Tax Resolution Talk Podcast

Episode 30: What to Know About IRS‘ Private Collection Agencies

Thu, 23 Sep 2021 09:26:09 -0500

In this episode, I discuss the IRS' use of private collection agencies or PCAs. With the widespread use of phone calls and emails from scam artists pretending to be the IRS you are right to be skeptical. However, the IRS has indeed farmed out collections of certain tax debts to private companies. Do you know how to identify fact from fraud?

I will go over the IRS' process of assigning a case to a PCA and what information to look for to verify that a collection call is related to a real IRS private collection agency and not a scam artist.

Listed below is a link to IRS resources you can use to get more detail on the IRS' use of PCAs.

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Here is a copy of the IRS notice assigning your case to a PCA:

CP40 - "We assigned your overdue tax account to a private collection agency"

IRS Webpage Discussing PCAs

IRS FAQs on PCAs

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If you or someone you know has a tax problem and needs help now, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

Episode 29: The IRS is Back in Business - Beware of Levy Notices

Thu, 01 Jul 2021 09:20:55 -0500

In this episode, I discuss what you should do if you receive a notice of intent to levy. Mid-June the IRS issued a slew of notices to delinquent taxpayers after pausing collections for COVID. I explain what you need to know about these notices to avoid your wages being garnished or your bank funds seized.

Like a rattlesnake, a levy notice is a warning. Fail to act and the IRS will strike. You face wage garnishment or a bank levy, meaning you may no longer have access to funds needed for life's necessities like food, gas or rent. Act now to avoid the danger and protect your assets.

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Here are copies of the notices mentioned in the podcast, as well as the heading you will see in the letter:

LT11 "Notice of Intent to Levy and Notice of Your Right to a Hearing. Intent to seize your property or rights to property. Amount due immediately: $X,XXX.XX"

CP90 "Intent to seize your assets and notice of your right to a hearing.
Amount due immediately: $X,XXX.XX"

CP91 "Intent to seize up to 15 % of your Social Security benefits
Amount due immediately: $X,XXX.XX"

CP504 "Notice of intent to seize (levy) your property or rights to property
Amount due immediately: $X,XXX.XX"

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Episode 28: My Ex Spouse Claimed My Child, Now What?!

Tue, 29 Jun 2021 09:13:21 -0500

In this episode, I discuss what to do if your ex-spouse or ex-partner claims your child when he or she should not have.

I get this question all the time and it is so painful to the people affected. Often the person who is supposed to claim the child is denied important deductions and credits, which increases their taxes and reduces potential refunds. Refunds which are often used for necessary expenses to care for the child, such as food, clothing and shelter.

Here are the steps you need to take:

1. file a paper tax return

2. gather all documentation you have and put it together in a nice package to provide to the IRS (I suggest doing that as soon as you can as it may be too late to get vital documents later when the IRS does contact you).

3. provide the IRS the requested documents and await the results (make sure to file everything in advance of any deadlines).

4. if the IRS disagrees with you, you will get the right to file an appeal

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Here are copies of the information mentioned in the podcast:

IRS Form 886-H IRS Supporting Documents for Dependents

IRS Notice CP75A "We’re auditing your 20XX Form 1040. You need to send us supporting documentation"

IRS Notice CP87A "Information about your 20XX federal income tax return. You need to make sure someone is your dependent"

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Episode 27: Don't Lose Your Golden Ticket to US Tax Court

Mon, 17 May 2021 09:41:37 -0500

In this episode, I discuss why you don't want to lose your "golden ticket" to U.S. Tax Court.

The IRS sends out a notice to taxpayers when it proposes an additional assessment. This notice is called a statutory notice of deficiency or SNOD. Along with this notice, you receive your right to challenge the IRS assessment in U.S. Tax Court. The catch is that you must file your challenge (called a petition) within 90 days of the date on the notice. Fail to do so results in a great many problems.

In this episode, I explain what the golden ticket is and why you should take great pains to not lose your right to petition the U.S. Tax Court.

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Episode 26: Haven't Filed Your Taxes? Beware. The IRS Can File One For You.

Wed, 05 May 2021 10:18:25 -0500

In this episode, I discuss what the IRS can do if you fail to file your tax return. Believe it or not, the IRS can "file" a return on your behalf and pursue collection of any taxes assessed.

Here's what happens. The IRS receives a great deal of information from third-parties, such as your employer (Form w-2) or from your investment company (Form 1099-DIV or 1099-B). Every year, the IRS will compare the information on file from these third-parties to any filed returns (or lack thereof). If the IRS detects that a return has not been filed and it appears from its information that a return should have been filed then it will contact the taxpayer to secure a return.

If the taxpayer fails to file a return after demand then the IRS may prepare one based on the income information it has on hand. Don't expect the IRS to be looking out for your best interest. Instead, you will be treated as filing single or married filing separate (depending on your marital status). You will get only the standard deduction and that's it. As you can imagine, this results in a much larger balance due than if you filed a return. So what can you do?

Listen to find out.

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Episode 25 - Some Dirty Secrets About Filing a Joint Tax Return

Tue, 16 Mar 2021 10:00:00 -0500

In this episode, I discuss some of the dirty secrets around filing a joint return. I will be answering such questions as:

Am I required to file a joint return?
Can't I just get a divorce to split our joint tax debt?
I didn't sign the return, so I can't be held liable can I?
I can just file a joint return now and if things don't go right, we can just file amended returns to file separately.

My goal is to help taxpayers understand that filing a joint tax return has its advantages. You just need to know that your choice should not be a blind default but a thoughtful choice. I hope I hit the mark.

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Episode 24 Home is Where the Heart is and Maybe Even Some Taxes

Wed, 10 Mar 2021 10:00:00 -0500

You know the old saying that home is where the heart is. The idea is that home is where your social life is centered around, often where your family resides. It is also the place that fixes your location for state income tax purposes. In this episode, I discuss the concept of domicile and how it impacts your overall tax bill. I will also talk about statutory residency, where you could be taxed as a resident even if you consider somewhere else home.

If you are interested, you can follow this link to read Maine's guide on state residency for tax purposes. Each state is different but I find Maine to follow the general trend in this area of tax law. https://www.maine.gov/revenue/sites/maine.gov.revenue/files/inline-files/residency_guidance_2019.pdf

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Episode 23: IRA Tax Traps

Thu, 14 Jan 2021 20:29:42 -0500

I have discussed income tax problems and payroll tax problems but in this episode I will be discussing potential tax time bombs hidden in your retirement plan. In this episode, we will discuss Individual Retirement Accounts or IRAs.

IRAs are easy to set up, easy to manage and unfortunately easy to get in trouble with Uncle Sam if you do the wrong thing. Learn the big no-no's of handling an IRA:

Learn the prohibited investments that can cause an early taxable distribution;
Discover which transactions can cause your IRA to be terminated, leaving you with a potentially huge tax debt; and
Watch out for excess contributions that can result in large penalties that will eat up any potential income earned.

I hope you enjoyed this episode and in the next episode I will be discussing employer sponsored plans such as 401ks and 403bs.

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If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

Episode 22: Payroll Tax Problems

Sun, 13 Dec 2020 20:45:20 -0500

Payroll taxes are the worst kind of tax problems to have with the IRS. Most business debts end with the failure of a business but trust fund taxes (the employees' payroll tax withholdings for income taxes, FICA and medicare taxes) can haunt a business owner long after the business is gone.

In this episode, I discuss the perils of not properly handling payroll taxes in your business. Employees' tax withholdings are called trust fund taxes because the funds are held "in trust" by the employer to pay to the IRS (or state for that matter) when due. When you pay your employees but no the IRS you are essentially "stealing" the employees' money that should be properly paid over to the IRS.

Learn the basics of your personal liability for unpaid payroll taxes. What are the things the IRS looks at when determining who is responsible personally for those unpaid trust fund taxes. Learn what things you should consider if you are thinking of starting your own business and will have employees.

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Episode 21: IRS Announces New Taxpayer Friendly Initiatives

Tue, 17 Nov 2020 15:34:34 -0500

The IRS has rolled out some new initiatives to help taxpayers in trouble. Details are forthcoming but here is what we know right now.

The IRS is offering the following options, in addition to the regular tools, to provide relief during the pandemic:

Short-term extensions of time to pay the tax balance in full have been extended to 180 days (six months). Prior to this change, taxpayers had only 120 days on a short-term extension.
To avoid taxpayer default on existing installment agreement, the IRS will automatically add certain new tax balances to the agreement.
Individuals who owe less than $250,000 can set up an installment agreement without having to provide financial statements and substantiation of expenses. For this to apply, the liability must be paid in full within the statute of limitations on collection.
Individual taxpayers who owe only for 2019 and who owe less than $250,000 may qualify for an installment agreement without the IRS filing a notice of federal tax lien.
Taxpayers with existing direct debit installment agreements who owe less than $50,000 can propose a lower monthly amount and change their payment due date online.
If the IRS has identified your return for an audit or examination
If the IRS intends to take collection action against you, such as by filing a lien or levy
How the IRS applied any tax payments to your account

Talk with a tax professional if you or someone you know has a tax problem. One of these initiatives or one of the IRS regular resolution options can help you permanently resolve your IRS problems. Act now to get help. Doing nothing only makes the problem worse.

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You can go to https://www.irs.gov/newsroom/irs-makes-it-easier-to-set-up-payment-agreements-offers-other-relief-to-taxpayers-struggling-with-tax-debts if you want more details on each type of transcript.

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How to obtain your IRS transcripts:

Online at: https://www.irs.gov/individuals/get-transcript

Phone at: 1-800-829-1040

If you want to check your IRS balance due: https://www.irs.gov/payments/view-your-tax-account

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Episode 20: IRS Transcripts and How They Can Help Your Case

Wed, 28 Oct 2020 16:29:14 -0500

Do you know what the IRS says about you? In every case, I obtain transcripts or reports produced by the IRS. I want to know what my client owes and if there is anything else out there that may help my client. Here are just some of the things you will learn:

What your current balance is
If you have any unfiled tax returns
If certain taxes may be written off soon or may qualify for discharge in bankruptcy
If the IRS has identified your return for an audit or examination
If the IRS intends to take collection action against you, such as by filing a lien or levy
How the IRS applied any tax payments to your account

If you have a tax problem then it will behoove you to get this information and see if there are any potential problems out there that might make resolving your IRS matter more problematic.

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The IRS has four different types of transcripts: account transcripts, tax return transcripts, record of account and wage & income transcripts. Here is a brief description of each:

account transcripts - summary of all transactions on your account, such as filing your return, making payments and any collection actions.
tax return transcripts - line by line detail of a filed tax return.
record of account transcripts - combination report which contains information found on an account transcript and tax return transcript.
wage & income transcript - provides detail of each information reporting return filed under your social security number, such as W-2s and 1099s.

You can go to https://www.irs.gov/individuals/transcript-types-and-ways-to-order-them if you want more details on each type of transcript.

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How to obtain your IRS transcripts:

Online at: https://www.irs.gov/individuals/get-transcript

Phone at: 1-800-829-1040

If you want to check your IRS balance due: https://www.irs.gov/payments/view-your-tax-account

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Episode 19: The Roadmap to Resolution

Tue, 20 Oct 2020 11:34:27 -0500

Recently, a fellow attorney asked me to help his client with a tax problem. He asked me to give a call to the IRS and just tell them the client can settle for $10,000. Sadly, nothing is quite that easy when dealing with the IRS.

This podcast is my attempt to lay out how I handle 95% of my client's tax problems. I call it my roadmap to resolution or the 5 steps to resolving your IRS problem once and for all.

Investigate the client's IRS file
Financial investigation of the client's assets, income and expenses; discussion with client on best options for resolution
Preparation and submission of IRS paperwork
Negotiation of a resolution with the IRS
Appeal of any disagreements with the IRS to IRS Appeals or to US Federal Courts

Some cases require more or less work but this is the general workflow for my case load. As you can see, it is a lot more than just calling the IRS. Hope you find this information enlightening and I always welcome questions about what I've discussed.

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Episode 18: How to Avoid Bad Apple Tax Preparers

Thu, 15 Oct 2020 10:39:50 -0500

In honor of October 15th, the final day to file tax returns on extension, I am presenting an episode on how to avoid unscrupulous tax preparers. As the saying goes, if it sounds too good to be true, it probably is!

In fact, unscrupulous tax preparers are one of the top 12 tax schemes identified by the IRS (called the dirty dozen). So if you want to avoid being taken advantage of you should listen in.

I discuss the four main areas to watch out for:

Inflated or fictitious itemized deduction
False credits, such as child tax credit or earned income tax credit
Fictitious business losses or false business income (to qualify for the earned income tax credit)
Other schenanigans, such as false or ineligible dependents

Ultimately, it is your responsibility to prepare an accurate return and if you get your taxes prepared by a bad apple preparer you may be facing significant taxes, interest and penalties! Don't let that happen to you.

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Episode 17: Death and Taxes, What Happens to Your Tax Debts When You Die

Tue, 08 Sep 2020 14:32:03 -0500

Benjamin Franklin has been quoted as saying that nothing in life is permanent except death and taxes. Well what happens when you die owing back taxes?

In this episode, I discuss some of the issues that crop up if you die and owe the IRS or state tax authorities. I will be talking about: tax claims in probate, joint tax liability, unfiled taxes, and non-probate assets.

Just a note, the issue of tax debts and probate is complicated. You should really contact a tax professional, specifically a tax attorney who deals often with handling back tax problems, if you have concerns. Tax problems in an estate are often tricky to deal with and expensive to handle if not handled properly.

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Episode 16: Employers. Watch Out, if You Outsource Payroll!

Thu, 20 Aug 2020 12:31:13 -0500

Do you outsource payroll? If you do then you need to watch out! Unscrupulous or desperate payroll service companies can steal your tax deposits, leaving you high and dry.

Uncle Sam doesn't care that you didn't make payroll. Your company (and maybe even you, if you are an owner or officer) are on the hook. You can outsource payroll but you can't delegate the responsibility to pay your required taxes.

In this episode, I discuss the problem for employers who outsource payroll and some tips on how to avoid being burned. As I state in the podcast, your company is responsible for any taxes due and that means you are also responsible for any penalties and interest on any missed payments. Ouch.

I hope you enjoyed this episode. I am always looking for new topics to discuss so feel free to let me know if you want to hear something. My contact information is listed below.

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IRS Resources

IRS Business Phone Number 800-829-4933

Form 14157 Return Preparer Complaint (link here: https://www.irs.gov/pub/irs-pdf/f14157.pdf)

EFTPS sign up https://www.eftps.gov/eftps/

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Episode 15: What Are Offer Mills and Why Should You Steer Clear of Them

Tue, 11 Aug 2020 16:22:29 -0500

In this episode, I discuss offer mills, one of the IRS' dirty dozen tax scams.

Did you know only 33% of all offers-in-compromise are accepted (offers are the IRS' debt settlement programs). Of 53,000 offers made in 2019, only 18,000 were accepted. If you listen to the radio and TV ads you'd think the IRS was settling cases left and right for "pennies on the dollar" Not true.

Offer mills are nothing more than snake oil salesmen who prey on desperate taxpayers. In this episode, I discuss what you should look out when talking with a tax resolution firm. Watch out for the warning signs!

Do they ask you about your finances? Or do they just start in on how they can settle your debt?
How much do they investigate your assets and income? Or do they just ask a couple of questions and let you know "They will get you something soon to sign."?
Do they discuss your options once they investigate your situation and give you the pros and cons? Or do they just talk about all the money you'll save by filing the offer-in-compromise?

Be wary of promises that seem too good to be true. The IRS is not in the business of settling tax debts, it is in the business of collecting as much as possible from taxpayers. An offer will only be accepted if it is in the IRS' best interest, not yours!

I hope you enjoy this episode and let me know if you have any questions or show ideas.

IRS DIrty Dozen: https://www.irs.gov/newsroom/irs-unveils-dirty-dozen-list-of-tax-scams-for-2020-americans-urged-to-be-vigilant-to-these-threats-during-the-pandemic-and-its-aftermath

IRS Prequalifier Tool: https://irs.treasury.gov/oic_pre_qualifier/

Episode 14: What to Watch Out For If You Are Divorcing a Tax Deadbeat.

Wed, 05 Aug 2020 08:48:52 -0500

In this episode, I discuss what you need to think about if you are divorcing a tax deadbeat. I am specifically referring to a soon to be ex-spouse who hasn't filed his taxes, paid his taxes or maybe fibbed just a little on his taxes.

My intention is to keep you out of as much trouble as possible. As you find out, that is not always possible (especially if you filled a joint return with that tax scofflaw) so then the goal becomes to mitigate it as much as possible.

What is joint and several liability?
Should you file a joint tax return before or during divorce?
We haven't filed our taxes for awhile, what should we do?
Can I get out of being held jointly liable with my spouse?
What if we both have some tax skeletons in our closet (omitted income or exaggerated deductions)?

I hope you enjoy this episode and let me know if you have any questions or show ideas.

Episode 13: Are There Any Drawbacks to Filing an Offer in Compromise?

Tue, 28 Jul 2020 10:00:00 -0500

In this episode, I discuss the drawbacks to filing an offer-in-compromise. I am going to share with you what those national tax resolution firms won't. Who wouldn't want to settle their tax debts for "pennies on the dollar" or for the "least amount legally possible"!

I believe in telling you how it is. Doing an offer in compromise is a lot of work and there are plenty of drawbacks. So please enjoy this episode and let me know if you have any questions or show ideas.

Episode 12: IRS Offer-in-Compromise Myths

Fri, 10 Jul 2020 08:07:32 -0500

In this episode, Jerrod Oltmann and I discuss the myths and misunderstandings out there regarding the IRS offer-in-compromise program. This what those national tax resolution firms are talking about when they say you can settle your taxes for "pennies on the dollar" or for the "least amount legally possible".

The offer-in-compromise is essentially a contract between you and the IRS to settle your tax debt. In a future episode, Jerrod and I will talk about how an offer works in detail. Just understand for now that most people don't qualify. The reason is ability to pay. Something we discuss at length in this episode.

We also puncture the myth that you can't do an offer if you make a decent income or have assets. So you will want to listen for that part of the discussion.

Finally, we talk about the big daddy of them all, the myth that an offer will take care of everything and you don't need to do anything else. One of the biggest stumbling blocks for an offer is the requirement that you be current with your taxes as a condition of the offer being accepted by the IRS. This means filing your current tax return on time and making sure you pay in enough (whether through your wages or by making estimated tax payments) to not come up short on next year's taxes. Fail this and no matter how deserving, you will not get an offer accepted.

In our second segment, we discuss what warning signs you should look for when hiring a tax preparer. Many people are not aware that even if your tax preparer is bad, you are still on the hook for any unpaid taxes, interest and penalties. So it pays to know how you can tell whether or not you are dealing with an honest preparer

Finally, we discuss how the IRS is using the club of penalties to compel tax preparers to "audit" their clients. With the increase in fraudulent claims of refundable tax credits, the IRS has foisted additional due diligence requirements on tax preparers. Jerrod and I go through the different levels of due diligence and discuss some things tax preparers should look for to avoid trouble from the IRS.

As always, I'd like to thank Jerrod Oltmann, enrolled agent, for his help is producing this podcast episode. Jerrod is another tax professional who helps people tackle their IRS tax problem. You can read more about Jerrod's on his bio page at: https://www.jpoea.com/about/

Episode 11: I Can't Pay My Taxes! Now What?

Mon, 06 Jul 2020 14:45:38 -0500

In this episode, Jerrod Oltmann and I discuss what you can do, if you can't pay your taxes by July 15th.

We talk about various options to avoid trouble if you can't pay the IRS in full (and this goes for both individual and small businesses). We go through some immediate steps you can take to get the problem under control. We then go through such things as setting up a payment plan, obtaining hardship status and why focusing on next year's taxes will help you resolve your back tax problem.

Episode 10: Tax Preparers Gone Wild! Treasury Report Highlights Need for the IRS to Do More About Bad Apple Preparers and More

Thu, 25 Jun 2020 05:42:22 -0500

In this episode, Jerrod Oltmann and I discuss tax preparers gone wild or tax preparers who either fail to file a return themselves or help their clients to avoid paying their taxes.

In our first segment, we discuss the Treasury Inspector General's report regarding the IRS failure to clamp down on tax preparers who don't file or pay their taxes. While not as egregious as the amount due from high-income non-filers, tax preparers who fail to file or pay their own taxes or who help their clients avoid paying their correct tax are a very real problem.

Here is a link to the TIGTA's report we discussed in our first segment at: https://www.treasury.gov/tigta/auditreports/2020reports/202030027fr.pdf

In our second segment, we talked about avoiding bad apple tax preparers. You can read the IRS notice on what questions you should ask your preparer to avoid trouble down the road: https://www.irs.gov/newsroom/irs-choose-tax-preparers-carefully-tax-return-preparer-fraud-makes-irs-2019-dirty-dozen-list-of-tax-scams

In our final segment, we discussed tax preparer due diligence and there are too many helpful links to post. I recommend starting here at the IRS EITC Central area. There is a great wealth of information on how the IRS expects preparers to handle the expanded due diligence. EITC Central From there, I recommend clicking on the tax preparer toolkit tab at the top (link here) where most of the important information is housed. I will admit the pages are not super well organized and you will end up going down many rabbit holes but it is worth it if you don't know what to put in place to avoid trouble with the IRS.

Episode 9: IRS Update: The Trouble with High Income Nonfilers and Dealing with Unemployment Fraud

Wed, 17 Jun 2020 08:59:03 -0500

In this episode, I am interviewed by Jerrod Oltmann, an enrolled agent, about what is going on at the IRS regarding high income non-filers. We also talk about how taxpayers can avoid trouble if they are a victim of unemployment fraud.

Jerrod Oltmann handles tax controversy work like I do and I enjoyed talking with him about these two subjects.

In our first segment, we discussed the TIGTA report (the Treasury Inspector General) which "scolds" the IRS for not doing more to pursue high-income non-filers. We go through the numbers and then discuss how this may change the IRS' priorities in the years to come. It is estimated that billions (with a capital B) are uncollected taxpayers who earn $100k or more. You can read the damning report for yourself at: https://www.treasury.gov/tigta/auditreports/2020reports/202030015fr.pdf

In our second segment, we talked about how to protect yourself if you are a victim of unemployment fraud. You can read more about it here: https://bangordailynews.com/2020/06/11/business/maine-canceled-nearly-as-many-fraudulent-unemployment-claims-as-it-received-last-week/

If you do find yourself a victim of such fraud, you can report that to your state department of labor. In Maine, the link is: https://www.maine.gov/unemployment/fraud/

Finally, you can find Jerrod's bio at: https://www.jpoea.com/about/

Episode 8: Investment Advice During Bad Economic Times: Interview with Financial Planner Daniel Dougherty

Thu, 11 Jun 2020 13:42:11 -0500

Continuing a trend. In this episode, I interview Daniel Dougherty - financial planner with Ameriprise Financial - about what people should be thinking about now regarding their investments. Not only is Daniel an interesting person to talk to, he is also a former Marine. Semper Fi! Please enjoy.

Here is Daniel's contact information. You can call him at 207-883-4434 or email him at Daniel.Dougherty@ampf.com if you have questions or if you'd like to set up a free portfolio risk analysis session. Here is a link to his contact page if you want to learn more about him or his company: https://www.ameripriseadvisors.com/daniel.dougherty/contact.

Episode 7: Business Tips During Bad Economic Times: Interview with Business Coach Scott Roberts

Mon, 25 May 2020 08:33:10 -0500

Changing up the podcast a bit. In this episode, I interview Scott Roberts - business coach at Summit 9 Consulting - about what business owners should be thinking about during bad economic times. Scott is my business coach and has helped my business so I know you will find some nuggets of information that will help you survive and possibly thrive during these difficult times. Please enjoy.

Here is Scott's contact information. You can call him at 207-847-9210 or email him at SCOTT@SUMMIT9CONSULTING.COM. You can also set up a strategy session by clicking this link: https://www.summit9consulting.com/ At the bottom left of the webpage, you will find the link to set up the appointment. Scott is a fantastic resource and I think you will find it very helpful for your business.

SCORE Portland is offering a free webinar entitled: Cash Flow in Tough Times, sponsored by the Maine Technology Institute. The webinar is scheduled for Wednesday, June 3, 2020 from 12:00 PM to 1:00 PM. Here is a link to the training: Cash Flow in Tough Times

Episode 6: State of the IRS, Stimulus Payments to the Deceased and PPP Loan Update

Fri, 08 May 2020 15:27:42 -0500

In this episode, I talk about the current state of the IRS (such that it is), some guidance on handling stimulus checks for deceased taxpayers, and an update on PPP loans (some good material on the economic uncertainty certification and if an employee refuses to come back to work).

Marcum, LLP is a large regional accounting firm in New England. They have been very active in putting out good information regarding PPP loans and here is a link to the article which discusses what your company can do to show it meets the certification requirement: https://www.marcumllp.com/insights/evaluating-the-current-economic-uncertainty-certification-on-your-payroll-protection-program-loan-application

Also, here is a link to the SBA website where you can read frequently asked questions about PPP loans. I think #31, #37 and #39 are very relevant to the economic uncertainty question. FAQ #40 has some good guidance on dealing with an employee who refuses to come back to work and its impact on PPP loan forgiveness. Link is here: https://www.sba.gov/document/support--faq-lenders-borrowers

Episode 5: US Treasury and SBA Announce Audits on PPP Loans

Fri, 01 May 2020 09:02:30 -0500

Treasury Secretary Mnuchin and SBA Administrator Carranza issued a joint statement that the SBA will be auditing all PPP or Paycheck Protection Program loans over $2 million as well as "other loans." Atty. Wade talks about what this might mean for your business.

You can read the joint statement here at: https://home.treasury.gov/news/press-releases/sm988

A local CPA firm, Albin Randall and Bennett have done a great job putting together tools for businesses. I'd take a trip over to their website if you have questions about the PPP loan. You can click on this link: https://www.arbcpa.com/ppp-loan-forgiveness-workbook/

Episode 4: IRS Collections Update - Good News for Taxpayers in Trouble

Wed, 25 Mar 2020 21:02:24 -0500

The IRS just announced a new initiative, the "People First Initiative" which will provide relief to taxpayers who either have a back tax problem or who are currently being audited by the IRS. I outline the major provisions of this initiative and how it could help you make it through this difficult period.

You can follow this link to read the full announcement: https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program

Episode 3: Hot Off the Presses! Treasury Sec. Mnuckin Announces Payment Extension. Also, Discussion of House Resolution 6201 - Possible Tax Relief for Businesses?

Tue, 17 Mar 2020 14:47:03 -0500

When it rains, it pours. In this episode, I dispense with the intro and outro and get right to it. As expected, the Treasury has announced some relief for taxpayers who owe taxes. It is not an extension to file but for many taxpayers it will still be some welcome relief.

Additionally, I discuss legislation that aims to provide benefits and tax credits to help alleviate the Coronavirus pandemic. It has passed the House and is currently pending in the Senate. Will it pass? I don't know but you can get a glimpse into what Congress is considering for aid to taxpayers.

Link to H.R. 6201: https://www.govtrack.us/congress/bills/116/hr6201

Link to Treas. Sec. announcement news: https://www.forbes.com/sites/kellyphillipserb/2020/03/17/in-response-to-coronavirus-mnuchin-confirms-tax-relief-but-does-not-extend-irs-filing-season/#6b0da49b1366

Episode 2: The Coronavirus, the IRS and You

Mon, 16 Mar 2020 20:39:10 -0500

The Coronavirus is all over the news. The stock market is cratering. Business is in the dumps. Employees are finding themselves being sent home, to face an uncertain future. All while April 15th is right around the corner. That's right, taxes are not going away.

In this episode, Attorney Jim Wade talks about how the IRS is dealing with the coronavirus and what potential tax relief is coming out of Congress. He also discusses some steps you can take now if you are facing tax problems come April 15th.

Future episodes will have updates as they come out, so please stay tuned.

Stay safe and healthy my friends.