Love Death and Taxes – Tax Preparation Pep Talk

Agnes, a tax resolution professional, gives a tax-season pep talk on why people with back taxes should keep filing returns even when they cannot pay. She and Ryan cover penalties and interest piling up, payment agreements, offers in compromise, the records needed to prove hardship, and why IRS notices should never be ignored.

Takeaways

• File every return on time even if you cannot pay, because unfiled years add penalties and block any resolution until you are current.
• Keep your records and hardship documents (financial statements, medical bills, signed and notarized business agreements) organized in one place.
• Be fully upfront with your tax representative about assets, and stay compliant for years after any settlement or it can be undone.

Chapters

• 0:00 Intro and what Agnes does
• 1:41 Why people need a tax pep talk
• 2:37 Stay current on filing and filing status
• 5:22 Why filing two years at once costs more
• 6:34 Payment agreements and accruing penalties
• 11:07 Organize records and start early
• 12:11 Business partnerships and written agreements
• 14:50 Offers in compromise explained
• 17:28 Liens, frozen accounts and passports
• 20:17 Personal stories about IRS audits and visits
• 25:24 Be honest about assets
• 28:07 There is hope and where to find Agnes

Conversation and opinion, not medical, legal, tax or financial advice.