Episode 50:  In this episode, Timalyn explains your rights as a taxpayer.  How do those rights balance with what the IRS’ mission is?  You may have an opinion on how the IRS is doing, but either way, it’s a part of the government that definitely impacts your life. Taking a Quick Moment to Celebrate Before she begins, Timalyn is excited about having recorded 50 podcast episodes!  It’s been a way for her to fill the tax literacy gap, one taxpayer at a time.  It’s her hope that these easy to follow episodes breakdown complex tax issues into understandable topics.  Di ..read more

Episode 49:  In this episode, Timalyn continues the discussion began in Episode 48.  Today, she’s explaining how to qualify for an offer in compromise.  She’ll also provide information regarding how to apply for it. NOTE:  Click here to listen to Episode 48. What Is the IRS Considering when You Apply for an Offer in Compromise? Remember, the offer in compromise allows you to settle your tax debt for less than you actually owe.  The IRS doesn’t approve this option for every tax payer who applies.  The IRS provides a pre-qualifier tool to see help you see if you qua ..read more

Episode 48:  In this episode, Timalyn explains an option some people have in resolving their tax debt.  This option is referred to as an offer in compromise.  Understand that not every tax payer qualifies for this, but you hear commercials about it all the time. Note:  This is a complex topic and deserves more than a quick, 15-minute episode to fully explain it.  The plan is to cover this topic in 2 separate episodes.  The next episode will explain how you qualify for an offer in compromise, while this episode explains what an offer in compromise is. While not eve ..read more

Episode 47:  In this episode, Timalyn discusses three top issues arise involving your taxes after a divorce. Divorce happens and Timalyn has worked with many clients who are caught in this situation.  While she’ll focus on 3 important issues, that doesn’t mean those are the only issues related to divorce and taxes.  Today, she’ll address filing status, claiming dependents moving forward, and dealing with a joint tax liability after the divorce.  With that being said, let’s listen to Timalyn. Note to Tax Professionals:  Timalyn is going to be teaching a class on Divorce ..read more

Episode 46:  In this episode, Timalyn discusses 4 various options you have to handle your IRS debt, if you cannot pay it in full.  While you need to pay your tax debt, there are ways to do it so that you’re not overly burdened.  In addition to the lump sum payment, she’ll explain the offer in compromise, installment agreements, currently not collectible status, and bankruptcy.  Have You Received an IRS CP504 Notice? If this is a letter you’ve already received, then you know the IRS is notifying you of their intent to levy.  The reality is you’re now in a tough situatio ..read more

Episode 45:  In this episode, Timalyn discusses IRS Notices.  She’ll explain what they are, why you’re receiving your IRS notice and how to read it.  Then, she’ll provide some insights into the 3 types of IRS Notices that are currently being sent out fairly aggressively by the IRS.  Love Letters from the IRS Timalyn lightheartedly refers to notices and communications from the IRS as love letters.  In all reality, they can be extremely serious and require immediate attention.  Once a client hires Timalyn to help resolve tax debt issues, she also receives copies of ..read more

As 2023 comes to an end and we look forward toward 2024, Timalyn Bowens, America's Favorite EA, shares a few brief comments for her audience.  It's been a long road, full of interesting twists and turns.  Next year promises to bring more of the same.  However, Timalyn is grateful for opportunity to continue her mission to close the tax literacy gap, one taxpayer at a time.  She wishes you Happy Holidays for you, your family and your business.     ..read more

Episode 44:  In this episode, Timalyn discusses issues related to tax audits.  The fear people have about being audited is often paralyzing.  It’s a serious issue and you need to be prepared to both avoid it and to know what you need to do if it happens.  There are steps you can take to ensure your business is audit-ready. There’s No Such Thing as an Audit-Proof Return Regardless of what some tax professionals might claim, there’s no way to guarantee you won’t be audited.  There are different types of audits and the selection “triggers” vary.  The IRS has the Disc ..read more

Episode 43:  In this episode, Timalyn discusses the Corporate Transparency Act (CTA), which is not necessarily tax related, but US Treasury Department is in charge of the CTA.  It’s a topic many will approach their tax professionals for explanations and advice.  Timalyn will explain what it is, who’s in charge of it and who it affects. The Corporate Transparency Act was passed in 2021.  It’s currently scheduled to go into effect on January 1, 2024.  There is pressure to delay the date, but as of now, it remains set for January.  What is the Corporate Transparency ..read more

Episode 42:  In this episode, Timalyn speaks to individuals and business owners.  Tax debt can be a serious issue, both financially and emotionally.  When it comes to taxes, you need to have a plan.  Failing to plan is planning to fail.  But, what is tax planning?  What Does Failing to Plan Look Like with Taxes? Assume last year you didn’t like your tax bill.  It is now November and you are  just beginning to think about your taxes, you didn’t really have a plan for 2023.  You should have been developing tax reduction strategies and implementing the ..read more