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Main Street Business

#454 What to Do if You Can't Pay Your Taxes by October 16th

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 3 October 2023

⏱️ 34 minutes

🧾️ Download transcript

Summary

In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen provide a comprehensive guide on how to deal with the Internal Revenue Service (IRS) when you owe them money! Understanding the importance of communicating with the IRS and making a plan to address tax debt.Resolving tax debt options, such as short-term and long-term payment arrangements.The process and potential benefits of negotiating a deal with the IRS through an Offer and Compromise.Examining the im...

Transcript

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0:00.0

Let's just get it out there.

0:01.4

You owe the government some money.

0:03.2

In the states, they're actually not as patient as the IRS.

0:07.0

They're brutal.

0:07.9

The last thing you want to do is nothing.

0:09.7

You've got to make a plan and you must communicate that to the IRS because there's some options.

0:14.5

They give you options to say, hey, work with us.

0:18.0

Having a path can give you some hope.

0:21.6

And I'd rather you have a feeling of hope than one of despair.

0:25.1

Welcome everyone to the Main Street Business Podcast with Matt Swanson and Mark Kohler.

0:28.7

We're excited to be with you today, even though the topic is a little tough.

0:34.3

Yeah.

0:34.7

If you're listening to this, either you're listening for a friend, a family member, maybe a client, and it could be yourself. So we want to be sensitive. Gosh, we've got so much to say this is going to be super helpful. We're not going to joke around too much. We've got a lot to cover. So I don't know. There's touchy-feely issues. Then there's some important technical issues. Let's just get it out there. Okay. You owe the government some money. And you're okay. And you're okay. And you're a person. And I've owed the government money. And gosh darn it, people like you. Yes, yes. Matt, I also feel like, both of us are the 15 blues where we're like, oh,

1:11.1

it's gonna, I'm gonna have to pay in December when I get, I've got a deal going down or I got some more rev coming. Yeah. So the important thing is you have to know that there is very, very, very, I can call myself successful at this point, right, whatever, there's very successful clients of ours. and if you think we're successful, we're trying.

1:28.1

Yeah.

1:28.9

It's common.

1:30.3

Now, whatever. There's very successful clients of ours, and if you think we're successful, we're

1:27.7

trying. Yeah. We, it's common. Now, there's some very, very important things you don't do

1:34.4

in this process and very important things you do do, but your biggest enemy is apathy or

1:42.3

ostrich, you know, I'm just going to stick my head in the sand it'll go away

1:46.6

all come up when i can solve it oh no no yeah or let me just ignore this because i don't i don't want to

1:55.6

have to deal with it um that is the worst thing you can do with the irs or these state take tax collection agencies which are a lot of times more aggressive than the irs but the worst thing you can do with the IRS or these state tax collection agencies, which are a lot of times more aggressive than the IRS. The last thing you want to do is nothing. You've got to make a plan and you must communicate that to the IRS because there's some options. They give you options to say, hey, work with us. They've got a lot of people to owe them money too. You're not alone and they have programs and options.

...

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