In this episode of Resilience and Resolve with Lance Drury, Lance and Kevin discuss the most common tax issues small businesses face and how to resolve them. They explore the importance of making timely tax payments, the dangers of ignoring payroll taxes, and the consequences of not filing. Lance provides advice on tax resolution options, including installment agreements and currently non-collectible status, and emphasizes the need for small business owners to seek professional help before their issues escalate.

[00:00:30 - 00:02:00] Common tax issues for small businesses (payroll tax, mismanagement)

[00:02:00 - 00:04:00] Importance of making estimated tax payments first and warning signs of trouble

[00:04:00 - 00:05:15] Impact of tax liens and levies on business reputation and operations

[00:05:15 - 00:06:54] Consequences of ignoring tax payments (shut down, growing liabilities)

[00:08:00 - 00:09:00] Tax resolution options (installment agreements, non-collectible status)

[00:09:00 - 00:10:30] Process of resolving tax issues (engagement letter, IRS representation)

[00:13:00 - 00:14:00] Importance of financial education and tax planning for small business owners

[00:15:30 - 00:16:05] Personal responsibility for payroll tax liabilities as a business owner

[00:16:05 - 00:16:30] Closing thoughts on managing business finances and tax responsibilities

Episode Summary

In this episode, Lance Drury and LPN host Kevin Rosenquist discuss common issues and challenges businesses face with sales tax. Lance emphasizes the criminal implications of not remitting collected sales tax, shares a shocking case involving 96 felony charges for sales tax fraud, and provides advice on maintaining compliance. Key tips include keeping meticulous records, segregating business and personal accounts, and consulting a tax attorney early to avoid criminal prosecution. The conversation concludes with strategies for staying current with sales tax laws and how proper planning can help businesses navigate these complex regulations.

Timestamps:

[00:23 - 01:10] Common Challenges and Criminal Implications of Sales Tax Nonpayment

[01:10 - 02:36] Real Case: 96 Felony Charges for Sales Tax Fraud

[02:36 - 04:35] Mismanagement in Restaurants & Liability Risks

[04:35 - 05:44] Local Sales Tax Rates and Filing Deadlines

[05:44 - 07:05] Consequences of Missed Payments and Bureaucracy Delays

[07:05 - 08:18] Sales Tax Audits: Triggers and Common Targets

[08:18 - 10:26] The Audit Process and Expanding Scopes

[10:26 - 11:53] Keeping Accurate Records to Minimize Liability

[11:53 - 13:09] Financial Struggles of Restaurants in Current Economy

[13:09 - 14:07] Staying Current with Sales Tax Laws and Compliance Tips

[14:07 - 14:48] Importance of Consulting a Tax Attorney Early

About The Show

Resilience and Resolve with Lance Drury is a podcast that demystifies complex tax issues, offering practical advice for business owners navigating financial and legal challenges. Hosted by tax attorney Lance Drury and LPN Host Kevin Rosenquist, the show covers real-world cases, legal insights, and strategies to help businesses stay compliant and avoid costly mistakes. Each episode provides actionable guidance on topics like sales tax, audits, and tax law, blending expert knowledge with engaging stories to empower listeners with the tools they need to manage their tax responsibilities confidently.

Episode Summary

In this episode of Resilience and Resolve, Lance Drury and Kevin Rosenquist discuss how the IRS tax collection process works, including the steps taxpayers can take to avoid penalties and how to resolve issues with the IRS. Lance shares his extensive experience working with IRS revenue officers and agents, and offers valuable advice on what to do (and what not to do) when dealing with unpaid taxes. Topics covered include common IRS actions, such as levies and garnishments, the IRS's collection process, tax liens, and the rights taxpayers have during collection. They also discuss the importance of professional help in navigating the complexities of tax issues.

Timestamps:

About The Show

In this episode of Resilience and Resolve with Lance Drury, Lance Drury and LPN host Kevin Rosenquist discuss the intricacies of IRS tax collection, offering insight into how the IRS operates and the various actions it can take to recover unpaid taxes. With over 20 years of experience working with the IRS, Lance shares his expertise on topics like installment agreements, levies, liens, and taxpayer rights during the collection process. The episode highlights the importance of professional help in navigating IRS issues and provides practical advice on how taxpayers can protect their financial interests when dealing with the IRS.

Episode Summary

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

In this episode of Resilience and Resolve, tax resolution attorney Lance Drury walks us through the basics of tax resolution law and discusses how self-employed individuals and small businesses can navigate their tax challenges. Lance shares insights into the complexities of working with the IRS, common misconceptions about tax resolution, and the critical role tax professionals play in helping people resolve their tax issues. Through real-world examples and expert advice, Lance explains how clients can avoid common mistakes, what steps they should take when dealing with the IRS, and when it’s time to seek professional help. Whether you’re a small business owner, a freelancer, or anyone dealing with IRS debt, this episode provides valuable information on how to protect yourself from the financial and emotional stress of unresolved tax liabilities.

Key Highlights & Timestamps:

[1:00] – Introduction to Lance Drury Lance shares his background as a tax resolution attorney and why helping individuals and businesses resolve their IRS issues is so important to him.

[4:30] – What is Tax Resolution Law? Lance explains what tax resolution encompasses, especially for self-employed individuals and small businesses, and the challenges they face in staying compliant with the IRS.

[8:30] – Common Myths About Tax Resolution Lance debunks the myth that individuals can handle tax resolution on their own and explains why hiring a professional is essential for navigating the complexities of IRS issues.

[12:00] – The Pain Points of Clients Lance discusses the fears and concerns his clients have when they first come to him, including the threat of losing their business, assets, or facing wage garnishments.

[15:45] – When to Hire a Tax Resolution Attorney How to determine when it’s time to hire an attorney, including the $10,000 threshold, unfiled tax returns, and audits.