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Drowning in Tax Debt: What to Do When You Can’t Pay the IRS
Episode Summary
In this episode of Thorgood Tax Talk, Shamsey Oloko explains what happens when taxpayers face overwhelming IRS debt they cannot afford to pay. He breaks down the collection actions the IRS may take, such as liens, levies, and wage garnishments, and discusses the relief programs available to struggling taxpayers. Shamsey highlights installment plans, the Offer in Compromise program, and how the IRS evaluates a taxpayer’s true ability to pay.
He also exposes the common myths behind “pennies on the dollar” ads, clarifies what financial disclosures are required, and explains why professional guidance often makes the difference between financial disaster and meaningful relief.
Key Timestamps
01:00 – How the IRS enforces tax debt through liens, levies, and garnishments
03:20 – Payment plans and how they work for large debts
04:30 – Offer in Compromise: separating myth from reality
06:00 – How the IRS calculates ability to pay using income, assets, and expenses
08:20 – When a payment plan may be the only option
09:45 – What financial disclosures the IRS requires for debt relief
11:30 – Common mistakes taxpayers make when negotiating on their own
13:30 – How the IRS treats individuals vs. businesses differently
15:10 – Why quick action and professional help matter
16:20 – Case study: reducing $1.3 million in tax debt to zero
About the Show
Thorgood Tax Talk is a podcast dedicated to helping business owners and individuals navigate complex tax challenges with confidence. Shamsey Oloko a seasoned tax defense attorney and founder of Thorgood Law in New York, the show provides expert insights into IRS audits, tax investigations, and compliance strategies. With practical advice and real-world examples, Thorgood Tax Talk empowers listeners to protect their finances and avoid costly tax mistakes.
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By dennis2qEpisode Summary
In this episode of Thorgood Tax Talk, Shamsey Oloko explains what happens when taxpayers face overwhelming IRS debt they cannot afford to pay. He breaks down the collection actions the IRS may take, such as liens, levies, and wage garnishments, and discusses the relief programs available to struggling taxpayers. Shamsey highlights installment plans, the Offer in Compromise program, and how the IRS evaluates a taxpayer’s true ability to pay.
He also exposes the common myths behind “pennies on the dollar” ads, clarifies what financial disclosures are required, and explains why professional guidance often makes the difference between financial disaster and meaningful relief.
Key Timestamps
01:00 – How the IRS enforces tax debt through liens, levies, and garnishments
03:20 – Payment plans and how they work for large debts
04:30 – Offer in Compromise: separating myth from reality
06:00 – How the IRS calculates ability to pay using income, assets, and expenses
08:20 – When a payment plan may be the only option
09:45 – What financial disclosures the IRS requires for debt relief
11:30 – Common mistakes taxpayers make when negotiating on their own
13:30 – How the IRS treats individuals vs. businesses differently
15:10 – Why quick action and professional help matter
16:20 – Case study: reducing $1.3 million in tax debt to zero
About the Show
Thorgood Tax Talk is a podcast dedicated to helping business owners and individuals navigate complex tax challenges with confidence. Shamsey Oloko a seasoned tax defense attorney and founder of Thorgood Law in New York, the show provides expert insights into IRS audits, tax investigations, and compliance strategies. With practical advice and real-world examples, Thorgood Tax Talk empowers listeners to protect their finances and avoid costly tax mistakes.