Podcast Episodes
What Influenced Your Decision To Pursue Accounting And Tax Work As A Career After Starting As A Chemistry Major?
18:24 Min
Mar 25, 2026
Upon realizing the greater job opportunities in the business world compared to the scientific field, I switched my major to public accounting for a practical foundation. The transition from a chemistry major to a business major provided me with a broader scope of career options, leading me to pursue accounting and tax work as a career choice…
What Is The Purpose Of An IRS Notice And Why Does The Agency Communicate This Way?
13:37 Min
Apr 8, 2026
IRS notices are crucial for communicating issues to taxpayers. In the past, the IRS might have used phone calls for this purpose, but due to the prevalence of scams, notices are now the preferred method. Notices provide details about specific issues, such as audits, including the name of the revenue agent and contact information…
What Is The Purpose Of An IRS Audit And Why Does The Agency Conduct Them?
16:46 Min
Apr 22, 2026
The IRS conducts audits to ensure taxpayers fulfill their filing obligations accurately and honestly. Audits serve to encourage honest reporting and compliance with tax laws by taxpayers. Being aware of the potential for an audit motivates individuals to provide accurate information on their returns and encourages timely filing…
What Is The Purpose Of The IRS Appeals Office Within The Agency?
13:23 Min
May 6, 2026
The purpose of the IRS appeals office is to settle cases without the need for tax court litigation, aiming to save time and expenses for both the taxpayer and the IRS. By providing a platform for taxpayers and revenue agents to resolve disagreements over audit findings, the appeals office seeks to reach mutually beneficial resolutions…
Understanding Unfiled Tax Returns and Compliance
15:17 Min
May 20, 2026
It’s more common than one might think for individuals to fall behind on filing tax returns, often due to life-changing events such as divorce or a death in the family. Initially, one return might not be filed, leading to anxiety and a cascade of missed filings in subsequent years. This creates a cycle of fear and avoidance, which exacerbates the situation…
Understanding IRS Collection Timelines and Extensions
12:58 Min
Jun 3, 2026
The IRS generally has 10 years from the time the tax is assessed to collect a tax debt. This period can be complicated by various exceptions in the Internal Revenue Code. However, the standard rule remains that the collection period is 10 years…
Understanding Tax Obligations from Cancelled Debt
15:32 Min
Jun 18, 2026
When a debt is forgiven, the IRS considers it an economic benefit similar to receiving cash. For instance, if you owe $20,000 and it’s forgiven, that amount becomes taxable income because it’s viewed as a windfall. This is similar to receiving $20,000 in cash, which must be reported as income…
Navigating IRS Collections After a Tax Liability is Assessed
17:55 Min
Jul 2, 2026
Initially, the IRS initiates a “soft” collection process by sending a notice indicating the amount owed, including penalties and interest. This is the starting point for collections, encouraging the taxpayer to pay the outstanding balance…
Understanding IRS Penalties and How They Can Be Reduced
12:47 Min
Jul 16, 2026
The most common penalties involved when someone owes taxes to the IRS are failure to file and failure to pay. Other potential penalties include negligence and civil fraud. Generally, these penalties are related to taxpayers who have not filed their tax returns or made their payments on time…
Understanding Tax Issues for Small Business Owners
16:31 Min
Jul 29, 2026
Small business tax issues often start due to the complexity of managing multiple responsibilities. Unlike employees who receive a W-2, business owners must maintain accurate bookkeeping, comply with payroll tax responsibilities, and make estimated tax payments quarterly…
Understanding the Consequences of Delaying Tax Issues
10:51 Min
Aug 12, 2026
Several factors contribute to individuals delaying tax issues. Often, the sheer overwhelm of daily life causes people to procrastinate, thinking they’ll address it later. Embarrassment over inadequate record-keeping or financial disorganization can also deter timely action…
How the IRS Evaluates High-Income Tax Returns
14:07 Min
Sep 09, 2026
The IRS scrutinizes high-income tax returns more than those of lower-income taxpayers. High income is generally defined as income exceeding $100,000 for individuals or businesses. This scrutiny is due to the complexity inherent in high-income returns, which can lead to mismatching of items or…
Understanding the Offer-in-Compromise Process with the IRS
15:22 Min
Sep 25, 2026
An offer-in-compromise is a formal procedure used by the IRS to settle a tax debt. Unlike a negotiation between two parties, the IRS holds complete control over the process. The IRS assesses whether the taxpayer has the ability to pay the debt based on current assets and future income. If a taxpayer is deemed unable to pay, the offer may be accepted….