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Well we're setting a new segment today, it is Tax
Tip Tuesday, with Travis W. Watkins Tax Resolution
and Accounting Firm Principal and Senior attorney
with the firm, Travis W. Watkins is here to talk
taxes and today we're talking about how a local
tax attorney can actually help you If you owe
the IRS.
The first thing that people worry about
is, am I going to jail?
Am I going
spend time, because I didn't pay my taxes.
Yeah.
We
hear that a lot.
We certainly hear, am I going to
jail since I owe the IRS and the short and
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simple answer is, yeah.
They can do that.
It's a
pretty extreme measure.
You would either have to
be lying on a tax return
or it would be an egregious refusal to file a tax
return.
So, that's the typical situation where
somebody goes to jail.
If you just owe them
money it's it's pretty remote that you're going to
be going to jail.
It's always along with that
is the fact that you'll still
have to pay.
If you go to jail too and they're
gonna get their money no matter what, right?
Absolutely and you'll have to pay a lot more
on top of that with restitution and all the
things that go with that.
So, yeah you gotta pay.
Let's talk about resolution.
Getting that that out of the way or
the burden of what you or the IRS when you
hear, like saying "pennies on the dollar".
What does
that mean?
Yeah there's, a ton of these national
firms, especially that say "Hey.
We can
save you pennies on the dollar", right, "We've got
these millions and millions of dollars that that
have been saved through."
Usually they're talking
about the IRS Offer in Compromise which is there
settlement program.
Those cases do happen and
we've got plenty of our own success stories.
We
settled one just last week.
It was $25,000
in debt and we settled that one for
$5, $5?!, five bucks... five bucks?!
Wow!
Which is just kinda cocky really with the IRS.
You have some pretty big bragging rights.
it's a pretty big one,
but those don't happen just a whole lot.
The IRS
Offer in Compromise runs off how much you earn
every year along with your assets and then also,
the third component that is how long they have to
come after you.
Okay.
So, all those things put
together is usually the recipe for big savings
with the IRS.
We've been hearing so much
changes that are gonna be sweeping the IRS still they're,
not gonna let you off if you have the money,
and they find it.
Right?
That well yeah, I mean your still
gonna need to be filing your taxes and
paying every year and I should point that out
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too, when we're talking about this big
settlements, these "pennies on the dollar" deals.
You still have to pay while the IRS is
considering you're Offer in Compromise for
instance, and for five full years after you get
an Offer in Compromise.
You have to keep paying
and filing or otherwise all that stuff will come
rolling back on top of you, including penalties
and interests.Kind of like a good faith kind of thing
that's you're gonna continue on doing what you're
supposed to do.
What would you say to somebody
that might be having some problems with the tax
and IRS?
Yeah, the number one advice I think I
would If somebody is don't wait... time is not your
best friend in most of these situations, so the
longer that you wait.
Usually the more difficult
it is to settle something like this.
So, don't
wait.
I mean that's, probably the biggest
one.
The other one is, don't let you know the
embarrassment and the fear that sets in, feeling
like you're all alone in this thing.
Keep you
from going to see a local licensed tax attorney,
like myself.
I'll tell you a quick story.
I had my
own tax problem, 15 years ago, when I was a young
lawyer.
I had a big case and I didn't have
any frame of reference really they're on how
much to hold back and those types of things.
I end
up getting a lien and what they call a levy which
is, where that come after you.
They'll come in your
Bank accounts.
They also come after your clients
in my case to say hey don't pay him, pay us.
It's pretty... it's pretty tough situation.
You know
I've always said you learn from those who have
made the mistakes or gone through something that
sounds like you can do so.
You have that
compassion.
Yes, Travis W. Watkins Tax
Resolution and Accounting Firm.
They're located at 2837 North West
58th Street right here in Oklahoma City.
Their number is six zero seven eleven ninety two.
You can
call toll free at 800-721-7054.
Find them on
social media or website is TravisWatkins dot com.
Twitter look for @TaxHelpOK.
Facebook
Travis W. Watkins Tax Resolution and Accounting Firm.
They're
also on instagram
look for TaxHelpOK.