnership between Moody Radio and Faith fi.
Thanks to my team today, that's Lisa, Amy, Sarah, Jim
and Rihanna and everybody here at Faith. Fi. We'll see
(42:43):
you next time. Bye bye.
Did you hear the one about the guy who tried
to pay his taxes with a smile? Unfortunately for him,
the IRS still prefers cash. Hi, I'm Rob West. All
jokes aside, failing to file your taxes for several years
is no small matter, but it's not the end of
the road either. Kevin Cross joins us today with practical
steps to help you get back on track. And then
(00:29):
it's on to your calls at 800, 525 7000. That's 800, 500, 25, 7000.
This is Faith in finance live here on Moody Radio.
Biblical wisdom for your financial decisions. Well, my good friend
(00:50):
Kevin Cross is a seasoned CPA who's helped countless people
navigate their taxes, especially those who have fallen behind. Kevin
is a good friend. We go way back. I think
we said this morning it it could be as many
as 30 years. Imagine. I didn't think I was. Yeah, well,
not that old okay. But nevertheless we go way back
to the Fort Lauderdale days. I was a wealth manager.
(01:12):
Kevin had a CPA firm. We were both in ministry,
actually serving Larry Burkett. And you were teaching seminars and churches?
I was as well. He would join my dad and
I when we had a a radio show there in
Fort Lauderdale. Kevin was our tax guy. It was a
lot of fun.
S2 (01:28):
Oh my. We had a great time.
S1 (01:29):
Getting the band back together.
S2 (01:30):
Is a big deal, right?
S1 (01:32):
I'm so glad Kevin's here. Listen, he loves God's people.
He loves God's Word, and he loves helping people integrate
faith and finance. In fact, uh, back in, uh, Fort Lauderdale,
he would he was in Hollywood, Florida. He would close
his CPA firm one day a week just to do
free budget counseling. That gives you a little sense of
who Kevin is. And today we want to kind of
(01:54):
dive into this topic that happens more often than not,
and it's those who have fallen behind on their taxes.
Maybe you're listening today saying, you know what, Rob? I
haven't filed in five years. Maybe it's been ten years
and you are not alone. I mean, there are a
lot of people out there, despite what you might think.
And I realize the weight that comes with carrying that burden. Kevin,
(02:15):
we've talked about this many times. This is pretty common,
isn't it?
S2 (02:19):
Well, it's so common. And I think more people would, um,
realize it's so common if it wasn't such a stigma. Yeah,
if we weren't embarrassed about talking about it. But probably
you spoke to someone today who has some back tax issues.
S1 (02:33):
Yes. Well, and you probably didn't know it. Right. Because
to your point, nobody does talk about it. So listen,
Kevin's here for the entire program. We will be taking
your calls. We will prioritize calls for those in our
listening audience who are in this situation. You've not filed
your taxes for a while. You're looking for a path forward.
The lines are open right now. You can begin calling
(02:56):
800 525 7000. That's 800 525 7000. Let's dive into
this topic, Kevin. Um, for someone who's hearing my voice
right now, they're in that situation. What do they need
to know? And where do they start?
S2 (03:09):
Okay. They need to know. Number one, there's help. There's
absolute hope. And we need to start now to get
into compliance. Now they might say, well, look, I'm behind
three years, five years I can't afford to pay, so
I'm just not filing. Well, what the IRS wants you
to do is file last year's tax return. And the
best thing you can do is to full pay whatever
(03:31):
the last year's was. Then we can go the IRS
and say we had a hiccup. We had a an
issue for one year, five years, ten years, whatever it was.
But now we're back in compliance. It's not that we
don't want to file taxes. We we fell into financial difficulty,
health ailments, what have you. And now we want to
(03:51):
resolve it and we'll see what the IRS has and
what we have to file.
S1 (03:55):
Yeah, I think just the conventional wisdom is, well, if
I'm behind, I probably need to start. At the first
year I didn't file and work my way forward. That
obviously not only is something we probably don't want to face,
but we may have difficulty even pulling all that paperwork together.
Why do you suggest, and why does the IRS favor
(04:15):
getting in compliance with the current year first?
S2 (04:18):
Okay, well, it looks like a if you looked at
a heart rate monitor. Yeah. You know, you had some
good heart rhythms here in the past. And then there
was some whatever tachycardia or whatever. And then back to normal.
You had a patch there. That was a tough time. Yeah.
That's why coming into compliance now is the best thing
for us to do.
S1 (04:35):
All right. Well as I said Kevin Cross is here.
He's a CPA. He has particular expertise and offers and
compromises and representing taxpayers before the IRS. He's here today
to be an encouragement to you, to provide some hope,
some practical help, but also to take your questions if
you're in that category. You have not filed in the past,
(04:55):
perhaps for many years, and you'd like to talk to
Kevin about your situation. Go ahead and call right now.
The lines are filling up, but we've got room for you.
800 525 7000. Again, that number 800 525 7000. This
is faith and finance. Live our goal each day to
help you be a wise and faithful steward of God's
(05:16):
money in every aspect of your lives as you live, give, owe,
and grow God's money. Well, one aspect of that is
honoring the Lord through our paying of taxes. We want
to help you do that today. We'll be right back.
Thanks for joining us today on Faith and Finance Live.
(05:36):
I'm Rob West with me today, my good friend Kevin Cross.
He's a CPA. He's got a firm here in the
state of Georgia. We know each other from many years
ago being in Fort Lauderdale together, doing ministry together and
doing some work together. But Kevin has a particular expertise
in not only helping believers be good stewards of what
(05:56):
God has entrusted to them, but also representing taxpayers before
the IRS. Today, we're tackling a topic that is more
common than you might think, and that is those who
have not filed their taxes perhaps in years, maybe many years,
getting them back in compliance. And as Kevin said before
the break, there is a path forward. There is hope. Kevin. Uh,
(06:17):
you know, what is the typical cause of this situation?
S2 (06:21):
Well, one year something bad happens. And, you know, we
can blame it on Covid. We can blame it on
a divorce. We can blame it on some type of sickness, uh,
a loss of a job, any type of financial reversal.
All of a sudden you don't get your taxes filed. Yeah.
Or you go to file your taxes and something happens.
You don't have the right form, it gets spit back,
and then all of a sudden you're in a tailspin
(06:43):
because you can't get that form. Another year has passed
and then you're thinking, I'm going to have the same
problem this year. I better resolve that. That prior year.
And now we're talking three, four, five years.
S1 (06:53):
Yeah, we know it happens a lot with folks that
are self-employed gig economy workers. If you're starting a small business,
you always need more money than you have because you're
trying to get it up and running. You don't send
in those quarterly payments. You know there's going to be
a big tax bill. You can't pay it. And then
that spirals as well.
S2 (07:10):
Yeah. Well, you know when you have a W2 usually
the taxes are taken out. You get a refund every year.
We hear that. Yeah. When you work for yourself gig
economy nothing's taken out. Plus you match your Social Security
and Medicare. Yeah. So all of a sudden you owe
another 7.5% on top of what you didn't put away.
So that's enough to put somebody over and go, oh,
(07:31):
I haven't filed. I don't I can't afford it. And
so therefore since I can't afford to pay the tax
I'm not going to file. That's common.
S1 (07:37):
Yeah. We're going to dive into these color questions here
in just a second. But what are the most common
approaches that you're able to work out? I know there's
a payment plan option. There's also something called an offer
and compromise. Talk about the typical path forward.
S2 (07:50):
Well, I wrote an article about 30 years. Nothing's changed. Really. Okay.
And there's five things you can do. An offer and compromise.
You can do an installment agreement. You can obviously do
a full pay. You can do a bankruptcy. Some taxes
are dischargeable in bankruptcy. And then there's one thing called
status 53, which means that the IRS cannot collect from you.
(08:11):
So you can wait out the statute, the collection statute
expiration date, which is ten years. So can you imagine
waiting that out? And then the taxes just drop off.
And there's some callers. We even got some today who
who are waiting and they don't know. It's like probably
within a year or two from the IRS not being
able to collect. You imagine our listeners knowing that and
(08:32):
the hope that we give them.
S1 (08:34):
Yeah. And in some cases we talked about just the
the obligation we have as Christ followers to honor our
debts and the things we commit to, as you said.
And some of these, they're complex. Number one. In many
cases they don't have the ability to pay. Number two,
they may have paid already more than the taxes owed.
It's just the penalties and interest drove it way.
S2 (08:53):
Up quite often because the IRS is the worst creditor
to ever have. Not only do they charge interest, but penalties,
so you could be charged up to 30% per year. Yeah,
with the aggregate of that. So that means if you
make minimum payments after three years, you could have full
paid it back. But that's all interest and penalties.
S1 (09:11):
Well you mentioned offer in compromise. Is that kind of
like a debt settlement that you'd have on a credit card?
S2 (09:17):
Explain that. That is so powerful, so popular. A lot
of people have taken advantage of it. A lot of
these firms say, hey, we can offer debt relief. Give
us ten grand, give us five grand, and they don't deliver.
You see, an offer and compromise is strategic. You have
to see if you qualify. And so before I would
take any offer and compromise, I would see if the
taxpayer would qualify. And that means offering more than a
(09:40):
dollar of their net worth, a dollar over their net worth.
And if they're older, it's easier. If they're younger, the
IRS can say no. That code section is 7122 if
you want to Google that. It gives the commissioner authority
to accept an offer. So they have full authority. So
it's not a guarantee. It's not a slam dunk. Yeah.
So you need somebody who's been down this road before,
(10:03):
who's not going to just take your money and say,
promise you the moon and the stars and then say, sorry.
The IRS denied it.
S1 (10:10):
And there's a lot of, uh, well, bad actors out
there in this space that prey on people in this position.
S2 (10:16):
So many. Yeah. I mean, I'm not even going to
mention names, but. But one got indicted 30 years ago,
got disbarred prior, and they asked me to be an
expert testimony against him. I was I didn't have to
do it because they made an arrangement on the courthouse steps. However,
there are many bad actors who will get your money
and then say, sorry, we couldn't do anything.
S1 (10:37):
Yeah. Be really careful on that last one I want
to tackle. And then we're going to get into these questions.
Installment loan. Is that available to everybody and how does
it typically work?
S2 (10:45):
A guaranteed installment agreement is available to every taxpayer, but
the amount is kind of. You can't make up, you know,
you can't say, hey, I'm going to give you five bucks.
It is a minimum amount. You have to be able
to divide how much you owe into 72 months, and
you have to be able to pay it off. And
so they have a little ratio that they use to
(11:06):
determine whether your installment is correct. Now you can have
a lower installment the first year and then bump it up.
The IRS would go for that. But an installment agreement,
you're still paying interest and penalties. So I don't like
installment agreements. You don't I don't I say, hey, look,
if you're going to pay 30%, ask somebody for a
loan for 10% and now full pay and pay that
(11:26):
person back.
S1 (11:27):
Yeah. Kevin, obviously a lot of people in this position
just want to put it out of their minds, ignore it,
hope it goes away, but they live with the weight
that they're going to come home one day, and there's
going to be an IRS agent on the front doorstep.
I mean, does that actually happen?
S2 (11:42):
That is the fear. It probably happened to clients that
I know of, maybe a half a dozen times in
almost 40 years of practice. However, almost every client has
the fear. Yeah. So is it. Is it real? I
have not seen it lately, but back in the day,
if it's egregious and there's fraud and there's evasion. But
(12:04):
people we talk to, they're not trying to evade the IRS.
They're not trying to evade taxes. They're trying to do
the right thing. They just don't know how.
S1 (12:11):
Yeah. Often, in many cases, I know, you see people actually,
in reality, owe a lot less than they think. Isn't
that true?
S2 (12:19):
That's beautiful. Because when people are listening to the radio
and this has happened for 30 years now, they would
call us and say, look, I want to get married
or the Holy Spirit is convicting me. I need to
come clean. And we find out all the information we get, uh,
transcripts from the IRS, and we go ahead and file and. Unbelievable. Lievable.
It makes you believe in God by just watching this unfold.
(12:42):
And they don't owe as much. Or some of them
get refunds. And the tears and the the praise to
God and the new spouses who come in and say, oh,
thank you so much. And they're thinking that guy or
that gal for getting their things in order. And it
was all God saying, hey, look, trust me, trust me
on this. Take this step of faith.
S1 (12:59):
Wow. Uh, we're going to hit this break. And then
I promise we're going to start getting to your phone
calls here. But that made me think of, you know,
last time you were here, we had the gentleman who
had been incarcerated. He got out. You helped him pro
bono to get back in compliance. And I remember the
day he called me to tell me about Brother Kevin
and what you had done for him, and he was
in tears. He said, Rob, I just paid my taxes
(13:22):
and he was so thankful. I really appreciate that. What
was that journey like?
S2 (13:26):
Oh my, that was so. And he was so scared. Yeah.
And you know, you can't convey, hey, I'm not scared
for you when you're fearful. You're like, look, nobody can
help me overcome that, but the truth and the truth
was he didn't know that much. And we filed. It
was beautiful and he could pay it off. It was
so nice.
S1 (13:43):
So good, so satisfying. Wow. Well, we're going to tackle
your questions today. We know each of you have a story.
You've got a situation you're wanting to know how do
you proceed from here. Kevin's ready to help you. We've
got three lines open. So if you've got a situation
Kevin Kross here today to talk with you about your
tax situation, especially if you've got some back taxes you
haven't filed in several years or perhaps just one year,
(14:06):
whatever it might be 800 525 7000. That's 800 525 7000.
We're going to begin to dive into those questions right
after this break. So call right now again 800 525 7000.
This is faith in finance live. We'll be right back.
S3 (14:32):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal, or other professional who understands your
specific situation.
S1 (14:55):
This is faith and finance. Live. I'm Rob West Kevin
Cross here today. We're talking about paying back taxes. You
know we only play that disclaimer when you're on. You
know that right? I'm just kidding. It happens every day. Hey, uh,
let's dive into your questions. You know, if you're out
there today and you're listening and you haven't filed your
taxes in years, here's what we want you to know.
There's hope and there's a path forward. And Kevin's here
(15:17):
to help you find that. Let's go to Grand Rapids. JW,
thanks for your patience. Go ahead.
S4 (15:23):
Yeah. Hi. I so I haven't filed my taxes and
I think about four years. I, uh, I started a
small a small tile business with just me and one
other person in Florida. And I did that for about
four years. The first year I did it, I had
no idea what I was doing with the paperwork and
(15:46):
any of that. And, uh, I went to file my
taxes online myself and with a tax expert over the phone,
and I put it all in and it wouldn't let me,
wouldn't let me go through. And, um, the lady said, oh,
we'll just we'll just restart it. And it deleted it all.
(16:07):
And I sat there for four days after work, you know,
for till 2 or 3 in the morning, putting it
in all, putting it all in, you know, receipt by receipt. Um,
and after that, I just, I just got overwhelmed and my,
my wife had a mental break. I had two, three children,
(16:30):
two with special needs. Um, and things just got overwhelming. And. Yeah,
you know, I just didn't know what to do, and I,
I met with a tax person there, and, um, I
gave him my first year's worth of stuff. But one
of my children, I don't have their Social Security card
(16:52):
because they never sent it to us. And with the
amount of work, with the amount of hours that I
had to put into work just to just to get by,
I couldn't find the time to go get the Social
Security number. And it was during Covid. They wanted me
to mail my ID and and I wasn't comfortable with it.
(17:12):
And and then it just snowballed and I got overwhelmed
and didn't know didn't know what to do. And I
just didn't didn't file. I no longer have the business.
I moved to Michigan with my, uh, my wife and kids,
and we moved to be closer to her parents, and
we all go to church together. And, you know, they
(17:33):
help out with the kids here and there. But I
was just I was thinking about it literally right before
the the show came on. I thought to myself, I
really need to get this done. And, you know, it's
a total God thing that the show came on. And
this is what the this is what you're talking about. So.
S1 (17:53):
Wow. Yeah. Incredible. DJ thanks for sharing your story. That's
not easy. Kevin your thoughts?
S2 (17:58):
Yeah. DJ thank you. Uh, well, what you've been through, um,
I automatically thought about the taxpayer advocate's office. They love
to advocate for taxpayers who've had issues and calamities like
you have had, and somehow, systemically, the IRS has failed them. Obviously,
(18:19):
you have a kiddo. You couldn't get the Social Security number.
So therefore that was the end of the road for them,
unless you brought it in and you didn't have the
the bandwidth to do that. That's not fair. That's not
the way it's designed. So the Taxpayer Advocate Service, I
want you to Google this taxpayer advocate service IRS. And
then there's a local office wherever you're living and and
(18:43):
call them and say, hey, look, I heard about you.
I heard you advocate for the taxpayers and it's free
of charge. And if that doesn't work, I want you
to call me because it's sad to hear how the
IRS has failed you.
S1 (18:58):
Mhm. Yeah. Um, he doesn't have the business any longer. Um,
how long ago was this, I mean, which have you
not filed since or is there just 1 or 2
years of a gap.
S4 (19:10):
No I haven't it's, uh, it's four years and then
I four years or three years of the business. And
then just this past year, this past year, I really,
you know, the business. I closed the business and moved
to Michigan. Um, still doing the same stuff, but I
don't have a company anymore.
S1 (19:30):
Yeah, but you haven't filed since that point, correct?
S4 (19:33):
No. Yeah. It's been four years since then. Okay.
S1 (19:36):
Okay.
S2 (19:37):
Well, I would definitely say let's file the last year,
but they probably withheld a refund or maybe said that
you owed for 20, 20 or 20. You know, around
that time when you in that whole Covid time. Um,
and if you did come up with that Social Security number,
they should reduce the amount that you owe. So if
there's a past due liability that can be lowered by
(20:00):
having the taxpayer advocate kind of step in, um, you know,
kind of fight for you.
S1 (20:05):
Yeah. DJ do you have the ability to either start
on an installment plan or, or pay in full at
this point or. I realize you've got a lot on
your plate and you probably don't have a lot of surplus.
S4 (20:17):
No, no. I mean, I've been living paycheck to paycheck
since we moved here, so.
S2 (20:23):
Well, DJ, you might be a good candidate for an
offer and compromise. Or I mentioned a status 53. If
we can't afford to pay our taxes, the statute of
limitations continues to run. But you don't have to make payments.
And so you probably are a very good candidate that
you don't even have to file an offer and compromise.
So these are things to definitely look into with someone
(20:46):
in your area. Yeah. You know, there's a lot of
wonderful people. Whatever church you go to, there should be
somebody like like Rob and I who might be able
to kind of help walk you along.
S1 (20:58):
Yeah. And if you don't find any, some someone, uh,
Kevin will be happy to jump into that situation and
help you navigate from here. Let's do this TJ. Hold
the line. Our team's going to get your information. Reach
out to the Taxpayer Advocate office. If that doesn't materialize
um you know Kevin can certainly come alongside you and
see if he can be of assistance. Listen, don't lose hope.
(21:19):
We're going to get you back in compliance, hopefully starting
with last year and then, um, you know, pray that, uh,
the Lord will continue to provide in a way that
would allow you to stay on track from this point forward.
And then the question is, you know, how do we
take care of those that gap, uh, in the middle
and as, as Kevin said, there are options. And depending
(21:40):
on your situation, you may end up owing less than
you think, especially if an offer in compromise can be negotiated. DJ,
thanks for your call today. Ken. Rachel. Richard, coming your
way after the break. We'll be right back.
S5 (22:00):
So what do you do if you haven't filed taxes
in years?
S1 (22:03):
Well, that's the focus of our conversation today. This is
Faith and finance live here on Moody Radio. I'm Rob
West with me, my friend Kevin Cross, CPA, uh, tax advocate.
He's represented hundreds of folks before the IRS and, uh,
loves God's people and loves helping them be wise stewards.
Today We're talking about that specific situation and we'd love
(22:25):
to hear from you. Let's head right back to the phones. Bartlett, Illinois. Hi, Ken.
Go ahead sir.
S6 (22:30):
Hi. Um, in 1999, I did not file taxes. Um,
I actually was due a refund on federal tax, but
I owed, uh, about $350 on state tax and had
no money to pay, so I did not file. Um,
(22:52):
would the statute of limitations have expired on that since
it was 1999?
S2 (22:58):
Well, funny you should ask. If you file, the statute
of limitations starts to run. Now, if you don't file technically,
the state and the IRS can go back kind of
indefinitely if they think there's some type of chicanery at
300 something dollars, I don't think that they're going to
(23:20):
be coming after you, especially since it was 1999. You
would have gotten a letter already. And what happens is
they might go ahead and assess, and then the statute
of limitations does start to run. So that would be
something to be interesting to find out. Contacting the state.
It's very benign to do that. By the way contacting
(23:42):
the IRS and the state doesn't kind of, you know,
put them, you know, on the radar. You can just
contact them and say, hey, look, do I have any
outstanding liabilities? And it'd be interesting to find out because
I and that's one of the first steps everyone who's
listening can do go online, create an account with the IRS,
and you can see what transcripts, see what the IRS
(24:04):
is doing on your, um, record of account now.
S1 (24:07):
So when you log in at Irs.gov, you create the account, um,
you they will actually have on your transcript any amounts
owed for prior years, correct?
S2 (24:17):
Correct. And obviously you can hit pay here because that's
what they want. They want everything automated. They don't want
a human intervention. They don't want they don't want action
like that. They want you to be able to do
everything online. Less people power. Yeah. So it's a great system.
So just because you register for that doesn't mean they're
going to be knocking at your door.
S1 (24:36):
Yeah. So that would be Ken's next step in your
mind is to go see what the transcript shows for 99.
S2 (24:42):
Correct. And that would be state. Now there may not
be an online account for that state. You might have
to call them and say, hey, I want to make
sure I'm in compliance. Do I owe anything? And whoever
answers the phone will say, what's your Social Security number? Okay.
You identify yourself, okay, we're going to look back. Nope.
You're good. Yeah. Interesting. And then you can ask for
a transcript. Almost like proof. Yeah. Can you send me
(25:03):
a my yearly transcript showing that I don't know anything?
They'll say sure.
S1 (25:08):
Yeah. Interesting. Ken, is that helpful?
S6 (25:10):
It is. Um, it would I if they decided I
did owe that money. Would I owe interest on that.
S2 (25:18):
Interest and penalties? Probably, but there would be a statute
of limitations on that since 1999. That's going to it
might have tripled, but I don't see that. I, I
tell you, maybe if it was 2019, but 1999 sounds
like that has been already archived by that state.
S1 (25:36):
Interesting. Well, get that information, Ken. If we can help further,
give us a call back. Thanks for your call today
to Texas. Hi, Rachel. Go ahead.
S7 (25:43):
Yeah. Thank you for taking my call.
S1 (25:45):
Sure.
S7 (25:46):
Um, I stopped paying. I start feeling the income taxes
return in 19. I mean, 2019, uh, before that, I
never did have to pay anything. They never got anything.
I never had anything to declare. So I stopped filing
income tax. And now I'm kind of thinking, well, did
(26:09):
I do right or wrong?
S2 (26:12):
Now, you know, technically you don't have to file a
tax return if there's no tax due, if your income
doesn't exceed the standard deduction or or generate any type
of tax. However, I always tell people go and file
that zero return or that return that shows that you
made lower than the standard deduction shows that you owe
zero tax that way it kind of closes the account.
(26:35):
But no, you did not do anything wrong. A lot,
a lot, a lot of of retired people who don't
have a tax liability don't have to file. And it
would be a burden on the retirees to do that.
So the IRS will not require you to file a
tax return.
S1 (26:53):
Yeah. And here in my notes she's a widow. She's
lived off Social Security and has never worked.
S2 (26:57):
Now you're you now have the file. Don't worry about it.
S1 (27:00):
Very good. Rachel, thanks for your call today. Uh, Palm Beach,
Florida is where Richard's located. Go ahead. Sir.
S8 (27:06):
Yeah, I want to thank you for your, uh, input
in the past. Now, I'm in the process. In 2021,
me and my ex, uh, father, our taxes jointly. Are
you there, Howard?
S1 (27:24):
Uh, yeah. Rob and Kevin here with you today? Go ahead. Sir.
S8 (27:28):
Yeah, we filed our taxes in 2021. We were going
through a divorce. She had done a money market health
insurance deal with our health insurance, and we were not
eligible for it. We got penalized for it. And the
IRS came after me, even though I didn't apply for
(27:48):
that money market account. She did all the applying for
health insurance. And in our divorce they really never said
where we were. And I haven't heard anything from the
IRS since our divorce. And this year I got a
1099 from my previous Employer that I had aged out
(28:13):
of my, uh. My, uh, my stock program that I
had my stocks invested in and put it in another
stock retirement program that made myself $40,000 taxable, which the
(28:34):
tax lady did. My taxes this year said that if
I hadn't had that transfer, that my taxes would have
been $307. But now it's over $7,000. But I have
not received anything from the IRS ever since 2021, when
I started my divorce.
S1 (28:55):
All right. Uh, we're having a little trouble hearing you, Richard.
Were you able to piece that together?
S2 (28:58):
I think so now, Richard, one of the issues was
this health care marketplace. Um, evidently your spouse, your former
spouse had some type of, uh, with the government health care,
and they gave her, um, a lower premium. So when
you filed a joint return, your total income was higher
(29:20):
than what she reported, which meant that you had to
pay that money back, which increased your total overall tax liability.
And so that affected you because you got married. So
there's nothing you can do about that. Everybody who's getting
married last year, this year and their spouse was on
government health care, and they put that they were only
going to make X amount of dollars, and now you
(29:40):
made double or triple that. And it looks like you
you have to pay a lot in. It's true. And
so that's one thing that you're going to have to
say uncle to Richard. And the second you made some
money on on your investments from the pension and adding
that to your, your, uh, your taxable income is going
to increase your tax. So unfortunately, I tell you, that's
(30:02):
something we probably can't fight. Um, but hopefully this year
you don't have that event, you don't have that tax liability.
S1 (30:08):
And then for 2021, how should he handle that. We've
got just about 20s.
S2 (30:12):
That's what the health care marketplace you're probably going to
have to say uncle and say, hey, let me get
on an installment agreement with you or full pay it.
Find out how much it is. Ask them maybe to
abate the penalties that you have. Very good. You could
do a first time penalty abatement. Say those words to them.
I want a first time penalty abatement if that works.
S1 (30:30):
And then he can get back in compliance. Yes. Excellent. Richard,
thanks for your call today. We'll take a quick break.
When we come back in our final segment, Kevin will
be here to tackle a few more questions. Then Jerry
Boyer will be with us for the last few moments
of the program to weigh in on the economy here
on a Friday. At the end of the week, we'll
be right back. Stay with us. Thanks for joining us
(30:55):
today on Faith and Finance Live. I'm Rob West with
me today, my friend Kevin Cross, CPA and tax advocate.
He's been representing folks before the IRS for a long time.
He loves helping God's people, and we've been talking about
the path forward. If you find yourself in a position
where you haven't filed in years for whatever reason, and
we know there's all kinds of scenarios that can lead
(31:16):
to that. But as Kevin said, there's hope and there
are options. And we've been discussing those today. Let's head
back to the phones. Cleveland, Ohio. David, how can we
help you?
S9 (31:26):
Yes, sir. My situation is I filed my taxes late
and IRS refused to pay my refund, stating that I
was late on filing my taxes and the time lapsed.
What's my options? How late? Appeal. I three years I
tried to appeal. I get the same answer.
S1 (31:49):
Yeah. I'm seeing in my notes here. It was the
2013 taxes that you filed in 2016 and that. And
they said because he was three years late, he couldn't
get his refund.
S2 (31:58):
Yeah.
S9 (31:59):
Yeah. You had three years limit.
S2 (32:01):
Yes there is. And you filed it right after the
three year limit.
S9 (32:06):
Yeah, just around the three year limit.
S2 (32:08):
Just so painful. You know, they can collect from you
for ten years, but we have to get a return
to them within three years.
S1 (32:18):
In order to get the.
S2 (32:18):
Refund. Yes. Or forever barred. That's the language in the statute.
S1 (32:22):
For that year or for every year moving forward.
S2 (32:25):
That year and the past years. So unfortunately, you're not
going to get that refund. It doesn't matter how what
you do. There was a case where somebody was financially, um,
disabled and the statute stopped, but it was they were incarcerated,
(32:46):
they were in a home, um, and they were unable
to file. And so there are some cases, but for
the most part, for the rest of us, if we
file after three years, um, you can't get that refund.
S1 (33:01):
David, I wish we had better news, but unfortunately that
that was accurate. What they were telling you. And so
that refund is lost. Uh, thank you for calling my friend.
We appreciate you being on the program. Uh, well, we'll
have time for one more caller here, Kevin. And this
is a treat, because you remember I mentioned a moment ago,
one of my favorite stories was somebody that called in
(33:21):
while you were on in the past related to this
issue of not filing taxes. I'll let him tell his story.
Charles from Georgia. Go right ahead, sir. Thanks for calling.
S10 (33:34):
Hey, Rob. How are you doing?
S1 (33:36):
I'm doing great, sir. It's good to hear your voice.
S10 (33:39):
Good to hear. Uh, listen to the show all the time. Bob,
you are sitting with the man. Kevin. That is the man,
bless God.
S1 (33:51):
Tell the listeners what happened in your life.
S10 (33:55):
Yeah, they told me to be concise, so I went
30 filing. I called you, I was going to do
one of those tax things, and you said no, and
you hooked me up with Kevin Cross. And I actually
ended up paying taxes for the first time year before last. Wow.
(34:15):
And it was the best money I've ever spent. I have,
I've been praying about it, wanting to get right with Caesar. Um, I'm.
I'm a Tyler. Uh, but I did have that second
part taken care of. Wow. Listen, last year, I got
a tax return. Would you believe that?
S1 (34:37):
You got a refund?
S10 (34:39):
I got a refund first. Refund.
S1 (34:42):
And for.
S2 (34:45):
How many years?
S10 (34:48):
Now I got a refund from the federal and the state.
And listen, here's the good part. Because I learned a
guy in obedience with what Jesus said about this season,
this season. I've got more money in the bank right
now than I've ever had in my entire life. Wow.
I mean, it is. It is. God has just blessed
(35:12):
me financially because I wanted to be in obedience with
His Word when it comes to that. Yes. Um, and,
and and I owe all all of it to Kevin Cross.
He is the man.
S1 (35:27):
Wow. Uh, well, I'll tell you.
S10 (35:28):
Kevin, thank you enough for putting me with him. And, uh,
my my life is great now.
S1 (35:37):
Uh, well, Charles, I'm so thankful for your testimony. I'm
thankful for the joy in your voice. I'm not sure
I've ever heard more joy in the voice of somebody
about paying their taxes, but it's the heart behind it.
You want to be, uh. You want to honor the Lord,
and you want to be in in compliance. You want
to be right before the government. And you were able
to do that. Charles, I think I heard this right,
(35:58):
but but clarify for me. How many years had it
been that you hadn't filed your taxes before you met Kevin?
S10 (36:05):
Over 30.
S1 (36:06):
30 years. Kevin. How does that happen? I mean, how
do you proceed? What happened in his situation? What did
you do?
S2 (36:14):
Well, that was Charles was, like, willing to do whatever
it took. Yeah. He said, look, whatever the Lord wants
me to do, I'm going to do. And he walked.
He took a step out of the boat, and he
walked on water. We contacted the IRS, had a conference
with them, ordered all the transcripts, all the wage and income.
Figured out what we need to file, and we just.
(36:34):
And he kind of just threw himself on the mercy
of the court, so to speak. We filed everything and.
Oh my goodness. And a lot of things the IRS
didn't didn't want to go back any further. Obviously, we
didn't go back 30 years. And it was so beautiful.
It was God in God's intervention. Yes. And it really
wasn't me. Charles, thank you for giving me that that credit.
(36:54):
But I tell you, uh, you and God, I tell
you amazing story. Yes, it sure is.
S1 (37:00):
Well, Charles, we're so thankful for you. And I'm so
thrilled to hear what God's doing in your life. And
thank you for your willingness to be found faithful. And
I know that what you're sharing here today is an
encouragement to thousands, if not tens of thousands, who are
listening right now, who are in the position you were
in and are now hearing what God has done to
get you on the other side. God bless you, my friend.
S10 (37:23):
He's faithful. Thank you so much, Rob.
S1 (37:25):
Yes he.
S10 (37:25):
Is.
S2 (37:26):
Oh. Thank you. You're the best.
S1 (37:28):
What a way to end our time together. Kevin, what
does that. How does that make you feel? Just as
you hear that.
S2 (37:33):
Oh, my. I tell you, it's. It's so surreal. It's
life changing.
S1 (37:39):
Yeah, it.
S2 (37:40):
Really.
S1 (37:40):
Is. Hey, my friend, thanks for your time today. We're
going to have you back real soon, but really appreciate
your ministry.
S2 (37:46):
Thank you. Appreciate yours.
S1 (37:47):
That's Kevin cross. You want to learn more about what
he does go to Kevin Cross, CPA. That's Kevin Cross, CPR.
All right. We're going to finish here today with another
one of my favorites. It's Jerry Boyer. Jerry's our resident economist.
And we're going to round out the broadcast this week
with an update on the markets and the economy. Jerry,
did you get to hear, uh, Charles just now?
S11 (38:09):
No, I didn't I did this morning, but not just now.
S1 (38:12):
Okay. Yeah, Charles just called, and, uh, he had not
paid his taxes for 30 years, and we were able
to connect him with a godly CPA who got him
in compliance. And the joy in his voice to say, Rob,
I paid my taxes, and he was so thrilled. Uh,
I don't get that call very often, Jerry, but, uh,
we we heard it today, and it was a joy. Uh, listen,
(38:34):
my friend, what do you have for us today? What?
As we round out the week. Boy, there's so much
going on. And, boy, we need to pray for our
leaders because there is just a lot of weighty things
that are being talked about and discerned over. Um, but
how does that relate to the economy and where we
find ourselves?
S11 (38:50):
Well, the economy has been largely I mean, there's usually
1 or 2 major stories that are driving things, and
for a long time that's been what's the fed going
to do? The fed is not in charge right now. Right.
And then it's who's going to be the president. Then
we've got the answer to that. And that was generally
seen as good by markets. And then it's will the
president wage a trade war, or will the president not
(39:12):
wage a trade war against the world. And then we
sort of resolve that, which is he's not waging a
trade war against the world. Maybe against China. And it's
not going to be a full out war. We're trying
to open up Chinese markets. So we've had all these
things we've gone over. And right now, of course it is.
Are we going to have a major war in the
Middle East that's going to spill over in ways that
are unpredictable? Um, and so we've seen that driving gold prices.
(39:34):
We've seen that driving oil prices to some degree. There's
a risk premium in oil prices. Now generally markets have
been you know liking. Markets have not, in my opinion
reacted super strongly to this war. And I think it's
because they do not think there's going to be broad
American involvement. Probably we're talking about at most we lend
(39:56):
a bomber and a very powerful bomb, a bunker buster
mop to Israel, which is far from, say, the, um, um,
you know, occupation of Iraq or the occupation of Afghanistan. Uh,
so if that happens, if the president says, look, we're
going to participate kind of indirectly, uh, by letting by
(40:16):
by lending or leasing this weapon to Israel, markets will
probably respond to that somewhat negatively. But if it doesn't spread,
then it's not going to go all out. Um, as
of now, markets are not expecting to be bailed out
by the fed. And I don't think they're going to be, um,
and we're kind of past the trade war thing. So
now this is the next threat. But let's say that
(40:38):
we resolve this threat. Let's say that Israel finds out,
you know, a way to end nuclear, the nuclear ambition
of Iraq, either with our help with a bunker buster
or not. Um, then that could be a really good
thing for markets trade war behind us. Big beautiful bill
with overspending but also some pro-growth tax cuts. And we
could be in a position with a glide path. So
(40:58):
why why were markets down at all in response to
the the war with Israel against Iran? Because wars can
have unexpected outcomes, you just don't know how they're going
to spread. And so reports that maybe Turkey is going
to get involved and Turkey is a U.S. ally, sort of. Um,
at least they were during the Cold War. They've been
a little slicker since then. The sick man of Europe
(41:20):
is what I call them. Um, so what if they
got involved and then, you know, that could be a
little bit destabilizing. You know, there was always a fear
that Russia would get involved because they're an ally of Iran.
But Russia is kind of busy. Um, you know, having
trouble defeating a country, that's what, a 10th of their size. Uh,
China has not come to the rescue of Iran. But
(41:40):
if they do, that could be destabilizing. So, look, we're
in a situation of high risk. High reward. And I
think last week. What? You know what I said to you?
I'm going to run this analogy again. Um, so we have, uh,
you know, Israel, uh, tries to end the nuclear program
in Iran. Markets go down about 800 points. What if
(42:01):
instead the headline had been Iran tests a nuclear weapon?
Markets would be down thousands of points. I think the
end of this will be to reduce risk, not add it.
At least that's my hope and my prayer.
S1 (42:12):
Yeah. Well, that's very well said, Jerry. Very helpful, and
gives us a few things to pray about as well.
Hey my friend, thanks for your time as always.
S11 (42:20):
Thank you. God bless.
S1 (42:21):
All right, that's Jerry Boyer. He's our resident economist. Wow.
Full program today. A lot of incredible wisdom shared by
our good friend Kevin Cross and Jerry Boyer. Uh, thank
you for inviting us into your stories as well. Faith
and finance lives a partnership between Moody Radio and Faith fi.
Thanks to my team today, that's Lisa, Amy, Sarah, Jim
and Rihanna and everybody here at Faith. Fi. We'll see
(42:43):
you next time. Bye bye.
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