What Happens to IRS Agreements After Divorce, Job Loss, or Illness

Filing Back Taxes When the IRS Has Already Estimated What You Owe

Episode Summary: In this episode, Lance Drury explains the implications of IRS estimates on back taxes, highlighting the importance of filing accurate returns to avoid overpayment. Discover how correcting IRS estimates can significantly reduce tax liabilities and penalties, offering actionable insight for anyone facing this challenge. Key Timestamps: 00:00 – Introduction 02:15 – IRS's Substitute for Return (SFR) Process 04:30 – Discrepancies in IRS Estimates vs. Actual Returns 06:45 – Impact of Challenging IRS Estimates 09:10 – Lowering Penalties and Interest Through Corrected Returns 11:25 – Timing Strategies for Addressing IRS Estimates 13:40 – Simplifying the Correction Process for Taxpayers 16:05 – Steps to Take After IRS Estimates Your Taxes 18:30 – Closing Remarks and Contact Information About the Show: *Resilience and Resolve* with  Lance Drury provides expert guidance to individuals and small business owners facing IRS tax challenges. With over 30 years of experience, Lance helps clients navigate complex tax issues and regain financial control.

What Happens to IRS Agreements After Divorce, Job Loss, or Illness

Episode Summary: In this episode, Attorney Lance Drury discusses the impact of major life changes like divorce, job loss, and illness on IRS agreements. He emphasizes the importance of renegotiating agreements when economic circumstances shift, highlighting real-life examples where early intervention made a significant difference in IRS responses. Key Timestamps: 00:00 – Introduction 02:15 – Effect of major life changes on IRS agreements 04:30 – Dealing with job loss or medical issues impacting payments 07:10 – Handling IRS agreements during divorce settlements 09:45 – Addressing personal hardship with the IRS 12:20 – Case study: Impact of early intervention on IRS response 15:00 – Importance of communication with the IRS 17:30 – Role of ongoing compliance in agreement adjustments 20:00 – Common mistakes hindering recovery from disruptions 22:45 – Advice for individuals struggling with IRS agreements About the Show: *Resilience and Resolve* is a podcast where Attorney Lance Drury helps individuals and small business owners navigate IRS challenges with over 30 years of experience in tax law. Gain insights on managing IRS agreements through life changes and ensuring compliance for financial stability.

Why IRS Tax Problems Get Worse Before They Get Better

Episode Summary: In this episode of *Resilience and Resolve*, Attorney Lance Drury sheds light on why IRS tax problems often escalate when individuals try to address them. He shares insights on how contacting the IRS without a clear plan can lead to unreasonable demands and deadlines, causing situations to worsen. Lance emphasizes the importance of staying calm, seeking professional help, and having a clear strategy to navigate IRS challenges effectively. Key Timestamps: 00:00 – Introduction 02:15 – Why IRS situations escalate without a clear plan 04:30 – Consequences of engaging with the IRS prematurely 06:45 – Understanding the role of timing in IRS enforcement actions 09:10 – Avoiding panic and emotional reactions in dealing with the IRS 12:05 – Mistakes people make when reacting emotionally to IRS notices 14:30 – Importance of having a clear plan to handle IRS issues 17:20 – Benefits of seeking professional help in dealing with the IRS 20:00 – Guidance for individuals feeling discouraged by escalating IRS problems About the Show: *Resilience and Resolve* is a podcast hosted by Attorney Lance Drury, dedicated to helping individuals and small businesses navigate complex IRS challenges. With over 30 years of experience, Lance Drury provides practical advice and strategies to regain control over IRS-related issues. Join us for expert insights and actionable solutions to overcome tax problems effectively.

How Many Years Back Can the IRS Make You File Tax Returns?

Episode Summary: In this episode of *Resilience and Resolve*  Lance Drury sheds light on the crucial topic of filing unfiled tax returns. Lance emphasizes the IRS's requirement of filing the last six years of tax returns before considering settlement options. He warns against the risks of guessing wrong and highlights the common mistakes made by taxpayers and accountants. Understanding the implications of filing the correct number of years can make a significant difference in resolving tax issues effectively. Key Timestamps: 00:00 – Introduction 00:45 – IRS regulation on filing tax returns 01:30 – Mistakes made by accountants in advising taxpayers 03:15 – Importance of filing the last six years only 05:10 – Consequences of filing fewer years than required 07:20 – Being compliant for negotiation with the IRS 08:45 – Ensuring 100% compliance moving forward 10:00 – Risks of assuming older years don't matter 11:30 – IRS's ability to enforce collection with unfiled returns 13:00 – Impact of income reporting on filing requirements 14:30 – Opening doors to resolution options with correct filings 16:00 – Advice for individuals unsure about filing requirements About the Show: *Resilience and Resolve* with Lance Drury provides essential insights and guidance for individuals and small business owners dealing with IRS tax problems. With over 30 years of experience, Lance helps clients regain control in challenging tax situations, offering actionable strategies to navigate tax-related issues effectively.

Can the IRS Come After You Personally for Business Tax Debt?

Episode Summary: In this episode, Lance Drury discusses the implications of IRS personal responsibility for business tax debt. He explains how business structures may not always protect individuals, leading to potential personal liability for unpaid payroll taxes. Lance emphasizes the importance of compliance and timely tax payments to avoid personal exposure to IRS collections. Key Timestamps: 00:00 – Introduction 03:12 – IRS Trust Fund Civil Penalty 06:45 – Personal Responsibility for Sole Proprietors 10:20 – Impact of Business Closure on Personal Collection 14:05 – Compliance and Limiting Personal Exposure 18:30 – Avoiding Personal Tax Debt Risks About the Show: *Resilience and Resolve* offers valuable insights on navigating IRS challenges for small business owners and individuals. Lance Drury shares expert advice on resolving tax issues and regaining control when facing overwhelming IRS problems.