Most Common Tax Problems & How to Solve Them

Episode Summary In this episode of "Resilience and Resolve," host Kevin Rosenquist and tax resolution expert Lance Drury discuss common tax problems individuals and businesses face, as well as strategies for resolution. They delve into topics such as audits, tax debt, liens, and penalties. Drury emphasizes the importance of proper tax handling and when to seek professional help, sharing real-life examples of successful resolutions. Listeners gain insights into tax compliance, potential pitfalls, and options available for managing tax issues effectively.   Timestamps: [00:00:23 - 00:01:59] Lance Drury's background in tax resolution [00:02:00 - 00:04:10] Common tax problems: audits and IRS scrutiny [00:04:11 - 00:06:23] Definitions of tax debt, liens, and audits [00:06:24 - 00:08:54] Options for resolving tax debt: installment agreements and offers in compromise [00:08:55 - 00:10:00] Common mistakes in filing tax returns [00:10:01 - 00:11:22] Unusual expense claims and their consequences [00:11:23 - 00:13:22] Accumulation of penalties and interest on unpaid taxes [00:13:23 - 00:14:12] Programs for penalty abatement [00:14:13 - 00:15:07] When to hire a tax resolution attorney [00:15:08 - 00:17:28] Advice for those currently facing tax problems   About The Show "Resilience and Resolve" is a podcast hosted by Kevin Rosenquist featuring tax resolution expert Lance Drury, who breaks down the complexities of the tax system to help listeners navigate their financial challenges. Each episode tackles common tax problems faced by individuals and businesses, offering practical strategies for resolution. Drury shares his extensive experience in tax law, discusses various options for managing tax debt, and highlights the importance of seeking professional help. With real-life examples and actionable advice, the show empowers listeners to understand their tax situations and make informed decisions.