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If youāve ever skipped filing a tax return or felt overwhelmed by back taxes, this episode is for you. Mike and Robert Nordlander, former IRS Special Agent, break down the real risks of not filing, the difference between filing and paying, and how to get back on trackāwithout fear.
Chapters:
(00:26) Falling Behind on Taxes Happens
Mike shares a common fear of business owners who havenāt filed in years and feel buried in penaltiesābut thereās a way out.
(02:30) Not Filing is a Crime
Robert explains that failing to file is a criminal offense, even if you're owed a refund. You could face jail time.
(04:20) Filing Protects You (Even if You Canāt Pay)
Filing and paying are separate. Filing your return stops criminal penaltiesāeven if you donāt have the money yet.
(06:30) Penalties vs. Interest: Why Filing Matters
Not filing triggers a 25% penalty. Filing without paying is just 0.5% monthly. Filing first always puts you in a better position.
(08:57) No Records? Thereās Help
If your records are missing or a mess, a CPA or forensic accountant can help you recreate whatās needed to get back on track.
(11:33) IRS Payment Plans + the 10-Year Rule
The IRS offers payment plans and even settles for less in some cases. But you must stay compliantāyour debt can go away after 10 years if you do.
(23:58) Why You Donāt Want to Owe the IRS
The IRS is more aggressive than banks. They can seize wages and assets without going to courtāand their customer service is notoriously bad.
Guest: Robert Nordlander, CPA ā https://www.nordlandercpa.com
Find Robertās Books:Ā
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
-------
š Visit:Ā https://www.TaxSavingsPodcast.comĀ
š Check Out TaxElm: https://taxelm.com/
š Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/
š YouTube: www.TaxSavingsTV.com
šš¼ GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in š
šLEAVE A REVIEW
If you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show āĀ
š ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.
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4.8
240240 ratings
Send us a text
š Book your free demo call today! Click here or visit: https://taxelm.com/demo/
If youāve ever skipped filing a tax return or felt overwhelmed by back taxes, this episode is for you. Mike and Robert Nordlander, former IRS Special Agent, break down the real risks of not filing, the difference between filing and paying, and how to get back on trackāwithout fear.
Chapters:
(00:26) Falling Behind on Taxes Happens
Mike shares a common fear of business owners who havenāt filed in years and feel buried in penaltiesābut thereās a way out.
(02:30) Not Filing is a Crime
Robert explains that failing to file is a criminal offense, even if you're owed a refund. You could face jail time.
(04:20) Filing Protects You (Even if You Canāt Pay)
Filing and paying are separate. Filing your return stops criminal penaltiesāeven if you donāt have the money yet.
(06:30) Penalties vs. Interest: Why Filing Matters
Not filing triggers a 25% penalty. Filing without paying is just 0.5% monthly. Filing first always puts you in a better position.
(08:57) No Records? Thereās Help
If your records are missing or a mess, a CPA or forensic accountant can help you recreate whatās needed to get back on track.
(11:33) IRS Payment Plans + the 10-Year Rule
The IRS offers payment plans and even settles for less in some cases. But you must stay compliantāyour debt can go away after 10 years if you do.
(23:58) Why You Donāt Want to Owe the IRS
The IRS is more aggressive than banks. They can seize wages and assets without going to courtāand their customer service is notoriously bad.
Guest: Robert Nordlander, CPA ā https://www.nordlandercpa.com
Find Robertās Books:Ā
-------
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
-------
š Visit:Ā https://www.TaxSavingsPodcast.comĀ
š Check Out TaxElm: https://taxelm.com/
š Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/
š YouTube: www.TaxSavingsTV.com
šš¼ GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in š
šLEAVE A REVIEW
If you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show āĀ
š ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.
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