Talks with The Tax Cop

Hey TaxCop Crew!!

Pull up a chair, pour yourself a cup of your fave beverage, and let's get cozy as we unpack some super-important tax stuff that you definitely don't want to miss.

Today, we're talking about dodging those tricky tax traps that can catch you off guard—y'know, the kind of stuff that sounds too good to be true. It’s like the IRS's most-wanted list, aka the "dirty dozen," but for sneaky tax schemes, and believe me, you don't wanna find yourself mixed up in these.

We'll talk about legit ways to keep your money safe and sound without stepping into hot water with Uncle Sam. From those juicy-sounding tax breaks for the big earners to the hidden hazards of social media tax "tips," we're shining a light on it all, making sure you know what’s legit and what’s a flat-out con.

And hey, I'm all about keeping your personal info safe from those online creeps and scammy emails that totally aren't from the IRS. We'll go over how to spot these frauds from a mile away.

As always, we're keeping things light but super informative—because taxes can be tough to tackle alone. So, let’s kick back, have a little fun, and get tax-smart together.

Looking forward to how you all feel about what you learned this week.

In this week's episode of Talks with the TaxCop I am having a conversation with none other my sweetie Mr. Eric Berry. We talk about leadership, management, and the inevitable dance between personal and professional lives. Some of the main topics we hit on are:

-Leadership Traits That Matter

-Service Over Profits

-Staying True to Your Mission

-Leveraging Skillsets to Automating Success

-Celebrating Creativity

-The Right Hires For the Right Futures

-Lunch Date or Business Lunch?

-And I Can't Forget Tax Season Reminders

Let us know what you think about this episode and also what you wouldn't mind us discussing next month.

Until next week...

Hey there Taxcop Crew!!

In this week's episode, we're navigating the somewhat murky waters of life insurance from a tax perspective. With the winter keeping us cozied up indoors, it’s a perfect time to dive deep into understanding how policies like Index Universal Life can potentially offer more advantages than your traditional 401k plans. We're getting into the nitty-gritty of IRS tax code 7702, the critical definition and criteria of life insurance under section 772, and the vital importance of correctly managing these policies to avoid catastrophic tax consequences.

As always, I'm here to unpack these complex topics and make them crystal clear. I'll be discussing the cash surrender values, tax liabilities upon termination, and the essence of policy terms. But remember, I'm not a licensed insurance agent—I'm here to give you the tax scoop and keep you informed.

Even though numbers are my game, my family is my heart, and striking a balance between work and personal time is key, even for a tax enthusiast like me. Today, we'll be discussing a particularly eye-opening tax memo from the Bradford Tax Institute. In a few weeks we'll reach out and talk to Rod Massey, one of the Life Insurance Agents that I work with.

By the end of this episode, you'll understand why every number has its story, especially when it comes to the benefits, potential pitfalls, and tax implications of life insurance. So grab your notebook and a warm drink, because we're about to unravel some serious fiscal mysteries.

Got personal experiences, burning questions, or topic suggestions? You know I want to hear all about them, so don't hesitate to reach out. Let's demystify your tax queries together!

So, let's jump right on in ya'll.

Hey TaxCop Crew!!

Happy New Year! I am a little behind in getting the first podcast of the year recorded, but I am getting my act together over this a way. In this week's episode we’ll be diving into must-know tips for filing our tax returns accurately to avoid the dreaded IRS letters and penalties. It’s all about the details, friends – especially when it comes to comparing year-over-year documents like those tricky stock and gambling incomes!

We'll also talk about the ins and outs of filing extensions, the different due dates for various entities, and the importance of estimated tax payments. If back taxes or other issues have you in a bind, don't fret – we'll discuss how to get the help you need.

And for all you business owners contemplating a major decision, buckle up; we're navigating the great debate: to buy or lease a business vehicle. We’ll break down the costs involved with each option and the financial factors using the after-tax present value approach.

Plus, a heads-up for our upcoming shows – we have some exciting episodes lined up, including an interview with an insurance provider and our monthly chats with EB. We're also continuing to up our game with improvements in our podcast production, thanks to Ecamm Live!

So as we tackle these topics, remember to keep calm and cruise through your tax journey. We're here to steer clear of self-inflicted taxation troubles while eyeing prospects for peace of mind. Let's connect – don’t forget to engage with us, share your feedback, and subscribe for all things Talks with the TaxCop.

Hey there TaxCop Crew!! It's another week and another episode.

This week, we're cutting through the red tape to chat about the big guy on the block – the Corporate Transparency Act. Starting 2024, businesses everywhere need to have their ducks in a row or face a $500 daily smackdown. If your company's been around before 2023, it’s time to pay attention and get those Beneficial Owner reports locked and loaded.

And hey, I’ll make sure you get the lowdown on who gets a free pass from the CTA and why keeping your business golden means keeping your accounting crystal clear.

What’s more, we'll talk about the updated rules for 1099-K reports and how to keep your digital bucks sorted with all those swipes and taps on Venmo, PayPal, and Cash App—business on the front, party in the back, and never the twain shall meet.

I'll also share why being a tax-savvy citizen can save your wallet and your sanity. Plus, why we're all about playing it safe and smart with Uncle Sam, maximizing your returns, all legit, no tricks.

No sponsors to shout out today, although I can't get enough of that cold-pressed goodness from Juice From the Raw—just me keeping it real, folks.

Get ready to arm yourself with knowledge that’s as practical as it is priceless. You let me know what you got from this week's podcast.

Hey there TaxCop Crew. Welcome back to Talks with the Taxcop! Yours truly is back and this time I've brought along my partner in crime, Eric Berry. So you already know this is gonna be interesting,

We're going to talk about how you can actually pay your kiddos for work within your business (you heard that right) and the tax perks that come with it. Thinking about throwing the knot overboard? We're going to talk about some things to consider before you finalize your divorce. Thinking about tying the knot? We're going to get into some genius tax advice for lovebirds. Plus, we'll share our penny for your thoughts on a stock gifting strategy that's got everyone talking or at least me and EB, because we were today years old when we learned it.

Eric will give us a sneak peek into his holiday downtime, future plans, and you bet we'll break down some savvy tax strategies for couples, kids, and the whole family. We're even unveiling our own Christmas strategy (spoiler alert: we're not the biggest fans of traditional gift giving).

You'll hear about how your kiddos can funnel their earnings to an IRA, pick up some sweet responsibility chops, and save on taxes. So, buckle up, and get ready for a wild ride down the tax highway! It's tax talk time, let's roll.

Hey TaxCop Crew. Look it's been a minute and I know I keep saying I am going to be consistent, but you gotta watch/listen to this week's episode to find out what's really been going down over this away.

In this episode we discuss an often overlooked topic: GAMBLING and how the tax implications can turn your winning streak into quite the opposite if not handled correctly. From defining the limits to how much you can deduct to the importance of meticulously documenting wins and losses, this episode promises to unravel some of the grey areas surrounding this matter. We'll also dive into the enlightening case of a certain Mr. Bright, whose encounter with the IRS presents a cautionary tale for all.

As tax season approaches, put on your learning hats, keep your notepads handy, and remember, avoiding legal trouble starts with a good foundation. I'm here to shed light on these matters and share some useful advice, drawn not just from my background in federal auditing but also from personal experiences.

Today's episode is an unbiased attempt to educate you on tax compliance, with the aim to make you feel confident and in control, whether you're a small business owner or a casual gambler. So, grab your headphones, make yourself comfortable and let's see wha nuggets you grab from this week's episode.

Hey TaxCop Crew, In this week's episode, I dive into the showing you how to use the IRS Offer and Compromise (OIC) pre-qualifier tool. It's an important subject that many of our listeners have been curious about.

The IRS' OIC pre-qualifier tool is a guide that individuals can you use to help indicate if you need to be on a payment plan or can actually qualify for an OIC. While the tool may indicate that you can fully pay your liability, it's still possible to file an offer and compromise and discuss your financial situation with the IRS.

As in every episode, I recommend seeking the help of a tax professional, as different professionals may have different approaches and insights. It's important to note that certain situations, like being a partnership corporation or residing in a US territory, may not be applicable to the OIC pre-qualifier tool, but that doesn't mean an offer and compromise situation doesn't exist.

Before seeking assistance in a specific area, individuals are encouraged to familiarize themselves with the concept of the offer and compromise pre-qualifier. I explain various options for resolving tax issues, including installment agreements, partial payment installment agreements, and currently not collectible status, among others. The goal is to find a resolution that doesn't cause financial hardship while still addressing tax obligations.

I also discuss an interesting case regarding the Hobby Loss Rules and what to look out for and how to prepare yourself to stay in front of this situation.

As always, I emphasize the importance of being prepared by having all your documentation in order. By staying organized and informed, you can navigate tax situations confidently and avoid unnecessary stress.

We hope you find this episode insightful and informative. Remember, Talks with the Taxcop is here to help you make sense of the tax world and empower you to make informed decisions. Stay tuned for more episodes coming soon!

 https://irs.treasury.gov/oic_pre_qualifier/

Hey there, Taxcop Crew! In this week's episode, we're tackling the exciting world of Offer in Compromise (OIC). We'll be breaking down all the nitty-gritty details and sharing some awesome tips and strategies to help you keep more money in your pocket. 

Get ready to learn everything you need to know about the components of an Offer in Compromise, and the pre-qualifiers for this financial relief mechanism. We'll be exploring the importance of proper documentation when dealing with submitting your OIC paperwork to the IRS, and how it can make all the difference in successfully navigating this remedy option.

And if you're wondering about the ins and outs of loans and advances, we've got you covered too.

Join us as we provide valuable insights and practical resources to help you audit-proof your business and stay ahead of any potential audits. Plus, we'll be sharing the latest updates on our auditproof your business and life guides and industry-specific workbooks, designed to empower you with the knowledge and tools to tackle any tax challenge.

So, grab your favorite beverage, sit back, and let's jump into the wonderful world of taxes and financial freedom. Let's do this!

Sources used:

www.bradfordtaxinstitute.com

https://www.irs.gov/taxtopics/tc204

Hey Tax Cop Crew!!  Welcome to another episode of Talks with The Tax Cop.  In this week's epidose we are trying something a little new and introducing segments to the podcast so that we can get things more streamlined and systemized for you.

Of course I am going to start with an Intro so those of you who are new to the Tax Cop Crew can learn a little bit more about what this podcast is actually all about and learn more about yours truly to see if you wanna stay around and be part of the crew. (We definitely want to you to stay as part of the crew.

Then we go into our Audit & Awe segment of the podcast where we bring to your attention those things that you need to watch out for when it comes to all things that could be open for an Audit and sprinkle a little wonder and awe as to how you can best prepare to get yourself out of the situation if you ever find yourself facing a notice from the IRS or your State Comptroller.  This week's focus is on GAMBLING WINNINGS & LOSSES and how they werk together. Let us know what you think after listening.

Our next segment for this week is called Balancing the Beat.  This week, I am going to continue our series where I am breaking down the tax remedies that are available to you if you have a balance due and you can't pay the balance due in full.  Now these remedies are focused on what happens at the Federal level with the IRS, but a lot of these remedies can still be applied at the State level (depending on your State). This week's remedy is none other than Currently Non Collectible (CNC).  All information was obtained from the  TaxPayer Advocate. Y'all know how I feel about going directly to the source to get your information. 

During our discussion one of my favorite IRS tools was discussed so I wanted to give you a direct link to where I tell ALL my clients to go to see for themselves how much they should be withholding for the upcoming tax year: IRS Withholding Calculator. 

Then we close you out for the week. Let us know which segement was your favorite and we are looking forward to any and all feedback to continue to provide you the information and the interviews you wanna hear and see on this podcast. 

Until next week...

Hey there TaxCop Crew!! It's another Tuesday so you know we're dropping another episode. This season feels like it's taking forever, but it's because your girl fell off but now I'm locked and loaded.

In this week's episode we tackle two things:

1 We help you identify the 4 most important/critical numbers on your tax return per yours truly (you not gonna see it spelled our in a textbook).

2. We dive deeper into payment plans AKA installment agreements with the IRS. Pay close attention to the link below, because it's where I'm getting the info from on them installment agreements.

It's important that you as the taxpayer know how these numbers work together and how you need to take responsibility for any amounts owed in taxes, but then of course you gotta know the options available to you so you can pay them people their money and keep going on about your business. Until next week...

IRS Information on Payment Plans

Hey Tax Cop Crew!! It's another Tuesday so you know that means that it's another week where we are having time to talk with your truly. This week's podcast is dealing with a topic that I actually LOVE and is something that I have had to deal with personally.

Yes, yes yall we have had to stroke some tax checks for some balances due a few times and it didn't feel good at all, but we had to do what we had to do because them people want they $$$. This is a high-level overview of the remedies that are available for you to make when you find yourself in a situation where your back is against the wall and you need to make some payments that you weren't trying to make. 

I need you all to know EXACTLY what your options happen to be and then I want you to know some tools that are available to you for you to determine what remedy is best for you in your particular situation. Please know that if you have any questions or concerns that you can ALWAYS reach out to Total Tax Experience and we will TELL YOU THE TRUTH about what moves you can and can't make. What you do with the situation is on you, but the one thing we're not going to be doing is making you feel like you don't have a solution that works best for you.

And please know if you owe the peoples their money because you didn't plan accordingly, this means that you need to be PROACTIVE and reach out to a tax pro that is willing to help show you a plan that will work best for you moving into the next year.

Until next week, please know we are out in these streets wanting you to win.

Happy Tuesday TaxCop Crew!! You all know that one of my ALL time favorite things to do is interview people and this week's podcast was an absolute pleasure. I already KNOW there is soooo much more that @SteveTheFinanceGuy and I could have talked about, but Steve made it very easy to jump right in and discuss the thing that matters most in business and in the accounting and finance space...

PEOPLE 

Yep it's mainly about the relationships that you build with potential clients and/or existing clients because other than that what kind of people are there? Seriously though we don't look at people as just clients, we are always looking for ways to bring VALUE to people, especially business owners because that is what helps to move the needle.

During this interview @StevetheFinanceGuy shares his superhero origin story as to how he got such a dope in these Internet Streets. He talks about:

1. Not going directly to college out of High School and where it got him.
2. How he stumbled into his first opportunity as an entrepreneur.
3. How he performed market research to help him pivot into the space he currently is now.
4. How his gifts TRULY made room fro him to show up as his authentic self.
5. And SOOOOOO MUCH MORE

If after listening to today's podcast and you feel like Steve could be just the Finance Guy you were looking feel free to reach out to him in the following manner:

IG: @stevethefinanceguy

Website: https://www.stevethefinanceguy.net/

TikTok: @stevethefinanceguy

B: https://www.facebook.com/Stevethefinanceguy

Hey Tax Cop Crew!! In this week's epsiode we talk about a topic that most business owners reach out and ask questions about...what can I "writeoff" on my taxes so that I don't have to pay "the man" that much of my hard earned $$$.  I want to make sure that everyone knows that there is no secret sauce for "writeoffs" shucks there is no real thing as a "writeoff" as a business owner unless you are marking down something as being worthless.  There are in fact business deductions that can be taken as long as they are ordinary and necessary to the operation of your business. This is the IRS rule NOT mine.

During this episode we get into the ways you need to keep track of these business expenses and WHY you need to keep track of these business expenses and I do give a "SECRET" away that ERRYBODY needs to remember. 

Specifically we talk about:

1. The Significance of Recordkeeping
2. The IRS' Recommendations for Recordkeeping
3. Recordkeeping Best Practices

Now I definitely do it my own #TaxCop manner so please understand who you are dealing with.  And if you don't remember anything else, PLEASE, PLEASE, PLEASE hold onto my secret tip and keep it close to your chest and actually implement it yall. 

Until next time...

Hey Talks with The Tax Cop Crew!! I know it's been a minute since I've dropped an episode after saying I was going to be consistent at this, but in this episode I tell you why I been MIA. There is some logic to it and after having to record this episode multiple times I think this version best explains it all.

In this episode we take a look at how you as listeners, consumers, clients are so frustrated with the industry of accounting and all that we as accountants bring or DON'T bring to the table. Especially after you think that you have found the right FIT for you. I get that you are hesitant to want to even want to keep dealing with us, because there are soooo many options out there, at various price points, with various titles, that do or promise to do various things and then you add software and AI into the mix...You definitely can do BAD all by yourself. And believe me more of you are actually doing things BAD and you have no idea, because those in my industry have forgotten the most important piece of this RELATIONSHIP.

So I breakdown those differences and I share with you how you can get over your Accountant Trauma by:

• Discovering how to clarify your needs.
• Voicing your preferences.
• Asking questions fearlessly.
• Embracing your role as an active participant in the relationship.

Drop me a comment to let me know if anything shared in this week's episode helped you or not.

Hey TaxCop Crew! It's another week and another episode and this week we are talking about what these tax agencies know about you and your moneys. Or at least what you should be reporting to them. I break things down by sharing the definition of GROSS INCOME using the IRS' definition and then we throughly discuss what this is and what forms that the information happens to be reported on. Yep, I bet you didn't even know that the tax forms you are currently using to prepare your tax returns are ways that your employer; your bank; the person you are in a contracting relationship with; etc are dry snitching on you. Let's be real they are straight up snitching on you LOL. And this is why you as the taxpayer; business owner; independent contractor need to be FULLY aware of what you have to and don't have to report.

Over the next few weeks, I will be going through and breaking down the major components of the tax form 1040 (Individual Tax Return) and explain how the information that is reported impacts what you end up receiving as a refund OR end up paying back as your balance due.

 Don't hesitate to leave us some comments, Like, Subscribe and let us know what else you want to hear on Talks with the TaxCop. Have an awesome week.

Hey TaxCop Crew! Now that we are well past the 1099 deadline (January 31 for those who didn't know) I wanted to take time out to help you get things in order NOW so you aren't stressed come next January when that deadline roles around.  I still had clients rolling through and asking questions of how this should be handled, so I figured why not share with the masses and give you the best practices RULE OF THUMB so that you are not rushing come the beginning of the year.  Because let's face it after the holiday season tax forms is the last thing most people are thinking about.

In this episode I also give a high-level look at the Form Schedule C that is a part of your 1040 Individual Return.  Yes it is a business return, but it is NOT a return that is prepared SEPARATE from your personal return and I find that there are a lot more Schedule C filers than Partnership (Form 1065) or S Corporation (Form 1120S) or Corporation (Form 1120) filers.  So if you want to get a good look of what the forms actually look like head over to YouTube to watch the video that I recorded.

FINALLY, I breakdown and tell you the hardcore truth.  Working with a professional is helpful, but just like in any industry bookkeepers, accountants, and tax pros aren't created equal.  And not all have the same level of background and experience and some of them don't care to and that's fine.  I encourage you to be an informed consumer and do what's best for your particular situation.  And please stop asking tax pros to provide additional services when all you have engaged with them to do is PREPARE your tax return.

Note: I do not have any affiliation with eForms....and www.irs.gov is a website that should visited often for your source information on what you can and cannot do when it comes to taxes. 

Hey TaxCop Crew. Yall already know that I am going to give you the truth about things and today's episode is a follow-on from last week. Not necessarily a Part 2, but definitely a continuation on the theme. The thing you can't get around in ANY business is creating POLICES AND PROCEDURES. It doesn't matter how much $$$ you make; it doesn't matter how many people you have working with you; it doesn't matter how many followers you have on social media...you have to think succession planning and systems FROM THE START and policies and procedures help you do just that.

In this week's podcast, I am as transparent as ever and I am NOTHING without my team. That was even the case when I worked for someone else. You are only as good as the people, tools, and processes that you can make work in a repeatable manner. Why because YOU WILL GET WEARY. You WILL need a break. You are NOT always going to feel like it and your Policies and Procedures are that guide to get you right back to where you are supposed to be. This is why companies do new employee orientation and have handbooks and insist on you getting Continuing Education Hours, etc. So if you know it was required in someone else's business, why shouldn't it be required in yours?

I am sharing the links to the 2 tools that my team currently can't live without. I have NOT been PAID to endorse these two items; however, these are affiliate links so I do get credit/recognition if you sign up using my links.

SCRIBE: https://scribehow.com/signup?affiliate=bc9e81b0-e5e2-4b10-b4ce-6c26123d7caa LOOM: https://loom.grsm.io/y3aiaotldxze

IG: @thetaxcop

Happy 2023 errybody!  I know, I know, I know.  You're like is The TaxCop actually gonna do this podcast OR not.  Yes I am and even though we coming out the gate a few weeks later than I wanted to we still have a plan of action to bring you information in this space in our own unique way. This podcast had to be the first one for Season 2, because there are soooooo many nuggets that Myranda J Harper-Penn, CNAP brings to the industry.  And she truly lives, breathes, and embodies the brand she has built.  

For those of you are like 2023 is the year I FINALLY get it together, well come on in.  The water is fine. For those of you that aren't sure exactly how to make moves, but know you need to switch some stuff up...YOU ARE NOT ALONE.  Yes this is my #businessbff, but she TRULY brings insight and gives you practical steps to put in place TUHDAY.  So stop beating yourself up.  Listen to this podcast in it's ENTIRETY, take one of the action steps that she shares.  And then reach out to both of us and let us know you DID THE DURN THING.  All contact information for HBS is below. 

Website: www.harperbusinesssolutions.com

IG: @harperbusinesssolutions

FB: Harper Business Solutions

LinkedIn: Harper Business Solutions, Inc

This week's episode is a tadbit different, because I get a chance to interview the person who is behind the sound and the video editing of this podcast. I get to talk to none other than my oldest son, Alistair V Berry.  

During this conversation we take the time to explain what business owners need to put in place when putting heir children on payroll AND be able to not worry about if anything looks questionable.  We also talk about having your children show up in your business where they are best suited to serve and where you want NO PARTS OF.

At 17 years old, Alistair drops nuggets that we as parents need to pay attention to so that we can keep open relationships with our children. The things that he shares actually provides food for thought that can and should be applied to ALL relationships. I am not going to lie, as we were talking I was going through my mind and saying do I apply those things in my business relationships as well?

There are some things shared in this podcast that will allow you to stop and think about how to improve your communication skills; cultivate your employee to be an intraprenuer; and also gives you persmission to walk away and reset your creative mindset so that you can show up as the best version of you, wherever you need to show up.

Or you may say to yourself, that was a pretty dope convo between a mother and her son. Either way I pray you walk away with something that makes you pause and actually apply what has been shared.

LISTENING GOES A LONG WAY.