Podcast Episodes

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…