Podcasts about irs form

Welcome to EO Radio Show – Your Nonprofit Legal Resource. I'm Cynthia Rowland, and this is episode 127 of EO Radio Show. Episode 127 is a "refresh" of our episode 13, first released on August 29th, 2022, which covered record retention policies, document destruction schedules, and why they matter. Many nonprofits today have heightened concerns about legal actions, investigations by the IRS or congressional committees, as well as lawsuits, and are proactively reviewing their document management systems and policies. Regardless of these current concerns, many nonprofit leaders are or should be aware that the IRS Form 990, which is the information return for nonprofit organizations, specifically asks the filing organization if it has a document retention policy. While there is no penalty imposed by the Internal Revenue Code for not having a document retention policy, not only is it good form to be able to indicate "Yes" on Form 990, but also having a formal written retention policy is a best practice. In the original 2022 episode, my former partner, Aviva Gilbert, joined me to provide a real-world perspective on how a document retention policy plays out in practice when a nonprofit faces an investigation or is subject to a document request involving other outside parties. Her comments are as helpful today as they were in 2022. Show Notes: Cynthia Rowland, Podcast Host, Partner, Farella Braun + Martel Aviva Gilbert LinkedIn Bio Farella Nonprofit Educations Series Webinar: Investigations, Audits, Subpoenas, Oh My! IRS Form 990 Farella YouTube podcast channel If you have suggestions for topics you would like us to discuss, please email us at eoradioshow@fbm.com. Additional episodes can be found at EORadioShowByFarella.com. DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.

Are you still chasing a “low overhead” badge of honor? Gregg Indictor, Director at Your Part-Time Controller, confronts one of the nonprofit sector's most persistent misinterpretations: the overhead myth. With cohosts Julia Patrick and Meico Marquette Whitlock, the conversation unpacks what "overhead" actually represents, why it's often misunderstood, and how nonprofits can more accurately reflect their financial stewardship.Gregg begins by demystifying overhead as merely the administrative costs necessary to support any organization's operations—nonprofit or for-profit, saying, “There is no correct overhead ratio for any organization,” noting that effectiveness should be measured by mission impact, not accounting percentages.This fast episode fully explores cost allocation, the process of categorizing and reporting expenses across functions—such as program services, management, and fundraising. Gregg walks through the Schedule of Functional Expenses found in audits and IRS Form 990, and explains how misallocating indirect costs can produce distorted financial portraits. His emphasis on methodology—such as time and effort tracking for personnel, or square footage for facility expenses—underscores the importance of reasonable and consistent cost assignment.Gregg highlights a powerful metric: for most nonprofits, 80–85% of expenses stem from personnel and facilities. Yet not all of those costs are necessarily “overhead”—they could very well contribute directly to mission delivery, depending on how they are allocated.One of the key moments involves Gregg's perspective on restricted vs. unrestricted funds. He cautions against well-meaning development practices that inadvertently solicit restricted gifts, reducing an organization's flexibility to cover essential functions. A simple shift in donor language—from “choose your program” to “support our mission”—can dramatically improve financial resilience.As the trio discuss transparency and internal communication, Gregg advocates for cross-departmental access to financial information, encouraging organizations to present timely reports not just to leadership, but also to program and fundraising teams. This transparency supports better decision-making and breaks down operational silos.00:00:00 Welcome and guest introduction 00:03:08 What is nonprofit overhead and why it matters 00:05:29 The problem with restricted funding 00:07:36 Understanding cost allocation 00:11:02 How overhead ratios are calculated 00:13:44 80–85% of expenses: what that really means 00:16:21 Allocating costs accurately and fairly 00:18:38 Why everyone in a nonprofit should understand finance 00:20:17 Internal transparency and financial reporting 00:22:06 Overhead myths vs. operational reality 00:24:20 Contributed vs. earned revenue 00:27:02 Changing the donor messaging to support sustainabilityFind us Live daily on YouTube!Find us Live daily on LinkedIn!Find us Live daily on X: @Nonprofit_ShowOur national co-hosts and amazing guests discuss management, money and missions of nonprofits! 12:30pm ET 11:30am CT 10:30am MT 9:30am PTSend us your ideas for Show Guests or Topics: HelpDesk@AmericanNonprofitAcademy.comVisit us on the web:The Nonprofit Show

Welcome to EO Radio Show – Your Nonprofit Legal Resource. Many nonprofits today are worried about recent federal actions that may bring governmental scrutiny to their stated charitable mission and activities, such as audits, congressional investigations, and even threats to their status as charities described in Internal Revenue Code Section 501(c)(3). The best advice for many of those organizations is to start with a thorough review of their compliance with all federal tax laws, with the assistance of legal counsel. For many organizations, there simply isn't room in their budget to engage a specialist lawyer with expertise in these areas, so they look to friends and family for a lawyer willing to assist pro bono. This episode is for those wonderful lawyers who are willing to lend a hand but need to come up to speed quickly on the traps for the unwary in this field. This refreshed episode first dropped in October of 2022. Listeners who want more information along these lines can take a look at the show notes for links to other episodes of the show that take a closer look at these traps. Show Notes: EO Radio Show #84: Nonprofit Book Review: ABA Guidebook for Directors of Nonprofit Corporations EO Radio Show #107: Nonprofit Basics: Unrelated Business Income Tax: Basic Rules for Charities - Part 1 EO Radio Show #108: Nonprofit Basics: Unrelated Business Income Tax: Modifications and Exceptions - Part 2 EO Radio Show #109: Nonprofit Basics: Unrelated Business Income Tax: Debt Financed Income - Part 3 EO Radio Show YouTube Playlist: Nonprofit Basics IRS Form 990 and Schedules A through R: https://www.irs.gov/forms-pubs/about-form-990 IRS Form 990 EZ https://www.irs.gov/forms-pubs/about-form-990-ez IRS Form 990-N https://www.irs.gov/charities-non-profits/annual-electronic-filing-requirement-for-small-exempt-organizations-form-990-n-e-postcard Description of Statutory Employees https://www.irs.gov/charities-non-profits/exempt-organizations-who-is-a-statutory-employee EO Radio Show #6: Nonprofit Basics: Election Year Issues for Private Foundations and Public Charities Part 1: Candidate Campaign Intervention EO Radio Show #7: Nonprofit Basics: Election Year Issues for Private Foundations and Public Charities Part 2: Legislative Lobbying Activities by Public Charities EO Radio Show #8: Nonprofit Basics: Election Year Issues for Private Foundations and Public Charities Part 3: Private Foundation Approaches to Policy Advocacy Allowed by the Internal Revenue Code If you have suggestions for topics you would like us to discuss, please email us at eoradioshow@fbm.com. Additional episodes can be found at EORadioShowByFarella.com. DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.

Of course – the IRS has updated the 1099-MISC and 1099-NEC again effective for reporting Tax Year 2025 payments to your vendors.  It's not that bad though….Keep listening. Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out the Vendor Process Training Center for 116+ hours of weekly live and on-demand training for the Vendor team.  Links mentioned in the podcast + other helpful resources:   Training:  From an Accounts Payable Perspective:  Year-End Checklist for 1099-MISC, 1099-NEC and 1042-S Reporting IRS:  Instructions for Forms 1099-MISC and 1099-NEC (Rev. April 2025) IRS:  Form 1099-MISC (Rev. April 2025)  https://www.irs.gov/pub/irs-pdf/f1099msc.pdf IRS:  Form 1099-NEC (Rev. April 2025) https://www.irs.gov/pub/irs-pdf/f1099nec.pdf Customized Vendor Validations Session: https://debrarrichardson.com/vendor-validation-sessionVendor Process Training Center - https://training.debrarrichardson.comCustomized Fraud Training:  https://training.debrarrichardson.com/customized-fraud-training Free Live and On-Demand Webinars: https://training.debrarrichardson.com/webinarsVendor Master File Clean-Up:  https://www.debrarrichardson.com/cleanupYouTube Channel:  https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas?  Email me at debra@debrarrichardson.com Music Credit:  www.purple-planet.com

Welcome to EO Radio Show - Your Nonprofit Legal Resource. I'm Cynthia Rowland, and today I'm joined by David Sacarelos, a principal at Baker Tilly. We do a deep dive into the penalties under the Internal Revenue Code sections that apply to insider transactions involving private foundations. Using a recently issued IRS Chief Counsel memorandum, we look at the circumstances of loans by a private foundation that led to significant penalties for indirect self-dealing and jeopardizing investments. Show Notes: Cynthia Rowland, Podcast Host, Partner, Farella Braun + Martel David M. Sacarelos, CPA, CGMA, Principal, Baker Tilly US, LLP Chief Counsel Memo 202504014 IRS Form 4720   EO Radio Show #117: REFRESH Nonprofit Basics: Insider Transactions and Nonprofits Farella YouTube podcast channel Clarifying Notes: (17:06) The $20,000 maximum first-tier tax imposed on foundation managers is not indexed for inflation. (20:59) Per Rev. Ruling 78-76, a private foundation trustee was determined to have participated in a self-dealing transaction both as a disqualified person and as a foundation manager. Consequently, he was found liable for both the tax imposed on self-dealing under IRC Sec. 4941(a) and the tax imposed on foundation managers under IRC Sec. 4941(a)(2). Depending on the facts and circumstances, it is possible to be taxed both as foundation manager and as a disqualified person. If you have suggestions for topics you would like us to discuss, please email us at eoradioshow@fbm.com. Additional episodes can be found at EORadioShowByFarella.com. DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.

Ponzirelief.org Ibmsb.com About the Guest(s): Aaron Novinger is a passionate advocate and small business champion dedicated to justice and financial security. With a background in accounting and years of professional expertise, Aaron co-runs a successful small business accounting firm with his wife, Rebecca. The firm has a rich history of over 50 years supporting mom-and-pop business owners. Known as "the guy who pedals for Ponzi victims," Aaron embarks on significant cycling journeys to raise awareness and funds for victims of financial fraud, all while advocating for secure retirements and justice for the victims. Episode Summary: In this inspiring episode of The Chris Voss Show, host Chris Voss introduces Aaron Novinger, an advocate, accountant, and passionate cyclist on a mission to support victims of Ponzi schemes. The episode delves into Aaron's unique journey, from his challenging beginnings to his current advocacy work and his upcoming 2,000-mile bicycle ride from Texas to Washington, D.C. Through this conversation, Aaron unveils the critical aspects of his campaign to save the IRS Form 4684, designed to assist victims of financial crimes in recovering from their losses. The discussion highlights the intricate and often silent impact of Ponzi schemes on retirees and the importance of raising awareness to support these victims. Aaron shares his personal motivations and the extensive efforts he has undertaken to shine a light on financial crimes and provide recovery avenues for victims. The episode emphasizes the value of IRS Form 4684 as a lifeline for victims, enabling them to claim considerable tax credits for lost funds and aiding in their financial rehabilitation. Listeners gain insights into Aaron's steadfast determination to create change and the remarkable journey that lies ahead. Key Takeaways: Aaron Novinger is passionately committed to advocating for Ponzi scheme victims, harnessing his accounting expertise to spearhead critical campaigns. The IRS Form 4684 serves as an essential tool for Ponzi scheme victims, allowing them to claim significant tax credits and aid in their financial recovery. Aaron's forthcoming bicycle journey from Texas to Washington, D.C., aims to gather support for making IRS Form 4684 permanent, spotlighting the importance of this form in providing justice to victims. The episode sheds light on the silent suffering of Ponzi scheme victims, emphasizing the enormous emotional and financial toll these crimes can inflict on families. Aaron's personal story of overcoming physical challenges and his dedication to a meaningful cause inspires others to take action and be a voice for the voiceless. Notable Quotes: "This is a beautiful rainbow after the hurricane. It doesn't fix the devastation, but it offers hope to victims." "Until we make these families whole, I can't stop. This is a burden. It's about making a meaningful difference." "You have to go somewhere else. It's gotta be your own, choose your adventure in your mind." "My goal is still fundraising where we can actually make these people whole." "I'm sort of crazy, a little psychopath, but all for good."

In this episode of Friday Fiduciary Five, Eric Dyson talks about the anatomy of an ERISA class action lawsuit. He explains that attorneys often scrutinize IRS Form 5500s for high fees and underperforming investments. If issues are found, former employees may become named plaintiffs. After a complaint is filed, a motion to dismiss is typically the first defense. If this fails, discovery involves extensive document exchange. Eric emphasizes the importance of detailed meeting minutes and a thorough review of all plan documents and documents that represent a fiduciary process for plan compliance.Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information contained herein is general in nature and is provided solely for educational and informational purposes.It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.

Has your bank told you that they received a levy from the IRS for your account? What should you do now? Relax, listen to this episode and find out your next steps and what it means. Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

Nicole Frisina, from Your Part-Time Controller (YPTC), wraps our arms around the financial realities nonprofits face. With a creative spin on Valentine's Day, this valuable conversation explores the “red roses” of financial health and the “red flags” that can derail nonprofit organizations. "If you fail to plan, plan to fail. You must think ahead—whether it's securing diverse funding, maintaining reserves, or ensuring financial oversight. Your mission depends on it."Nicole emphasizes a crucial but often overlooked truth: finance teams are integral to a nonprofit's success. Far from being mere number crunchers, they serve as strategic partners who can make or break an organization's long-term sustainability. From the importance of segregation of duties to monthly financial reporting and reserve planning, this episode, hosted by Julia Patrick, is packed with actionable insights for nonprofit leaders.One of the biggest takeaways? Nonprofits must diversify revenue streams to safeguard their future. Nicole warns about the risks of relying on a single funding source, recalling how performing arts organizations struggled during COVID-19 when ticket sales—their primary income—dried up. She challenges nonprofit leaders to think creatively: Can you rent out office space? Offer paid online resources? Secure a line of credit when your finances are strong?Another vital part of their discussion is the power of financial transparency and collaboration. Development and finance teams must work hand-in-hand, ensuring accurate financial statements that allow for proactive decision-making. Nicole points to how regular financial reporting and documented policies serve as the foundation for long-term financial health.And the duo don't let us forget the importance of the IRS Form 990—often dismissed as just another bureaucratic headache. Nicole reframes it as a brochure for potential funders and board members. Filing late—or worse, failing to file—can lead to severe penalties or even loss of nonprofit status.#NonprofitFinance #NonprofitAccounting #RiskManagementFind us Live daily on YouTube!Find us Live daily on LinkedIn!Find us Live daily on X: @Nonprofit_ShowOur national co-hosts and amazing guests discuss management, money and missions of nonprofits! 12:30pm ET 11:30am CT 10:30am MT 9:30am PTSend us your ideas for Show Guests or Topics: HelpDesk@AmericanNonprofitAcademy.comVisit us on the web:The Nonprofit Show

This week we're covering the new IRS form for making an IRC §83(b) election and the basics of §83.

Send us fan responses! How can you master the legal and financial strategies to protect your personal and business interests? Join us in this enlightening episode where we unravel the complexities of trademarking, copyrights, and power of attorney. Understand why trademarking your name can prevent unauthorized use and how tools like Rocket Lawyer can aid in structuring comprehensive power of attorney documents. We dive deep into the nuances of IRS Form 2848 and its critical role in managing legal and financial affairs, illustrating its practical applications with real estate examples.We also explore the intricate world of trusts, highlighting the differences between foreign and domestic options and the importance of distinguishing between public and private operations. Learn why establishing private contracts and operating agreements is essential for maintaining privacy and control. We discuss the strategic benefits of offshore trusts and foreign jurisdictions in protecting your assets and the importance of consultations for personalized financial advice. This episode offers practical insights into using trustees, setting up private contracts, and navigating the complexities of the financial and legal systems with confidence.Prepare to be inspired by the life and philosophy of a tribal chief who expertly balances public and private spheres while maintaining a self-sufficient lifestyle. We'll also talk about the strategic advantages of transforming your name into a business entity, leveraging it for tax benefits, and understanding the laws that favor investors. From tips on maximizing tax benefits through business ownership to the significant role of consultations in financial planning, this episode is packed with valuable advice to help you achieve prosperity and self-reliance. Don't miss out on these critical insights that could transform your approach to legal and financial management.FOLLOW THE YELLOW BRICK ROAD - DON KILAMGO GET HIS BOOK ON AMAZON NOW! https://www.amazon.com/Cant-Touch-This-Diplomatic-Immunity/dp/B09X1FXMNQ https://donkilam.com https://www.amazon.com/CapiSupport the showhttps://donkilam.com

The tax episode you've been waiting for! In this can't-miss episode, Marisa interviews international tax expert and consultant, Bobby Casey, who specializes in tax residency, company structuring, and asset protection for digital nomads and entrepreneurs.  Bobby's extensive experience and practical advice have made him THE go-to expert for location-independent professionals like you to navigate the complexities of global taxation (when Marisa met Bobby at a digital nomad conference back in 2022, she signed up for his services immediately). Whether you're a remote worker dreaming of a nomadic lifestyle or an entrepreneur operating internationally, this episode is packed with essential insights to help you understand tax obligations, avoid costly mistakes, and optimize your setup. What You'll Learn in This Episode: 1. Tax Residency Explained: The key differences between citizenship, residency, and tax residency—and why it matters for nomads. 2. Myths vs. Facts: Why the "183-day rule" isn't as straightforward as you might think. 3. Tax Optimization Strategies: -How to legally minimize taxes while staying compliant. -The Foreign Earned Income Exclusion (FEIE): How Americans can qualify and save. 4. Residency Options: -Best countries for digital nomads and how to choose a residency that works for your lifestyle. -Examples of tax-friendly nations and their unique benefits. 5. Digital Nomad Visas: -When they make sense and their impact on taxes. -Key differences between tourist visas and nomad visas. 6. Common Mistakes to Avoid: -The dangers of relying on blog advice or hearsay. -Real-life cautionary tales from Bobby's clients. If you're curious about the logistics of paying (and saving!) taxes while you work remotely and travel the globe, Bobby breaks the details down for you in in clear, actionable terms.  Whether you're just starting your digital nomad journey or looking to optimize your existing setup, this episode provides valuable advice tailored to your unique situation. Resources Mentioned: Want personal , 1:1 zoom calls with Bobby to get help with your taxes? This program is for you (we use this too!)  Need help setting up your business formation and receiving mail while you're abroad? This resource from Bobby is for you (we also use this for Beach Commute!) IRS Form 2555 for FEIE Want to get emails from so you never miss tips like these? Sign up here. *The information provided in this episode is for general informational purposes only and does not constitute legal, financial, or tax advice. Every individual's tax situation is unique, and the content discussed may not apply to your specific circumstances. We strongly recommend consulting with a qualified tax professional or legal advisor before making any decisions based on the information shared in this podcast.

A review of the week's major US international tax-related news. In this edition: Republican US election sweep likely means TCJA extension via reconciliation, BEPS 2.0 project uncertainty – Final IRS Section 987 FX gain / loss regulations release before year-end – IRS comments on new passthrough field unit organization – IRS will permit digital asset transaction reporting on schema, not IRS Form 1042-S – IRS official says companies that ignored TP compliance letters referred for examination.

Christians are generous people, as God calls us to be. That means we must also be discerning.We should always give with our hearts out of a passion for advancing God's Kingdom, but we must also use our heads to strategically choose which organizations or causes receive our financial support. Ron Blue joins us today with some advice before you write that check.Ron Blue, co-founder of Kingdom Advisors and author of numerous books on biblical personal finance, offers valuable insights into how we can give effectively to ministries. Drawing from his book Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives, he provides a strategic approach to ensure our giving is impactful and aligned with God's work. Here are seven critical questions to consider before financially supporting a ministry.1. Are the Leaders Marked by Godly Characteristics?When choosing to support a ministry, the first thing to examine is the character of its leaders. Christian leaders—whether they are pastors, missionaries, or heads of organizations—should be men and women of integrity, vision, and, most importantly, a growing relationship with Jesus Christ. If you can't trust the leaders, it's a clear sign that you should reconsider your support.2. Is the Ministry Active in God's ‘Hot Spots'?Some ministries create programs and plans without aligning them with God's work. Instead of assuming that God will bless good intentions, effective ministries actively seek to participate in areas where God is already working. Supporting ministries that follow God's leading ensures your contributions are used where they will make the most significant impact.3. Is the Ministry Innovative?A healthy ministry isn't stagnant. It should be innovative—willing to create, experiment, and challenge the status quo while remaining true to its biblical principles. Look for ministries that pursue new methods and approaches, turning short-term opportunities into long-term growth. These ministries often see and act on possibilities that others might overlook.4. Is the Ministry Growing and Cooperative?Effective ministries continuously grow and make measurable progress toward their goals. Leaders with a clear sense of purpose and vision inspire donors to support their work. Additionally, strategic ministries are willing to collaborate with like-minded organizations and churches. By pooling resources, they achieve greater impact, breaking down denominational barriers and working together for the Kingdom.5. Is the Ministry Goal-Oriented?Ministries should have a clear sense of what God has called them to do and how to achieve it. Effective organizations maintain a laser focus on their goals and purpose. As a donor, it's important to assess whether the ministry you're supporting is committed to its mission and is actively working toward it.6. Is the Ministry Accountable?Accountability is essential in any ministry. Strategic ministries hold themselves and their staff accountable to meet established goals. This may come in the form of a strong board of directors, elders, or other leadership structures that ensure financial integrity and operational transparency. Always check if there are systems in place to ensure accountability within the organization.7. Is the Ministry Endorsed by a Strong Track Record?Finally, examine the ministry's track record. The best predictor of future success is past performance. Instead of being swayed by eloquent appeals or effective fundraising, focus on the actual results the ministry has achieved. Review annual reports, visit the ministry's website, and, if needed, request their IRS Form 990 to gain insight into their financial stewardship.By asking these seven questions, you can be confident that your giving is strategic, impactful, and aligned with God's work. Giving should not be an emotional response but a thoughtful, prayerful decision grounded in biblical principles.On Today's Program, Rob Answers Listener Questions:I'm on a variable income. I have plenty of work during the summer, but my income almost cuts in half during the winter. What should I do, and what resources are available to help me during that downtime?Our affluent church just received a $2.4 million unrestricted donation. It seems wasteful to just let the money sit, but I also don't feel right about not supporting the church. What are your thoughts?About three years ago, I saved up some money and bought about $15,000 worth of gold. Since then, I've saved another $10,000. I want to ensure I'm doing the right thing by buying gold and not leaving it sitting in a savings account at the bank. What are your thoughts on that?Resources Mentioned:Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives by Ron Blue with Jeremy WhiteLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Don't you just love it when the IRS comes out with new forms?  Well, this form you probably will love!Keep Listening. Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out my new Vendor Process Training Center for 116+ hours of weekly live and on-demand training for the Vendor team. Links mentioned in the podcast + other helpful resources:   IRS Form 15397:  Application for Extension of Time to Furnish Recipient Statements Free Live and On-Demand Webinars: https://debrarrichardson.com/webinarsVendor Validation Reference List with Resources Links: www.debrarrichardson.com/vendor-validation-download (Get 25% Discount on the Global Vendor Registration Numbers)Vendor Process Training Center:  https://training.debrarrichardson.comVendor Master File Clean-Up:  https://www.debrarrichardson.com/cleanupYouTube Channel:  https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas?  Email me at debra@debrarrichardson.com Music Credit:  www.purple-planet.com 

It happens every time the IRS publishes a revised version of the Form W-9, vendors and maybe even your internal team members, push back because they don't want to complete the new form when they can't see why you can't just accept the old one especially when their information has not changed….Keep Listening. Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out my new Vendor Process Training Center for 116+ hours of weekly live and on-demand training for the Vendor team. Links mentioned in the podcast + other helpful resources:   IRS W-9 Examples by Tax Classification - What To Look For When Accepting From Your Vendor https://training.debrarrichardson.com/course/w9Free Live and On-Demand Webinars: https://debrarrichardson.com/webinarsVendor Validation Reference List with Resources Links: www.debrarrichardson.com/vendor-validation-download (Get 25% Discount on the Global Vendor Registration Numbers)Vendor Process Training Center:  https://training.debrarrichardson.comVendor Master File Clean-Up:  https://www.debrarrichardson.com/cleanupYouTube Channel:  https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas?  Email me at debra@debrarrichardson.com Music Credit:  www.purple-planet.com

Is it frustrating when your vendor insists they gave you the right legal name and tax id combination on their IRS Form W-9, but the combination does not match IRS TIN records?  To get tips on how to enter the legal name for a match….Keep Listening.  Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out my new Vendor Process Training Center for 116+ hours of weekly live and on-demand training for the Vendor team.  Links mentioned in the podcast + other helpful resources:    IRS W-9 Examples by Tax Classification - What To Look For When Accepting From Your Vendor https://training.debrarrichardson.com/course/w9Free Live and On-Demand Webinars: https://debrarrichardson.com/webinarsVendor Validation Reference List with Resources Links: www.debrarrichardson.com/vendor-validation-download (Get 25% Discount on the Global Vendor Registration Numbers)Vendor Process Training Center:  https://training.debrarrichardson.comVendor Master File Clean-Up:  https://www.debrarrichardson.com/cleanupYouTube Channel:  https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas?  Email me at debra@debrarrichardson.com Music Credit:  www.purple-planet.com

It's getting to that time of year where hopefully you are cleaning your vendor master file and now, you're wondering about your vendor data.  Why do you have some that have missing tax id's, why some didn't pass your latest validation about IRS TIN records, and how you can ensure that you collect valid taxpayer identification number in the future.  This IRS Form W-9 Series is for you – and in this episode we're talking about common mistakes for vendors in that first tax classification.Keep Listening. Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out my new Vendor Process Training Center for 116+ hours of weekly live and on-demand training for the Vendor team. Links mentioned in the podcast + other helpful resources:   IRS W-9 Examples by Tax Classification - What To Look For When Accepting From Your Vendor Free Live and On-Demand Webinars: https://debrarrichardson.com/webinarsVendor Validation Reference List with Resources Links: www.debrarrichardson.com/vendor-validation-download (Get 25% Discount on the Global Vendor Registration Numbers)Vendor Process Training Center:  https://training.debrarrichardson.comVendor Master File Clean-Up:  https://www.debrarrichardson.com/cleanupYouTube Channel:  https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas?  Email me at debra@debrarrichardson.com Music Credit:  www.purple-planet.com

Optimism introduces the SuperchainERC20 standard. EigenLayer activates AVS rewards on mainnet. Symbiotic goes live on devnet. And CoinCenter wins an appeal against an IRS Form 6050i reporting requirement. Read more: https://ethdaily.io/526 Sponsor: Firefly is a one-stop Web3 social aggregator developed by Mask Network. Use one feed to connect with all users across Twitter, Lens, Farcaster, and all Web3 socials. Try it today at firefly.social.

The Rich Zeoli Show- Full Episode (08/06/2024): 3:05pm- On Tuesday, Democratic presidential nominee Kamala Harris announced her running mate: Minnesota Governor Tim Walz. Almost immediately, videos of Walz making outlandish, progressive statements began circulating social media. In one clip, Walz explains that socialism is synonymous with neighborliness. While speaking at the Minnesota Democratic-Farmer-Labor Party Convention in 2018, Walz told attendees that his pro-abortion stance was so radical that even former Speaker of the House Nancy Pelosi (D-CA) suggested he should moderate his position. 3:15pm- In response to Kamala Harris's Vice Presidential selection of Tim Walz, former Obama Administration Advisor Van Jones said it's likely Harris caved to anti-Semitic elements within the Democrat Party who didn't want to see Pennsylvania Governor Josh Shapiro on the ticket due to his religion. 3:40pm- Dr. Ben Carson—Former U.S. Secretary of Housing and Urban Development & a Retired Neurosurgeon and Professor of Medicine at Johns Hopkins University—joins The Rich Zeoli Show and says he was “delighted” to hear that Kamala Harris selected Governor Tim Walz to be her running mate, as Walz provides very little to her campaign and further illustrates to commonsense voters that Harris is a radical progressive. Dr. Carson is author of the new book: “The Perilous Fight: Overcoming Our Culture's War on the American Family”—which he co-authored with his wife, Candy Carson. It's available now: https://a.co/d/5RggqEs 4:05pm- Monica Crowley—Former United States Assistant Secretary of the Treasury for Public Affairs—joins The Rich Zeoli Show and reacts to Kamala Harris's selection of Minnesota Governor Tim Walz as her running mate. Crowley notes that Walz provides nothing to the ticket electorally while simultaneously being unpalatable to moderates. Has the Harris campaign given up on winning independents and moderates? 4:30pm- Dave McCormick— Republican Candidate for U.S. Senate in Pennsylvania & former Under Secretary of the Treasury for International Affairs during the George W. Bush Administration—joins The Rich Zeoli Show to discuss earning the endorsement of the Pennsylvania Fraternal Order of Police, which had previously supported Sen. Bob Casey. Plus, what are his thoughts on Minnesota Governor Tim Walz? You can learn more about his campaign here: https://www.davemccormickpa.com 4:50pm- In clip that has now gone viral on social media, Minnesota Governor Tim Walz insists that China is not an American adversary. He also pledged to build a “ladder factory” in response to Donald Trump's border wall. 5:05pm- While speaking to the press in Philadelphia, PA, Republican Vice Presidential candidate JD Vance implored the media to begin asking Kamala Harris tough questions about her far-left record. Despite becoming the party's presumptive nominee over two-weeks ago, Harris has not answered any serious questions from the press or conducted an interview. Rich wonders, is she copying Joe Biden's “basement campaign” strategy? 5:10pm- Disturbing Kamala Clip: In December 2003, then-District Attorney of San Francisco Kamala Harris speaks on Google's campus: “The power I have as a prosecutor is that with a swipe of my pen, I can charge someone with a misdemeanor—the lowest level offense possible. And by virtue of that swipe of my pen you will have to go to a courthouse…you will have to come out of pocket and hire an attorney, you may get arrested for a few hours, you will be embarrassed in your community.” 5:20pm- Kamala Harris & The First Amendment: The Wall Street Journal Editorial Board writes: “We keep looking for an issue, any issue, on which Kamala Harris differs with the Democratic left, but we keep coming up empty. That includes her party's use of lawfare against political opponents, as an episode while she was California Attorney General reminds us. Ms. Harris made headlines a decade ago by threatening to punish nonprofit groups that refused to turn over unredacted donor information. She demanded they hand to the state their federal IRS Form 990 Schedule B in the name of discovering ‘self dealing' or ‘improper loans.' The real purpose was to learn the names of conservative donors and chill future political giving—that is, political speech…The [Supreme Court] said California's claim that it would protect donor information lacked credibility, since during the litigation plaintiffs discovered nearly 2,000 Schedule B forms ‘inadvertently posted to the Attorney General's website' It noted that the petitioners and donors faced ‘threats' and ‘retaliation.'” You can read the full editorial here: https://www.wsj.com/articles/kamala-harris-california-attorney-general-lawfare-americans-for-prosperity-foundation-v-bonta-supreme-court-611a96f7?mod=opinion_lead_pos2 5:40pm- Tim Walz is the King of Covid Waste: Jim Geraghty of National Review writes that “the state's handing hundreds of millions of dollars to Minnesota's Feeding Our Future, the largest Covid-aid fraud scheme in the country. Announcing the federal fraud indictment against the Feeding Our Future nonprofit, FBI director Christopher Wray called it ‘an egregious plot to steal public funds meant to care for children in need in what amounts to the largest pandemic relief fraud scheme yet. The defendants went to great lengths to exploit a program designed to feed underserved children in Minnesota amidst the COVID-19 pandemic, fraudulently diverting millions of dollars designated for the program for their own personal gain.' The nonprofit reportedly used a quarter of a billion dollars in federal funds to purchase luxury cars, houses, jewelry, and coastal resort property abroad. What does this have to do with Governor Tim Walz, you ask? Well, a state legislative audit concluded that the Minnesota Department of Education was asleep at the wheel and for years had ignored red flags concerning the nonprofit…Every state government deals with waste, fraud, and abuse. But no other state has ever gotten taken to the cleaners to the tune of a quarter of a billion dollars.” You can read the full article here: https://www.nationalreview.com/the-morning-jolt/harris-vp-short-lister-comes-loaded-with-baggage/ 6:00pm- On Tuesday, Kamala Harris introduced her Vice Presidential pick—Minnesota Governor Tim Walz—while appearing at a campaign event at the Liacouras Center in Philadelphia, PA. Will Walz provide any sort of electoral advantage in the 2024 presidential race? Analyzing Walz's 2022 gubernatorial race, NBC election analyst Steve Kornacki concludes that Walz relied heavily on traditional Democrat voters—but didn't have much luck appealing to rural voters or moderates. 6:30pm- Tim Walz Speaks from Philadelphia: Almost immediately after being selected as Kamala Harris's running mate, videos of Gov. Tim Walz making outlandish, progressive statements began circulating social media. In one clip, Walz explains that socialism is synonymous with neighborliness. While speaking at the Minnesota Democratic-Farmer-Labor Party Convention in 2018, Walz told attendees that his pro-abortion stance was so radical that even former Speaker of the House Nancy Pelosi suggested he should moderate his position.

The Rich Zeoli Show- Hour 3: 5:05pm- While speaking to the press in Philadelphia, PA, Republican Vice Presidential candidate JD Vance implored the media to begin asking Kamala Harris tough questions about her far-left record. Despite becoming the party's presumptive nominee over two-weeks ago, Harris has not answered any serious questions from the press or conducted an interview. Rich wonders, is she copying Joe Biden's “basement campaign” strategy? 5:10pm- Disturbing Kamala Clip: In December 2003, then-District Attorney of San Francisco Kamala Harris speaks on Google's campus: “The power I have as a prosecutor is that with a swipe of my pen, I can charge someone with a misdemeanor—the lowest level offense possible. And by virtue of that swipe of my pen you will have to go to a courthouse…you will have to come out of pocket and hire an attorney, you may get arrested for a few hours, you will be embarrassed in your community.” 5:20pm- Kamala Harris & The First Amendment: The Wall Street Journal Editorial Board writes: “We keep looking for an issue, any issue, on which Kamala Harris differs with the Democratic left, but we keep coming up empty. That includes her party's use of lawfare against political opponents, as an episode while she was California Attorney General reminds us. Ms. Harris made headlines a decade ago by threatening to punish nonprofit groups that refused to turn over unredacted donor information. She demanded they hand to the state their federal IRS Form 990 Schedule B in the name of discovering ‘self dealing' or ‘improper loans.' The real purpose was to learn the names of conservative donors and chill future political giving—that is, political speech…The [Supreme Court] said California's claim that it would protect donor information lacked credibility, since during the litigation plaintiffs discovered nearly 2,000 Schedule B forms ‘inadvertently posted to the Attorney General's website' It noted that the petitioners and donors faced ‘threats' and ‘retaliation.'” You can read the full editorial here: https://www.wsj.com/articles/kamala-harris-california-attorney-general-lawfare-americans-for-prosperity-foundation-v-bonta-supreme-court-611a96f7?mod=opinion_lead_pos2 5:40pm- Tim Walz is the King of Covid Waste: Jim Geraghty of National Review writes that “the state's handing hundreds of millions of dollars to Minnesota's Feeding Our Future, the largest Covid-aid fraud scheme in the country. Announcing the federal fraud indictment against the Feeding Our Future nonprofit, FBI director Christopher Wray called it ‘an egregious plot to steal public funds meant to care for children in need in what amounts to the largest pandemic relief fraud scheme yet. The defendants went to great lengths to exploit a program designed to feed underserved children in Minnesota amidst the COVID-19 pandemic, fraudulently diverting millions of dollars designated for the program for their own personal gain.' The nonprofit reportedly used a quarter of a billion dollars in federal funds to purchase luxury cars, houses, jewelry, and coastal resort property abroad. What does this have to do with Governor Tim Walz, you ask? Well, a state legislative audit concluded that the Minnesota Department of Education was asleep at the wheel and for years had ignored red flags concerning the nonprofit…Every state government deals with waste, fraud, and abuse. But no other state has ever gotten taken to the cleaners to the tune of a quarter of a billion dollars.” You can read the full article here: https://www.nationalreview.com/the-morning-jolt/harris-vp-short-lister-comes-loaded-with-baggage/

Dr. Champion proves to you - using the Tax Code - that IRS Form W-9 is NOT to be used between American companies conducting ordinary business with one another! Dave provides a much better alternative than businesses breaking the law by demanding Forms W-9. Dave's books are at https://drreality.news/store/ Whiteboard presentation on W-9 - https://rumble.com/v4wxvi0-whiteboard-showing-why-ordinary-americans-dont-owe-income-tax.html [...]

Dreaming of a career change with purpose? You're not alone! In this episode, career development coach Emily Lamia shares practical advice on how to design your ideal not-for-profit job and make it a reality. Discover how to: Identify your ideal role: Learn to pinpoint what you truly want in your next career move and how to start making small changes today. Plan ahead: Learn why starting to think about your next move 6 months in advance is key, even when your current job is great. Take small steps: Find out how to build skills and gain experience without quitting your day job. Assess potential employers: Uncover hidden insights about organizations through behavioral interviews and IRS Form 990. Start exploring: Get inspired to take low-stakes actions like following industry leaders and joining professional associations. Emily's expert advice will inspire you to take control of your career and create a fulfilling path in the nonprofit world. Don't wait any longer – start planning your pivot today! Ready to turn your passion into a fulfilling career? Hit play and start your journey towards a more meaningful job! About the guest: Emily Lamia founded Pivot Journeys in 2016 to provide professionals with the strategies and support they need to find meaningful work and to empower them to be inspired, engaged, and effective on the job. As a career development coach, she has been helping people grow and develop in their careers for over a decade. She has supported countless people to network more effectively, interview more confidently, and think more strategically about how to get where they want to go. But, before that, she had to navigate my own career journey. She knows what it's like to feel stuck and be unsure of how to find the right kind of work for you, and how to land the job you want. She also knows what it's like to work on a dysfunctional team with bad management. And I know a bad manager can be the reason you leave your job. Her goal is to make it less painful for you to identify what you love doing and for you to get the opportunity to do it. As a Gallup-certified Strengths Coach, certified Designing Your Life Coach, and certified administrator of an Enneagram assessment, Emily has completed 100+ hours of training and regularly participate in ongoing education to become the best coach she can be for her clients. --- Support this podcast: https://podcasters.spotify.com/pod/show/askingforgood/support

On today's episode of AdBits, tax attorney and IRA Financial's founder, Adam Bergman, Esq., walks us through IRS Form W-9, what it is used for in the IRA context, and how to complete it.

Shoot us a Text.We're rolling through the middle of the week as we cover Cox Automotive's June wholesale price data and its warnings about lease maturities. Plus, Carvana is now offering used EV tax credits at checkout and Google is making it easier to have advanced account protection.Show Notes with linksUsed-vehicle wholesale prices experienced a decline in June, continuing a downward trend observed over the past 22 months, according to Cox Automotive.Non-adjusted prices decreased 2.2% from May and were down 10% year-over-year.Retail sales disruptions from CDK outages impacted the market, but declines slowed to a normal pace by month-end.Seasonally adjusted prices were down YoY as well. Luxury vehicle prices dropped 9.9%, SUVs and crossovers 9.3%, Compacts 12%, Midsize 11%, pickups 8.3% and electric vehicles 17%.The availability of 3-year-old vehicles decreased due to fewer off-lease returns, affecting auction supply. Cox forecasts a 12% decrease in lease maturities in Q3, potentially dropping 17-18% in Q4."This is a pattern that is not going to go away for the next two years, and we'll likely be dealing with it through 2026," said Jeremy Robb, senior director of economics and industry insights at Cox Automotive Carvana is now offering up to $4,000 off at checkout for eligible used EVs and plug-in hybrids, advancing the federal tax incentive so customers can benefit immediately rather than waiting for tax refunds.Discounts are available on Carvana's app or website for vehicles with a green tax credit banner.Customers must file IRS Form 8936 and transfer the credit to Carvana when filing taxes.This comes as the House of Representatives Ways and Means Committee voted in favor of a bill that would undo federal EV tax credits, arguing they benefit Chinese companies.Google has simplified the process for securing high-risk accounts with its Advanced Protection Program. Now, users can enroll using just a passkey instead of the previously required two physical security keys.The program targets high-risk users like political campaign workers and journalists.Originally, two physical security keys were needed to activate and log in.Users can now set up the program with a single passkey using biometric authentication on Pixel or iPhone devices.Setup is streamlined: visit the Advanced Protection Program page, follow the steps, and choose a passkey or security key.Google also requires recovery methods such as a phone number and email address.Hosts: Paul J Daly and Kyle MountsierGet the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/ Read our most recent email at: https://www.asotu.com/media/push-back-email

In Today's episode of the CBL Podcast, William Wolfe sits down with Rhett Burns, Pastor of First Baptist Church in Travelers Rest, South Carolina, to discuss Rhett's financial transparency amendment before the Southern Baptist Convention. The amendment would require SBC entities to disclose information similar to an IRS Form 990. Rhett and William unpack objections to the amendment and emphasize the importance of rebuilding trust through transparency.   #CenterForBaptistLeadership #RhettBurns #Stewardship #Finance #Money #Transparency #SBC #SouthernBaptistConvention #SBC2024 #Trust #Accountability   Rhett began serving FBC Travelers Rest as senior pastor in July 2022. Prior to joining FBCTR, Rhett served as an associate pastor at a nearby church, and before that he and his family lived in Turkey, where he worked as a football coach, teacher, and freelance writer.  A native of Greenville, Rhett previously worked as a high school football and basketball coach at Blue Ridge and Wade Hampton High Schools and as Director of Sports Information and NCAA Compliance at North Greenville University. He is a two-time graduate of North Greenville and holds a Master of Divinity degree from Southeastern Baptist Theological Seminary. Rhett and Shannon were married in December 2007. They have four children. Rhett is the author of two books: Run Like a Stallion: How American Football Explains Turkey and The New People Next Door: Learning to Love Your Cross-Cultural Neighbors.   Learn more about Pastor Rhett Burns' work: https://www.trfirst.org/rhett-burns   ––––––   Follow Center for Baptist Leadership across Social Media: X / Twitter – https://twitter.com/BaptistLeaders Facebook – https://www.facebook.com/people/Center-For-Baptist-Leadership/61556762144277/ Rumble – https://rumble.com/c/c-6157089 YouTube – https://www.youtube.com/@CenterforBaptistLeadership Website – https://centerforbaptistleadership.org/   To book William for media appearances or speaking engagements, please contact him at media@centerfor­baptistleadership.org.   Follow Us on Twitter: William Wolfe - https://twitter.com/William_E_Wolfe Richard Henry - https://twitter.com/RThenry83   Renew the SBC from within and defend the SBC from those who seek its destruction, donate today: https://centerforbaptistleadership.org/donate/   The Center for Baptist Leadership Podcast is powered by American Reformer, recorded remotely in the United States by William Wolfe, and edited by Jared Cummings.   Subscribe to the Center for Baptist Leadership Podcast: Distribute our RSS Feed – https://centerforbaptistleadership.podbean.com/ Apple Podcasts – https://podcasts.apple.com/us/podcast/center-for-baptist-leadership/id1743074575 Spotify – https://open.spotify.com/show/0npXohTYKWYmWLsHkalF9t Amazon Music // Audible – https://music.amazon.com/podcasts/9ababbdd-6c6b-4ab9-b21a-eed951e1e67b BoomPlay – https://www.boomplaymusic.com/podcasts/96624 TuneIn – Coming Soon iHeartRadio – https://iheart.com/podcast/170321203 Listen Notes – https://www.listennotes.com/podcasts/center-for-baptist-leadership-center-for-3liUZaE_Tnq/ Pandora – Coming Soon PlayerFM – https://player.fm/series/3570081 Podchaser – https://www.podchaser.com/podcasts/the-center-for-baptist-leaders-5696654

Episode 50:  In this episode, Timalyn explains your rights as a taxpayer.  How do those rights balance with what the IRS' mission is?  You may have an opinion on how the IRS is doing, but either way, it's a part of the government that definitely impacts your life. Taking a Quick Moment to Celebrate Before she begins, Timalyn is excited about having recorded 50 podcast episodes!  It's been a way for her to fill the tax literacy gap, one taxpayer at a time.  It's her hope that these easy to follow episodes breakdown complex tax issues into understandable topics.  Did you know that 95% of podcasts fail?  There are 2.8 million podcasts and less that 500,000 are considered active.  Only 11% of podcasts make it to 50 episodes.  So, now you can understand why she's so excited.  Thank you for following her podcast over the past 2 years.  The Mission of the IRS The IRS is focused on providing America's taxpayers with top-quality service.  They want to help taxpayers to understand and meet their responsibilities.  Finally, the IRS wants to enforce the law with fairness and integrity. Timalyn admits, things could be much worse.  She wants to make sure you understand your rights when dealing with the IRS.  That's correct, you have rights as a taxpayer. According to the Taxpayer Bill of Rights, you have the right to representation.  Timalyn has described the specific tax professionals who are qualified to handle tax debt issues with the IRS.  These 3 groups are enrolled agents, CPAs and tax attorneys.    There are 9 other important rights and they can be found in IRS Publication 1.  It explains the rights, but also the processes for examination, appeals, collections and refunds.  Today, we'll focus on the Taxpayer Bill of Rights.  Let's go through them, below. #1:  The Right to Informed.  You have the right to know what you need to do to be in compliance with the IRS.  “Taxanese” is a complicated language and it can sometimes difficult to follow or understand.  The IRS issues publications to help you.  IRS.gov is a free resource that explains compliance matters. Nevertheless, you may need to consider hiring a tax professional to assist you.  #2:  The Right to Quality Service.  Yes, that's part of the IRS' mission.   While the slow responses and backlog (especially since the pandemic) may not seem like they're on the way to achieving their mission, Timalyn actually credits the IRS with doing a good job investing in new technology to serve you better.  You have a right to prompt, courteous and professional response from the IRS.  While the publications are written to be easily understandable, the reality is that tax issue are complicated.  You might want to check out the Tax Tips with Timalyn blog.  It's a good resource. #3:  The Right to Pay No More than the Correct Tax.  This means you have the right to only pay the amount due, including any interest and penalties.  It's why the IRS posts the quarterly interest rates.  You might want to listen to Timalyn's Episode 7 on tax transcripts.  #4:  The Right to Challenge the IRS' Position and to Be Heard.  You have every right to be heard by the IRS.  Believe it or not, the IRS actually does want to hear from you.  You have the right to have your claims about what you owe examined.  This is why you'll need to substantiate your claim with documents and other proof.  You have the burden of proof in this situation. #5:  The Right to Appeal and IRS Decision in an Independent Forum.  In Episode 26, Timalyn explains that your appeal is actually handled by another department, not the IRS Collection Department.  You can appeal all the way to tax court, but you must do it in a timely manner. #6:  The Right to Finality.  This means you have the right to know your deadlines for challenging the IRS' position.  The IRS will let you know how long you have to appeal. If you are going to exercise this right, you must do it within a specified period of time.  Finality also refers to the right to know when an audit has been finished or where they are in the process.  #7:  The Right to Privacy.  You have the right to expect that the IRS will keep your information private and to stay within reasonable/necessary limits.  The information privacy means the IRS can't publicize how much you owe for separate years.  They are permitted to communicate with your bank, if they are going to levy your account.  They can communicate with your employer if they need to apply a garnishment until you've paid off your tax debt. #8:  The Right to Confidentiality.  The information you provide the IRS cannot be disclosed to other parties, unless they've been authorized by you or the law.  For instance, if you hired Timalyn, you'd complete IRS Form 2848, designating her as your tax power of attorney.  Once this form is submitted, the IRS would be authorized to communicate with her regarding your tax situation.  She is also bound by confidentiality, so Timalyn can't speak to others about your taxes.  If you file as married filing separately, the IRS cannot even speak to your spouse about your taxes.  If you file married filing jointly, then they can communicate with either spouse.  #9:  The Right to Representation.  This means you have the right to seek assistance from the Low Income Taxpayer Clinic, if you qualify.  Timalyn offers multiple, free resources to help you, but she does charge for representation.  If you can't afford the fee, you could always check with the Low Income Taxpayer Clinic to see if they can work with you.  Also, check out the Taxpayer Advocate Services website. #10:  The Right to a Fair and Just Tax System.  This is the right Timalyn protects the most.  Do you feel as if you've been taken advantage of by the IRS?  The system will consider specific facts and circumstances that might impact the amount you owe, your ability to pay or your ability to provide timely information.  In Episode 37, Timalyn describes the Tax Relief Journey.  The person you hire to represent you is going to tell your side of the story.  They should also be ready to work hard to ensure the IRS treats your fairly.  Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website.  Click this link to book a call.  Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 50, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.   Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Episode 49:  In this episode, Timalyn continues the discussion began in Episode 48.  Today, she's explaining how to qualify for an offer in compromise.  She'll also provide information regarding how to apply for it. NOTE:  Click here to listen to Episode 48. What Is the IRS Considering when You Apply for an Offer in Compromise? Remember, the offer in compromise allows you to settle your tax debt for less than you actually owe.  The IRS doesn't approve this option for every tax payer who applies.  The IRS provides a pre-qualifier tool to see help you see if you qualify.  The IRS is considering 4 factors: Your Ability to Pay Your Income Your Expenses Your Assets When it comes to your ability to pay the IRS also considers your age. Your medical condition and medical history also comes into play.  Do you have a disease or condition that might prevent you from working? This, along with your level of education all impact what the IRS considers to be your ability to pay. The IRS will analyze your earned and passive income.  Earned income is produced as a result of an action or activity you perform or something you did to in the past. Passive income considers  investment income, dividend income, and interest income. Your expenses can be subjective.  What you consider a necessary expense may not be allowed by the IRS. If this is the case  you may have to increase your initial offer.  Remember, the IRS provides national standards that are used to determine an individual's ability to pay.  In Episodes 38 and 39, Timalyn discussed using IRS Form 433-F.  This form helps to calculate your disposable income, for an installment agreement.  You'll can use IRS Form 433-A (OIC) for the offer in compromise.  Are You Eligible for an Offer in Compromise? Before you pursue this route, you need to have all of your required tax year returns filed.  Timalyn comments that this commonly refers to the last 6 years of returns.  Employers must also have all of your IRS Form 941s filed.  These are the Employer's Quarterly Federal Tax Return forms.  The same goes for your 940 FUTA (Employer's Annual Federal Unemployment Tax Return).  You also need to be up-to-date on your required estimated payments (listen to Episode 21). Additionally, you can't be in an open bankruptcy proceeding.  If you're applying for an offer in compromise for the current year, you need to have filed a tax extension, if it's tax season.  Timalyn stresses that you need to make sure you have all of the above completed and filed before you even begin the offer in compromise process. Substantiation of Your Expenses Along with the 433-A (OIC), you must provide all of the information necessary to substantiate your expenses.  This includes, mortgage information showing your required monthly payment amount and where you are on those payments.  If you are leasing (renting), you'll need to supply a copy of the lease and proof of payments.  Form 656-B This is the booklet you'll use in applying for your offer in compromise.  It includes important information about additional documents, including IRS Form 656 and the non-refundable $205 application fee.  Make sure you are using the most current version of these forms. You'll also need to include the initial payment for each Form 656 you are submitting.  It's important that you have a separate check or money order for each one.  The application fee is also a separate check.  Designate Your Payments The application fee and the initial payment(s) will be applied to your tax debt.  Timalyn recommends designating payments to a specific tax year and tax debt.  It's going to take several months (maybe 6-9), to find out if the IRS has accepted your offer in compromise.  If they reject it, you won't receive the money back, so at least you'll know where it's going.    The IRS Can Still File a Lien Against You It's possible for the IRS to file a tax lien while they're reviewing your offer.  In Episode 3, Timalyn explained what this is and how it might impact you.  The IRS will suspend other tax debt collection efforts (including garnishing your wages, levying your bank account, etc.).  What If the IRS Rejects Your Offer in Compromise? If this happens, your assessment and collection period will be extended.  If you were hoping your CSED (Collection Statute Expiration Date) would lapse, that's not going to happen.  They'll add the time it took to process the offer.  Make all required payments detailed in your offer during the time the IRS is processing (i.e. evaluating) your offer.  One option is the lump sum cash payment.  This is 20% of whatever amount you were offering.  The remaining balance due must be paid in 5 or fewer payments.  Again, be sure to make those payments while you're waiting for a written response from the IRS. The other payment option is to make periodic payments.  Basically, continue to pay the same amount as you sent for your initial payment, each following month.  If they accept your offer, simply continue paying your monthly installments until the tax debt is fully repaid.  You only have 24 months to pay the debt in full, using this option.  Those 24 months have to be before the CSED lapses. A failure to make the required payments nullifies your offer, even if the IRS was going to accept it.    Timalyn points out that during this process, you don't have to make payments on an existing installment agreement.  The 2-Year Automatic Acceptance Your offer is automatically accepted if the IRS doesn't make its decision in a period of 2 years, from the date they receive your offer and supporting documentation.  Timalyn strongly recommends you mail correspondence to the IRS using certified mail.  The post office will return a receipt with a specific date the IRS received the offer.  This is the date you use in determining your 2-year window.    Remember, before you go down this road, it's important that you determine if you even qualify for an offer in compromise.  Again, refer to the beginning of this episode during which specific forms were explained. You should really consider working with an experienced tax professional who handles tax relief cases.  An offer in compromise is extremely complicated and isn't something most people should do on their own.    In addition to all of the filings, if the IRS actually accepts your offer, you MUST meet all of the offer terms listed in IRS Form 656, Section 7.  The IRS won't release any existing tax liens, until your offer terms are satisfied.  Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website.  Click this link to book a call. Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either.  As we conclude Episode 49, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode.  For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.   Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Episode 48:  In this episode, Timalyn explains an option some people have in resolving their tax debt.  This option is referred to as an offer in compromise.  Understand that not every tax payer qualifies for this, but you hear commercials about it all the time. Note:  This is a complex topic and deserves more than a quick, 15-minute episode to fully explain it.  The plan is to cover this topic in 2 separate episodes.  The next episode will explain how you qualify for an offer in compromise, while this episode explains what an offer in compromise is. While not every taxpayer will qualify for the offer in compromise, the vast majority (90%+) would actually qualify for an installment agreement (Episode 10).  This may be the better option for many people.  An important reason Timalyn is covering this topic is so that you can understand “WHY” you may or may not meet the criteria for an offer in compromise option.  Regardless of what you may have seen on the Internet, filing on your own is not something you should do, if you're in serious tax debt.  When you hire someone for tax representation, that person takes on the responsibility of speaking on your behalf before the IRS.  Offer in Compromise – Doubt as to Collectability This is an agreement that settles your debt for less than the amount owed.  Again, this is the hook used by many of the commercials you may have heard.  The partial pay installment agreement would do the same thing without exposing your assets to a potential liquidation requirement.    The IRS will not accept your offer if there's a chance the liability can be paid in full, in a lump sum or in an installment agreement.  The streamlined installment agreement typically has a 72-month pay-off term.  If you've already been working to get yourself in a better situation to be able to pay your taxes, and you owe $10,000 or less, you may have the option of a guaranteed payment plan.  Even though you might think you can't repay your debt via an installment program, remember, the IRS has some additional discretion, because they are limited by the CSED (the Collection Statute Expiration Date).  However, if they determine you would be able to pay off your tax debt before the CSED, they would reject an offer in compromise.  Owe $100,000 or more in Tax Debt? Getting an offer in compromise approved will require an additional level of authorization.  This would be granted by the IRS District Counsel.  Some people refer to the Offer in Compromise as the fresh start initiative. The program began in 2011.  It changed the computation for a taxpayer's future income.  It also extended the amount that can be repaid for student loans, as an allowable expense.  Episode 38 goes into more detail as Timalyn discusses IRS Form 433-F.  Offer in Compromise – Doubt as to Liability You would submit this when there's a genuine dispute as to the existence of a tax debt, or the amount of the tax debt.  It's used when there's a likely error by the IRS in assessing the tax debt.  The offer must be greater than $0 and based on the amount you believe is the correct amount of tax liability (not what the IRS is claiming you owe).  The Doubt as to Liability option will require you to submit IRS Form 656-L.  The Doubt as to Liability option is typically used after an audit was performed and tax was assessed.  However, you had incomplete documentation at the time.  Now, the supporting documentation you've found shows you really don't owe the amount indicated by the IRS.    Offer in Compromise – Effective Tax Administration This is when the amount owed is not in dispute.  There are assets that could be liquidated to pay the debt, but exceptional circumstances exist that would result in an undue economic hardship, if full payment of the debt would be required.  The same would exist if paying the full tax debt would be unfair or unequitable. Timalyn provides an example of an elderly individual living on a fixed income.  Even if this person owned his/her home, selling the home to pay the taxes would make it very difficult from a financial standpoint, assuming the person were to live another 10 years, or more.  Social security retirement benefits are really not enough to live off of, given today's inflationary environment.  The cost of living is relatively expensive, so adding a rent payment would make it nearly impossible.  In the above example, this individual might be an ideal candidate for the offer in compromise – effective tax administration option.  Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website.  Click this link to book a call. Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 48, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Episode 47:  In this episode, Timalyn discusses three top issues arise involving your taxes after a divorce. Divorce happens and Timalyn has worked with many clients who are caught in this situation.  While she'll focus on 3 important issues, that doesn't mean those are the only issues related to divorce and taxes.  Today, she'll address filing status, claiming dependents moving forward, and dealing with a joint tax liability after the divorce.  With that being said, let's listen to Timalyn. Note to Tax Professionals:  Timalyn is going to be teaching a class on Divorce and Taxes via the myCPE platform.  She's previously provided a class to subscribers of Think Outside the Tax Box.  Those classes take a deeper dive into topics such as property settlements and transfers, Qualified Domestic Relation Orders (QUADROs), etc. Determining Your Optimal Filing Status Timalyn begins by discussing whether the divorce was amicable or not.  If the divorce was not finalized by the end of the tax year, then technically and legally, the couple can still file as married filing jointly.  If there's a tax liability, you want to consider not filing jointly because that will be just one more thing tying you together.  Another option is to use the status, married filing separately.  This could make sense if you and your soon to be ex-spouse aren't getting along, but a refund is expected.  You wouldn't have to worry about splitting the refund.  If there's a liability, because you filed separately, you wouldn't have to worry about the other person's tax liability.  If you were to choose married filing separately, you'll be in the same tax brackets as if you were filing as a single.  Therefore, more of your income is going to be taxed at a higher rate.    Here are some quick examples: ●      Married Filing Jointly – the standard deduction is ~ $27,000 for 2023 returns. ●      Married Filing Separately (e.g. Single) – the standard deduction is ~ $13,000. Therefore, the person filing separately or as a single, will remain in the 10% and 12% tax brackets for a shorter period of time compared to someone who is filing using the status married filing jointly.  This couple wouldn't jump to the 22% tax bracket until the reach almost $110,000 in gross income.  However, a person using married filing separately, or as a single, they'll jump to the 22% tax bracket when they get to ~ $55,000 in gross income.  The thing to remember is that if you had your W-4 withholdings set as married filing jointly, assuming  you made $50k and your spouse made $60k, your withholdings are only going to cover 12%.  So, the spouse making $60k will still have withholdings closer to 12%.  But, after separating if that spouse files using married filing separately, they will now be getting taxed at the 22% bracket. By working together as the divorce proceeds, you may be able to agree to file using married filing jointly to receive the best tax benefit for both parties.  The IRS 1040 provides a spot so you can file an additional form enabling a couple to split the tax refund so that it goes into 2 separate accounts.  The court may need to decide how the allocation will be made.  How to Handle Dependents for Tax Purposes After a Divorce If dependents are involved, an important consideration is the determination of whether the couple was separated at all, during the tax year.  If they were separated (not cohabitating), did that occur in the last 6 months of the year?    Assuming the couple wasn't living together during the last 6 months, but one parent took care of more than 50% of the dependent's expenses: ●      The parent who did not have the child could file married filing jointly (if the other spouse agreed) or married filing separately. ●      The parent who did have the child could file married filing jointly (if the other spouse agreed), married filing separately or file as head of household (because for the last 6 months they were legally separated and they did maintain the household, incurring more that 50% of the dependent's expenses).  Filing using the head of household status gives you a tax bracket that is lower than married filing separately, but not as low as married filing jointly.  The jump to the 22% bracket won't happen as quickly and the standard deduction will be ~$19,000 (for the 2023 tax year). Timalyn strongly advises that your either have a tax professional prepare your taxes during this period, or that you at least consult with one.  You have some options and you want to make sure you select the best one for your particular situation. NOTE:  If you were divorced as of December 31st of the tax year, then married filing jointly and married filing separately are not available to you.  You have the options of filing as a single or as head of household (if you qualify). Which Parent Gets to Claim the Child? If the divorce is amicable, you could have the custodial parent complete IRS Form 8332.  This is an important form.  It's a Release or Revocation of Release of Claim to Exemption to Child by Custodial Parent.  Because there are no longer exemptions for a child or children, it's an all or nothing situation.    The custodial parent gets to claim the child tax credit.  However, the custodial parent can use Form 8332 to release the child tax credit to the other parent.  Depending upon the divorce decree's designation of the custodial parent, it's that person who needs to sign the release, designating which year(s) it will apply.  It's during that year or years the non-custodial parent can claim the child.  Understand, there is nothing to block a child from being claimed when you e-file.  It can be a race to see who claims the child first.  If a return is submitted including the child's social security number as a dependent, it blocks the other parent's return from being accepted – if that child was already claimed.  This is why the IRS Form 8332 is so important.  If you did have the right to claim the child, you have the 8332 to support your position when you take it to the IRS.  Many people don't realize the IRS trumps your divorce decree.  Even though the family court designated the custodial parent, the IRS is going to look at specific rules.  This includes the number of overnight stays during a particular tax year.  It also considers which parent maintained the household where the child lived, as well as who paid more than 50% of the expenses.  If the parents were even on the overnights and expenses, there are tie-breaker rules.  Again, these are just a few reasons why the tax law is different than your state's family law.  Form 8332 can eliminate the frustration and games.  It can protect both of the parents, down the road. For more information on which parent should claim the child, listen to Episode 19.  There's also a related article on Tax Tips with Timalyn.    Dealing with Joint Tax Liability after a Divorce If you had a tax liability while you were still married, it is a joint tax debt, regardless of what the divorce decree states.  The IRS considers both individuals responsible.  There may be a way for you to claim injured spouse relief or possibly innocent spouse relief.  Timalyn has published episodes on both topics.  Remember, there are specific timeframes for making these claims and your specific state jurisdiction may have guidelines. If you think you are eligible for innocent spouse relief, book a consultation with Timalyn at Bowens Tax Solutions.  Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 47, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.    Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Check out this episode to learn about the IRS Form 1040 Schedules and itemized deductions.MX3 Podcast on Youtubewww.youtube.com/@mx3podcastContact MX3 Podcast Tweet us: @mx3podcast Email us: info@mx3.vip LinkedIn: https://www.linkedin.com/in/michael-w-wright-9397b23a/ Thanks for listening & keep on living your life the Wright way!

Episode 46:  In this episode, Timalyn discusses 4 various options you have to handle your IRS debt, if you cannot pay it in full.  While you need to pay your tax debt, there are ways to do it so that you're not overly burdened.  In addition to the lump sum payment, she'll explain the offer in compromise, installment agreements, currently not collectible status, and bankruptcy.  Have You Received an IRS CP504 Notice? If this is a letter you've already received, then you know the IRS is notifying you of their intent to levy.  The reality is you're now in a tough situation.  While you haven't been able to pay your tax debt, you most likely haven't communicated with the IRS about your particular situation.  Now, the IRS is going to have the right to access your bank account(s) and decide how much they are going to take.  The Offer in Compromise You've probably heard about commercials claiming you can settle your tax debt for pennies on the dollar.  In reality, many people won't qualify for this option.  This is sometimes referred to as the Fresh Start Program, which was implemented by Congress.  However, the Fresh Start Program isn't just about the Offer in Compromise.    There are ways to qualify for the Offer in Compromise.  You may be able to claim the debt doesn't actually belong to you.  This is “Doubt as to Liability.”  Unfortunately, this may be very difficult to prove.  “Debt as to Collectability” means the IRS probably won't be able to collect the debt from you.  “Effective Tax Administration” is another claim you may be able to use to qualify. The IRS has a pre-qualifier tool on its website, so you can see if you might be able to qualify for the Offer in Compromise resolution.  In Episodes 39 and 40, Timalyn discussed IRS Form 433-F.  By completing this form, you'll have a good idea of whether you'd qualify for the Offer in Compromise option.  The form will help to prove your ability to pay or lack thereof. It also takes into consideration your health, age and education.  These are factors the IRS will use to determine if you qualify.  Any offer you make will have to include a certain percentage of the equity you have in specific assets.  If you have a lot of equity in your home or other assets (including your retirement portfolio), the IRS could require you to sell one or more of the assets to create funds available to pay your tax debt.  So, if that's your situation, the Offer in Compromise might not be the preferred option for you.  It's important for you to consider working with a qualified professional who will help you to best represent your situation to the IRS.  Installment Agreements Timalyn discussed this option in Episode 10.  These are generally various payment plans you can have with the IRS.  There are 3 popular options:  Streamlined, Regular and Partial Pay.  Timalyn prefers the Partial Pay Installment Agreement because it looks at your assets, but focuses on your income and your expenses.  Assuming you can't pay off your tax debt before the Collection Status Expiration Date (CSED), the IRS will still want as much as they can get from you.  Establishing an installment agreement may be a good option, based on your specific situation.  Currently Not Collectable Status Timalyn explains that this option temporarily puts your tax account on hold.  You'll still complete the IRS Form 433 to prove that you really have nothing left after calculating your income and deducting the allowable expenses.  The IRS cannot put you in a financial hardship to pay your taxes.  There may be a difference in what you consider a necessary expense and what the IRS considers.  These would include your rent/mortgage and monthly car payment.  Now, this does not mean you never have to pay the tax debt.  Interest will continue to accrue during the period of not collectable status.  But as Timalyn discussed, the IRS only has the option of collecting the debt before the CSED.  The IRS will not levy you during the Currently Not Collectable (CNC) period.  Once the period has passed, the IRS can require you to submit documentation to see if you should still qualify.  If this sounds like a good option for you, listen to Episode 18, where Timalyn explains how to temporarily put your tax account on hold. Bankruptcy Now, admittedly, this won't be the right choice for everyone.  However, if you qualify, you can use this to eliminate certain types of debt.  Timalyn cannot provide legal advice about bankruptcy, because she is not an attorney.  She does have relationships with bankruptcy attorney to whom she can refer you, if you need this option. There is a 3-year, 2-year and 240-day rule, you need to understand. You can't have any fraud claims, no taxes related to a trust and no Substitute for Return (SFR) on your account.  The tax debt you're trying to discharge must be at least 3 years old.  It must have been filed with the IRS for at least 2 years.  Additionally, no other tax assessments can have been made by the IRS during the past 240 days.  Assuming you meet the above qualifications, that tax year is eligible for bankruptcy.  However, if there is a tax lien, even if you bankrupt the tax debt, you'll still have to repay the amount covered by the lien.  Again, this may not be the best option, but depending upon your situation, it may be the option you can use.  Final Words of Advice As Timalyn has advised in previous episodes, it's important to remember to breathe.  She invites you to contact her to see if she would be able to represent you.  The majority of her clients come owing 6-figures or more to the IRS, they may be facing an audit or even worse, they are actively being levied by the IRS.  Don't wait for that to happen to you.  Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 46, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.    Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Today on Charity Therapy, Jess shares some real talk about the wild world of nonprofit tax forms. Yeah, we know taxes can be a snooze fest, but stick with us! In this episode, we're bringing on the legendary Eve Borenstein, who's basically the superhero of IRS Form 990. Together, we're tackling the crazy challenges you face with these forms and helping keep your nonprofit from getting lost in the IRS maze. Have you ever felt like pulling your hair out when dealing with the IRS? You're not alone! Eve and Jess chat about why the IRS seems stuck in the dark ages and how it's messing with nonprofits big time. We're dishing out the juicy details and even some nonprofit gossip that you can actually find on these forms. Yeah, gossip – who knew tax forms could be so telling? We also get into the nitty-gritty of the public support test. It sounds like a big deal because it is – it's the thing that keeps your nonprofit in the clear for tax-exempt status. Plus, we're sharing some horror stories from nonprofits just like yours that have been through the wringer with the IRS. And guess what? We've got some handy tips and tricks to help you come out on top. Grab your life vest, and let's navigate these choppy nonprofit tax waters together! In this episode, you will hear: “Queen of the 990” Eve Borenstein spills the tea on keeping your nonprofit from sinking in IRS drama Learn how to avoid the automatic "you're outta here" from the IRS What to do if the IRS messes up your 990 forms The scary public support test and showing you've got a bunch of different people backing you up – not just one big spender The short-staffed IRS causing major headaches for nonprofits Stories of IRS chaos and tips on dealing with it Weird penalty letters from the IRS and keeping your cool How filing your 990 is like your nonprofit's yearbook – it tells your story Straight talk from Eve on how the IRS's old-school tech and understaffing are making life tough for nonprofits Resources from this Episode Contact the IRS about an erroneous revocation: www.irs.gov/charities-non-profits/automatic-exemption-revocation-for-non-filing-action-required-by-organization-with-documentation-that-it-filed Sign up for the Birken Law Email list: https://birkenlaw.com/signup/ Facebook page: https://www.facebook.com/birkenlaw Follow and Review: We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

In this podcast episode, Matt is joined by Steven Jarvis from Retirement Tax Services (RTS) to discuss a commonly misunderstood tax strategy and how you can add value to your clients through tax planning. Through talking about a critical tax strategy involving backdoor Roth contributions, they stress the importance of correctly reporting on tax returns and highlight common mistakes, such as errors in the 8606 form and issues when clients change tax preparers. The conversation explores pitfalls in the backdoor Roth process and the need for a proactive advisor.  Steven also warns against relying solely on software tools and why they require a knowledgeable operator. They also discuss the importance of managing all client accounts for optimal communication and the successful execution of complex strategies like the backdoor Roth. Tax Talk: Strategies for Efficient Backdoor Roth Conversions With Guest Steven Jarvis, CPA [Episode240] Resources for this episode: - Steven Jarvis: Website | LinkedIn - 8606 Masterclass - Effective Implementation Of A Backdoor Roth Strategy: Detailed Nuances, IRS Form 8606 (And When It's Even Worth Doing)

In this podcast, Steve Rhode and Damon Day address various misconceptions about debt and financial decisions. We emphasize that having debt does not make someone a loser or a failure; it is a common occurrence that does not define one's worth. We discuss how social media can distort perceptions of others' lives, as they often showcase only the positives and not the struggles. We debunk the myth that bankruptcy ruins one's credit for 10 years and share a personal experience of receiving a credit card offer shortly after obtaining discharge papers. We highlight that banks are willing to lend money and do not view individuals as failures for having debt. Additionally, we emphasize the importance of not making decisions solely based on credit scores and not relying on social media for financial comparisons.We then share a story about a client who had a negative experience with a Burger King drive-thru, where they were charged $2,000 instead of $20 due to a transactional mistake. We highlight the risks associated with using a debit card, which essentially gives someone a blank check. We explain that banks often push debit cards for their own profit through transaction fees, but using a credit card is a safer option in case of any disputes with merchants.Moving on, we dispel the myth that payday loans are a good option, even when struggling to pay bills. Instead, we encourage reaching out to banks or lenders for payment forbearance or a payment holiday, as many institutions are willing to work with individuals and provide some leeway. Taking a payday loan only perpetuates a cycle of debt that is difficult to escape.We also address the misconception that only making minimum payments on debt is sufficient. While it may be challenging to get ahead with minimum payments alone, we discuss alternative options such as seeking additional income or considering more aggressive strategies like bankruptcy, debt settlement, or credit counseling. We emphasize the importance of being proactive in addressing debt rather than relying solely on minimum payments.Next, we draw a parallel between ineffective past strategies and soldiers storming a line in war. We encourage adopting smarter approaches and critical thinking to achieve financial success. We address the misconception that people cannot save for the future or retirement while paying off old debts, emphasizing the importance of improving financial habits moving forward rather than solely focusing on past debt.We then discuss the question of whether taxes are owed on forgiven debt. We explain that if debt is forgiven in bankruptcy, no taxes are owed; however, if it is forgiven through a settlement, taxes may be owed depending on the individual's situation. We highlight that debt settlement companies often fail to make this fact apparent, potentially to present a positive image and avoid an in-depth assessment of the customer's financial situation. We share our encounters with debt relief salespeople who claim we don't know what we're talking about, often providing clients with IRS forms and advising them to consult competent tax professionals.Understanding the tax implications of forgiven debt is vital for making informed financial decisions. We emphasize the importance of accurately completing IRS Form 982 and providing a snapshot of one's financial life at the time of debt forgiveness, including house value, outstanding loans, assets, and 401k balance. Filing this form with the 1099 can result in a waiver of taxes owed on forgiven debt. We stress the importance of consulting with a competent CPA to ensure the accuracy of the form and avoid potential trouble in case of an audit.To learn more about preconceptions and myths, we encourage listeners to visit damonday.com or search "Damon" on Google. We conclude by thanking the audience for joining us and invite them to subscribe for future podcasts. --- Send in a voice message: https://podcasters.spotify.com/pod/show/get-out-of-debt-guy/message

Welcome to EO Radio Show - Your Nonprofit Legal Resource. I'm Cynthia Rowland, and this is episode 66 of EO Radio Show. Happy New Year to all of you! As most listeners are undoubtedly aware, 2024 is an election year, and that means that charities and private foundations need to refresh their understanding of election-year issues for organizations that want to remain exempt under Internal Revenue Code Section 501(c)(3). This week's episode is a refresh of episode 6 of EO Radio Show, first released on July 7, 2022. Episode 6 covered the limitations of 501(c)(3) relating to candidate campaign intervention. I'll also refresh Episodes 7 and 8 in the next few weeks. These episodes address legislative lobbying by public charities and private foundations, which will also likely be hot topics in 2024. Check out the show notes for resources from the IRS on these topics, and check out the Farella Braun + Martel YouTube channel for the complete EO Radio Show playlist. Resources: Farella Webinar: Election Year Issues for Private Foundations and Public Charities Bolder Advocacy Resource Library IRS Chart: Common Tax Law Restrictions on Activities of Exempt Organizations Treasury Regulation 53.4945-3, Voter Registration Drives Instructions for IRS Form 8940, Request for Miscellaneous Determinations, used to obtain advance approval of certain voter registration drives under IRC 4945(f) Farella YouTube podcasts If you have suggestions for topics you would like us to discuss, please email us at eoradioshow@fbm.com.  DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.

Episode 44:  In this episode, Timalyn discusses issues related to tax audits.  The fear people have about being audited is often paralyzing.  It's a serious issue and you need to be prepared to both avoid it and to know what you need to do if it happens.  There are steps you can take to ensure your business is audit-ready. There's No Such Thing as an Audit-Proof Return Regardless of what some tax professionals might claim, there's no way to guarantee you won't be audited.  There are different types of audits and the selection “triggers” vary.  The IRS has the Discrimination Function System that produces a DIF score.  This system rates the potential for change based on past IRS' experiences with similar returns. The IRS can track returns for similar businesses, using categories such as NAICS codes.  This code describes your type of industry.  When they look at a collection of similar returns from the same industry, they can determine averages for specific data points, such as expenses, credits, etc. for your reported income level.  If your DIF score is out of that range, it could trigger an audit.  Irregularities can also raise flags.  For instance, if all of your figures on your tax return are round numbers, that would seem odd and could result in an audit.  The IRS has a whistleblower program.  They pay snitches who were correct about something they alerted the IRS to regarding someone else's tax filings.  It Doesn't Mean You Did Anything Wrong Timalyn emphasizes that just because you're being audited, it doesn't mean you did anything wrong.  She explains that for 2023, there was a 0.4% chance that taxpayers would face an audit.  Lower income individuals actually had a slightly higher chance.  Don't Fear the Boogey Man An audit isn't as scary as it sounds.  It's a review or exam of your tax account and your financial information to ensure proper reporting.  If you keep good records and don't inflate/deflate your income or expenses, is there really anything to fear?  You have the information and it's accurate.  As long as you can prove that information was reported correctly to the IRS, you should be fine.  If your records are extremely unorganized, you had to guess at certain dollar amounts or someone else guessed for you, the audit may become a problem for you.  Correspondence Audits This is where the IRS will contact a taxpayer to request specific information.  If you've received an audit notice, or a field audit where the IRS agent comes to you, Timalyn recommends you don't handle this on your own.  It doesn't matter how good your records are.  Yes, you may be able figure out how to handle the process, but you're going to be at a disadvantage and the opportunity to make a mistake is significant.  This is not something you should simply search for on YouTube.  You need an experienced tax professional who knows how to deal with the IRS and the rights you have, during the audit process.  If you've received an audit notice, you can book a tax relief consultation with Timalyn.  She also has an episode on what you need to look for when hiring a tax professional.  Episode 23 is titled, “Which Type of Tax Professional Do I Need?”  In the show notes for that episode, there's a link to Episode 16, “How to Choose a Tax Professional.”  Both are full of valuable information for your consideration.  When you receive a Correspondence Audit, the IRS may not explain specifically why they are requesting the information.  It can be a significant source of anxiety.  Make sure you respond to the IRS in a timely manner.  Timalyn suggests responding before the deadline, in case something else needs to be addressed.  If you have good records, this will be much easier. Do You Already Have a Tax Power of Attorney? If you already have a tax power of attorney, you've already authorized this person to speak to the IRS on your behalf.  They've filed submitted IRS Form 2848, so they will also receive the correspondence from the IRS.  Don't assume the person who prepared your tax return is receiving the same correspondence you have received from the IRS.  Unless they've submitted Form 2848, the IRS does not have the authorization to speak with that tax preparer and vice versa. Prepare Your Business for an Audit This is the best thing you can do, especially because of the random nature of IRS audits.  Timalyn re-emphasizes the importance of good record keeping.  You have to be able to substantiate everything you entered on your tax return.  This applies to both income, expenses and credits.  There are many ways people have committed fraud by overstating their income when applying for the PPP loans, SBA loans, or a mortgage.  These are reasons the IRS may require you to substantiate your income.  Good financial statements, based on accurate bookkeeping can help you to prove you received the income you claim, even if you don't have a 1099 to back it up.  Your bookkeeper or accountant will reconcile your bank account.  The financial reports should reflect your income.  Make sure the person who prepares your financial statements has access to your bank statements.  If they are doing it without access, you may be setting yourself up for a significant issue or issues. The same record keeping applies for your expenses.  It's why business owners should not co-mingle their business and personal funds.  During an audit, explaining the different purchases will be more complicated if you can't determine whether they were for business or personal reasons.   You Need a Bookkeeper This person is a valuable resource.  It's something Timalyn often recommends you outsource.  A business owner can waste a lot of time trying to do their own bookkeeping.  You should definitely understand your financial records, but the time spent doing all of the record keeping and reporting could be better spent generating more revenue. The 3-H's of Record Keeping Timalyn suggests there are questions to consider related to record keeping.  ●      How long should you keep your records?  ●      How should your store your records? ●      How do you deliver your records? Episode 20 specifically deals with how long you need to retain your tax records.  Don't Create More Problems for Yourself If you're being audited, remember to only provide the IRS what they are asking for.  Make sure the support for those records is readily available.  Timalyn uses the example of someone who was asked to show income for a number of years.  However, because they didn't have good records, they instead decided to turn over all bank statements to the auditor.  This resulted in the auditor finding even more questionable transactions that were flagged.  If you're going through an audit, you typically wouldn't know how to handle the IRS.  Even good intentions can lead to many more problems.  That's why you should work with a tax representation professional who is familiar with the process and can best represent you.  Check out Episode 33, “What Is Tax Representation?”  Just because someone prepared your taxes doesn't mean they're equipped to represent you. As 2023 comes to a close and tax season looms, you need to ask yourself if your business is audit-ready?  Do you have good financial records?  How are we handling the 3-H's of record keeping?  Is our tax preparation professional asking questions about our records?  It's time to get ready. One step you can take is to book a tax relief consultation with Timalyn. If you are a tax professional who would like to help taxpayers with their audits, Timalyn strongly suggests joining her Tax Pro Representation Journey community.    Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either.  As we conclude Episode 44, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

In this edition: 01. Proposal to ESA Geostationary Sat 02. More Info on ESA 03. AMSAT 2022 Financial Review and IRS Form 990 04. ARISS YouTube page 05. ARISS Webinar with Richard, W5KWQ 06. AROSS 40th Anniversary in February 07. Melissa Gaskill Review of 40-year history 08. Below are recurring links that normally do not change 09. Donate to AMSAT 10. FO-99 Schedule 11. AMSAT Keps Link 12. AMSAT Distance Records 13. AMSAT President Club 14. Satellite Status Page 15. Satellite Status Page 2 16. FM Satellite Frequencies 17. Linear Satellite Frequencies 18. ISS pass prediction times 19. FO-29 Schedule 20. AMSAT Getting Started with Amateur Satellites digital 21. AMSAT News Service 22. AMSATs GOLF Program 23. AMSAT Hardware Store 24. AMSAT Gear on Zazzle 25. AMSAT Remove Before Flight Keychains 26. AMSAT Membership 27. AMSAT Donations 28. AMSAT on X (Twitter) 29. and more.

Episode 40:   Have you ever filed your tax return and then realized something doesn't look right on the return?  You have the right to file an amended tax return to correct mistakes and/or oversights.  Timalyn will explain what this is and why you should file it. IRS Form 1040-X The IRS Form 1040-X Amended Individual Tax Return is the form you'll use to correct your original return.  There are other types of amended returns. Form 1065-X  is used for Partnerships, Form 1120-X  and 1120S-X  are used for Corporation and S-Corporation amendments.  For today's episode, Timalyn will focus on the 1040-X. What Is a Continuous Use Form? The IRS Form 1040-X is considered a continuous use form.  This means the IRS isn't updating this form each year.  If your return is for 2020 or later, you'll use the same form.  You Found a Mistake, So Now What? It's possible that by filing the 1040-X, you could be able to reduce your tax liability based on the new (amended) information.  Even if it doesn't reduce your liability, it may still reduce the penalties and interest. Timalyn uses the example of how business owners may have overlooked the Sick and Family leave credit during the COVID years.  There are 2 resources you may want to review to see if you are eligible for the credits: Sick and Family Leave Credits for Self-Employed Taxpayers  Is there a Tax Credit for Self-Employed Workers Affected by the Coronavirus? The 1040-X is used to correct a 1040, 1040-SR (for seniors) or 1040-NR (for non-residents).  It can be used to make adjustments for credits or deductions originally missed, it can be used to claim a carry-back due to a loss or unused credit.  The 1040-X can also be used to make certain elections, after the prescribed deadline. The 1040-X shows your original information and then shows how the additiona information changes the originally submitted return. You can use the form to correct a genuine mistake.  If the IRS doesn't correct a math mistake, you could use the 1040-X to make the correction.  If you are worried about being assessed with an accuracy-related penalty, listen to Episode 28.  In Episode 25, Timalyn discussed Tax Basics 101.  A credit against tax owed may need to be entered, because if the IRS corrects a math error, it may not address other issues related to that new information.  Timalyn provides an example of this from a recent client's situation.  Don't Procrastinate Timalyn explains that you must move in a timely manner when you realize there's an error on your return.  IRS form 1040-X must be filed within 3 years of the date you filed your original return, if you are now claiming a credit or refund, or within 2 years of the date you paid the tax, whichever is later.  Note, the 3-year window does include extensions.  While this episode primarily deals with mistakes on your federal tax return, you may also need to review your state and local tax returns. The current 1040-X be e-filed. The 1040-X for 2019 and prior tax years cannot be e-filed.  Timalyn uses the example of someone who either did or didn't claim their child, this may need to be amended, once the error is identified.  Injured Spouse Relief This was covered in Episode 15.  You can use it to protect your share of a refund if your spouse owes back taxes, child support, or any other government entity entity. Timalyn also wrote an article about it.  Make sure you include an updated injured spouse form with the 1040-X if a credit or refund is due.  For more information on the form watch Timalyn's video . Don't Intentionally Manipulate Your Income to Get a Mortgage If you're trying to get a mortgage and you intentionally file fraudulent information or try to manipulate the tax return so you qualify, you may be committing mortgage fraud.  The 1040-X shouldn't be used, after you've qualified using false information.  If you need to generate additional income to qualify for a loan, focus on doing that and avoid the legal liability. If you've enjoyed this episode, please leave a review on the podcast platform you are streaming on or Google. Please also consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either.  As we conclude Episode 40, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.   Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Episode 39:  In this episode, Timalyn continues her discussion of the importance of IRS Form 433-F when negotiating with the IRS.  You may want to review Episode 38, which is Part 1 of the discussion.  It'll help you to better understand today's episode. To listen to Episode 38, click here. What Is IRS Form 433-F? This is the Collection Information Statement.  This is the form the IRS uses to collect a wide range of financial information including your income, debts, expenses and assets.  When you're attempting to negotiate with the IRS, you're asking them to understand that you are unable to pay the full amount of your tax debt, at this time.  They obviously want the full picture about your financial situation, so the information you enter onto this form is the starting point.  If you're working with a tax professional to represent you in a tax debt negotiation, but they haven't discussed the Form 433-F, it's probably a red flag.  For tax professionals who aren't using this form with your clients, you may be doing them a disservice. In Episode 9, Timalyn explained the 3 Phases of Tax Relief.  These are the investigation, compliance and negotiation.  IRS Form 433-F substantiates what you can actually afford to pay and why.  It's not uncommon for your and the IRS to have differing opinions on this answer.  Today, Timalyn explains the detailed information you need to input on the form.  Again, if you haven't already listened to Episode 38, this might be a good time to listen to that brief episode.  She'll also discuss what you will need to substantiate as proof.  Finally, she'll help you to know if you've completed the form properly.  Basically, “Is it right?” In Episode 38, Timalyn discussed why you'll need to use this form if you're requesting an installment agreement, because you're unable to pay the tax debt within 72-months or before the Collection Statute Expiration Date (“CSED”).  This includes whether you owe $25,000, but can't pay it off within 72-months, or if you more than $50,000 but you could pay some of the tax debt. Understanding the Detailed Information The IRS wants to know you bank account(s) information.  This helps to prove your cash flow.  If your name is attached to an account, you'll need to list it.  Do you have lines of credit?  If so you'll need to list this information.  This includes your actively used credit cards and the credit card numbers.  They want to see what you're purchasing.  Are you using these cards for necessities or is it for discretionary items, like steak dinners, concerts and vacations?  The IRS will want to know about your assets.  You'll need to submit the account numbers for retirement accounts including 401(k), IRA, Pensions and brokerage accounts.  It would also include the VIN for any vehicles (i.e. cars, motorcycles, boats, etc.) you may own.  They'll look at what you owe verses how much equity you have in those vehicles.  There's a possibility that the IRS could require you to sell a vehicle to pay your tax debt.   Timalyn advises you not to try to lie about your vehicles/assets.  The IRS will eventually find out about them.  This is especially true if you've posted pictures of it/them on your social media.  It's best to be upfront and honest. In one situation, a client has several vehicles and assumed the IRS would see how much he was paying on the loans, so that would obviously reduce his available cash flow to pay the tax debt.  In reality, the IRS looked at the situation differently.  As Timalyn explains, she had already advised him of what would happen, and it turns out she was right.  Friends, listen to your tax professional.  She/he has been through this, many times.  They've studied it.  And most importantly, you're paying for their advice in the first place. You'll also need to provide any loan numbers and balances.  The IRS wants to see what you owe and actually, when you incurred that debt.  There's more information you'll need to include, but the above should give you an idea of the types of information.  Substantiating the Debt You've listed the assets on Form 433-F.  Now, you need to list the expenses associated with the assets.  As Timalyn explains, if you have a vehicle, you'll need to supply at least the last 3 months of insurance payments.  You may pay your premium on a semi-annual or annual basis.  No problem, you'll simply divide the payment by 6 or 12 to get a monthly expense amount.  Any payment information should also match your bank account records.  You'll need to substantiate all liabilities.  For instance, you'll need to show credit card and/or loan payments. If you own or rent a home/condo/apartment, you'll need to supply a copy of the mortgage or lease agreement.  This is all about proving the debt you're claiming to owe and the payments you're making toward those debts.  Pay Careful Attention to Your Expenses Expenses are handled differently from debt obligations.  For this reason, you should consider working with a tax professional, who is familiar with tax debt negotiation.  Certain expenses can be compared to what are called the National Standards or Local Standards.  Timalyn explained what National Standards are and how they can be used to your advantage in Episode 9.  The IRS sets certain levels of acceptable expenses based on various areas of the country.  It's possible you can list the national standard defined amount, even if you don't actually pay that much.  A word of caution, you should consult with a tax professional on this point.  The IRS will find out, if you're trying to make false representations on IRS Form 433-F.  By using the limits allowed in the Standards, this can help to substantiate and ultimately lower the amount you're able to pay as part of your IRS Installment Agreement.  The fact is, you're using the IRS guidelines to do it.  Understanding Your Cash Flow Timalyn explains that any income you receive will need to be substantiated.  This includes non-taxable income, such as social security retirement benefits. This will be factored in as income, even if it may not be taxable.  If you work a W-2 job, you'll need to provide all pay stubs for the last 3 months and yes, this must match your bank account information. Alimony payments will need to be included on IRS Form 433-F.  This is true even if it was ordered as part of a divorce prior to the Tax Cuts and Jobs Act.  You'll also need to show any child support payments.  Don't Go It Alone If you're going to negotiate with the IRS, don't go at it alone.  Even if you don't hire a tax professional to actually represent you, you should schedule a meeting with one to at least get advice for how you should handle it. Having an experienced tax professional on your side could save you much more than what it cost you to hire them in the first place. If you're a tax professional and you would like to become better skilled at helping your own clients, consider signing up for Timalyn's Tax Pro Journey.  It's a private podcast, including an article subscription and a private group community.  Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 39, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.   Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

This is another podcast episode answering a frequently asked question.  This episode I will talk about best practices for entering in the vendor information from the IRS Form W-9. Keep Listening.  Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out my new Vendor Process Training Center for 149+ hours of weekly live and on-demand training for the Vendor team.  Subscribe today to be entered in the subscriber-only monthly drawing to win a free Putting the AP in hAPpy Coffee Mug.   Links mentioned in the podcast + other helpful resources:    Vendor Process Training Center:  https://training.debrarrichardson.comIRS Form W-9 Training Session:  IRS W-9 Examples By Tax Classification - What To Look For When Accepting From Your VendorDebra R Richardson LLC:  20 Tips in 20 Minutes WebinarsVendor Validation Reference List with Resources Links: www.debrarrichardson.com/vendor-validation-download (Get 25% Discount on the Global Vendor Registration Numbers)Vendor Master File Clean-Up:  https://www.debrarrichardson.com/cleanupYouTube Channel:  https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas?  Email me at debra@debrarrichardson.com Music Credit:  www.purple-planet.com

Episode 38:  In this episode, Timalyn is going to discuss a document that's often used in tax relief negotiations, IRS Form 433-F.  In her previous episode, she addressed the tax relief journey to try to make it easier to understand.  Today, she'll do the same with a form that plays a big role in your negotiations with the IRS. NOTE:  Timalyn points out that you need to make sure you're using IRS Form 433-F.  There's a similar document, IRS Form 433-F (OIC), that's used when you're making an offer in compromise.  However, the “OIC” version is not the form for today's discussion.  Timalyn is on a mission to fill the tax literacy gap, one taxpayer at a time.  While she uses these forms all the time, she realizes that most taxpayers don't fully understand what they are or why Timalyn is asking for certain information that goes on them.  She understands what information the IRS is going to request, so having the correct information can both speed up the process and help to move the negotiations forward. It's a Collection Information Statement The 433-F is more detailed than your IRS Form 1040.  The form provides supporting information for an installment agreement, which allows you to pay your tax debt in installments, rather than in a lump sum.  If you are going to apply for an installment agreement on your own, and it's not a streamlined agreement (meaning you can't pay it back within 72-months or before the Collection Statute Expiration Date – CSED), you'll need to provide the IRS with additional information to support your situation.    Timalyn explains that if you owe more that $50,000, you will be required to submit specific financial information, using IRS Form 433-F.   If you are applying on your own and it is streamlined, you can use IRS Form 9465 to request an installment agreement.  For more information, watch Timalyn's video.  The IRS will charge you a $225 set-up fee.  However, if you do it online or over the phone, the fee is only $31.  If you plan to apply for an installment agreement on your own, consider purchasing Timalyn's Guaranteed Installment Agreement e-book.  It will walk you through the process and to get your plan set up quicker. What is the purpose for the 433-F ? This form collects your current financial information used to determine how you can satisfy your debt.  This applies to an individual or a small business owner.  The IRS wants you to prove why you're going to need more than 72-months to pay the debt.  The form gathers that information.  You'll use this form to report your income over the last 3 months.  Remember, it may have changed since you filed your tax returns.  Timalyn takes a minute to explain why you should probably seek a consultation with a tax professional who has specific experience in tax relief.  That information will be extremely helpful, even if you decide not to ultimately hire him/her to represent you in this process. While the IRS wants the last 3 months, you actually might want to provide the last 6, 9, or 12 months, because certain factors, such as a period of unemployment, may change the picture in your favor.  Timalyn explains the IRS is really trying to analyze your cash flow.  Some jobs pay weekly, while other sources of income such as social security only pay monthly.  Over the past 12 years as an enrolled agent, Timalyn knows the IRS is also looking at what you owe other people or companies.  Having other required payments will limit your cash flow, but it's not that easy.  The IRS will consider your credit card balance and your available credit.  They may determine you could use some of the available credit to pay your tax debt.  Additionally, the IRS will review your assets.  For instance, do you have equity in your vehicles?  How much do you owe on the loans?  How much are the monthly payments?  What is the fair market value of the vehicle(s)?  Realize the IRS may require you to sell some assets to pay your tax debt.  Starting to get the picture? Are You a Business Owner? If so, the IRS wants to know about your accounts receivable balance.  The IRS can consider you're A/R because it could increase your normal cash flow.  You need to be open and honest in your negotiation with the IRS.  If they think you're playing games, they will be much more difficult in striking any type of arrangement with you.  In fact, they could simply decide to issue tax liens on specific tax years.    Do I Have to Provide All of This Information? Timalyn's answer is, “it depends.”  The IRS has the right to specific information when you're involved in a negotiation with them.  Remember, you owe them and are at their mercy.  If you're trying to establish an installment arrangement, you're asking them for a favor (even though we may not look at it that way).    On the other hand, there are National Standards and Local Standards.  If your expenses fall below these levels, you still get the benefit of the allowable standard.  It's like taking advantage of the standard deduction on your tax returns.  Be sure to listen to Episode 39 for more information in this scenario. This is complicated, so you may decide to get a consultation with a tax professional.  You can sign-up for a tax consultation with Timalyn.  There is a fee, but you'll have a full hour for her to review your specific situation and give you a diagnosis.  You can later decide to hire her or you can decide to hire another tax professional.  Either way, you'll have solid advice and will be better prepared to take the next step. Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 38, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.  Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Episode 37:  In this episode, Timalyn describes what happens during the process of you retaining tax representation.  She provides explanations of what's going to happen during the 3 phases of tax relief.  Timalyn walks us through the onboarding process, the investigation phase, compliance and negotiation.  While she'll step in to represent you, it's still a partnership and she'll need your assistance.  Timalyn begins by mentioning Episode 9, which explains the 3 phases of tax relief.  However, people still have questions about the process itself.  This discussion is based on her process.  Other tax professionals may do it differently, and that's okay.  The Onboarding Process Everything begins with a consultation.  While Timalyn offers a number of free resources, the consultation provides you the opportunity to ask her specific questions about your situation.  She'll create a roadmap showing you how to resolve your tax debt issue. While not every situation requires you to hire a tax professional to resolve the issue, some do.  In Episode 36, Timalyn focused on the trust fund recovery penalty related to payroll tax issues.  That type of issue definitely justifies hiring a tax professional.  If you decide to hire Timalyn within 14 days of your consultation, she'll credit you the cost of the initial consultation.    4 Things Timalyn Needs, before She Begins  The first is an engagement letter.  It outlines the services she's offering, when payments are due, what you can expect from Timalyn and what she will expect from you.  The letter must be signed before the work begins. The second is a completed IRS Form 2848.  This is a form designating Timalyn to act as your Tax Power of Attorney.  This form is then sent to the IRS.  It authorizes her to speak directly to the IRS on your behalf. The third item is a signed Form 7216, which gives her permission to use a 3rd party software to pull your transcripts and evaluate your data.    The fourth item Timalyn needs is your payment for her services.  In her firm, Timalyn typically breaks the pricing up by each phase.  She goes on to explain that at a minimum, the investigation phase has to be paid for, before the work begins. Timalyn charges different fees depending upon whether you owe more or less than $100,000.  If your tax issue is $50,000 or more, she will need your financial information.  Expect a detailed questionnaire from Timalyn.  The Investigation Phase This is when Timalyn begins communicating with the IRS and evaluating your tax transcripts to identify any missing returns and to determine what penalties have been assessed.  She's also going to work with you to understand if you were going through something that may be eligible for abatement (i.e. “forgiveness”).  Once this is completed, she'll schedule a case update with you.  At this point you'll be able to decide if you can move forward on your own, or if you'll still need Timalyn to continue working on your resolution.  If she'll need to be involved, Timalyn will provide a price for the compliance process. The Compliance Phase This is where it really becomes a partnership.  Efficient communication and information is critical.  When any missing returns are prepared and submitted, this will alter the amount of tax debt and that typically results in additional penalties may be assessed.  A second case update will be scheduled to review your completed returns before they are filed.  You'll need to sign and file them.  Timalyn may be able to e-file the returns, using IRS Form 8879.  The Negotiation Phase At this step, you are still in a partnership with Timalyn, assuming you've retained her to represent you.  She'll continue to speak to the IRS on your behalf.  However, she'll need your financial information including current expenses, debts, and asset information. She needs to have the information in a timely manner (refer back to your engagement letter).    IRS Form 433-F is the most common document Timalyn and the IRS will use during the negotiation.  It's a detailed summary of your financial situation.  Remember, the IRS wants its money, but the information on this form can help prove to the IRS that there's only so much available.  There's a chance you may qualify for a temporary hold on the collections by having your debt classified, Currently Not Collectible (“CNC”).  Listen to Episode 18 to learn more about this. If you're not eligible, you may still qualify for an installment agreement, which Timalyn covered in Episode 10.  There's also the option of making an offer in compromise.  Timalyn has videos describing the offer in compromise on her YouTube channel.  Here are a couple: 1)    Offer in Compromise:  Do You Qualify? 2)    What is an Offer in Compromise? This was a lot of information.  The main point is that you'll need to stay in communication with your tax professional.  Don't disappear.  By ignoring or responding slowly, you'll delay resolution of your tax debt and may incur additional interest on the back taxes. IF YOU ARE A TAX PROFESSIONAL Before she goes, Timalyn wants to remind tax professionals that on September 18, 2023, the Tax Pro Representation Journey, a private podcast and article subscription will launch.  Make sure you take a look at the information and subscribe.   Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 37, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.   Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

On July 26, 2023, the IRS issued a draft version of the Form W-9.  Though the form is not final, what's different?  What's missing?Keep Listening. Check out my website www.debrarrichardson.com if you need help implementing authentication techniques, internal controls, and best practices to prevent fraudulent payments, regulatory fines or bad vendor data. Check out my new Vendor Process Training Center for 149+ hours of weekly live and on-demand training for the Vendor team. Subscribe today to be entered in the subscriber-only monthly drawing to win a free Putting the AP in hAPpy Coffee Mug.  Links mentioned in the podcast + other helpful resources:   Vendor Process Training Center:  IRS W-9 Examples By Tax Classification - What To Look For When Accepting From Your VendorIRS Form W-9 (Rev. Oct 2023) Draft Published July 26, 2023:  https://www.irs.gov/pub/irs-dft/fw9--dft.pdfIRS Page for Draft Tax Forms:  https://www.irs.gov/draft-tax-forms IRS Site for Form W-9 Revisions:  https://www.irs.gov/prior-year-forms-and-instructions?find=form%20W-9&items_per_page=200 Debra R Richardson LLC:  20 Tips in 20 Minutes WebinarsVendor Validation Reference List with Resources Links: www.debrarrichardson.com/vendor-validation-download (Get 25% Discount on the Global Vendor Registration Numbers)Vendor Master File Clean-Up:  https://www.debrarrichardson.com/cleanupYouTube Channel:  https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw More Podcasts/Blogs/Webinars www.debrarrichardson.comMore ideas?  Email me at debra@debrarrichardson.com Music Credit:  www.purple-planet.com

Episode 35:  In this episode, Timalyn focuses on the importance of payroll taxes.  Paying employee taxes is a cost of doing business.  If you have classified actual employees as independent contractors, you are guilty of tax evasion.  The penalties are severe.  The IRS Test to Determine Classification Properly classifying people who work for you is an important responsibility.  The IRS has an online test to help you determine whether an individual should be classified as an employee or as an independent contractor or some other valid classification. If you are an employee working as an independent contractor (often for cash), why would the employer do this? They aren't looking out for you. They're looking out for themselves, avoiding to pay employee taxes.  This is tax evasion.  What Are Payroll Taxes? Timalyn explains that at the federal level, payroll taxes are comprised of 3 different taxes: ●      Federal Income Tax – your tax withholdings based on how your completed your W-4.  ●      FICA Taxes – social security and Medicare taxes. ●      FUTA – an annual tax paid by employers called the Federal Unemployment Tax Act.  It's paid on the first $7,000 of earning for each employee. Timalyn explains that if the IRS finds you guilty of tax evasion via misclassification, you'll be assessed significant fines and penalties over and above the actual taxes you neglected to pay.  Annual Payments, Quarterly Payments and Tax Deposits Payroll taxes can be complicated.  The FICA tax the business withholds is usually 7.65% of the employees' wages.  There's also the obligation for the business to pay another 7.65% of the wages.    On an annual basis, employers are required to send out IRS W-2 Forms by January 31st.  You may also be required to complete the IRS W-3 Form, which is a reconciliation of all of the employee W-2 Statements.  You'll also file IRS Form 940, for the federal unemployment tax to be paid by the employee.  On a quarterly basis, employers will file the IRS Form 941, which is for the employer's quarterly federal tax return.  This reports the income tax and FICA tax withheld for each employee.  It also shows the FICA taxes paid by the employer (that other 7.65%). Employees have taxes withheld during the year, on an on-going basis.  These withholdings are considered deposits, which will be used to offset your end-of-year tax liability.  Timalyn explains that once your payroll tax liability reaches a certain level, you need to understand your deposit schedule for the withheld taxes. If your quarterly deposits are less than $2,500, you can send a payment with the Form 941, without getting penalized.  It can be either e-filed or mailed.  The payment itself can be sent electronically via the EFTPS or a check can be mailed.  If you use the e-file option and the EFTPS, there's an advantage of having an electronic stamp showing when you completed these actions.  If your quarterly deposits are higher than $2,500, you need to make the payment by the 15th of the following month.  So, if you are submitting this monthly, your April deposits would need to be sent in by May 15th and so forth.  Timalyn notes that there's a threshold that would require you to make deposits semi-weekly deposits.  So, in this case, a company's payroll deposits of any payroll taxes withheld would need to be made within 3 days of having run the payroll.  If You Fail to Meet Your Obligations As Timalyn mentioned at the outset, there are severe penalties if you fail to meet your payroll tax obligations.  The IRS can assess civil penalties including: ●      Failure to File ●      Failure to Deposit ●      Trust Fund Recovery Penalties (one of the biggest tax penalties) o   It can be up to 100% of the tax owed o   A $15,000 deposit that wasn't made, could be assessed another $15,000 penalty ▪       Plus, the original $15,000, the Failure to File and Failure to Deposit penalties You have to keep up with your payroll tax obligations.  If you let them get away from you, they can potentially drive you out of business. The IRS can also file criminal charges including imprisonment and fines.  It's considered a felony to willfully not collect or truthfully account for the tax.  This is why making sure you're using the proper classification of anyone working for you.  You can be put in prison for up to 5 years and be fined up to $10,000.    If you are a business owner and you know you have a payroll tax issue, consider booking a consultation with Timalyn, via here Bowens Tax Solutions website.  Click this link to sign-up for your paid consultation. Additional Resources The upcoming Episode 36 will focus on the Trust Fund Recovery Penalty.  Be sure to listen in 2 weeks. If you are a tax professional, the Tax Pro Representation Journey will launch on Sept 18, 2023.  This is a group with a private podcast and article subscription for tax pros interested in representing taxpayers facing back tax issues.  This will include weekly tips to help you grow this area of your business. Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 35, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode.  For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

So let's say you have a really good idea for a tax-exempt organization, and hooray it's charitable activities so you're all set to ask the IRS for recognition! You even have some potential funding sources, and you're ready to go. But oh that pesky IRS recognition process – until recently Form 1023s could take up to a year or more to process! Sure you can wait, but you can also find an existing (c)(3) to be your fiscal sponsor and get going much more quickly. On this episode, we chat about how fiscal sponsorships work. Attorneys for this episodeLeslie Barnes Tim Mooney Quyen Tu   1.     What is a Fiscal Sponsorship? Orgs that let you borrow their nonprofit designation. Mostly (c)(3), but (c)(4) can be a fiscal sponsor. File Notice of Intent to Operate as (c)(4) with IRS Form 8768 Their nonprofit rules = your nonprofit rules.             Employment policies (compensation, benefits, hiring/firing, anti-discrimination, etc) Benefits = operational support for your project – HR, Legal, Accounting, Tax – allowing you to focus on your programs. 2.     Types of Fiscal Sponsorships Two different ways this is done. IRS has various models. Money does to the FS, there's an agreement between the parties (sponsor and project)             Examples: Tides Center sponsors Lift Louisiana, a project focused on improving health outcomes for Louisiana women, families, and their communities             Examples: Burning Man Project own Black Rock City, LLC (a single member limited liability company) under a Model L sponsorship, BRC hosts an annual art and culture event, based on self-reliance. 3.     To Fiscal Sponsorship or not? Project Perspective: Quickest way to “get up and running” for funders. Provides many of the traditional markers of established orgs. Is your org staffed to meet admin and compliance independently?             Do you want to seek GOS grants Their rules = your rules: Will your project involve lobbying, voter registration drives, or other types of nonpartisan civic engagement? Fiscal sponsor perspective Fiscal sponsor must maintain control over project, assets, and liabilities 4.     Spinning Off or Exiting the Fiscal Sponsorship Sponsorship agreement should include an off ramp Provisions for transferring assets, including IP Example from Tim – X-PAC fiscally sponsored by Portland League of Women Voters 5.     Seek Legal Advice                         Resources Bolder Advocacy's Project Grant Rule Hub – complete with explainer videos, sample budgets, and factsheets for funders and projects. Private foundations that award grants to sponsored projects must do so using a specific project grant The Ultimate Resource List for Fiscal Sponsorship Seekers - most comprehensive list of resources on the web for understanding what fiscal sponsorship is, if it's right for your charitable project and how to go about finding and vetting potential fiscal sponsors. Need we say more?? Fiscal Sponsorship: 6 Ways To Do It Right by Gregory Colvin Fiscal Sponsor Conversations - weekly conversation focused on the needs, challenges and goals of fiscal sponsors. Cooperative Impact Lab – running the Fiscal Sponsorship Cooperative to provide support and capacity for fiscally sponsored projects to form and run their own nonprofits From Fiscal Sponsorship to Autonomous Operation – an interview with Mariana Ruiz Firmat

Throwback to “Backdoor Roth and Cream In The Coffee” episode, in which Steven's guest was advisor Matthew Jarvis of The Perfect IRA. In addition to running his own practice, he's written a new book,Delivering Massive Value: The Financial Advisor's Guide to a Highly Profitable, Hyper-Efficient Practice. However, this episode's topic is a combination of backdoor Roth contributions, IRS Form 8606, and the Pro Rata Rule. https://bit.ly/3O488zo

Patrice Onwuka joins the podcast to discuss this month's policy focus: the IRS. The 1099-K tax form may lead to increased confusion and even a higher tax bill for you this year. If you're one of the millions of people who resell items online or use gig platforms to supplement your income, we discuss how […]

Patrice Onwuka joins the podcast to discuss this month's policy focus: the IRS. The 1099-K tax form may lead to increased confusion and even a higher tax bill for you this year. If you're one of the millions of people who resell items online or use gig platforms to supplement your income, we discuss how much you may owe on Tax Day. Patrice Onwuka is the director of the Center for Economic Opportunity at Independent Women's Forum. Patrice co-hosts WMAL-FM's morning show O'Connor & Company, the leading talk radio station in the DC area every Friday. Patrice is also a senior adjunct fellow with The Philanthropy Roundtable and a Tony Blankley Fellow at The Steamboat Institute. Patrice has worked in policy, advocacy, and communications roles in Washington, D.C., for more than a decade on issues related to the economy, employment, technology, philanthropy, and the criminal justice system.--She Thinks is a podcast for women (and men) who are sick of the spin in today's news cycle and are seeking the truth. Once a week, every week, She Thinks host Beverly Hallberg is joined by guests who cut through the clutter and bring you the facts. You don't have to keep up with policy and politics to understand how issues will impact you and the people you care about most. You just have to keep up with us. We make sure you have the information you need to come to your own conclusions. Because, let's face it, you're in control of your own life and can think for yourself. You can listen to the latest She Thinks episode(s) here or wherever you get your podcasts. Then subscribe, rate, and share with your friends. If you are already caught up and want more, join our online community. Be sure to subscribe to our emails to ensure you're equipped with the facts on the issues you care about most: https://iwf.org/connect. Independent Women's Forum (IWF) believes all issues are women's issues. IWF promotes policies that aren't just well-intended, but actually enhance people's freedoms, opportunities, and choices. IWF doesn't just talk about problems. We identify solutions and take them straight to the playmakers and policy creators. And, as a 501(c)3, IWF educates the public about the most important topics of the day. Check out the Independent Women's Forum website for more information on how policies impact you, your loved ones, and your community: www.iwf.org. Subscribe to IWF's YouTube channel. Follow IWF on social media: - on Twitter- on Facebook- on Instagram#IWF #SheThinks #AllIssuesAreWomensIssues Hosted on Acast. See acast.com/privacy for more information.

In this episode: w2 employment to self-employment, s-coporations vs self-employment, avoiding penalties, megas backdoor roths, retirement planning, and health insurance. Most of us are familiar with a W2 job, and there is a certain level of convenience that comes with working a W2 job as it relates to retirement planning and taxes. So much so that it can be daunting to want to embark out on your own journey and have to figure it all out on your own. This week we are re-joined by our “in-house tax expert” Sean Mullaney to discuss the tax and retirement sphere as it relates to being self-employed. While we are not offering advice, this week's episode is meant to act as a resource to listeners curious about the steps and unknowns that come with the self-employment territory. With the same excitement and motivations gained from getting to run your own business, those same motivations and excitements can still be applied to navigating your retirement and taxes once you remember that it is now within YOUR control!  The fear of the unfamiliar may not be as daunting and complicated as you may think, and figuring out these factors requires you to take the same initiative and action that is required throughout your entire FI journey!  The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Sean Mullaney: Website: fitaxguy.com Book: Solo 401k; The Solopreneur's Retirement Account Timestamps: 1:42 - Introduction 2:38 - W2 Employment to Self-Employment 11:34 - S-Corporations vs Self-Employment 14:03 - Avoiding Penalties When Making Estimated Payments 19:29 - Saving For Retirement As An Entrepreneur 24:00 - Employee vs Employer 401k Limits and Mega Backdoor Roth 33:54 - Is The Mega Backdoor Plausible For The Self-Employed? 41:03 - Roth IRA Conversions 43:15 - Addressing The Uncertainty Around The Employer Maximum 53:40 - ACA Plans and Navigating Health Insurance As A Solopreneur 63:34 - What Counts As Income? 68:41 - Conclusion Resources Mentioned In Today's Episode: Paying Taxes When You're Self-Employed IRS Publication 560 IRS Form 8962 Instructions on Premium Tax Credit IRS Publication 974 Premium Tax Credit Creating Your Dream Job | ChooseFI Ep 117R Roth IRA Conversion Ladder Case Study | ChooseFI 163R Healthcare.gov ACA Plans Cody Garrett's Tweet Illustrating ACA Medical Insurance Premiums and PTCs Subscribe to The FI Weekly! More Helpful Links and Resources: Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence Keep learning or start a new side hustle with one of our educational courses Commission-Free Investing with M1 Finance