Landmark Tax Group - August 2021

Landmark Tax Group - August 2021

Landmark Ledger

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

August 2021

Is the IRS ‘Dogging’ You? What to Do When the Agency Nips at Your Heels

July and August are part of the dog days of summer, an unofficial period for celebrating our family pets while we hide from the hot weather. I don’t have a dog myself — with two small kids at home, my wife and I didn’t want to add to the chaos — but the holiday did remind me of conversations I’ve had with clients who feel “dogged” by the IRS. If you have unpaid back taxes, the IRS will follow you like a hound. The agency is required to send out a series of notices and letters informing taxpayers if they owe a debt, and as time goes by, those letters get more and more aggressive. If you leave back taxes unpaid for months or years, the letters will grow to include strong language and progressively scarier collections threats. It might feel like the agency is snapping at your heels. The sooner you get professional help with your back taxes, the sooner you can transition from defense (running from the dog) to offense (facing and taming it). Our team is proactive when it comes to addressing our clients’ back taxes. When we take that approach, the IRS’s enforcement actions disappear and it’s easier to reach a favorable resolution. We start by asking three questions:

By exploring these questions and communicating the results firmly to the IRS, we’ve resolved more than $100,000,000 in back taxes so far. In my experience, one of the biggest mistakes taxpayers make is waiting until they feel “dogged” by the IRS to reach out to a tax professional specializing in IRS back taxes. People come to me and my team at all points of the collections process, but “dogged” clients are by far the most anxious and in the worst financial position. With that in mind, here’s my best advice: If the IRS is biting at your ankles or frightening someone you love, reach out for help today at LandmarkTaxGroup.com. Ideally, we’d love to hear from you as soon as you realize you have back taxes, before things get dire. Like a dog, the IRS may seem chaotic and hard to handle at times, but ultimately, the agency is as trainable as Fido. You just need to have a professional dog handler on your side. My team of Enrolled Agents, Fully Licensed Tax Representatives, and former IRS Agents are here to do that work. We know how

“One of the most highly rated and best reviewed businesses on Yelp!” AS SEEN ON:

Entrepreneur, Inc

the IRS’s mind works and how to manage its processes and procedures. If you work with us, we’ll have the agency wagging its tail at you in no time.

• Is the balance legitimate and accurate? • Can penalties and related interest be removed? • What is the most favorable resolution possible?

1

(949) 260-4770 | [email protected]

Published by Newsletter Pro | NewsletterPro.com

Meet Odin, the Fireproof Dog This Great Pyrenees Guided His Goats Through a Wildfire

Both Hendels were sure they were seeing their dog for the last time. Their hearts sank even further when they heard their home had burned down completely. But on a trip back to examine the ashes, something amazing happened.

In October 2017, California was in flames. One of those blazes was the Tubbs Fire, which charred its way through 36,800 miles of forests and vineyards in both Napa and Sonoma County. More than 5,600 buildings were destroyed, and 22 people were killed. But when the flames finally died, a four-legged hero emerged from the ashes: Odin, the Great Pyrenees dog. Odin belonged to Ariel and Roland Hendel, two farmers in Sonoma County. When the Tubbs Fire threatened to char their home, they packed up as many of their animals and precious items as they could. Unfortunately, their flock of goats wouldn’t fit in the getaway vehicle — and their goat-herding dog, Odin, refused to abandon them. Great Pyrenees are prized livestock guardian dogs that will do anything to protect their charges, and Odin lived up to his breed.

“In the distance, I saw Odin's tail," Roland told ABC. "Sure enough, there was Odin coming at the head of all his goats."

Not only did Odin survive the fire and run right up to the Hendels for belly rubs, but he also kept every single one of his goats safe! A few wild deer even joined the goats, and he shepherded them through unscathed. The incredible story made the news, and Odin became a local legend. Unfortunately, even legends don’t live forever. This April, Odin passed away after a long life of tail-wagging, treat-eating, and goat-saving. In his honor, Great Pyrenees Rescue of Missouri gifted the Hendels two new Great Pyrenees pups: Buddy and Snowflake. They’re following in Odin’s pawsteps, protecting the goats he loved so much.

"I said, ‘Okay, Odin, take care of the goats. You'll be fine,’" Roland Hendel told ABC News.

Say Goodbye to Your 11-Year-Old Debts! What the IRS Statute of Limitations Means for Your Back Taxes

We have good news for those facing long-term back taxes: The IRS has a set time period to collect unpaid debt, and when it’s up, the slate is wiped clean! This time frame is a secret the IRS doesn’t want you to know. Its collection period is called the 10-Year Statute of Limitations (CSED), and it runs for one decade. When it’s up, your old debt disappears.

• • • •

Filed a lawsuit against the IRS

Been out of the country for six months or more

Signed a waiver to extend the CSED

Deferred military service

Because of these complications and others, we do not recommend “waiting out the IRS” as a smart strategy for everyone. As we wrote on Page 1, it’s in your best interest to be proactive about your tax problems and reach out to

Knowing this secret, you might be tempted to “wait out the IRS” if you have back taxes approaching the 10-year mark. This can be advantageous, but

the professionals on our team sooner rather than later ( you can visit us anytime at LandmarkTaxGroup.com) . This is especially true if your back taxes are more recent. We will help you weigh your options and choose the best approach to resolve your debt. That said, the statute of limitations is good news if you have back taxes that are 10 years or older. The IRS may have already written off your debt! To confirm that, you or our office must reach out to the IRS directly to find out. Once you receive confirmation the slate is clean, you can carry on with your life without worry!

unfortunately, the IRS’s policies are tricky. If you wait out the agency, it will use all of its legal tactics against you during that period. If you’re a business owner, that could include halting your operations. The IRS can also “stop the clock” in certain

situations during the 10-year time period. That could happen to you if you’ve done any of the following:

• • •

Filed for bankruptcy

Filed an offer in compromise

Filed an appeal

2

(949) 260-4770 | [email protected]

5 PRACTICAL TIPS FOR DEALING WITH IRS BACK TAXES Save Yourself Time, Money, and Stress

negotiate a payment plan until all returns are filed, so it’s smart to file right away, even if you can’t pay your back taxes yet. .

If you owe back taxes to the IRS, you might feel scared, overwhelmed, and anxious every time you think about them. That’s understandable! However, it’s always best to be proactive in handling IRS debt, so you can’t let yourself become paralyzed. When you sit down to tackle your back taxes, implement these five tips to save yourself time, money, and stress. 1. Explore all of your options . As a taxpayer, you have rights the IRS would rather you didn’t know about. One is the right to explore your options! Paying your back taxes in full isn’t the only route you can take. You may be able to set up a monthly payment plan, make an offer in compromise (OIC), use a line of credit, or file for bankruptcy. These are just a few of your options, and our team can show you even more. 2. File your missing returns, even if you can’t pay now. There’s no bigger penalty the IRS can throw at you than the penalty for failing to file a tax return. You also can’t

3. Keep communications brief and honest. If you’ve made mistakes in the past, it can be tempting to lie to the IRS to cover them up. Don’t give in to that urge! You could end up with additional fines or even face prison time. Instead, keep your communications short and truthful and always run them by a licensed tax relief professional. 4. Prioritize your back taxes over other debts. The IRS has more power and persistence than any other collection agency in the country. They can also hurt you financially through bank levies, tax liens, and wage garnishments. We always recommend addressing your back taxes before student loans, credit card debt, or other bills. 5. Consult a licensed tax relief professional. As you can see, dealing with the IRS is complicated, so it’s wise to enlist the help of a licensed tax relief professional. When you’re ready, ask the IRS to halt collection activities until you’ve secured tax representation and either call our team or visit our website to get the help you need — (949) 260-4770, LandmarkTaxGroup.com

S UDOKU

TAX QUOTES

“THE POWER OF TAXING PEOPLE AND THEIR PROPERTY IS ESSENTIAL TO THE VERY EXISTENCE OF GOVERNMENT.”

–JAMES MADISON, U.S. PRESIDENT

3 (949) 260-4770 | [email protected]

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

2030 MAIN STREET, STE. #1300 IRVINE, CA 92614 www.LandmarkTaxGroup.com (949) 260-4770 Professional | Experienced | Licensed Expert IRS & State Tax Relief

Inside This Issue Is the IRS ‘Dogging’ You? 1 Meet Odin, the Fireproof Dog Say Goodbye to Your 11-Year-Old Debts! 2 5 Practical Tips for Dealing With IRS Back Taxes Tax Quotes 3 Want to Save on Your Next Vacation? 4

Sudoku Answer Key

5 Tips for Your Next Affordable Getaway Are you excited to explore the world again? Or maybe you've just gotten back from your latest vacation! In either case, the economic challenges of the pandemic might require travelers to plan their trips a little smarter. Here are five tricks to do just that. with two other couples — renting a swanky cabin at $200 a night will only cost around $33 per person. Plus, you will create some amazing memories together!

1. Consider your budget while choosing your destination. Any destination heavily impacted by tourists is going to be more expensive to visit. So, consider taking a tour through various French countryside towns instead of Paris! Not only could it be more culturally immersing, but it may even be more relaxing and less stressful than visiting a dense area. 2. Sign up for Scott’s Cheap Flights. One of the most important parts of booking an affordable vacation is booking it at the right time. Scott’s Cheap Flights will track all the cheapest flights at an airport of your choice — you’ll get over 50%–75% savings on highly rated airlines. This will get you stress- free travel for a much lower price!

4. Plan your meal budget ahead of time. Looking forward to eating certain dishes? Find local menus and prices to ensure you don’t spend more than you planned. If you want

an authentic and homestyle culinary experience, consider signing up for a peer-to-peer dining experience through Traveling Spoon or Bon Appetour, which is tax-free as well! 5. Consider volunteering for vacation. Want to go on a self-discovery trip? Why not cut your expenses in half by volunteering? For example, Habitat for Humanity offers a nine-day Mexico trip for $1,200 with lodging, food, and activities included. You’ll get to build structures and create something permanent for the local community.

3. Travel in a group. If you travel with friends, your expenses become a lot more manageable. Let’s say you and a partner travel

Traveling on a dime is no sweat with the right tools. Best of luck, traveler!

4

(949) 260-4770 | [email protected]