The Stir Over President Donald Trump's Tax Returns Could Lead to More Agressive Actions by the IRS


President Donald Trump's Tax Returns

 The recent story in the N.Y. Times about President Donald Trump's taxes has caused a stir to say the least. Some people are asking about Net Operating Losses (NOLs), Cancellation of Debt and the tax implications, depreciation of assets, abandonment of property, refund audits, and other tax questions. But this is interesting because combined with IRS initiatives to go after non-filers and get more aggressive against tax abuses this could lead to more pressure on and funding for the IRS to pursue these initiatives. The U.S. government needs money and it would not be surprising to see the IRS becoming more aggressive about pursuing taxes that rightfully should have been paid. 

IRS initiatives

The IRS has made it known that they are pursuing high income non-filers and they even warned that if you have not filed back tax returns that they are planning to send Revenue Officers to people's homes to get those tax returns. Now there could be even more action and more funding.

It seems to me like a storm of circumstances leading to a situation where taxpayers need to make sure they have their taxes in order. I help people file back tax returns and also help them negotiate payment arrangements with the IRS. I am working on several of these right now and it looks like there may be a wave coming of more of this type of work. 

Back Tax Returns and Tax Debts

If you need to file back taxes, clean up over aggressive tax returns, or need help with your tax debts, now is the time to act. Contact me today using my email address below to setup an initial consultation.





Jeff Haywood, CPA
The CPA Superhero
jeff.jhtaxes@gmail.com





Posts:





Be careful when reading about tax law and its application, including my articles, because the wording and definitions are such a challenge and are influenced by writers perspective, specifically his own clients situations that he is mindful of and other situations the writer is not thinking of. The point is talk to your CPA about your situation and circumstances and don't rely on or make conclusions based on articles you read, including articles form irs.gov, because concepts and definitions are not very clear, and of course, they are subject to change. Now is the time to be having discussions about your situation and developing strategies for you and your business. Again, contact me using my information above to discuss your situation. I help business owners all over the U.S. and in foreign countries with their tax returns.

Have an Identity - Running a Business or Filing and Paying Back Taxes - Know Who You Are


 Who Are You? - Identity - Culture - Miami Heat

Just living is great but if you want to really get somewhere in an inspired way you have to have a sense of who you are or who you are going to be. For your business you have to have a sense for who you are, an identity. Knowing who you are or will be will help you make decisions and find inspiration. For example consider basketball teams. Most basketball teams are trying to win by acquiring the best talent. That's it. They have no identity, their thinking is we will get the best players and coaches. Do they win?  No, not without an identity and what they call a culture. The identity and culture can change but you have to have one to really go somewhere. For the Miami Heat basketball team this year they basically built a team that is playing for the championship not because they have the best talent, because they don't. They are succeeding because they have a defined identity and culture and they look for talent that will fit that culture. They have not just assembled the best talent they could and hoped it worked out. No. They have specifically looked for hungry, driven, and yes talented players, who would fit what they are doing. They are known for having rigorous physical requirements including body fat percentages and they test their players. They are unique and they find talent that fits their identity and is inspired by what they are. Think about that, targeting hard working, hungry, people to South Beach. Talk about different. South Beach usually attracts the partyers. But the Heat are focused on hungry and hard working and it is working.

Nike

Let me give you another example, Nike. In the book "Shoe Dog" Phil Knight came to this realization when trying to convince an attorney to become the in house lawyer for Nike. To convince him to take the job he did not sell him on position, salary, perks, he sold him by describing who Nike is.  Here is the quote:

"We were trying to create a brand, I said, but also a culture. We were fighting against conformity, against boringness, against drudgery. More than a product, we were trying to sell an idea - a spirit. I don't know if I ever fully understood who we were and what were were doing until I heard myself saying it all that day to Strasser."

Strasser accepted the position. No mention of anything but this is who we are and what we are trying to be. That is most inspirational. People trying to build teams or a business and their pitch is we want to be number one. Inspirational? Not so much. Were fighting boringness, much better. 

So find out who are and who you want to be and let that guide and inspire you.

The CPA Superhero

I started my business by studying what others do and figuring out what I wanted to be. The typical CPA firm tries to do everything and get as many clients as they can. Not the CPA Superhero. I help people succeed and overcome obstacles. I do income tax returns, IRS representation, and business consulting. I don't do bookkeeping, payroll, and I don't just do any tax returns. I do tax returns for people and businesses where I can really help them. Your normal tax return, simple tax return, no thank you. I can't really make a difference doing those. I do more complicated business returns and unique individual returns, and trust and estate tax returns. I looked to create unique niches. So I have some restaurants, programers, internet sales, crypto-currency, and expats. Most all of my clients are dynamic business owners or investors, or people who have problems with the IRS and need help. My business clients want something more than someone to just prepare their tax returns. They want me to help them with their business and their decisions. 

Who I am and what I do has changed with the times or sometimes just my realizing this does or does not fit what I do. I fired a whole niche of doing tax returns and consulting because I realized the people in this market for the most part don't want to pay anything to anyone ever, and especially their share of taxes. This is not healthy. I have clients who are behind on paying their taxes and maybe filing them too but they want to change that. They actually want to change who they are and be responsible. I can work with people like that who want to become healthy and responsible. No problem. 

You - Your Business

What about you. Think about or tell someone who you or your business are or who you want to be. Does it inspire you? If not change it to something that inspires you. If you need to file and pay back taxes change who you are to be a responsible person of integrity. Create a brand and also a culture. With that identity in mind it will guide what you do and how you do it. If you want a dynamic CPA Superhero to be a part of it, contact me using my email below.




Jeff Haywood, CPA
The CPA Superhero
jeff.jhtaxes@gmail.com





Posts:




Be careful when reading about tax law and its application, including my articles, because the wording and definitions are such a challenge and are influenced by writers perspective, specifically his own clients situations that he is mindful of and other situations the writer is not thinking of. The point is talk to your CPA about your situation and circumstances and don't rely on or make conclusions based on articles you read, including articles form irs.gov, because concepts and definitions are not very clear, and of course, they are subject to change. Now is the time to be having discussions about your situation and developing strategies for you and your business. Again, contact me using my information above to discuss your situation. I help business owners all over the U.S. and in foreign countries with their tax returns.

Filing Your Back Taxes - Whatever Comes, Just Don't Stop

 


"Whatever Comes, Just Don't Stop"

You have all these years of back taxes to file and all the fears and other negative emotions that come along with them. There are always reasons why you can't start or can't keep going, but really those are just in your mind. Well, they probably are real and they are excuses that could hold you back, but really you don't need  to stop. 

In all aspects of life things come up and your mind tries to tell you you cannot continue. There will be one thing after another. That is just life. For example, Phil Knight found one obstacle after another to making Nike what it is today. Even though at times it looked like it would fail and it felt as though he were looking over a cliff with no escape he and his team kept going because they were afraid to stop and afraid to fail because the alternative scared them to death. They were going somewhere, like runners they were going forward. 

"Whatever Comes, Just Don't Stop" is a quote from Phil Knight about his journey with Nike. Read the book and you will realize the biggest obstacle for him was getting started. Once he did he did not stop although for a while he tried to put it on the "back-burner", but because he had started, it impelled to continue forward. 

The biggest obstacle for you to get caught up on your back taxes is getting started. Once you get started it will impel you to keep going no matter what comes up or where it leads you. It is a journey that may not lead to a shoe company but it will open up your life to you and who knows what possibilities. Like everything else in your life what pleasures you find in the process you will find them from within. Each step of the way in resolving your back tax situation can be looked at as pleasures and gains. The alternative to getting starting and continuing should and will scare you so you keep going. 

Don't feel like you can't do it or that you are a failure. Consider the other things you have done. You know what, you can do this too. I am currently working with a hand full of people that need to file years of tax returns and pay the taxes. All of these people are accomplished people in one way or the other. I can only imagine what they will be able to accomplish once they have put their back taxes behind them. Like the guy on the bike in the picture they will briefly look back and say I am glad that hill his behind me. That will be you too. You just need to get started by contacting me to arrange an initial consultation about your situation. 

Initial Consultation

We will plan out the strategy to move forward given your situation and plan the next steps. You will feel better and you will be impelled to keep moving forward. To help you keep moving forward, for a limited time only - for the rest of this year, I am charging only $500 for the initial consultation. After 2020 the fee will go back to $1,000. From the initial consultation you will know what the plan is and the $500 can be applied to any work I do for you to resolve your back tax situation. So the consultation is really free because the $500 will be applied to the work I will do for you in this process. But the $500 gives you added incentive to keep going. It also tells me you are serious about doing this. 

Contact me today using my email address below to schedule an initial consultation. You will feel better that you took that first step and then even better after the initial consultation. Start now to remove that weight on your shoulders and get free to live your life.


The CPA Superhero
jeff.jhtaxes@gmail.com





Posts:




Be careful when reading about tax law and its application, including my articles, because the wording and definitions are such a challenge and are influenced by writers perspective, specifically his own clients situations that he is mindful of and other situations the writer is not thinking of. The point is talk to your CPA about your situation and circumstances and don't rely on or make conclusions based on articles you read, including articles form irs.gov, because concepts and definitions are not very clear, and of course, they are subject to change. Now is the time to be having discussions about your situation and developing strategies for you and your business. Again, contact me using my information above to discuss your situation. I help business owners all over the U.S. and in foreign countries with their tax returns.

Owe Back Taxes - Need to File Back Tax Returns - Feel Better - Move Forward

 


Feel Better

You can feel better about yourself and your back tax situation even before you actually file your returns. This is common among my clients following an initial consultation. Typically they will tell me they feel better already.

The anxiety and other negative emotions that go with neglecting to file your tax returns is a heavy weight. My clients typically feel better after an initial consultation because on that consultation I spend time getting to know them and their situation and I explain how the process works and what I need from them to move forward. So far all of these clients have been surprised to learn there is a strategy involved for their situation and it is not just a matter of filing all these tax returns. In addition to filing back tax returns I also help clients to arrange payment arrangements if they cannot full pay. Sometimes too I am able to negotiate a settlement for less than what the client owes. It is important to realize there are important decisions to make before you file all those back tax returns so that the amount you actually end up paying can be minimized. And ultimately my clients can see the light at the end of the tunnel that they could not see before the initial consultation. 

For a limited time, the rest of 2020, I am charging $500 for the initial consultation which I will apply to any work the client has me do for them. So the initial consultation is really free because you are paying a $500 retainer before the initial consultation for work I will do to help you resolve your back tax issues. The initial consultation fee also helps the client to move forward because they are less likely to continue to procrastinate further once they "have skin in the game" to the tune of $500. It also shows me you are serious about getting this done. After 2020 the initial consultation fee will go back to $1,000.

The information I provide is worth much more than the $500 because the client learns what strategy we will develop for their situation and they know what to expect and what I need from them to get this resolved and put it behind them so they can freely move forward in their lives. At the conclusion of the initial consultation we also schedule the next step or conversation, because, as you know, sometime is just code for never.

More than just filing back tax returns

This is about so much more than just preparing tax returns. There is a strategy that will be needed to minimize the tax paid or get favorable payment arrangements. In addition, someone who has procrastinated filing their returns and paying their taxes needs someone to help them move forward and keep moving forward. the CPA Superhero can be that person for you. So contact me at the beginning of the process to help you minimize the amount you will pay. Save yourself some time and money.

Clean Up the Past and Move Forward With a Clean Slate

Many of my new clients this year have been people who need to clean up the past to move forward. Some are starting a new business and need a clean record to apply for loans. Others are starting a new relationship or tired of worrying about their mate finding out about their back tax situation. Back taxes are past events that were not taken care of and they now live with you in present. It is time to put them in your past and move forward. 

Contact me today using my email address below to schedule an initial consultation. You will feel better that you took that first step and then even better after the initial consultation. Start now to remove that weight on your shoulders and get free to live your life.


The CPA Superhero
jeff.jhtaxes@gmail.com





Posts:




Be careful when reading about tax law and its application, including my articles, because the wording and definitions are such a challenge and are influenced by writers perspective, specifically his own clients situations that he is mindful of and other situations the writer is not thinking of. The point is talk to your CPA about your situation and circumstances and don't rely on or make conclusions based on articles you read, including articles form irs.gov, because concepts and definitions are not very clear, and of course, they are subject to change. Now is the time to be having discussions about your situation and developing strategies for you and your business. Again, contact me using my information above to discuss your situation. I help business owners all over the U.S. and in foreign countries with their tax returns.

The Stir Over President Donald Trump's Tax Returns Could Lead to More Agressive Actions by the IRS

President Donald Trump's Tax Returns   The recent story in the N.Y. Times about President Donald Trump's taxes has caused a stir to...