Landmark Tax Group - August 2020

Landmark Tax Group - August 2020

Landmark Ledger

(949) 260-4770 Professional | Experienced | Licensed Expert IRS & State Tax Relief

August 2020

Reaching a New Benchmark for Landmark Celebrating $100,000,000 in Resolved Back Taxes!

$100,000,000!

Recently, Landmark has hit an enormous milestone for our company: reaching $100,000,000 in

experienced even when I was trying to help them through their issues made it apparent to me that the world needed more professional help when dealing with the IRS. After eight years at the IRS compiling a stock of knowledge and helping those with tax debt, I left my job. Then, in July of the same year, I set up Landmark Tax Group to help taxpayers find a practical resolution from the organization I worked in. Since then, it’s been my fantastic team that, through their hard work, have scaled this business to heights I could never imagine. Not only are we former IRS Collectors, we are Enrolled Agents licensed by the IRS itself, who have unlimited practice rights, similar to CPAs and attorneys. According to the IRS. “Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.” Our time at the IRS and extensive experience as Tax Resolution Specialists, have helped us garner an in-depth understanding of IRS Collections policies as well as the U.S. Tax Code. This unique background has translated to major benefits for our clients and business partners over the years. As we celebrate this major milestone, our team remains focused to dedicating ourselves to working with our clients and partners with the highest commitment, advocacy and professionalism that has made us one of the most reputable Tax Resolution firms in the country. If you or someone you know is need of IRS help, reach out anytime at (949) 260-4770 or visit our website at LandmarkTaxGroup.com.

resolved back taxes! I’m so excited about this feat because it speaks to my team’s dedication to our community and those suffering from IRS debt. But the journey to this point wasn’t easy, which further emphasizes all the hard work we’ve put into helping our clients. However, if it weren’t for my experience with the IRS, I’m not sure where we would be today. About a year after graduating with my bachelor’s degree in business and information technology, I found myself talking with a couple of IRS agents at a career fair. I had never thought about working for the IRS, but the agents told me they were looking to fill 1,100 positions. So being as curious as I was, I took and passed the IRS’s 150-question test. Before I knew it, I was flying to Los Angeles to begin my yearlong training as an IRS agent. As I began working for the IRS, I was knocking on people’s doors, discussing with them in person about back taxes they owed. Those face-to-face conversations with taxpayers were nerve-wracking — I was walking on eggshells the whole time. However, talking to people about how to alleviate their tax issues is what invigorated me most about the job. Through those conversations and my experience with the IRS, I was educating them on how they can avoid this issue in the future. After discovering my passion for educating families and individuals about tax debt and assisting them through their payment plans, I knew I had to venture out on my own. The years I spent working at the IRS helped me a lot in starting my career. I was operating in the heart of the tax system, experiencing aspects of the system others never see or understand. The confusion and fear taxpayers

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Help Your Kids Handle Stressful Situations With These Sensory-Rich Activities

You can see it happening, almost in slow motion: Your child goes from playing and laughing to frowning in less than a second. They start to cry, and suddenly, a meltdown is underway. Is this just the way raising young kids is? Does a lack of sleep, change in routine, or intense hunger always have to lead to a meltdown? While it’s human to feel emotions and express them, you can use certain strategies to help your child navigate major emotions and calm down. The key is helping them tap into their central nervous system with activities that engage their senses. Just like adults, younger kids sometimes need support to regulate their emotions, especially in situations that are stressful for them. That’s where activities that engage the five senses can be really beneficial. Sensory activities that utilize the five senses can help your little one connect their body to their immediate surroundings and the larger world around them.

Here are some sensory-rich activities that can help kids feel calmer in stressful times: •

Make a pile of pillows and jump into it. Put on some fun music and dance.

•

• Bounce your little one on your lap or an exercise ball. • Take them for a spin around the house in a box or laundry basket; kids can even race each other. • Create a slide by propping a mattress or exercise mat against the couch. These are activities you can use right where you are to help your child find their calm again, even in a meltdown. According to early childhood development expert Alyssa Blask Campbell, sensory input stays in the system for about two hours, meaning even just five minutes of these types of activities can give you and your child hours of calm throughout the day.

MISSED THE JULY 15TH IRS DEADLINE? HOW TO MANAGE YOUR LATE FEES AFTER THE FILING DATE

W hile the IRS extended the filing deadline until July 15th, you still may not have enough money to pay your taxes in full, which can affect you negatively. If you don’t file on time, it only increases the amount you owe as the IRS adds late penalties to your debt. However, with these little tricks, you’ll be one step closer to alleviating your tax burden. Pay as Much as You Can Using your tax return, pay off as much of your balance due as you can. A “failure to pay” penalty of .5% of your debt is added to your taxes if you don’t pay by July 15th. Additionally, another late filing of fee of 5% of your monthly debt starts accruing the day after taxes are due. That 5% adds to your debt every month but does not exceed 25% of what you owe. So paying off as much as you can upon filing, not only reduces your debt, but it decreases the amount of penalties accrued and related interest as you work toward getting the penalties lifted or paid off. Payment Plans If you find yourself unable to partially or completely pay off your debt, work with a seasoned tax relief professional to set up an affordable installment agreement with the IRS. Installment agreements,

commonly known as payment plans, are agreements between the indebted taxpayer and the IRS where the taxpayer can pay off their debt in monthly amounts over a specified period. By using an installment plan, it prevents the IRS from levying your assets or bank accounts as long as the payments are being made. Financial Hardship If you’ve read our previous newsletters, you are very aware of the financial hardship option. However, as our economy adjusts to a new normal, we can’t stress enough how many people can and should qualify for financial hardship with the IRS. To qualify, you need to provide a financial report with a list of everything you own, including bank accounts, assets, property, and insurance policies. If you don’t have much money left after paying living expenses every month, you may be a good candidate. The IRS defines living expenses as rent or mortgage payments, clothing, transportation, food, utilities, out-of-pocket health care costs, and more. However there are several other ways you can reduce or remove your IRS penalties. If you want to explore these other options, get our copy of “10 Ways to Remove IRS Penalties” at LandmarkTaxGroup.com/Penalty.

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HIGHLIGHTING ANOTHER COMMUNITY MEMBER

The Power of an Amazing Team

As we help our clients, we know how hard it is to endure the stress and anxiety they experience as we work together through their IRS issues. Especially in the current economic climate, there are a lot of members of our community struggling to make ends meet, with taxes perhaps being the last thing on their minds. This makes it important to share and highlight case results from our clients finding relief. This not only showcases the hard work both the client and our amazing team put into resolving cases, but it also highlights the perseverance of our entire community.

The pandemic has created challenges for taxpayers everywhere, but it’s also created opportunities for managing IRS problems. As the IRS was loosening their requirements on taxpayer assistance programs, we had the opportunity to work with James and his $98,341 IRS balance. Unable to pay his regular living expenses, let alone his IRS debt, the government was levying his assets when he came to us. By utilizing the relaxed IRS regulations during the pandemic, we were able to stop all levies, protect his assets, and demonstrate a financial hardship. The case was then placed in “uncollectible status,” where it will remain until the IRS debt expires. As a result, our client does not have to make any payments toward the large tax balance. Furthermore, he’s able to get his life back and start over with a fresh start.

If you would like to see the official IRS settlement document, you can find it right on our website! Visit us at LandmarkTaxGroup.com/Results.

S UDOKU

TAX QUOTES

INTAXICATION: Nice feeling you get when you receive a tax refund until you realize it was your own money in the first place.

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Inside This Issue Reaching a New Benchmark for Landmark 1 The Best Activities for Helping Kids Cope With Stress

Sudoku Answer Key

Missed the July 15th IRS Deadline? 2 Highlighting Another Community Member

Tax Quotes 3

Why We Still Need Travel Agencies 4 Get the Most Out of Your Trip O nce upon a time, you couldn’t plan a vacation without using a travel agent. They would book your flights and hotels, provide information about local activities, and point you to the best sites to see. But with the advent of the internet, it seemed travel agencies would become obsolete. However, these services are actually far from disappearing: Nearly 20% of travelers still use an agency. Because the COVID-19 pandemic changed the way people travel for the foreseeable future, travel advisors, as they’re now called, are more valuable than ever.

With the Expert Advice of a Travel Agent

They can lower costs.

Enlisting the help of a travel agency isn’t as expensive as the average customer might think. Travel advisors receive a small commission from airlines and hotels when they book your trip, which allows them to keep your travel costs down. Every agency charges different fees based on the package you purchase, but on average, you can expect to pay around $75 per traveling person for an agent to book your trip. With all the added experiences and deals they can find, this cost easily pays for itself and then some.

They simplify the complicated process.

They give expert advice.

The No. 1 reason people use a travel agency is because planning a trip can be overwhelming. You have to research the location, book flights, plan ground transportation, secure lodging, discover activities, and find restaurants. If you don’t travel often or are going to a destination you’re unfamiliar with, then tackling everything yourself leaves room for mistakes, stress, and disappointment. A travel advisor makes the entire process as simple as possible so you can enjoy your vacation to the fullest.

If you want to get the most out of your trip, then you should talk to someone who knows exactly how to give you that. Travel advisors undergo training and gain experience with different policies, customs, and travel regulations to get you where you want to go. They will be your go-to experts for what you should do when you get to your destination, especially if you’re traveling to a foreign country or overseas.

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