In the past month, I have been made aware of two instances from the tax debt resolution world that I find profoundly troubling. The details of these situations were so shocking that I couldn't help but think…

Most of us in the tax world have come across a client account where an estimated tax return has been filed on behalf of the taxpayer, also referred to as an “SFR” or “Substitute for Return.”

With so many options to choose from, it is hard to know who you can trust in your or your client’s time of need. We have all received a referral to someone who “was the best XXXX ever” from a relative/friend/colleague/neighbor, and it turned out to be a truly miserable experience.

As I approach my 25th anniversary in the tax debt resolution world, my reflections have led me to identify the most common problem that plagues taxpayers who owe money to the IRS or state: not knowing what to do to start addressing the issue.

Reading about the theories of the various aspects of tax debt resolution is one thing, but hearing how it actually works with a real client situation is entirely different. I want to start sharing examples of client cases that I have worked on with all of you and how we brought them to final resolution.

Every business owner has a duty and responsibility to understand the assorted taxes their business must tend to as long as it continues to operate. Understanding these obligations before the entity is registered will alleviate any fear that a tax debt will be incurred.

We’ve all seen and heard the commercials featuring a taxpayer who hired XYZ Tax Debt company, and they ended up paying only $500.00 on a $50,000 past due income tax debt. Can this really be done???

In last week’s blog, I shared with all of you the top seven things accountants in Golden Lion Tax Solutions’ referral network wish bookkeepers knew. This week, I am turning the table and sharing with you the top three big grievances bookkeepers have when working with a mutual client’s accountant. 

While representing my clients over the last two and a half decades, I have inevitably forged amazing relationships with their bookkeepers and accountants. I have come across many fantastic, skilled professionals who have made our job of working through the client’s financials and tax obligations a breeze.

When someone makes the decision to close a business, it is one of the toughest decisions they will hopefully ever have to make in their life. Nobody goes into business imagining that one day they will be facing a list of debts and weighing a list of pros and cons that will ultimately lead to the dissolution of something they had hoped would be a smashing success.

If you have a state tax debt, I want to share one crucial bit of information first and foremost: the states are often significantly more aggressive about collecting a past-due tax debt than the IRS.

When our futures look bleak, let’s face it… some pretty wild ideas pop into our minds. In Chapter 7 of my book, “Tax Debt Rule #1: There’s ALWAYS a Solution,” I share some of the far-fetched ideas I have fielded over the years. Here’s an excerpt from that chapter…

Over the last few years, there has been a big push for tax professionals to expand their services offered to include tax debt resolutions. I’ve seen a lot of professional ads pushing the thought of “don’t leave money on the table with your client” and "take our weekend-long crash course to learn how to represent them before the IRS".

A few weeks ago, my book “Tax Debt Rule #1: There’s ALWAYS a Solution” was released. I know that the tax world in general is dry, technical, hard to follow, and, to put it bluntly, very boring. That was a huge obstacle I wanted to overcome with this book!

A year ago, the idea of writing a book, let alone one about tax debt, seemed ridiculous to me. However, when I sat down and started reflecting on all the clients I have helped over the decades, the fears those clients initially came to me with, and the vast number of clients who came to me after spending thousands of dollars on tax debt relief companies that did nothing for them, I knew I had a valuable message to share. 

The Golden Lion Tax Solutions team knows that the next few weeks will be, to put it bluntly, “bonkers” in your worlds. To keep your inboxes free and prevent any unnecessary distractions, we will pause our weekly blogs and next month’s newsletter. 

When notices from the IRS or state are hitting your client’s mailbox faster than a prairie fire with a tailwind, you know something must be done to address the mounting tax debt. Especially because we all know that the IRS and states are focusing on aggressive collection tactics once again, thanks to our governments spending tax dollars like drunken sailors.

We know that unexpected circumstances happen as a business’ days, weeks, and months go by. No matter the owner or manager’s best intentions or how dedicated they are to staying in front of a tax debt issue, things can fall apart faster than a slider thrown from the mound by a lefty in the major leagues

Let’s face it… everybody has a fear of being called out for a tax audit. Even the squeaky-cleanest taxpayer has this fear embedded somewhere in their brain, and for good reason!

Over the last 24-plus years, I have encountered hundreds of tax debt situations where a divorce has left one side of the marital party saying, “Why is the IRS coming after me when my ex was assigned responsibility for the debt in our divorce decree???”