Resilience and Resolve with Lance Drury

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Resilience and Resolve with Lance Drury: Understanding the Basics of Tax Resolution

  1. 6d ago

    What Happens When the IRS Seizes Physical Property

    Episode Summary: In this episode of Resilience and Resolve, Attorney Lance Drury discusses the critical topic of IRS property seizures for unpaid tax debts. Lance explains the circumstances under which the IRS might seize physical property, such as homes, and the types of property they typically pursue, like bank accounts and wages. He highlights the importance of responding to IRS notices promptly to avoid enforcement actions and shares insights into the IRS's use of AI to expedite collections. Lance also recounts real-life cases, illustrating the consequences of ignoring IRS communications and the potential for financial hardship. Listeners will gain a deeper understanding of how to navigate IRS enforcement actions and the importance of seeking professional guidance to protect their assets. Key Timestamps: 00:01 – Introduction 0:14 – IRS Enforcement Actions Overview 0:42 – Common IRS Collection Methods 1:38 – Types of Property Subject to Seizure 2:20 – Bank Levies vs. Wage Garnishments 3:10 – IRS Notices and Warnings 4:42 – IRS Decision-Making on Seizures 5:25 – Real-Life Case Study: Ignoring IRS Notices 6:48 – Expanding Legal Practice Globally 7:19 – Impact of IRS Letters on Client Actions 8:09 – IRS Property Sale Process 9:08 – Property Types Typically Avoided by IRS 9:46 – Mistakes Leading to IRS Enforcement 10:34 – How IRS Situations Typically Unfold About the Show: Resilience and Resolve is a podcast dedicated to helping individuals and small business owners navigate complex tax issues with the IRS. Hosted by Attorney Lance Drury, the show provides practical advice and insights into tax law, focusing on clarity and actionable strategies. Whether you're facing IRS enforcement actions or seeking to understand your tax obligations better, this podcast offers valuable guidance to help you resolve your tax challenges effectively.

    What Happens When the IRS Seizes Physical Property

  2. Aug 11

    When the IRS Files a Federal Tax Lien And What Triggers It

    Episode Summary: In this episode of Resilience and Resolve, host Evan Mack sits down with Lance Drury to demystify the complexities of federal tax liens. Lance, with over 30 years of experience in resolving IRS tax issues, explains the triggers and implications of a federal tax lien. The discussion covers the differences between a lien and a levy, the process of filing a lien, and the potential impact on property and credit. Lance shares insights on how to handle tax liens, including the importance of resolving tax liabilities to avoid severe consequences such as levies. He also highlights common mistakes people make when dealing with liens and offers practical advice for those looking to navigate these challenges. Listeners will gain valuable knowledge to manage their tax situations effectively and avoid pitfalls. Key Timestamps: 00:01 – Introduction 00:09 – What Triggers a Federal Tax Lien 00:38 – Understanding Federal Tax Liens 01:58 – Differences Between a Lien and a Levy 03:10 – Situations That Trigger a Lien 03:41 – IRS Notification Process 04:30 – Resolving Tax Liens 06:11 – Impact on Credit and Property 07:00 – Options for Resolving Tax Debt 08:10 – Common Mistakes After a Lien is Filed 09:07 – Moving Forward with a Tax Lien 09:46 – Conclusion About the Show: Resilience and Resolve is a podcast dedicated to helping individuals and small business owners navigate complex tax issues with the IRS. The show features expert insights from Lance Drury, who brings over three decades of experience in tax law. Each episode breaks down intricate tax topics into clear, actionable advice, empowering listeners to make informed decisions and resolve their tax challenges. Whether you're facing a tax lien, levy, or other IRS-related issues, Resilience and Resolve provides the guidance you need to protect your financial future.

    When the IRS Files a Federal Tax Lien And What Triggers It

  3. Aug 7

    What Happens When the IRS Believes Assets Are Being Hidden

    Episode Summary: In this episode of Resilience and Resolve, host Evan Mack is joined by Attorney Lance Drury to discuss the intricacies of dealing with the IRS when they suspect hidden income or assets. Lance shares insights from his extensive experience, highlighting common pitfalls taxpayers encounter, such as failing to disclose rental properties or co-mingling personal and business finances. He emphasizes the importance of maintaining accurate records and understanding the implications of asset transfers, particularly those that might be deemed fraudulent conveyances. Lance recounts real-life cases, illustrating how seemingly minor actions can escalate into significant legal challenges. The episode provides listeners with practical advice on how to manage their financial disclosures effectively and avoid unnecessary complications with the IRS. This conversation is essential for anyone facing IRS scrutiny, offering strategies to navigate these situations with confidence and clarity. Key Timestamps: 00:01 – Introduction 00:40 – IRS Concerns Over Undisclosed Assets 01:34 – Red Flags in Financial Statements 02:32 – Importance of Documentation 03:10 – Role of Bank Records in IRS Investigations 03:57 – Challenges with Co-mingling Finances 04:27 – Transactions That Raise IRS Suspicions 05:14 – Case Study: Fraudulent Conveyance 06:03 – Misunderstandings About Asset Transfers 07:19 – Impact of Hidden Assets on Tax Resolution 08:12 – Consequences of Poor Record-Keeping 09:23 – Mistakes in Managing Tax Problems 10:24 – Advice for Taxpayers Facing IRS Scrutiny About the Show: Resilience and Resolve is a podcast dedicated to helping individuals and small business owners navigate complex tax issues with the IRS. Hosted by experienced Attorney Lance Drury, the show delves into real-world cases and provides practical advice on resolving tax disputes. With a focus on clarity and actionable insights, Resilience and Resolve aims to empower listeners with the knowledge they need to handle tax challenges effectively. Whether you're dealing with personal tax issues or managing a business, this podcast offers valuable guidance to ensure compliance and peace of mind.

    What Happens When the IRS Believes Assets Are Being Hidden

  4. Aug 5

    How the IRS Verifies the Financial Information You Provide

    Episode Summary: In this episode of Resilience and Resolve, host Lisa Mosbey and attorney Lance Drury delve into the intricacies of providing financial information to the IRS during tax resolution cases. Lance, with over 30 years of experience, explains the importance of adhering to national standards and the types of documentation required to verify income and expenses. He shares insights on how the IRS scrutinizes financial disclosures, the potential consequences of inaccuracies, and the critical role of legal documentation in negotiating payment plans or settlements. Through real-life anecdotes, Lance illustrates the pitfalls of non-compliance and the significance of transparency with the IRS. This episode is essential for anyone dealing with IRS tax issues, offering practical advice to ensure a smoother resolution process. Key Timestamps: 00:01 – Introduction 00:09 – Verifying Financial Information with the IRS 00:36 – National Standards and Documentation Requirements 01:22 – Case Study: Excessive Spending on Meals 02:45 – Legal Obligations and Allowable Expenses 03:28 – Types of Records for IRS Verification 04:47 – Importance of Disclosing All Assets 05:17 – Bank Statements vs. Physical Receipts 06:13 – Red Flags in Financial Disclosures 07:15 – Consequences of Non-Compliance 09:12 – Payment Plans vs. Settlement Options 10:43 – Risks of Incomplete or Inaccurate Information 12:19 – Criminal Implications of Unpaid Sales Tax 13:42 – Ensuring Accuracy in Financial Submissions About the Show: Resilience and Resolve is a podcast dedicated to helping individuals and small business owners navigate complex IRS tax issues. Hosted by attorney Lance Drury, the show offers expert insights into tax resolution strategies, compliance, and legal obligations. Each episode breaks down critical topics with clarity and practical advice, empowering listeners to tackle their tax challenges with confidence. Whether you're facing an audit or seeking to understand your rights, Resilience and Resolve provides the guidance you need to make informed decisions.

    How the IRS Verifies the Financial Information You Provide

  5. Aug 3

    When the IRS Requests Financial Disclosure: Understanding IRS Form 433

    Episode Summary: In this episode of Resilience and Resolve, host Lisa Mosbey sits down with Lance Drury to demystify the IRS financial disclosure process, particularly focusing on IRS Form 433. Lance, with over 30 years of experience, explains when and why the IRS requests a full financial picture from taxpayers, especially when negotiating to pay less than the full amount owed. He breaks down the different types of Form 433, such as 433-A for individuals and 433-B for businesses, and highlights the importance of accurate documentation to support financial claims. Lance shares real-life examples, illustrating how strategic financial planning can lead to favorable outcomes with the IRS. Listeners will gain insights into common mistakes to avoid and tips for maintaining accurate financial records, ensuring they are well-prepared to handle IRS inquiries effectively. Key Timestamps: 00:01 – Introduction 0:17 – Importance of IRS Form 433 1:04 – When IRS Requests Financial Disclosure 1:48 – Types of IRS Form 433 2:39 – Documentation and National Standards 4:03 – Real-Life Example: Strategic Financial Planning 6:06 – Assets That Raise IRS Questions 7:35 – How IRS Uses Financial Information 8:21 – Common Mistakes in Financial Disclosure 9:20 – Importance of Accurate Expense Reporting 10:40 – Keeping Track of Finances Year-Round 11:54 – Separate Accounts for Business and Personal Finances 12:41 – Frequency of Tax Estimates for Entrepreneurs About the Show: Resilience and Resolve is a podcast dedicated to helping individuals and small business owners navigate complex IRS tax issues with confidence and clarity. Hosted by experienced Lance Drury, the show offers practical advice, real-world examples, and expert insights into tax resolution strategies. Whether you're dealing with tax debt, audits, or financial disclosures, Resilience and Resolve provides the tools and knowledge needed to effectively address and resolve tax challenges. The series is designed to empower listeners with the understanding and resources necessary to achieve favorable outcomes with the IRS.

    When the IRS Requests Financial Disclosure: Understanding IRS Form 433

  6. Jul 31

    How the IRS Finds Your Income and Assets

    Episode Summary: Attorney Lance Drury discusses how the IRS uncovers income and assets when individuals owe back taxes, emphasizing the importance of full disclosure to avoid penalties and navigate tax issues successfully. Key Timestamps: 00:00 – Welcome to Resilience and Resolve with Lance Drury. Welcome back to Resilience and Resolve… 04:02 – So what role do these documents like these W2s and these 1099s and other… 07:35 – And then I had another guy and you know, he didn't disclose all his… 11:01 – When deciding on collection actions compared to when they're evaluating those resolution options? Well,… 14:46 – If you found the days episode helpful, thank you so much and we'll see… About the Show: *Resilience and Resolve* is a podcast where Attorney Lance Drury provides insights and solutions for individuals and small business owners dealing with IRS tax problems, offering expert guidance on resolving tax issues effectively.

    How the IRS Finds Your Income and Assets

  7. Jul 24

    Why IRS Cases Stall and What Usually Restarts Them

    Episode Summary: In this episode of *Resilience and Resolve* Lance Drury sheds light on the reasons behind stalled IRS cases and the events that reignite IRS activities. He discusses how delays, understaffing, and bureaucracy contribute to prolonged case resolutions, emphasizing the importance of staying compliant and proactive in dealing with IRS matters. Key Timestamps: 00:00 – Introduction 01:30 – Reasons for IRS case stalls 05:45 – Impact of incomplete filings on case progression 09:20 – Events triggering IRS activity after silence 12:10 – Importance of compliance during stalled periods 15:45 – Common mistakes when assuming a case is over 18:30 – Proactive follow-up strategies for stalled IRS cases 21:15 – Final advice for individuals dealing with IRS challenges About the Show: *Resilience and Resolve* with Lance Drury provides invaluable insights into navigating IRS issues for individuals and small business owners. With over 30 years of experience, Lance Drury offers expertise in resolving complex tax problems, guiding listeners through the intricacies of IRS procedures and strategies for successful outcomes.

    Why IRS Cases Stall and What Usually Restarts Them

  8. Jul 17

    Fixing IRS Problems After Years of Partial Compliance

    Episode Summary: In this episode of *Resilience and Resolve* Lance Drury sheds light on the misconception of partial compliance with the IRS. He emphasizes the critical importance of full compliance to resolve tax issues effectively. Lance shares insights on common pitfalls faced by self-employed individuals and small business owners, offering valuable advice on navigating IRS challenges. Key Timestamps: 00:00 – Introduction 01:30 – IRS View on Partial Compliance 03:45 – Impact of Non-Compliance on Small Business Owners 05:20 – Importance of 100% Compliance for IRS Resolution 07:15 – Consequences of Prolonged Tax Issues 09:40 – Case Study: Overcoming IRS Challenges 12:25 – Mistakes in Addressing IRS Issues Independently 14:50 – Advantages of Hiring a Tax Attorney 16:30 – Strategic Compliance for Negotiating with the IRS About the Show: *Resilience and Resolve* with Lance Drury is a trusted resource for individuals and small business owners facing IRS challenges. Lance's expertise spans over 30 years, offering practical solutions and guidance to regain control over tax issues. Tune in to gain valuable insights and strategies for resolving IRS problems effectively.

    Fixing IRS Problems After Years of Partial Compliance
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Resilience and Resolve with Lance Drury: Understanding the Basics of Tax Resolution

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