Take a look at our April newsletter!
IN THE TRENCHES CELEBRATING THE LIFELINE OF OUR OPERATIONS
“Our goal is to create the best possible outcome in the fastest manner available.”
Without our heroes in the trenches — our administrative team members, who dig our professionals out of the holes — IRS Trouble Solvers wouldn’t be able to provide the best possible outcome for our clients. April 27 is Administrative Professionals Day, a celebration of the invaluable individuals who work hard behind the scenes. From navigating the complexities of the IRS and government regulations to managing client relations during their most stressful moments, the role of our administrative staff is critical to a positive outcome for our clients. Clients often come to us riddled with worry and unease — dealing with the IRS and potential consequences is certainly not a walk in the park. They are seeking reassurance and solutions to their pressing problems. It is our duty to instill peace and confidence and assure them of our commitment to their protection and well- being. Achieving this level of service would be impossible without the dedication and expertise of our administrative professionals.
At IRS Trouble Solvers, our team embodies a proactive approach. They are always ready to lend a hand and tackle challenges head-on. No matter the task, they are ready to jump in and aren’t scared to get their feet wet. This “all hands on deck” mentality allows us to achieve remarkable results and provide unparalleled service to our clients. Our administrative professionals embody the four pillars that highlight our mission and values: change, time, investment, and accountability. Change requires both the client’s willingness to adapt and our team’s flexibility to meet evolving needs. Time reminds us that solutions to complex issues cannot be rushed — patience and diligence are essential to achieving the best outcomes. Investment in our collective efforts ensures we are united in our pursuit of shared goals. Lastly, accountability means we uphold our standards and processes — after all, our goal is to create the best possible outcome in the fastest manner available. This month, as we recognize our administrative professionals, we acknowledge their integral role in our success. Without their hard work, commitment, and amazing attitudes, delivering exceptional results for our clients would be an insurmountable task. So, to all administrative professionals, I tip my hat to you. Your contributions are the lifeblood of our operations, and for that, we are eternally grateful. -Ben Golden
I firmly believe that a positive attitude is crucial — it guides success — and it is this
belief that dictates my hiring philosophy. I hire based on attitude. The value of assistants who embody the right attitude cannot be overstated, as they significantly contribute to a positive and productive work environment. Given the amount of time we spend at work, often surpassing the hours spent at home, excluding sleep, our outlook and approach are everything.
APRIL 2024
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An Egg‑Cellent Global Tradition Decorating Easter eggs with paints, dyes, and stickers is a time-honored tradition spanning thousands of years. Many cultures use eggs to symbolize rebirth, renewal, and fertility, and the human need to decorate everything has ensured there are different egg-painting traditions worldwide. Iranian celebrants commemorate Nowruz (Iranian New Year) around the spring equinox by painting eggs and placing them on altars. This tradition comes from ancient Persian and Zoroastrian traditions and has since become a common practice for people regardless of faith. The Easter egg as we know it today is derived from Jewish tradition, in which a roasted white egg is placed on the seder plate during Passover. Orthodox Christians paint eggs red to symbolize Jesus’ blood. Additionally, some sects of Orthodox Christians take decorated hard-boiled eggs and smack them against another person’s egg. Whoever’s egg doesn’t break is said to have good luck for the coming year.
When it comes to financial management and estate planning, trusts offer significant tax advantages. When used with precision, these legal entities can facilitate a smoother asset transfer to beneficiaries and yield considerable tax savings. Let’s take a look at how trusts can be strategically utilized for tax-planning purposes. Minimizing Estate Taxes For estates that exceed certain thresholds, hefty taxes can diminish what’s passed on to heirs. Trusts, specifically irrevocable ones, can help reduce the size of your taxable estate and alleviate your estate tax burden. This is achieved by legally removing assets from your estate and placing them in a trust, essentially shielding them from estate taxes. Income Distribution and Tax Savings Trusts can also play a pivotal role in the strategic distribution of income, leading to potential tax savings. Through mechanisms like grantor trusts, the tax on income generated by trust assets is paid by the grantor, possibly at a more favorable tax rate. Alternatively, distributing this income to beneficiaries might result in taxation at the beneficiary’s lower tax rate, presenting a win-win for all parties involved. THE STRATEGIC ROLE OF T MAXIMIZING Y
Avoiding Probate Another advantage of employing trusts in your estate plan is the avoidance of probate. This legal process can be time-consuming and costly, not to mention
Scallops and Spring Vegetables With Olive-Caper Pan Sauce Inspired by EatingWell.com
Eastern Europeans push egg painting to the limit, featuring highly intricate and breathtaking designs. Designs are drawn with pencil on a hollowed-out egg, then using a needle-like stylus called a kistka, those lines are covered in wax. The egg is dyed multiple times in a variety of colors, and more wax is applied in between each color to create a mesmerizing display of color and detail. Some cultures even use raw eggs as part of the challenge. In Ukraine, egg painting season lasts all year, and many households keep a bowl of beautifully decorated eggs for good luck. Their egg-painting pre- dates Christianity, as seen by Ukrainians’ many egg-centered traditions. For example, some people bury eggs beneath their front door to protect their family’s health. Painting eggs is a tradition in almost every culture. From continent to continent, faith to faith, people grab a brush (or kistka) to give a little white egg some color. In almost every pocket of human civilization, someone’s probably decorating an egg.
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ORP, OR LLC YOUR WEALTH TRUSTS IN TAX PLANNING publicize the deceased’s financial affairs. Trusts enable the direct and private transfer of assets, circumventing probate and its associated costs and delays. Supporting Charitable Causes Charitable trusts offer a means to fulfill charitable goals while reaping tax benefits. These trusts facilitate substantial charitable contributions, enable income tax deductions, and, in some instances, generate income for the grantor or beneficiaries, all while potentially reducing estate taxes. Incorporating trusts into your financial and estate planning strategy can significantly impact your and your beneficiaries’ fiscal health. From estate tax reduction to probate avoidance, the strategic use of trusts offers many tools to help manage and preserve assets! Our sister company, Golden Tax Relief, can help you maximize deductions and minimize liabilities legally through strategic tax planning. Contact us at 844-229-8936 for a risk-free consultation.
Offer in Compromise Pays Off! WIN OF THE MONTH
CASE SNAPSHOT
Client: Insurance Agent Type of IRS Issue: Business Tax Tax Year in Question: 2014–2020 IRS Claimed Liability: $30,999.93 Savings: $27,362.93
DIRECTIONS
INGREDIENTS
1. In a medium nonstick skillet over medium-high heat, add 1 tbsp oil. Pat scallops dry and sprinkle with pepper. Add scallops to pan and cook, flipping once, until browned and just cooked through, 1 1/2–2 minutes per side. Set aside. 2. In the pan, add remaining 1 tbsp oil, asparagus, and carrots and cook, stirring frequently, until tender, 2–3 minutes. 3. Add shallot, olives, capers, and garlic and cook until fragrant, about 1 minute. 4. Add wine and cook for 1 minute. Remove from heat and add butter; stir until melted. 5. Plate veggies with scallops, then drizzle with pan sauce. Serve with parsley if desired.
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2 tbsp extra-virgin olive oil, divided 8 oz sea scallops, tough side muscle removed Pinch of ground pepper
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Our client, an insurance agent, owns a Schedule C business that owes money every year; however, he has been financially unable to pay the balance. He owns a house with a mortgage, and according to a Zillow appraisal, the value of the house made it impossible to enroll the client into an Offer in Compromise (OIC) to settle the amount due of $30,999.93. We met with our client in regards to the value of the house, and found a great deal of money had been spent on repairs, including foundation and plumbing repairs. In order to get the house into market condition, these repairs were completed at great expense to the client. We worked to reduce the value of the house based on the repairs. This made the client eligible for an Offer in Compromise. We then negotiated a payment in the amount of just $3,637.00. This saved the client a whopping $27,362.93 or 88% of the initial liability!
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8 oz asparagus (1/2 bunch), trimmed 6 oz baby carrots, halved lengthwise
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1 medium shallot, minced 5 pitted green olives, coarsely chopped 1 tbsp capers, chopped 1 clove garlic, minced 1/4 cup dry white wine
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1 tbsp butter
Chopped fresh parsley to garnish
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1 The Proactive Approach That Defines Our Team 2 Easter Eggs Around the World INSIDE THIS ISSUE
The Impact of Trusts on Your Tax Planning
3 Scallops and Spring Vegetables With Olive-Caper Pan Sauce
Win of the Month
4 Navigating the No-Spend Challenge
Financial Detox: Succeed in Your No-Spend Challenge
Thanks to clever advertising and a lack of discipline in spending habits, many people spend too much on trinkets and other things they don’t need. To help us all stop
This accountability and the communal nature of the trend encourage you to reflect on how often you’re spending your hard-earned money. You can also rediscover
impulsive spending habits, the No-Spend Challenge was developed and has gone viral on the internet. This financial detox challenge encourages us to break free from the mindless spending we may be partaking in. It’s a challenge that pushes mindfulness to reassess financial habits rather than deprive us of necessities. The first step is creating clear budgeting goals. Whether paying off debt, building an emergency fund, or saving for a specific milestone, having a concrete and well-defined objective helps you stay motivated throughout the process. This should also include an end date to achieve your goal — a year, month, or week are all options. Your plan should also
the value of experiences that don’t cost anything and develop healthier financial habits. These help dismantle a consumer
mindset, enabling you to use funds to fulfill goals rather than a quick adrenaline hit.
When you complete the challenge, you will emerge armed with newfound financial freedom, awareness, and discipline, and you’ll be more inclined to reach short- term financial goals, practice healthy spending habits, and work toward long-term financial health. A No-Spend Challenge can foster a community of others who gain these new skills and inspire
others to halt their own consumption. This intentional approach to spending will assure participants that they’re in control of their aspirations
identify and anticipate potential roadblocks during the no-spend period. This structure will make the challenge feel like more than just a temporary spending freeze.
and the finances that can fund them.
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