Tax Strategies to Deal with the IRS Legally

(82) The IRS IS Coming: Tax Strategies To Beat Them (Legally) – YouTube – https://www.youtube.com/
https://www.youtube.com/watch?v=eO0U_vFwKes

Full Transcript:
(00:00) let’s just get it out there okay you owe the government some money yeah in the States they’re actually not as patient as the IRS they they’re brutal the last thing you want to do is nothing you’ve got to make a plan and you must communicate that to the IRS because there’s some options they give you options to say hey work with us having a path can give you some hope and I’d rather you have a feeling of Hope than one of Despair welcome everyone to the Main Street business podcast with Madison
(00:28) Center Mark Kohler we’re excited to be with you today even though the topic is a little either you’re listening for a friend a family member maybe a client and it could be yourself so we want to be sensitive you know gosh we’ve got so much to say this is going to be super helpful we’re not going to joke around too much we’ve got a lot to cover so I don’t know there’s touchy feely issues that are some very important technical issues let’s just get it out there okay you owe the government some money
(00:59) and you’re okay and I vote the government money at gosh darn it people like you yes yes I also speak to laugh both of us have had are they 15 Blues where we’re like it’s gonna I’m gonna have to pay in December when I get I’ve got a deal going down or I got some more rev coming yeah so the important thing is you have to know that there’s very very I’m calling myself successful at this point right whatever there’s very successful clients of ours and if you think we’re successful we’re trying yeah we it’s
(01:29) common now there’s some very very important things you don’t do in this process and very important things you do do but your biggest enemy is apathy or uh yo I’m just going to stick my head in the sand it’ll go away I’ll come up when I can solve it yeah or let me just ignore this because I don’t I don’t want to have to deal with it um that is the worst thing you can do with the IRS or the state take tax collection agencies which are a lot of times more aggressive than the IRS the last thing you want to do is nothing
(02:06) you’ve got to make a plan and you must communicate that to the IRS because there’s some options they give you options to say hey work with us they’ve got a lot of people that owe that money too you’re not alone and they have programs and options we want to make sure everybody knows what are the ways you can work with the IRS to cut a deal buy yourself some time and avoid some of the costly mistakes that can happen because let me tell you what’s going to happen if you do nothing you’re going to get a federal tax lien
(02:32) if you owe the IRS money and you just stick your head in the sand you can not only get some nasty letters coming your way but eventually you’re going to get a federal tax lien and you know what that hits your credit you know how long it’s going to take to recover from that thing hitting your credit how many banks want to lend someone money that has a federal tax lien yeah not a lot yeah it just to fit a little fear of the almighty in you too if you’ve got problems with the IRS you probably have problems with the state as
(02:57) well yeah in the States they’re actually not as patient as the IRS they they’re brutal yeah uh in those states have come hard and fast at bank accounts with garnishments and all that now let me again I want to say this Enough From Another mindset perspective let’s just say would you ever thought that I’m in a hole I don’t know how I’m going to get out that thought creates a feeling and that feeling could be fear it could be one of well I’m a loser anyway there’s nothing I can do so I’m just going to do
(03:24) nothing and and that so those thoughts cause us to do sometimes take the wrong approach so a thought that we want to replace that with with you here today this is a this will Empower you is that knowledge eliminates fear having a path can give you some hope and I’d rather you have a feeling of Hope than one of Despair so when mattress said hey there’s Solutions here okay pay attention we’ll make some notes you may listen to this several times and and so that that’s the trick that’s the trick
(04:00) there’s no magic bullet would you have like a phone number you’re gonna call they’re gonna pay the bill for you but you can’t keep your Technique this will help you have hope yeah not just mirror yeah and but do you need a little tough love too and I want you to have hope but know that you’ll get through it there’s you know it happens to a lot of people a lot of entrepreneurs and investors I know a lot of you listening that’s what you are have to deal with this at some point in their career
(04:25) um sometimes it happens every or often that it happens a lot more than you think so I just want to say you’re not alone but at the same time you have to act and take action on this and um so we’re gonna go through the options here but um there’s just so many people that have gotten in trouble they are like Shakira is getting chased now by the actually the Spanish tax authorities you know there’s there’s always a celebrity getting chased down you know by some government agency for for taxes and so
(04:53) um it can happen to anyone I’m trying to say don’t feel bad okay step one I’m gonna say step one is always file your tax returns step one even if you can’t pay a lot of people think well I can’t pay so I bet I don’t need to file or I can’t file or I don’t have all my information I’m not gonna wrap myself out I’m you know I’m not gonna count it why don’t I don’t know yeah look at me yeah there’s that penalties and interest for not filing are worst than filing enough pain hurry up this is
(05:26) like the dating world ghosting your girlfriend or boyfriend is far worse in the long run than just calling up going we’re done that’s it yeah let them know let the Irish know where you’re at it and they they don’t like to be in the dark so I’m going to say this right now we’re three weeks out to October 16th uh this could be some of you listening to this in the spring or two years from now whatever the deadline is you’re facing if it you can file an extension due but if you’re
(05:54) at that final D-Day do whatever it takes to file your day in return even if you can’t pay put it a big old goose egg when it says payment that’s okay now the IRS knows what that what’s going on and the penalties are half as much really in effect yeah and I think to follow your dating example there I think kind of like the filing your tax return and not paying is kind of like the it’s not me it’s you I think that’s the that’s what you’re saying you’re like you’re like I
(06:22) filed and did my part it’s you you’re asking for too much and this relationships so um okay so file first all right file first now once you file well you guys start making a plan if you owe and I want to say actually I think and just work with clients over the years on this if you owe federal you’re typically going to owe State and I generally like to tell clients focus on the state first because they come faster they start you’re going to get the letters faster the IRS thank goodness is disorganized
(06:58) and slow and slow and they don’t even answer their phone when you do try to call them and you’re going to owe the state less yes it’s easier if you’re thinking like the debt snowball and Ramsay concept get that one out of the way first yep now it doesn’t mean you again ignore the IRS yes but from a financial standpoint you want to think okay I’m going to get the state out of them yes and I think a lot of people think backwards I gotta get the big one I gotta get the IRS off my back the big
(07:20) bad IRS and I’ll deal with my state later no no work with your state first yeah I write these down too because I love this I’ve got several articles out there I always need to update them so always file everybody if you’re taking notes always file number two Focus financially on the state first um and if I could say this too um you need to buy some time yeah I’m going to give you a spoiler alert because I want Matt to comment on this he’s really good at it is he’s made these phone calls countless yeah if
(07:51) you’re going to let you file and then you got to let them know it’s coming there’s a technique there and then the fourth step I want to say is you’re going to start looking for the money somewhere to borrow you want to borrow money from someone you don’t you’d rather have almost any other borrower okay any other lender yeah than the IRS or the state now that’s going to be step four but you kind of need to ask for a breather what do you you’ve talked about that so many yeah the Breather is this
(08:17) called 180 day to pay so as long as you owe less than a hundred thousand dollars to the IRS you can call them up and just say hey I’m going to pay this all off in one lump sum within 180 days they will automatically grant that as long as it’s under a hundred thousand dollars no financial statement you got to send which and other options you have to disclose all your finances and why you can’t afford to send them money but this one if you’re under 100k or if you can make a payment to get you under 100K so maybe a 120 like I can
(08:47) throw them 20 now then freaking call them and be like I’m gonna pay you in 180 days and I’ve had to do that myself a lot of clients have to do that they’re a little surprised at the end of the year and like dang that was I had more than I thought yeah but I can catch up you know just give me give me six months um I can get back up and get on top of it so um should always start with 180 day to pay there’s no fee for it there’s no setup fee you don’t have to make monthly payments you can just lump sum it in
(09:12) that 180 years you have to call them but you got a call yeah and uh oh I’ve got another major tip uh so you got a call uh and then with the state it may be 30 days it may be 60. every State’s going to be a little different yeah but you’re gonna make two phone calls maybe a third one to your mom but and Calvert give me a kiss and a hug but you’re gonna call the IRS ask for 180 day grace period uh and then a state get whatever grace period you can get then number four you’re gonna start looking for a lender
(09:43) that could be friends family sell crap equity in your home second mortgage I don’t know but the interest and penalties are always going to be cheaper after October 16th now if you’re paying between April 15th and October 15th the IRS interest rates aren’t that bad your credit cards are worse but after a October 16th this little grace period I want to point out you’re not getting out of penalties you don’t get that interest yeah you’re just getting out of them making your life hell yeah they’re not in the
(10:16) collection process you’re not getting nasty letters there’s no tax lien that’s going to go out there’s no wage garnishment that can hit your bank account or your wages a penalties are adding up yep and those are my articles yada yada uh now here’s another important tip the IRS will never call you the state will never call you now I have a scam artist call I’ve I’ve had two scam interactions in the last 10 days phone calls and when I made outbound to what I thought was a support company of HP because I was trying to
(10:46) get a solution and I got routed to a scammer and I got sucked into for a good five minutes until I realized what was going on and then I had a call this morning from a scammer uh now you don’t want to let loose you’re pissed because scammers can who knows what damage they could cause yeah so just say sorry not interested hey but the point being is the IRS will never call you they’re going to send you letters you’re going to call them so just ignore any calls from the IRS freaking out saying you
(11:16) need to send money yeah now it’s funny I I went to the IRS website just to make sure the programs are the same and the numbers and the IRS gives you three options if you owe the IRS money to for to make a payment arrangement do you wanna know what their first option was pay now pay now and you’re saying this is funny I thought it was funny why would they’re like zero setup fee no future penalties or interest pay the amount due today what some of the IRS website to learn like how do I set up a payment arrangement
(11:47) with the IRS because I can’t pay all right anyways that was funny then they got the short-term payment plan that was 180 days or less now if you need more than 180 days you can do a long-term payment arrangement installment agreement called installment agreement yep and and so and that you’re typically going to pay monthly in that type of deal but what happens there is if you owe 50 000 or more now that now the number changes if it’s 50 000 or more and because it’s a long-term payment arrangement you have to disclose your
(12:19) finances if you’re under 50 and you’re like I’m going to pay it over time you don’t have to disclose your financials you can kind of outline over a six-year window how much you can afford to pay to try to get paid off but if you owe more than 50 you got to divulge your assets and your income to the IRS which I know no one is excited to do they know your income for your taxes but do you want to give them all your assets to say I can’t afford to pay you but I’ve got all these assets over here well and and I’ll say
(12:46) sometimes you don’t have a choice and it’s not a a completely terrible thing you’re you’re you’re like yeah you want to see the train wreck here it is you know yeah yeah there’s another that’s to show yeah you’re in a problem because your finances aren’t problems so just Pony up be honest disclose but I will say it another way too the installment agreement is the fallback because you couldn’t find any other lender see during that 180 days you’re going to be shopping you’re going to be calling up
(13:13) your great uncle your aunt your grandma your mom signing loans at least you whatever you’re gonna sell crap that hard be sitting on the side of the house you drove twice last year sell it the boat sell it yeah you can always get those assets back but you can’t get your life back sometimes emotionally when you have the IRS hanging over you so sell assets borrow money then if that doesn’t work and hopefully you’ve got the state at least taken care of you go to the installment agreement that’s where you have this 50 Grand or
(13:44) more disclosure than under 50 Grand is automatic typically it’s going to be a five-year payment plan you’re still going to pay penalty interest see that’s why you don’t want to be an installment agreement penalties and interest continue so it’s not like you stop that oh I learned an installment agreement so I’m I’m your preferred borrower no you’re not yeah they just stopped collection that means they don’t lean your house they don’t garnish your wages they don’t hit your
(14:08) bank account to see if you don’t sign the installment agreement they’re gonna come hard yeah I’ve had clients call me Mark I’m hiding behind the couch there’s an IRS agent at my door they will knock on your door and I’ll call you yeah they will knock on your door yeah and those ones that they’re the criminal enforcement division usually and when it gets to that it starts to criminal if someone’s starting to come on those they actually have badges and guns yeah you know they actually have badges and guns
(14:32) okay so the acts on the on the installment agreement it’s 72 months is the max time which could be of six years yeah 72 months um now there’s a fee for that there’s a monthly fee it’s like 31 bucks a month that you’re getting charged a fee just to to be able to have that opportunity to pay kind of it’s kind of kind of a bummer but um again you’re buying yourself time I love it very bad food um oh I have one other tip okay for you business owners heaven forbid one of you are listening
(15:02) and this is payroll liability oh we’ve got to say a word or two about that payroll liability is like sacred money to the IRS so if you run a business you’ve got payroll and you weren’t able to make that 941 deposit because you had to pay other bills there is no other bill that’s more important than paying payroll taxes at Yuba withheld we’ve had clients that Matt I’ve met with that two years later were like uh you’re a jail oh okay yeah no it is bad you they will prosecute and they would fashion hard so that’s now so
(15:35) just be careful any of you that have payroll liabilities those are next level and you’re you’re literally selling everything you owe and uh and hopefully it’s not that bad these clients they literally have blown the money they had nothing and Iris is like okay yeah you’re gonna go to jail then either we want money or you go to jail and that’s what we came down yeah yeah I feel bad for anybody that got in that problem um for everybody make sure that’s when you say in payroll this is like the withholding
(16:03) you’re doing from your employees to pay their taxes and you don’t actually send it to the IRS because you didn’t have any money in your business but you had enough to at least cut your employee their check that is dangerous all right well what if I can’t even do a payment agreement there are some options where you can try to settle with the IRS now are we is it two in the morning no I’m eating cereal water that’s right settle with the IRS for pennies on the dollar do you owe the IRS any money do you owe the IRS more
(16:31) than ten thousand dollars call us at 1-800 you know settle for less and then yeah that’s insult to injury I just blew five grand with a company yeah you owe the IRS 10 grand you just spent five grand yeah so um now be careful on any of those Services that’s what the joke we’re trying to make there if you didn’t sense the sarcasm is that’s a lot of BS about settling from Pennies on the dollar yes can you cut deals with the IRS in something called an offer and compromise yes we’ve helped clients over the years
(17:01) do it I’ve done them before leech and one of our attorneys in our California office has done many of these for clients over the years but in an offer and compromise what you’re doing is you’re telling the IRS hey I want to but a deal and the Iris will cut a deal in a couple of different ways you have to have a reason you have a reasonable basis the first is doubt as to liability you’re basically saying hey IRS I actually don’t owe you money now usually this one is used as let’s say you filed your
(17:33) taxes and you said you didn’t know and the IRS reassessed it and said ah we’re denying these deductions or we calculated a different ways yeah the ought to happen and you and and they end up determining you owe them money well you can sip or let’s say that yeah or let’s say and I’ve had this I had this one long time ago I did this in law school by the way I did these attacks in a loss list and that was like 20 years ago crazy but is if you missed certain deductions on when you file then you need to amend and
(18:03) then the amendment becomes an issue the amended return becomes an issue now you can file off from a compromise and you have to battle it out with the IRS the nice thing about the offer and compromise and I’m going to get to the other basis you can do but on doubted slide ability then I still got an offering compromise is it is it stops The Collection process too while it’s pending yes okay now the IRS is like Hey we’re going to look into this now you had to disclose all your financials again you have to give this financial
(18:29) statement to them but you’re going to say I don’t owe it because of x and a lot of times it’s important because a lot of times you’ve been dealing with like you can’t talk to anyone with the IRS and you’re not on anyone now it’s going to go to a real Revenue officer yeah I I’m loving where you went with this um let’s unpack a little bit more so a lot of people get this big tax bill and some of the reactions might be and my CPA sucks or maybe I shouldn’t have done it on turbo yeah and someone goes
(19:00) you owe the iris that much did you deduct this and all of a sudden your little friend group starts saying dude you got probably a crappy tax return yeah so you you want to pay the IRS to try to get your money back I would that’s move I like this doubt as to liability you’re going to raise the red flag and when you do a doubt as to liability you’re going to submit that amended return and say Here’s how much I really do owe you and that’s going to unwind a lot of penalties and a lot of interest and
(19:31) freaking love it the one cautionary point I have here though is this is why putting your head in the sand could be disastrous because claiming doubt is to liability there’s clocks that start to tick as to amending a return you you could wait too long and the amendment is not allowed or the IRS may have done this assessment Matt talked about and then you have 90 days to reply you never reply yeah so if you miss some of the statute of limitations uh then it you can’t do that to liability they’re like you already had your
(20:08) Shields to clean this you missed it so the sooner you get engaged to this process the better yeah now in the offering compromise you’re basically negotiating right and the IRS could be like not no dice at all all right but you can actually negotiate this um and a lot of times what you need to do is you have to come up with a lump sum payment all right um or you can get a payment plan up to 24 months in an offer on compromise but if you need more than that you’re back to installment agreement long-term
(20:36) installment agreement up to six six years so um so if you’re going to cut a deal you’ve got to come with the money at least within 24 months now here’s a trick to this and this is really important was I did some of these in law school I remember my law school Professor he was like whenever you’re making an offer to pay remember you don’t have money so you’re going to explain how you’re going to come up with the money mom is going to loan me some money to pay this tax because if you’re
(21:02) like I’m gonna pay this tax I’ll pay you I’m gonna you know I owe 100 I’ll pay you 50 Grand right now they’re gonna be like we’re just gonna go take that 50 Grand and then come get the other 50 later like the IRS has the ability to do that so you need to have a good answer of either I have future income I’m going to make that I’m going to come into or that you wouldn’t be able to collect or maybe it’s a family member that’s going to loan me money otherwise if you’re
(21:25) like say a woman drops right they’re like why isn’t this on your financial statement that you sent us like this 50k that you’re trying to negotiate so I had 50 Grand in my mid mattress you do well we just come on Saturday morning exactly we’re with the natural police yeah and if there’s no tax on these mattresses we’re gonna have a problem that’s gonna be a problem there too yeah now we’re gonna look into that now here’s a subtle I’m going to help those tracking the conversation
(21:49) Matt quickly moved to cutting the deal remember if you’re in the doubt as to liability Lane you’re going to stay in that lane until you get an offering she’s going to be like okay we’re gonna fight this out hopefully you don’t miss any deadlines you’re going to get proper counsel involved tax lawyer or CPA or enrolled agent that knows what they’re doing and you’re going to start that process if and when that’s over meaning you doubt us to liability there’s still some amount at the end of the day maybe you
(22:19) get it all resolved maybe they end up owing you we have clients to do that they end up getting a refund when they do it right uh but follow that process to its conclusion yeah then if you still owe that’s when Matt was like now you cut a deal yeah so the offering compromise is this proposal as to doubt as to ability to pay yeah don’t so it’s doubt to liability and then I don’t have the ability to pay yeah somebody’s like doubt is to collectibility yeah sorry the IRS can’t collect it which is the
(22:50) you have no ability to pay so but you’re like but I can come up with the money from a friend from a family member you know now your should have been subtle Point too this is really a good this we’re giving you our inside Secrets here this is because notice what Matt said when you make your offer to cut a deal you’re going to say my mom’s going to lend me the money if you say my money’s already my bank account my mom gave it to me came over they’re gonna come take it yeah this you gotta play poker watch a
(23:18) little bit of ESPN poker yeah so some of you may go well more you said I have 180 days to pay go borrow for my mom and just pay it I’m gonna play poker I’m going to negotiate a lower amount and then tell it Mom’s going to give me the money I’m not just going to go borrow for Mom and pay him you’re saying I can negotiate yes you could reality check this little process of negotiation and you can’t pay and you gotta expose yourself and all that at least a year and a half this is the longest poker game of your life
(23:56) I love that here yeah we’re talking two years it’s not like you can email them on Monday on January 3rd hey I owe you but you know were you willing to take 30 cents on the dollar and they email you back yeah sure yeah you’re at the poker table and the IRS is the dealer and they’re like this is them turning the card yeah so you gotta this is gonna take a long time is what we’re saying yeah so don’t this is why these radio show commercials TV commercials are in our opinion A lot of times uh
(24:32) consider scams because they make it sound so easy yeah they do it’s not that they’re not right you can settle with the IRS you can negotiate and these techniques we’re talking about you will use yeah but buckle up and you know what’s been happening with the entire time in this process your penalties and interest are adding up yeah if they don’t cut a deal and here’s the other thing is you’re not counting on being broke in a year or two by the time this thing’s done and so now sometimes it’s like you
(24:59) know there’s a situation and you really are and you’re gonna stay broke and you’re not gonna your business isn’t gonna grow or but you know because at the time you cut the deal they’re gonna be updated you’re gonna be updating your financial statement um and so you’ve got to stay broke yeah let’s give a couple of hard lucking samples that would be good situation some good examples of this let’s say heaven forbid uh you’re married and you you and your spouse dies and uh the
(25:31) business goes down the drained uh there’s a big tax liability you put your husband or wife in the ground and um and this is probably one of the maybe the maybe it’s a female Breadwinner maybe it’s a male Breadwinner but the non-bread winner is left holding the back and they don’t have a lot of options to create income and there’s a huge liability they see themselves really living a very different lifestyle for the next five to change they they’re maybe they’re able to get on the Social Security maybe
(26:01) there’s they’re gonna start picking up a job at the local uh Piggly Wiggly they’re just there there’s not many options that’s a great candidate for cutting the deal because there’s no future chance the IRS is going to get their money and there’s no and you don’t have a future plan for big money uh dirty to try to figure that out um another example would be maybe you’re single and you get in an accident and you’re disabled you literally have lost your uh ability and livelihood career ability to make money
(26:39) in the career and all that and and it’s a it’s an ugly situation you might have a four to five year window that’s not looking good having to deal with the IRS makes sense the IRS is going to see that you are disabled you will literally provide medical reports to prove that and they’re like all right we tap out and in the poker game ends a year and a half from now or more because they finally figure out you’re telling the truth now let’s just say you have a crappy year in real estate things don’t go well you owe
(27:08) the IRS 100 Grand and you’re broke you don’t have much uh and you can’t pay the IRS so you’re like I’m gonna go cut up a deal that arrest is going to say okay tell us why you can’t pay this in the future uh well in deep down you’re like well I guess I could because I would have got I’m a real estate guy I know a good year two years I’m gonna cast them up I want to cut a deal now if the height arrests can see any sort of horizon of your career where you’re going to make that
(27:41) hundred grand they’re not cutting a deal they are not cutting a deal so when you call these folks on the radio programs or the TV shows and they go we can settle with pennies on the dollar you do have the ability to pay the IRS back in the next five or six years because you’re not disabled and you don’t and you have and and you do have skills forget it it’s not happening so yes you could be broke right now but if the IRS this is the the secret if the IRS thinks you get paid back in six years they’re going to make sure
(28:19) that’ll kind of deal with you so that’s kind of the trick so yes mob’s loading your money that’s still a sidebar to the fact they’re like pull it you have a great career you’re gonna make yeah forget it yeah it’s like yeah so that’s an important Point um one thing I want to bring up because it’s always a common question is well I’m just going to file bankruptcy then now I was actually looking into this here just because I the rules have changed a little bit on bankruptcy and whether you can actually
(28:49) bankrupt a tax debt traditionally you’re not you were never able to bankrupt the IRS the IRS is like nah you go bankrupt your mortgage your credit card but student loans tax debt we you got to pay us you know we’re the most important creditor out there so um but uh if they are I’m just looking into this because I knew the rules changed if the debt is over three years old in a chapter seven where you’re doing a complete liquidation because you’re like I am totally insolvent meaning I’m broke I have way more debt
(29:22) than assets you can actually get some tax debt forgiven in a bankruptcy now remember there’s a lot of consequences to filing bankruptcy yeah don’t plan on getting a loan in the future you really are gonna have to be broke you’re gonna have to disclose everything in a process it’s you know so and but if you have a lot of other Financial wreck in your life plus some tax debt of three three years or older this might be something you want to consider talking to a bankruptcy lawyer about we don’t do this
(29:50) um but it might be worth considering talking to a bankruptcy lawyer to see if it if your tax debts are something that could be bankrupt and notice what Matt just said uh there’s a Keith point in there three years yeah gold after liability yes if we’re on the fall of 23 right now it’s a 24 25 26.
(30:17) we’re talking in the spring of 2027 you could finally start opening up a bankruptcy right do you really want your life in disarray for the next three and a half years you know what that that does to you mostly yeah family your relationships oh but I’m gonna hold out because I want to cut a deal yeah you know I’m going to force that I’m not going to pay the IRS okay good luck with that yeah because every other relationship in your life is going to be screened beyond belief yeah but maybe you’re sitting there you’re like I got a 2017 tax debt my whole
(30:48) life’s upside down I got judgments all over the place maybe it is time for you to go yeah look into that that could be possible there could be but um it’s not a good plan this is kind of like you’re forced into a corner and you’ve got nothing else to do yeah yeah I like the word used there too it’s not a good plan for those that are like how am I gonna get out of the situation this year and you’re trying to make a plan yeah this has got to get plan now for those of you that are showing up to the
(31:15) table now finally emotionally able to deal with it and you found this podcast or someone said it to you and we’re glad you’re here and our heart goes out to you in that time’s passed you’re that’s what that was four years ago and you’re finally coming up for error you regret it it’s over I get it it maybe there was some triage with family members or Curry or something so immediately talk to a bankruptcy attorney pay over an hour don’t look for a free bankruptcy attorney because what
(31:45) are they going to recommend bankruptcy pay someone for a real consult find out what your options are where they’re not motivated to sell you their idea yeah but um yeah I think just to go back to where we started which is get engaged make a plan make sure you file and then start communicating with the IRS depending on your situation and what you need I think a lot of these strategies can be used in in combination too I’ll just say that so if you’re like I’m gonna try the 188 to pay and see where I get even if you’re
(32:18) like there’s no way I can pay that 180 days we’ll go get it because it’s out there and it’s automatic and you don’t have to file this stuff with the IRS if you owe a less than 100 Grand so and then at the end of 180 days you can decide oh I’m gonna need to get an installment agreement and then if you fail the installment agreement because you are broke and you still don’t have money you can think maybe I do need to do an offer so it’s not like you gotta pick what I like these are all exclusive
(32:41) you might have to use a few of these in the process particularly if you owe a large amount to get your way through it love it everybody um you’re not alone hang in there there’s uh uh a way out have faith get educated continue to talk about it uh closing down communication with family members and advisors and keeping this to yourself because out of embarrassment or fear is only going to make it worse uh the people that love you will understand and they’ll help you through it and um our attorneys will give you a
(33:22) straight answer here and we have a tax Pro network with resolution specialists at yeah our tax Pro network has a lot of folks that are just excellent at this resolution game they can give you another perspective and some of you might find some information that contradicts mine in men okay if I can get a third opinion yeah really draw don’t look for the answer you want to hear uh keep searching for the right answer because you know things change yeah and so that’s a good tip there because there are like CPAs or enrolled
(33:51) agents that actually do tax litigation with the IRS or go work out these disputes they’re I don’t actually have to be an attorney so if you’re an enrolled agent or a CPA and there’s many marks tax Pro Network work that do that our firm does it a little bit it’s not a big specialty in what we do so you might want to look there if you’re like I need a professional that understands this stuff and good tax planning maybe look at the Main Street tactical Network at markjakeclower.
(34:12) com yeah appreciate it all right thanks everybody see you next week