Cincinnati Tax Resolution - Issue 8

Cincinnati Tax Resolution - Issue 8

AUGUST/SEPTEMBER 2020 VOLUME 4, ISSUE 8

T O P H ’ S TAX RESOLUT ION T I M E S

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Focused on the Next Step

Now is the time for business owners to focus on getting back on track. For several months, countless businesses came to a standstill — you may have been part of one of those businesses. As the economy reopens, use this opportunity to look to the future. What do you want from your business? It’s possible that many of the goals you set for yourself and your business fell through, so use this recovery period to reassess your current goals and make new ones. While the economy may be starting back up again, it’s going to take time to get back up to speed. Use this time to ramp up your own efforts. Focus on your new goals and look to the future. If you haven’t yet taken advantage of any of the programs, such as the Paycheck Protection Program (PPP) or any of the other government subsidies and loans, they might be worth looking into. Programs like the PPP have been beneficial for those businesses that were able to take advantage of it, but you have to apply. We’ve been doing a lot of work helping people navigate these programs, as many of our clients are small-business owners or are self-employed and facing a loss of revenue. While revenue loss directly impacts payroll, along with so many other expenses, it will also impact taxes for the 2020 tax year. Add to that the extention of the tax deadline, from April 15 to July 15, and it’s made for an interesting year for me as a tax specialist for the self-employed. In fact, we recently hired a new member to the team: Mandi! (Check out her story on Page 2.) The timing was right to add someone to the team. It was a strategic decision that we knew would benefit both our clients and Ashley and I. Interestingly enough, Mandi has worked with us before. In the past three years or so, she has done work helping to market our business. Now, she’s here on a full-time basis, serving as our director of tax investigations and as my assistant on all active cases. We’re very excited to have Mandi on the team. For a long time, I’ve done things myself. Being self-employed and the only full-time “employee,” I’ve gotten used to doing things a certain way. I’ve also gotten used to being very busy, especially during tax season early in the year. It’s a huge relief to have another person in the office who can help with tax investigations, among many other things.

You might remember from last year that my wife, Ashley, and I were talking about her joining the business on a more consistent basis. Unfortunately, when the coronavirus hit, that derailed our plans. Instead of joining the business, Ashley has been spending more time with the kids. With day care not being the option it once was, Ashley has become a full-time mom — at least for the time being. I’m excited to see what the future holds. Like many businesses, we’re in a transition period. As always, if you have questions or concerns, don’t hesitate to get in touch. We’re here for you in this time of continued uncertainty.

–Toph Sheldon

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WHEN THE IRS COMES KNOCKIN’ ... LET US ANSWER THE DOOR!

From Tax Client to Tax Investigator

Meet the Newest Member of the Team, Mandi!

Does It Feel Like Your Customers Are Ignoring You? Use StoryBrand to Get Their Attention What if one small shift in your messaging could change the way you do business and make you more successful? No, it won’t cost you thousands of dollars in your marketing budget. In fact, it will save you money in the long run because it will make your marketing more effective. Though it may not feel easy at first, this simple shift accomplishes a big task: It makes your customer, not your business, the star of your advertising. That’s the concept behind StoryBrand, a marketing framework developed by author Donald Miller that has changed the game for thousands of companies. StoryBrand helps businesses clarify their message by making them answer the crucial question of how their company will help customers survive and thrive. As Miller has figured out, the easiest, most engaging way for humans to digest information is in the form of a story. Think about some of your favorite high school teachers. Did they spice up a lecture about American history with anecdotes of GeorgeWashington or Benjamin Franklin? Did your biology teacher regale you with stories of their trip to the Galapagos? Chances are when someone has your attention, it’s because they’re telling a story, and StoryBrand teaches you how to use stories to do the same for your business. At its core, every story contains a hero, something the hero desires, an obstacle the hero must overcome, and a guide who helps the hero on their journey. These are elements you can utilize in your messaging. To do so effectively, your business must address three crucial questions:

Cincinnati Tax Resolution is thrilled to announce the newest member of the team: Mandi! She officially joined the team in May and has been hard at work helping our clients resolve their tax issues since day one. Here’s more from Mandi. I first worked with Toph a few years ago. He hired me to help with his marketing. I helped mail letters and spread the word about his services — services I have actually used! Toph helped me resolve a major tax issue. I’ve been where many of his clients are today, and because of this, I bring a unique perspective to the job. I saw my own case as it went from start to finish, and I’m glad I can bring my experience to my role at Cincinnati Tax Resolution.

Officially, my title is director of tax investigations, but this is a role that comes with many duties. First, I’m Toph’s assistant on all of his active cases. I

reach out to clients who are coming in for the first time and help Toph build their case. I make a lot of phone calls, send emails, and even mail letters.

My favorite part of this role is working with the clients. I’m a

very hands-on, customer service- oriented type of person. That really describes what I do. I’m in the thick of it, working directly with clients. It’s a wonderful thing to see the

clients’ faces when their issue has been resolved. At that point, they’ve often been through a lot of stress, and it’s inspiring to see that stress just melt away when they know they no

1. What does the hero (your customer) want?

longer have to worry about their tax problem.

2. Who or what is opposing the hero’s journey to get what they want?

Outside of the office, I’m a busy mom of two girls. Along with my husband, we love to travel. Whether we go to the beach or to the mountains, we’re always looking for a new adventure!

3. What will the hero’s life look like if they do (or do not) get what they want?

– Mandi Cowen

By recognizing your customer’s journey and positioning them as the hero and your company as their guide, you can create messaging they actually hear rather than marketing that simply sounds like the rest of the noise out there. Learn more about the StoryBrand process at StoryBrand.com.

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The Next Chapter Begins!

This year, I had to make a tough decision. I decided to leave nursing. Toph and I discussed it at length, and between welcoming a new baby into our family and the coronavirus pandemic, we agreed to make the change.

As we put together this edition of the newsletter, we don’t know what the school year is going to look like, but we’re hopeful. Our two middle kids will be participating in two different preschool programs, or at least that’s the plan! I imagine there are a lot of parents out there right now who are in the same boat we are — just trying to figure out how their kids are going to go to school. I love being at home with the kids and being a mom. At the same time, I still need an outlet as a professional woman. As I start this new chapter of my life and my family moves into a new phase, I’ll have to figure out how to balance being a mom and pursuing professional endeavors. I don’t know what that will look like yet, but we’ll figure it out.

I’ve been a nurse for 14 years, and I’ve worked with the same children’s hospital that entire time. I joined the hospital right out of college, and I loved it since day one. I love helping people and interacting with kids and families. It was often a challenging job, with plenty of stressful days, but there were plenty of bright days in between.

As much as I love working at the children’s hospital and having a career I love, our family is in a place where they need me more than ever. When the coronavirus hit, day care and babysitting weren’t an option. We’ve often relied on these services for our four young kids. I look forward to using these services again in the near future, but for now, I’ve taken on the role of full-time mom. As one door closes, another door opens.

For now, I’m just happy our house is running smoothly. The kids are happy, Mom and Dad are happy, and we’re looking forward to what’s next.

– Ashley Sheldon

I am hoping that as the new school year starts, our oldest can start kindergarten.

Weeknight Curried Apple Pork Chops

TAKE A BREAK

If you’ve never had apples in a savory dish, this is a great way to try it! Perfect for a lazy weeknight, this easy paleo dish will make your kitchen smell heavenly. You can even watch a sitcom episode while it cooks.

Ingredients

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2 tbsp coconut oil or ghee

1 cup onion, diced 1 tbsp garlic, crushed

1 tsp ginger, finely chopped

1 tsp salt

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3 cups diced apples (peeled or not, your choice!)

1/2 cup water or apple juice 2 tbsp hot curry powder

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6 pork chops

Cilantro, roughly chopped

Directions

1.

Preheat oven to 375 F.

2. In a large pan over medium heat, melt coconut oil or ghee. 3. Add onions, garlic, ginger, and salt. Sauté for 10 minutes or until onions are soft and mixture is fragrant. 4. Mix in water or apple juice and curry powder. Then add apples, ensuring they get coated in sauce. 5. In an oven-safe dish, arrange pork chops, cover with sauce and apple mixture, and cook for 20 minutes (if using bone-in chops, cook for an additional 10 minutes) or until the meat reaches an internal temperature of 145 F. 6. Garnish with cilantro. Enjoy!

Solution on Page 4

Inspired by The Primal Desire

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Cincinnati Tax Resolution Powered by Toph Sheldon 9200 Montgomery Rd., Ste. 7B Cincinnati, OH 45242

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INSIDE 1 Looking to the Future

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How StoryBrand Can Clarify Your Message and Attract Customers

Meet the Newest Member of the Team!

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When One Door Closes, Another Door Opens

Weeknight Curried Apple Pork Chops

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Setting a New Bar for Tax Evasion

Toph’s Tax Nightmares

Supermodel Bar Refaeli Lands in Super Tax Trouble

In June, Israeli model Bar Refaeli — along with members of her family —were sentenced for tax evasion. The model, who has worked for major international brands like Victoria’s Secret and Louis Vuitton, was sentenced to nine months of community service. Her mother and agent, Tzipi Refaeli, was sentenced to 16 months in prison. Together, the two must also pay a $1.5 million fine along with owed back taxes. The case against Refaeli was opened up in 2015 and began as an investigation into the model’s income, which comes from sources all over the world. Refaeli typically lives and works in Israel, but she has lived and worked in several other countries, including the U.S.

reported on the matter, including a discussion of Israeli tax law, which is based on where the person lives for a majority of the year. If Refaeli had not lived in Israel during the time under investigation, her defense would be solid. But it turned out she was not submitting correct tax information to the Israeli tax authorities. Several inconsistencies were discovered, and some of her claims about where she was living were found to be incorrect. The model’s attorneys went on to state that she, “did not avoid paying tax on purpose.”They continued, “There’s no dispute that in the relevant periods, Bar was in her early 20s, working as an international model and wasn’t involved in financial affairs.” Which was true. Her mother and brother had a hand in Refaeli’s finances. The investigation uncovered that her mother and brother had signed for various purchases in the country, such as for property and cars, in her name. Her mother also hid international earnings and was found to have participated in financially compensated favors for various companies, as an agent of her daughter.

In fact, part of her defense leaned in to that. Her attorneys stated that because she was living in the

U.S. — and dating Leonardo DiCaprio— at the time, she didn’t owe income tax to Israel during that period. The tax authority in Israel disagreed. The NewYork Times

In the end, Refaeli took a plea bargain and received sentencing.

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WHEN THE IRS COMES KNOCKIN’ ... LET US ANSWER THE DOOR!