Tax Problems Explained

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*Tax Problems Explained* provides valuable insights from Lawrence Ullmann, blending his experience as an attorney, CPA, and former IRS agent to help individuals and businesses navigate tax challenges effectively.

29 juil.

Navigating Tax Challenges for Small Business Owners

Episode Summary: In this episode of Tax Problems Explained, host LeAnn Lyon sits down with Lawrence T. Ullmann, a seasoned expert with decades of experience inside the IRS and private practice. They delve into the common tax issues faced by small business owners, emphasizing the importance of proper financial management and the separation of business and personal finances. Lawrence explains how inadequate bookkeeping, improper payroll tax handling, and failure to document deductions can lead to serious IRS scrutiny. The discussion also covers the consequences of underreporting income, even unintentionally, and the severe penalties associated with payroll tax errors. By the end of the episode, listeners gain valuable insights into avoiding these pitfalls and ensuring compliance with tax obligations, thereby safeguarding their businesses from costly mistakes. Key Timestamps: 00:01 – Introduction 00:51 – Common Tax Issues for Small Businesses 01:18 – Importance of Accurate Bookkeeping 02:23 – Separating Business and Personal Finances 04:30 – IRS Response to Improper Deductions 05:25 – Consequences of Underreporting Income 07:04 – Challenges with Payroll and Employment Taxes 09:39 – Estimated Taxes for Small Business Owners 11:42 – Penalties for Late Tax Payments 12:54 – Real Estate Agent Tax Challenges 13:59 – Ignoring IRS Notices and Consequences 14:19 – Steps to Take When Receiving an IRS Notice About the Show: Tax Problems Explained offers a comprehensive look at tax issues from the perspectives of an attorney, a CPA, and a former IRS agent. The show is designed for business owners and individuals seeking to understand the complexities of the tax system and how to navigate it effectively. With a focus on clarity and practical advice, each episode breaks down specific tax challenges and provides actionable solutions. Whether you're dealing with payroll taxes, deductions, or IRS audits, Tax Problems Explained equips you with the knowledge to manage your tax responsibilities confidently.
15 juil.

Navigating IRS Penalties: Reduction and Removal Strategies

Episode Summary: In this episode of Tax Problems Explained, host LeAnn Lyon sits down with Lawrence T. Ullmann, a seasoned tax professional with extensive experience inside the IRS and in private practice. They delve into the complexities of IRS penalties, focusing on when they may be reduced or removed. Lawrence outlines the most common penalties, such as failure to file and failure to pay, and explains the circumstances under which the IRS might consider abatement. The discussion covers first-time abatement, reasonable cause, and the importance of proper documentation. Lawrence also provides real-world examples of cases where penalties were successfully reduced, emphasizing the need for timely action and professional guidance. Listeners will gain valuable insights into navigating IRS penalty issues, understanding the factors that influence abatement decisions, and the steps necessary to potentially reduce penalties. Key Timestamps: 00:01 – Introduction 00:35 – Common IRS Penalties Explained 01:27 – Reasons for Imposing Penalties 02:16 – Circumstances for Penalty Reduction 02:37 – First-Time Abatement Explained 03:24 – Reasonable Cause for Abatement 04:32 – Reliance on Professional Advice 05:25 – Factors Influencing Penalty Reduction 06:27 – Situations Where Penalties Are Not Reduced 07:34 – Example of Successful Penalty Abatement 09:36 – Misconceptions About Automatic Penalty Reduction 10:19 – Key Considerations for Addressing Penalties About the Show: Tax Problems Explained is a podcast dedicated to demystifying the complexities of the tax system for individuals and businesses. Hosted by experienced professionals, the show offers practical advice and insights into tax issues, compliance, and resolution strategies. Each episode features in-depth discussions on topics such as IRS penalties, audits, and tax planning. The series aims to empower listeners with the knowledge needed to navigate tax challenges effectively and make informed decisions. Whether you're a taxpayer seeking clarity or a professional looking for expert perspectives, Tax Problems Explained provides valuable guidance in an accessible format.
1 juil.

What Happens When You Owe Back Taxes to the IRS

Episode Summary: In this episode of Tax Problems Explained, host LeAnn Lyon sits down with Lawrence Ullmann, a seasoned attorney with extensive IRS experience, to demystify the IRS collection process. Lawrence explains the progression from initial tax liability assessment to the various stages of IRS enforcement, including soft collections, CP letters, and potential asset seizures. He highlights the importance of communication with the IRS and discusses options like installment agreements, offers in compromise, and bankruptcy for resolving tax debts. Lawrence also shares real-life examples, such as a client facing passport restrictions due to unpaid taxes, and offers advice on avoiding scams. This episode is essential for anyone dealing with IRS tax issues, offering practical solutions and insights into managing and resolving tax liabilities effectively. Key Timestamps: 00:01 – Introduction 00:51 – Initial IRS Collection Process 01:24 – IRS Notification Methods 01:44 – Escalation of IRS Collection Efforts 02:33 – Final Notice and Enforcement Actions 03:28 – Role of Automatic Collection Services 04:23 – Passport Restrictions Due to Tax Debt 05:19 – IRS Collection Tools and Asset Seizure 06:46 – Impact of Interest and Penalties 08:04 – Options for Unpaid Tax Debts 09:34 – Offer in Compromise Explained 10:38 – Bankruptcy as a Last Resort 12:22 – Consequences of Ignoring Tax Debt 14:08 – Avoiding IRS Scams About the Show: Tax Problems Explained is a podcast designed for individuals and businesses seeking clarity on complex tax issues. Hosted by experts with backgrounds in law, accounting, and IRS operations, the show provides in-depth discussions on tax liabilities, collection processes, and resolution strategies. Each episode aims to empower listeners with knowledge and practical advice to navigate the intricacies of the tax system confidently. Whether you're facing back taxes or simply want to understand the IRS better, Tax Problems Explained offers valuable insights and solutions.
17 juin

Canceled Debt and Taxes: Why Forgiven Debt Can Become Taxable Income

Episode Summary: In this episode of Tax Problems Explained, host LeAnn is joined by Lawrence Ullmann, a seasoned professional with extensive experience in the IRS and private practice. They delve into the complexities surrounding canceled debt and its potential tax implications. Lawrence explains why forgiven debt can still lead to a tax obligation, using real-world examples like credit card debt reduction and mortgage reformation. The discussion covers how the IRS defines canceled debt, the role of insolvency, and the importance of the 1099-C form. Lawrence emphasizes the need for professional guidance when dealing with canceled debt, especially in complex situations involving bankruptcy or insolvency. Listeners will gain valuable insights into how to manage canceled debt and avoid escalating tax problems. Key Timestamps: 00:01 – Introduction 00:36 – Understanding Canceled Debt and Tax Obligations 01:02 – Why Forgiven Debt Can Be Taxable 03:14 – IRS Definition of Canceled Debt 03:52 – Common Situations Leading to Canceled Debt Income 05:21 – Reporting Canceled Debt to Taxpayers 05:59 – Exceptions to Taxable Canceled Debt 06:26 – Insolvency and Its Tax Implications 07:41 – Avoiding Tax on Canceled Debt Through Insolvency 08:57 – Example of Canceled Debt and Tax Reporting 10:09 – Consequences of Ignoring Canceled Debt Notices 11:37 – Determining Solvency 13:22 – Importance of Professional Guidance in Complex Cases About the Show: Tax Problems Explained offers listeners a comprehensive look into the intricacies of tax issues from the perspectives of an attorney, a CPA, and a former IRS agent. The show is designed for individuals and businesses seeking to understand and resolve tax challenges effectively. Each episode breaks down complex tax topics into understandable insights, providing practical advice and strategies. With a focus on clarity and expert knowledge, the series aims to empower listeners with the tools they need to navigate the tax system confidently.
3 juin

How Long the IRS Has to Collect Taxes And What Stops the Clock

Episode Summary: In this episode of Tax Problems Explained, Host Leann lyon sits down with Lawrence T. Ullmann, an experienced attorney, CPA, and former IRS agent, to demystify the IRS's tax collection timelines. Lawrence delves into the general rule of a 10-year collection period, explaining what triggers this timeline and how late filings or IRS-prepared substitute returns can alter it. He further explores the complexities of events that can pause or extend the IRS's ability to collect, such as offers in compromise, bankruptcy filings, and collection due process hearings. Lawrence also shares practical examples and insights into how installment agreements affect collection periods, emphasizing the importance of strategic planning and professional guidance. This episode equips listeners with essential knowledge to navigate IRS collection processes effectively, helping them make informed decisions about their tax liabilities. Key Timestamps: 00:01 – Introduction 00:34 – IRS Collection Timeline Basics 01:22 – What Starts the Collection Clock 02:08 – Differences in Liability Situations 03:08 – Impact of IRS Audits on Timelines 04:00 – IRS Substitute for Return Process 05:01 – Events That Pause IRS Collection 06:13 – Exceptions to the 10-Year Rule 06:36 – Payment Plans and Collection Periods 07:56 – Strategy for Expiring Statutes 08:54 – Case Example: Extended Collection Timeline 10:06 – Misunderstandings About IRS Timelines 11:01 – Strategic Planning for Tax Liability About the Show: Tax Problems Explained offers listeners a comprehensive look into the intricacies of the tax system from the perspectives of an attorney, a CPA, and a former IRS agent. Designed for individuals and businesses alike, the show covers a wide range of tax-related topics, providing clarity and actionable insights. With a focus on demystifying complex tax issues, the series aims to empower listeners with the knowledge needed to navigate their tax challenges effectively and confidently.
20 mai

What to Do When You Haven’t Filed Tax Returns for Multiple Years

Episode Summary: In this episode of Tax Problems Explained, Lawrence T. Ullmann, a seasoned tax professional with a background as a former IRS agent and private practice expert. They delve into the complexities and consequences of failing to file tax returns for multiple years. Lawrence explains common reasons why individuals fall behind, such as life-changing events, and outlines the IRS's response to non-compliance, including the Substitute for Return program. The discussion highlights the risks of accruing penalties, potential criminal charges, and the challenges of reconstructing financial records. Lawrence also provides guidance on how far back individuals need to file to regain compliance and emphasizes the importance of consulting a tax attorney. This episode is essential for anyone facing unfiled tax issues, offering practical advice to navigate the IRS system effectively. Key Timestamps: 00:01 – Introduction 00:35 – Common Reasons for Unfiled Returns 02:04 – IRS Perspective on Non-Compliance 03:27 – IRS Substitute for Return Program 04:49 – Risks of Unfiled Returns 06:15 – Quarterly Taxes and Penalties 07:30 – Filing Past Returns: How Far Back? 09:31 – Importance of Consulting a Tax Attorney 10:01 – Process of Filing Past Returns 11:44 – Challenges in Reconstructing Records 12:50 – When to Involve a Tax Attorney 13:56 – Legal Protections and IRS Rules About the Show: Tax Problems Explained is a podcast designed for individuals and businesses seeking clarity on complex tax issues. Hosted by experienced professionals, the show provides insights into the workings of the IRS, offering practical advice on resolving tax problems. Each episode breaks down intricate tax topics with a focus on compliance, legal considerations, and strategic planning. Whether you're dealing with unfiled returns, audits, or other tax-related challenges, Tax Problems Explained equips listeners with the knowledge to navigate the tax system confidently.
6 mai

What Happens During an IRS Appeal and When It Makes Sense

Episode Summary: Lawrence T. Ullmann discusses the purpose of IRS appeals, the role of the appeals office, eligibility for appeals, factors considered in appeal reviews, and the importance of hazards of litigation in decision-making, offering insights into resolving tax issues efficiently. Key Timestamps: 00:00 – Introduction to the episode on IRS appeals 00:44 – Purpose of the IRS Appeals Office 02:03 – How appeals differ from the examination/audit division 03:10 – When a taxpayer can request an appeal after an audit 04:00 – Factors the appeals office considers 04:50 – Hazards of litigation and how it affects settlements 06:30 – General example of a case moving from audit to appeals 09:10 – When filing an appeal may not be the best strategy 10:30 – How formal the appeals process is and what to expect 11:50 – What makes an appeal more likely to resolve efficiently 12:30 – Closing remarks and contact information About the Show: *Tax Problems Explained* offers valuable insights into navigating tax issues from the perspectives of an attorney, a CPA, and a former IRS agent, providing expertise in understanding and resolving complex tax problems efficiently.
22 avr.

What Actually Triggers an IRS Audit and What Doesn’t

Episode Summary: Delve into the intricacies of IRS audits with Lawrence T. Ullmann, a seasoned professional with insights from his IRS and private practice experience. Learn about audit triggers, selection processes, and practical tips for audit preparation, offering valuable guidance for navigating tax challenges. Key Timestamps: 00:00 – Introduction to the episode on IRS audits 00:50 – What is an IRS audit and why does the IRS conduct them? 02:00 – How the IRS actually selects returns for audit (not random) 02:40 – DIF scores and computer algorithms explained 04:00 – Other ways returns get selected (e.g., from vendor audits) 04:50 – Common patterns and discrepancies that trigger audits 05:50 – How income levels affect audit likelihood 06:40 – Claiming legitimate deductions and avoiding unnecessary fear 08:40 – Impact of filing late, amended returns, or cash-based businesses 10:00 – Role of automated systems and human judgment in audits 11:50 – Real-world audit example (vacation home case) 14:10 – First steps if you receive an audit notice 16:05 – Closing remarks and contact information About the Show: *Tax Problems Explained* provides expert insights on navigating complex tax issues, offering practical advice and strategies to individuals and businesses facing IRS challenges. Gain valuable knowledge and solutions from professionals in the field.
8 avr.

Understanding IRS Notices: Which Ones Matter and Which Don’t

Episode Summary: In this episode of *Tax Problems Explained*, Lawrence Ullmann sheds light on the significance of IRS notices, the varying levels of urgency they carry, and how individuals should respond to them. From deciphering the purpose of IRS communications to navigating complex tax issues, Lawrence offers invaluable insights to help listeners tackle tax challenges effectively. Key Timestamps: 00:00 – Introduction 01:25 – Purpose of IRS Notices 03:10 – Identifying Urgent Notices 05:45 – Approaching Proposed Return Changes 07:30 – Handling IRS Calculations 09:15 – Consequences of Ignoring Notices 11:40 – Escalation of Unresolved Notices 14:20 – Self-Resolution vs. Involving a Tax Attorney About the Show: *Tax Problems Explained* delves into the intricate world of tax issues from the combined perspectives of an attorney, a CPA, and a former IRS agent. With Lawrence Ullmann's extensive experience and insights, the show aims to equip individuals and businesses with the knowledge needed to navigate the complexities of the tax system effectively.
25 mars

From Inside the IRS to Private Practice: Meet Attorney Lawrence Ullmann

Episode Summary: Lawrence Ullmann shares his journey from studying public accounting to working within the IRS for 17 years as a revenue agent and appeals officer. He discusses the practical lessons learned inside the IRS and how his diverse background in accounting, law, and real estate shapes his approach to resolving tax issues for clients today. Key Timestamps: 00:00 – Introduction 00:45 – Transition from Chemistry to Accounting 02:30 – Lessons from working inside the IRS 04:15 – Distinction between a revenue agent and appeals officer 06:10 – Balancing work and advanced studies 08:20 – Impact of broader financial background on tax evaluations 10:05 – Transition to private practice 12:30 – Misconceptions about the IRS 14:45 – Wrapping up insights on IRS evaluation About the Show: *Tax Problems Explained* provides valuable insights from Lawrence Ullmann, blending his experience as an attorney, CPA, and former IRS agent to help individuals and businesses navigate tax challenges effectively.

10 épisodes

*Tax Problems Explained* provides valuable insights from Lawrence Ullmann, blending his experience as an attorney, CPA, and former IRS agent to help individuals and businesses navigate tax challenges effectively.

Création

taxproblems
Années d’activité

2026
Épisodes

10
Classification

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Tax Problems Explained