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.

01:00 – How the IRS enforces tax debt through liens, levies, and garnishments

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.

In this episode of Thorgood Tax Talk, Shamsey Oloko explains the critical differences between civil audits and criminal tax investigations, outlining the risks taxpayers face when matters escalate into criminal territory. He details common triggers for IRS criminal investigations, red flags during audits, and how early legal strategy can influence the outcome. Shamsey provides practical advice for individuals under investigation, emphasizing the importance of seeking immediate legal counsel and avoiding self-incrimination.

Listeners will walk away with a clear understanding of what actions may attract IRS scrutiny, the warning signs that an audit may be shifting toward a criminal case, and why contacting a tax lawyer right away is the smartest move.

00:40 – The difference between civil audits and criminal tax investigations

Shamsey Oloko breaks down what taxpayers need to know about IRS criminal tax investigations. From understanding the difference between civil audits and criminal cases to spotting red flags and knowing when to call a lawyer, this episode provides essential insights for anyone facing potential IRS scrutiny.

If you’ve just learned you’re under criminal investigation, this episode delivers one clear message: stop talking and call your tax lawyer.

In this episode of Thorgood Tax Talk, tax defense attorney Shamsey Oloko explores the critical topic of sales tax audits, a significant concern for small business owners. The discussion covers the differences between sales tax and income tax audits, the types of businesses most at risk, common mistakes like commingling funds, and the severe consequences of non-compliance, including penalties and criminal charges. Listeners will gain practical strategies to minimize audit risks, such as timely filing, proper fund segregation, and professional assistance, ensuring their businesses remain compliant and protected.

00:00 - Show Introduction and Welcome

01:30 - Overview of Sales Tax Audits

04:00 - Sales Tax Audits vs. Income Tax Audits

07:00 - Small Businesses Most Vulnerable to Sales Tax Audits

10:30 - Common Mistakes: Commingling Funds and Misreporting

14:00 - Consequences of Sales Tax Non-Compliance

18:00 - How States Track Sales Tax Irregularities

22:00 - Cash Transactions and Audit Challenges

26:00 - Common Misconceptions About Audit Risks

30:00 - How Far Back Can States Audit?

33:00 - Penalties and Enforcement Actions

36:00 - Preventing Criminal Charges in Sales Tax Audits

39:00 - Steps to Reduce Sales Tax Audit Risks

42:00 - Importance of Documentation and Professional Help

45:00 - Conclusion and Call to Action

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.

In this episode of Thorgood Tax Talk, tax defense attorney Shamsey Oloko addresses the most common tax mistakes that can lead to serious IRS consequences. The discussion covers underreporting income, overstating deductions, commingling personal and business funds, and relying too heavily on tax preparers. With real-world examples, such as a taxpayer hiding income through check-cashing schemes, the episode highlights the risks of non-compliance and offers practical strategies like maintaining accurate records and engaging professional help to avoid legal trouble.

00:00 - Show Introduction and Welcome

01:30 - Introduction to Common Tax Mistakes

04:00 - Underreporting Income and Its Consequences

08:00 - Overstating Deductions and Audit Risks

12:00 - Risks of Commingling Personal and Business Funds

16:00 - Dangers of Poor Bookkeeping and Over-Reliance on CPAs

20:00 - Red Flag Deductions That Trigger Audits

24:00 - How Tax Mistakes Can Escalate to Criminal Investigations

28:00 - Differences in Tax Issues for Individuals vs. Businesses

32:00 - Correcting Tax Mistakes After the Fact

36:00 - Key Steps to Avoid Tax Pitfalls

40:00 - Importance of Accurate Record-Keeping

44:00 - Conclusion and Call to Action

Thorgood Tax Talk is a podcast dedicated to explaining complex tax issues and helping listeners avoid legal pitfalls. Shamsey Oloko, a criminal tax defense attorney and founder of Thorgood Law in New York, the show provides expert insights into IRS audits, tax evasion, and compliance strategies. Through practical advice and real-world examples, Thorgood Tax Talk empowers individuals and businesses to navigate tax challenges with confidence.

In this insightful episode of Thorgood Tax Talk, attorney Shamsey Oloko breaks down the different types of IRS audits, the triggers that prompt them, and what taxpayers should know to avoid costly mistakes. Shamsey shares real-world examples, including high-stakes enforcement actions, and explains the importance of having the right professional support when facing an audit. Whether you’re a business owner, gig worker, or just trying to navigate your taxes, this episode offers clarity, expert advice, and actionable strategies to stay on the right side of the IRS.

Key Moments and Timestamps:

[00:00] Introduction to the episode

Thorgood Tax Talk breaks down the real-world impact of IRS issues and enforcement. Led by trusted attorney Shamsey Oloko, the podcast offers expert legal insight into audits, collections, criminal tax investigations, and corporate tax compliance. Learn how to respond, how to protect your peace of mind, and how tax lawyers can make all the difference.

In this premiere episode of Thorgood Tax Talk, attorney Shamsey Oloko, founder of the Thorgood Law Firm in New York and a former Wall Street professional turned tax defense attorney, Shamsey shares his journey into tax law, demystifies what tax lawyers really do, and explains why taxpayers facing IRS audits, enforcement actions, or criminal investigations need legal defense rooted in expertise. From peace of mind to powerful representation, this episode sets the tone for a show that takes the fear out of dealing with the IRS.

00:01 – Introduction to Thorgood Tax Talk and host Sophia Morales

Thorgood Tax Talk breaks down the real-world impact of IRS issues and enforcement. Led by trusted attorney Shamsey Oloko, the podcast offers expert legal insight into audits, collections, criminal tax investigations, and corporate tax compliance. Learn how to respond, how to protect your peace of mind, and how tax lawyers can make all the difference.