What happens when you've been avoiding IRS letters for years and suddenly realize you need help? Today, Angel and enrolled agent Carlos Samaniego discuss the fear many people experience when dealing with the IRS and tax debt. Carlos shares valuable insights about the various options available to taxpayers who owe money to the IRS, including installment agreements, currently not collectible status, offers in compromise, and bankruptcy. The conversation explores common fears around tax debt, statute of limitations for tax collection, and practical advice for getting back into compliance with the IRS. 

 

[00:01 - 04:00] You're Not Alone in Your Tax Fears

• Why many taxpayers avoid opening IRS letters and how to overcome this fear
• How to find professional help when dealing with IRS issues
• Why now is an ideal time to get back into compliance due to IRS staffing changes

 

[04:01 - 08:00] Understanding Tax Debt Expiration

• How the 10-year statute of limitations can work in your favor
• Why monitoring your tax debt expiration dates is critical
• How to become compliant by filing just six years of back tax returns

 

[08:01 - 12:00] Filing vs. Paying: A Critical Distinction

• Why filing returns is more important than paying taxes owed
• How to avoid serious penalties like what happened to Wesley Snipes
• The importance of shifting your mindset about tax debt

 

[12:01-14:00] Breaking Through the Fear Barrier

• How to overcome psychological barriers to addressing tax problems
• Why the IRS is more willing to work with you than you might think
• The four main pathways for resolving tax debt and how to choose the right one

 

[14:01 - 19:55] Navigating IRS Resolution Options

• How to identify and avoid tax resolution scams
• Why partial pay agreements can be better than full installment plans
• The benefits of "currently not collectible" status and how it affects the statute of limitations

 

 

Connect with Carlos:

 

Website: https://www.taxdebtconsultant.com/

 

 

Key Quotes:

 

"Filing is way more important than the paying. You gotta file your tax returns." - Carlos Samaniego

 

"I tell people, if you're somebody that hasn't filed tax returns... Now's the great time to get back into the system nice and slow while the chaos is happening over there." - Carlos Samaniego

 

 

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