How the IRS Calculates Your Ability to Pay (Video)

How the IRS Calculates Your Ability to Pay (Video)

Episode Summary:

In this episode, tax attorney Brian discusses how the IRS assesses a taxpayer's ability to pay significant tax debts. He explains the concept of ability to pay, the financial information the IRS evaluates, and how it impacts resolution paths like installment agreements. Brian sheds light on the IRS's viewpoint on income, expenses, and assets, offering insights into navigating IRS collections effectively.

Key Timestamps:

00:00 – Introduction

0:48 – Understanding Taxpayer's Ability to Pay

2:46 – IRS's Review of Income and Expenses

4:10 – Discrepancies in Financial Views

5:36 – IRS's Valuation Impact in Resolving Cases

6:50 – Influence of Assets on IRS Approach

9:32 – Financial Evaluation and Resolution Paths

10:43 – Importance of Income in Financial Evaluation

11:38 – Common Misconceptions in IRS Financial Evaluations

13:12 – Role of Tax Attorney in IRS Communication

About the Show:

*IRS Debt and Audit Podcast* features tax attorney Brian Loughrin sharing valuable insights on resolving IRS issues, offering expert guidance on tax debt, audits, and IRS collections to individuals and business owners.

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Avsnitt(33)

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What People Get Wrong About Settling IRS Debt (Video)

What People Get Wrong About Settling IRS Debt (Video)

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Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor sits down with seasoned tax attorney Brian Loughrin to explore the intricacies of the IRS's currently not collec...

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19 Aug 17min

IRS Substitute for Return (SFR): What Happens When the IRS Files for You (Video)

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Episode Summary:  In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor is joined by seasoned tax attorney Brian Loughrin to discuss the intricacies of Substitute for Returns (SFRs) fi...

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Episode Summary: In this episode of the IRS Debt and Audit Podcast, host Sean O'Connor sits down with seasoned tax attorney Brian Loughrin to discuss the complexities of handling large IRS tax debts, ...

5 Aug 17min

Using Multiple Bank Accounts: When It Raises IRS Questions (Video)

Using Multiple Bank Accounts: When It Raises IRS Questions (Video)

Episode Summary: In this episode of the IRS Debt and Audit Podcast, host LeAnn Lyon engages with seasoned tax attorney Brian Loughrin to explore the complexities of managing multiple bank accounts and...

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