Tax Resolution Talk Podcast

Episode 10: Tax Preparers Gone Wild! Treasury Report Highlights Need for the IRS to Do More About Bad Apple Preparers and More

In this episode, Jerrod Oltmann and I discuss tax preparers gone wild or tax preparers who either fail to file a return themselves or help their clients to avoid paying their taxes. 

In our first segment, we discuss the Treasury Inspector General's report regarding the IRS failure to clamp down on tax preparers who don't file or pay their taxes. While not as egregious as the amount due from high-income non-filers, tax preparers who fail to file or pay their own taxes or who help their clients avoid paying their correct tax are a very real problem. 

In our second segment, we discuss what warning signs you should look for when hiring a tax preparer. Many people are not aware that even if your tax preparer is bad, you are still on the hook for any unpaid taxes, interest and penalties. So it pays to know how you can tell whether or not you are dealing with an honest preparer

Finally, we discuss how the IRS is using the club of penalties to compel tax preparers to "audit" their clients. With the increase in fraudulent claims of refundable tax credits, the IRS has foisted additional due diligence requirements on tax preparers. Jerrod and I go through the different levels of due diligence and discuss some things tax preparers should look for to avoid trouble from the IRS.

Here is a link to the TIGTA's report we discussed in our first segment at: https://www.treasury.gov/tigta/auditreports/2020reports/202030027fr.pdf

In our second segment, we talked about avoiding bad apple tax preparers. You can read the IRS notice on what questions you should ask your preparer to avoid trouble down the road: https://www.irs.gov/newsroom/irs-choose-tax-preparers-carefully-tax-return-preparer-fraud-makes-irs-2019-dirty-dozen-list-of-tax-scams

In our final segment, we discussed tax preparer due diligence and there are too many helpful links to post. I recommend starting here at the IRS EITC Central area. There is a great wealth of information on how the IRS expects preparers to handle the expanded due diligence. EITC Central From there, I recommend clicking on the tax preparer toolkit tab at the top (link here) where most of the important information is housed. I will admit the pages are not super well organized and you will end up going down many rabbit holes but it is worth it if you don't know what to put in place to avoid trouble with the IRS.

As always, I'd like to thank Jerrod Oltmann, enrolled agent, for his help is producing this podcast episode. Jerrod is another tax professional who helps people tackle their IRS tax problem. You can read more about Jerrod's on his bio page at: https://www.jpoea.com/about/ 

If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

Episode 9: IRS Update: The Trouble with High Income Nonfilers and Dealing with Unemployment Fraud

In this episode, I am interviewed by Jerrod Oltmann, an enrolled agent, about what is going on at the IRS regarding high income non-filers. We also talk about how taxpayers can avoid trouble if they are a victim of unemployment fraud.

Jerrod Oltmann handles tax controversy work like I do and I enjoyed talking with him about these two subjects.

In our first segment, we discussed the TIGTA report (the Treasury Inspector General) which "scolds" the IRS for not doing more to pursue high-income non-filers. We go through the numbers and then discuss how this may change the IRS' priorities in the years to come. It is estimated that billions (with a capital B) are uncollected taxpayers who earn $100k or more. You can read the damning report for yourself at: https://www.treasury.gov/tigta/auditreports/2020reports/202030015fr.pdf

In our second segment, we talked about how to protect yourself if you are a victim of unemployment fraud. You can read more about it here: https://bangordailynews.com/2020/06/11/business/maine-canceled-nearly-as-many-fraudulent-unemployment-claims-as-it-received-last-week/

If you do find yourself a victim of such fraud, you can report that to your state department of labor. In Maine, the link is: https://www.maine.gov/unemployment/fraud/

Finally, you can find Jerrod's bio at: https://www.jpoea.com/about/ 

If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

Episode 8: Investment Advice During Bad Economic Times: Interview with Financial Planner Daniel Dougherty

Continuing a trend. In this episode, I interview Daniel Dougherty - financial planner with Ameriprise Financial - about what people should be thinking about now regarding their investments. Not only is Daniel an interesting person to talk to, he is also a former Marine. Semper Fi! Please enjoy.

Here is Daniel's contact information. You can call him at 207-883-4434 or email him at Daniel.Dougherty@ampf.com if you have questions or if you'd like to set up a free portfolio risk analysis session. Here is a link to his contact page if you want to learn more about him or his company: https://www.ameripriseadvisors.com/daniel.dougherty/contact.

If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

Episode 7: Business Tips During Bad Economic Times: Interview with Business Coach Scott Roberts

Changing up the podcast a bit. In this episode, I interview Scott Roberts - business coach at Summit 9 Consulting - about what business owners should be thinking about during bad economic times. Scott is my business coach and has helped my business so I know you will find some nuggets of information that will help you survive and possibly thrive during these difficult times. Please enjoy.

Here is Scott's contact information. You can call him at 207-847-9210 or email him at SCOTT@SUMMIT9CONSULTING.COM. You can also set up a strategy session by clicking this link: https://www.summit9consulting.com/ At the bottom left of the webpage, you will find the link to set up the appointment. Scott is a fantastic resource and I think you will find it very helpful for your business.

SCORE Portland is offering a free webinar entitled: Cash Flow in Tough Times, sponsored by the Maine Technology Institute. The webinar is scheduled for Wednesday, June 3, 2020 from 12:00 PM to 1:00 PM. Here is a link to the training: Cash Flow in Tough Times

If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

Episode 6: State of the IRS, Stimulus Payments to the Deceased and PPP Loan Update

In this episode, I talk about the current state of the IRS (such that it is), some guidance on handling stimulus checks for deceased taxpayers, and an update on PPP loans (some good material on the economic uncertainty certification and if an employee refuses to come back to work).

Marcum, LLP is a large regional accounting firm in New England. They have been very active in putting out good information regarding PPP loans and here is a link to the article which discusses what your company can do to show it meets the certification requirement: https://www.marcumllp.com/insights/evaluating-the-current-economic-uncertainty-certification-on-your-payroll-protection-program-loan-application

Also, here is a link to the SBA website where you can read frequently asked questions about PPP loans. I think #31, #37 and #39 are very relevant to the economic uncertainty question. FAQ #40 has some good guidance on dealing with an employee who refuses to come back to work and its impact on PPP loan forgiveness. Link is here: https://www.sba.gov/document/support--faq-lenders-borrowers

If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

Episode 5: US Treasury and SBA Announce Audits on PPP Loans

Treasury Secretary Mnuchin and SBA Administrator Carranza issued a joint statement that the SBA will be auditing all PPP or Paycheck Protection Program loans over $2 million as well as "other loans." Atty. Wade talks about what this might mean for your business.

You can read the joint statement here at: https://home.treasury.gov/news/press-releases/sm988

A local CPA firm, Albin Randall and Bennett have done a great job putting together tools for businesses. I'd take a trip over to their website if you have questions about the PPP loan. You can click on this link: https://www.arbcpa.com/ppp-loan-forgiveness-workbook/

If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

Episode 4: IRS Collections Update - Good News for Taxpayers in Trouble

The IRS just announced a new initiative, the "People First Initiative" which will provide relief to taxpayers who either have a back tax problem or who are currently being audited by the IRS. I outline the major provisions of this initiative and how it could help you make it through this difficult period.

You can follow this link to read the full announcement: https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program

If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.

Episode 3: Hot Off the Presses! Treasury Sec. Mnuckin Announces Payment Extension. Also, Discussion of House Resolution 6201 - Possible Tax Relief for Businesses?

When it rains, it pours. In this episode, I dispense with the intro and outro and get right to it. As expected, the Treasury has announced some relief for taxpayers who owe taxes. It is not an extension to file but for many taxpayers it will still be some welcome relief.

Additionally, I discuss legislation that aims to provide benefits and tax credits to help alleviate the Coronavirus pandemic. It has passed the House and is currently pending in the Senate. Will it pass? I don't know but you can get a glimpse into what Congress is considering for aid to taxpayers.

Link to H.R. 6201: https://www.govtrack.us/congress/bills/116/hr6201

Link to Treas. Sec. announcement news: https://www.forbes.com/sites/kellyphillipserb/2020/03/17/in-response-to-coronavirus-mnuchin-confirms-tax-relief-but-does-not-extend-irs-filing-season/#6b0da49b1366

Episode 2: The Coronavirus, the IRS and You

The Coronavirus is all over the news. The stock market is cratering. Business is in the dumps. Employees are finding themselves being sent home, to face an uncertain future. All while April 15th is right around the corner. That's right, taxes are not going away.

In this episode, Attorney Jim Wade talks about how the IRS is dealing with the coronavirus and what potential tax relief is coming out of Congress. He also discusses some steps you can take now if you are facing tax problems come April 15th.

Future episodes will have updates as they come out, so please stay tuned.

Stay safe and healthy my friends.