Season 2, Episode 12 - Offer or No Offer: Mastering the IRS OIC Pre-qualifier
Release Date: 09/12/2023
Season 3, Episode 4 - Navigating the IRS Dirty Dozen and Avoiding Tax Scams
Talks with The Tax Cop
Hey TaxCop Crew!! Pull up a chair, pour yourself a cup of your fave beverage, and let's get cozy as we unpack some super-important tax stuff that you definitely don't want to miss. Today, we're talking about dodging those tricky tax traps that can catch you off guard—y'know, the kind of stuff that sounds too good to be true. It’s like the IRS's most-wanted list, aka the "dirty dozen," but for sneaky tax schemes, and believe me, you don't wanna find yourself mixed up in these. We'll talk about legit ways to keep your money safe and sound without stepping into hot water with Uncle Sam. From...
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Season 3, Episode 3 - Love, Leadership, and Lunch Dates: The Berry Blend
Talks with The Tax Cop
In this week's episode of Talks with the TaxCop I am having a conversation with none other my sweetie Mr. Eric Berry. We talk about leadership, management, and the inevitable dance between personal and professional lives. Some of the main topics we hit on are: -Leadership Traits That Matter -Service Over Profits -Staying True to Your Mission -Leveraging Skillsets to Automating Success -Celebrating Creativity -The Right Hires For the Right Futures -Lunch Date or Business Lunch? -And I Can't Forget Tax Season Reminders Let us know what you think about this episode and also what you wouldn't mind...
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Season 3, Episode 2 - Decoding Life insurance so You Can Plan Right and Save Big!
Talks with The Tax Cop
Hey there Taxcop Crew!! In this week's episode, we're navigating the somewhat murky waters of life insurance from a tax perspective. With the winter keeping us cozied up indoors, it’s a perfect time to dive deep into understanding how policies like Index Universal Life can potentially offer more advantages than your traditional 401k plans. We're getting into the nitty-gritty of IRS tax code 7702, the critical definition and criteria of life insurance under section 772, and the vital importance of correctly managing these policies to avoid catastrophic tax consequences. As always, I'm here to...
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Season 3, Episode 1 - What's Smarter? Buying vs. Leasing Your Business Ride
Talks with The Tax Cop
Hey TaxCop Crew!! Happy New Year! I am a little behind in getting the first podcast of the year recorded, but I am getting my act together over this a way. In this week's episode we’ll be diving into must-know tips for filing our tax returns accurately to avoid the dreaded IRS letters and penalties. It’s all about the details, friends – especially when it comes to comparing year-over-year documents like those tricky stock and gambling incomes! We'll also talk about the ins and outs of filing extensions, the different due dates for various entities, and the importance of estimated tax...
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Season 2, Episode 15 - BOI Report Scoop: File It Right, Forget Fines!
Talks with The Tax Cop
Hey there TaxCop Crew!! It's another week and another episode. This week, we're cutting through the red tape to chat about the big guy on the block – the Corporate Transparency Act. Starting 2024, businesses everywhere need to have their ducks in a row or face a $500 daily smackdown. If your company's been around before 2023, it’s time to pay attention and get those Beneficial Owner reports locked and loaded. And hey, I’ll make sure you get the lowdown on who gets a free pass from the CTA and why keeping your business golden means keeping your accounting crystal clear. What’s more,...
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Season 2, Episode 14 - Love, Marriage, Divorce... and Taxes!
Talks with The Tax Cop
Hey there TaxCop Crew. Welcome back to Talks with the Taxcop! Yours truly is back and this time I've brought along my partner in crime, Eric Berry. So you already know this is gonna be interesting, We're going to talk about how you can actually pay your kiddos for work within your business (you heard that right) and the tax perks that come with it. Thinking about throwing the knot overboard? We're going to talk about some things to consider before you finalize your divorce. Thinking about tying the knot? We're going to get into some genius tax advice for lovebirds. Plus, we'll share our penny...
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Season 2, Episode 13- Don't Let'em Get You For The Paper You Ain't Get to Keep
Talks with The Tax Cop
Hey TaxCop Crew. Look it's been a minute and I know I keep saying I am going to be consistent, but you gotta watch/listen to this week's episode to find out what's really been going down over this away. In this episode we discuss an often overlooked topic: GAMBLING and how the tax implications can turn your winning streak into quite the opposite if not handled correctly. From defining the limits to how much you can deduct to the importance of meticulously documenting wins and losses, this episode promises to unravel some of the grey areas surrounding this matter. We'll also dive into the...
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Season 2, Episode 12 - Offer or No Offer: Mastering the IRS OIC Pre-qualifier
Talks with The Tax Cop
Hey TaxCop Crew, In this week's episode, I dive into the showing you how to use the IRS Offer and Compromise (OIC) pre-qualifier tool. It's an important subject that many of our listeners have been curious about. The IRS' OIC pre-qualifier tool is a guide that individuals can you use to help indicate if you need to be on a payment plan or can actually qualify for an OIC. While the tool may indicate that you can fully pay your liability, it's still possible to file an offer and compromise and discuss your financial situation with the IRS. As in every episode, I recommend seeking the help of a...
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Season 2, Episode 11 Don't Compromise When You Could Be In An OIC
Talks with The Tax Cop
Hey there, Taxcop Crew! In this week's episode, we're tackling the exciting world of Offer in Compromise (OIC). We'll be breaking down all the nitty-gritty details and sharing some awesome tips and strategies to help you keep more money in your pocket. Get ready to learn everything you need to know about the components of an Offer in Compromise, and the pre-qualifiers for this financial relief mechanism. We'll be exploring the importance of proper documentation when dealing with submitting your OIC paperwork to the IRS, and how it can make all the difference in successfully navigating...
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Season 2, Episode 10 - What If I Ain't Got No $$$ To Give?
Talks with The Tax Cop
Hey Tax Cop Crew!! Welcome to another episode of Talks with The Tax Cop. In this week's epidose we are trying something a little new and introducing segments to the podcast so that we can get things more streamlined and systemized for you. Of course I am going to start with an Intro so those of you who are new to the Tax Cop Crew can learn a little bit more about what this podcast is actually all about and learn more about yours truly to see if you wanna stay around and be part of the crew. (We definitely want to you to stay as part of the crew. Then we go into our Audit &...
info_outlineHey TaxCop Crew, In this week's episode, I dive into the showing you how to use the IRS Offer and Compromise (OIC) pre-qualifier tool. It's an important subject that many of our listeners have been curious about.
The IRS' OIC pre-qualifier tool is a guide that individuals can you use to help indicate if you need to be on a payment plan or can actually qualify for an OIC. While the tool may indicate that you can fully pay your liability, it's still possible to file an offer and compromise and discuss your financial situation with the IRS.
As in every episode, I recommend seeking the help of a tax professional, as different professionals may have different approaches and insights. It's important to note that certain situations, like being a partnership corporation or residing in a US territory, may not be applicable to the OIC pre-qualifier tool, but that doesn't mean an offer and compromise situation doesn't exist.
Before seeking assistance in a specific area, individuals are encouraged to familiarize themselves with the concept of the offer and compromise pre-qualifier. I explain various options for resolving tax issues, including installment agreements, partial payment installment agreements, and currently not collectible status, among others. The goal is to find a resolution that doesn't cause financial hardship while still addressing tax obligations.
I also discuss an interesting case regarding the Hobby Loss Rules and what to look out for and how to prepare yourself to stay in front of this situation.
As always, I emphasize the importance of being prepared by having all your documentation in order. By staying organized and informed, you can navigate tax situations confidently and avoid unnecessary stress.
We hope you find this episode insightful and informative. Remember, Talks with the Taxcop is here to help you make sense of the tax world and empower you to make informed decisions. Stay tuned for more episodes coming soon!