Toph CPA - December 2021

Toph CPA - December 2021

DECEMBER 2021 VOLUME 5, ISSUE 12

TOPH’S TAX RESOLUTION T IMES

513-342-4000 WWW.513TAX.COM

ASHLEY AND I WELCOME BABY NO. 5 Meet Kip Christopher Sheldon!

Yes, it finally happened — on Oct. 14, 2021, our fifth baby came into the world! Ashley and I named him Kip Christopher Sheldon to combine one of our favorite baby names with a homage to my dad (I’m Christopher Jr., but go by Toph). The whole experience of Kip’s birth was amazing. Not only did Ashley predict it even though it was early, but she also made it through the whole thing without an epidural. The big event started on Oct. 13 when Ashley came home from a doctor’s appointment. Kip wasn’t due until Oct. 24, but Ashley told me she had a feeling he’d be ready to meet us that night. I was so excited I could hardly stay still.

I hopped out of bed and called my mom to watch our four older kids, then got Ashley to the car and sped off for the hospital. Since Kip is baby No. 5 for us, I was a little apprehensive that he’d try to make an appearance during our half-hour drive. Fortunately, that didn’t happen! There was almost no traffic on the roads and we pulled into the hospital at 5:30 a.m. Two hours later, Kip was born. Kip and Ashley are both doing just fine now, but the labor wasn’t easy. By the time we got to the hospital, it was too late for Ashley to have an epidural like she did with our other four kids. She had to go through a natural delivery, and, oh my gosh, was it intense to watch! I was a nervous wreck the whole time because she seemed to be in so much pain. The doctors reassured me everything was normal, and at the end of the ordeal, we had a healthy baby boy who looks just like his big brother Mac! Ashley was amazing the entire time. Even though I’ve seen her give birth before, I’ll never get over how incredible the process is.

since October. He’s a happy little guy doing all of the ordinary but beautiful things babies do. I couldn’t be more grateful. If you’ve sent a card or gift since Kip was born, thank you so much for thinking of us. Ashley and I are lucky to not only have the best family, but also a supportive group of clients and friends. Your good wishes mean the world.

“Tonight, are you sure?” I asked her. “How sure are you?”

For the next few hours Ashley’s certainty dropped from 80% down to 50%. Around 11 p.m. she told me, “I guess he isn’t coming after all,” and we headed to bed. Then everything changed.

From the seven of us to you, happy holidays!

At 4:45 a.m. Ashley shook me awake.

–Toph Sheldon

“Okay, now it’s definitely happening,” she said. “95%!”

So far, Kip is a pretty good baby. He’s not colicky, and he has only kept us up most nights

“Kip wasn’t due until Oct. 24, but Ashley told me she had a feeling he’d be ready to meet us that night. I was so excited I could hardly stay still.”

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

513TAX.COM • 1

GOODBYE IRS LETTERS, HELLO WEDDING BELLS!

How We Slashed a Client’s Back Taxes and (Maybe) Saved His Marriage

Think about the sting you feel when you are proven wrong. It hurts, doesn’t it? THINK BETTER WITH ADAM GRANT’S ‘THINK AGAIN’ A Better Mindset for Growth

A few months ago, a friend of mine who works in accounting sent a client with tax trouble my way. The client owed the IRS $62,000 and had taken the initiative to file his own offer in compromise suggesting a $3,000 settlement. His goal was to wipe his tax slate clean before his wedding in just a few months — but the go-it-alone strategy didn’t work. The IRS rejected his offer, and his accountant sent him to me for help. I realized quickly that the IRS had turned him down for two reasons.

1. They believed his income was too high for a settlement that low.

But what if it didn’t have to? Better yet, what if it shouldn’t?

Regardless of our attempts at humility, humans’ egos have inflated, and we are all conditioned to believe that being wrong somehow equates to being a bad person. However, renowned author and psychologist Adam Grant challenges this notion in his New York Times bestseller, “Think Again: The Power of Knowing What You Don’t Know.” With today’s divisive climate, Grant argues that we hold our beliefs up like a badge, illuminating them so brightly that we become blind to other truths or realities. Far too often, our mindsets focus on what is black and white, rather than understanding the gray nuances found in between. In “Think Again,” Grant’s third book, he argues that as rapidly as we get information in today’s digital world, we cannot be expected to fully know all of it. Being wrong is part of human nature, but as we gain more accessibility to information, we must be willing to do two things: rethink and unlearn. Grant challenges readers to stand in the discomfort of being wrong, celebrate that there is something new to learn, and challenge themselves to interact with those who propose a new way of thinking. By doing so, Grant asserts that we can speak and argue with conviction while actually engaging and listening to arguments as if we are wrong. This allows us to learn, engage, and grow. In “Think Again,” Grant asks readers to consider better ways to approach their steadfast beliefs. Readers will find amusement in Grant’s real-world examples of turning skeptics into believers within a variety of topics. And, through these examples, readers will discover new ways to listen so they can gain a greater understanding of the world around them.

2. He had already paid $4,000 toward his debt — $1,000 more than he had offered!

We were in a sticky situation, and the client’s wedding was just around the corner. I knew if he got married before settling his back taxes, things with the IRS would get much more complicated. They might come use his new wife’s income against him or refuse to settle if she had a high- income job. We had to keep the upcoming wedding quiet and take care of this right away. It was time to go on the offensive, and fast! Before the IRS learned about the wedding, I quickly filed an appeal. I proposed increasing the settlement from $3,000 to $4,000. I hoped that the boost would make the IRS happy. If they agreed, my client’s troubles would be over because he had paid $4,000 already. It worked! The IRS accepted my proposal to wipe out my client’s $62,000 debt in exchange for the $4,000 he had already given them. We reached a tentative agreement in June and got official word that his debt was cleared in August — just weeks before the wedding! With my help, the happy couple started life together without IRS debt hanging over their heads. If you or someone you know has a major milestone coming up in life threatened by back taxes, I can help. Reach out to me today at 513tax.com or by calling 513-342-4000.

You can pick up your copy of “Think Again” and other books by Grant from an independent book retailer or by visiting Amazon.com.

–Toph Sheldon

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Published by Newsletter Pro •

My mom, sister, and I don’t do normal Christmas presents. Instead, every year we exchange Christmas ornaments. Usually they’re unique or funny ones we picked up while traveling or in unexpected places near home. It’s a really special tradition, so much so that when my sister was on her honeymoon in Panama, she went out of her way to buy ornaments — even though she got married in May! A few years ago, I decided to bring the kids in on the fun. I was shopping at a craft show when I came across a local company selling handmade wooden Christmas ornaments. I couldn’t resist! I ordered a customized name ornament for myself, Toph, and each of the kids. Everyone got their own color, and I did the same for my sister and all of her kids. (I wish I could have predicted years ago that Roz would be obsessed with pink. Her color is purple, so she’s always trying to swap ornaments with Tess!) ASHLEY’S CORNER Welcome to the Tree, Baby Kip!

color is blue, and he’ll be stuck with it for life.

I’m looking forward to the day Kip can join the other kids in adding his own ornament to the tree. They always compete to

see who can hang theirs the highest — I think they all want to be the tree topper — and of course, since Mac is the tallest, he always wins.

It’s fun to unpack the ornaments from my huge collection every year and see the whole colorful family together on the tree. Apart from making and frosting Christmas cookies (a tradition from my side of the family) and building gingerbread houses (a tradition from Toph’s), decorating our live tree is my favorite part of the season.

Happy holidays!

Whenever we had a new baby, I added another ornament. This year, I ordered little Kip’s ornament just a few days after he was born! His

Take a Break

Making your own eggnog is easier than you think! This creamy, delicious drink will be a hit with your holiday guests. DIY HOLIDAY EGGNOG

Ingredients

• • • • •

6 egg yolks 1/2 cup sugar

• • •

1 pinch salt

1/4 tsp vanilla extract

1 cup heavy whipping cream

Cinnamon and whipped cream, for garnish

2 cups milk

1/2 tsp nutmeg

Directions

1. In a medium bowl, whisk the egg yolks and sugar until light and creamy. Set aside. 2. In a saucepan over medium heat, stir together the cream, milk, nutmeg, and salt. Bring to a simmer. 3. Add a spoonful of the milk mixture to the egg mixture. Whisk vigorously and repeat, one spoonful at a time. 4. When most of the milk is whisked in, add the egg mixture to the saucepan. 5. Whisk until the liquid thickens slightly or reaches 160 F. Remove from heat and add vanilla extract. 6. Pour the eggnog into a glass container and cover. Refrigerate. 7. When the eggnog has thickened, pour it into glasses, garnish, and enjoy!

Solution on Page 4

Inspired by TastesBetterFromScratch.com

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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

Meet Kip, the Newest Member of Our Family

2

We Reduced a Client’s IRS Debt From $62,000 to $4,000

Embrace Being Wrong With Adam Grant’s Help

3

Baby Kip Gets His First Ornament

DIY Holiday Eggnog

4

Willie Nelson Sang Away $16.7 Million in Tax Debt

The Story Behind the Album ‘The IRS Tapes’ WILLIE NELSON SINGS HIS WAY OUT OF IRS DEBT

Singer Willie Nelson’s country croon on songs like “Whiskey River” and “On the Road Again” made him famous, but did you know that those same pipes also helped him get out of tax debt? The story starts way back in 1990, when the IRS slapped Willie with a bill for $16.7 million in unpaid back taxes. Yes, you read that right: $16.7 million ! The number is high enough that Time magazine named Willie one of the country’s “Top 10 Tax Dodgers.” Fortunately for the indebted singer, he had two great assets on his side to help him battle the IRS: his famous voice and a savvy tax resolution specialist. The tax resolution specialist jumped in first. With some skillful negotiation, they were able to reduce the amount Willie owed the IRS from $16.7 million to $6 million. From there, the singer had to pay up — but he didn’t have the

fans to buy his possessions at auction. According to Time, “His fans took the title literally, snapping up his items at auction but then handing them back over to Willie.” What a crop of great people! Two years after “The IRS Tapes” hit shelves, Willie had raised enough to pay his full $6 million bill. Willie’s album was a stroke of genius, but it’s unlikely it could have raised the funds to cover his original $16.7 million dollar debt. Without his tax resolution specialist’s negotiating work, he would have been in a terrible situation! If you or someone you know is in Willie’s shoes and faces an IRS bill too big to pay, let our team at Cincinnati Tax Resolution swoop in to help. We’ve made miracles happen just like Willie’s specialist did. Read more about one of them on Page 2!

cash. As any good celebrity would, he turned to his fans for help!

In 1991, Willie released the album “The IRS Tapes: Who Will Buy My Memories?” Its songs made fun of his tax situation and encouraged

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