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OCTOBER 2024 VOLUME 8, ISSUE 6
TOPH’S TAX RESOLUTION TIMES
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OVER THE LINE How Sports Participation Shapes Young Lives — for Better or Worse
Golfing great Arnold Palmer once said, “Success in this game depends less on strength of body than on strength of mind and character.” As a golf coach for many years, strength of mind and character were qualities I always tried to instill. National Coaches Day is celebrated on Oct. 6, to appreciate coaches who “represent the finest elements of American character,” according to the presidential proclamation that established it in 1972. As Coaches Day rolls around, I have been reflecting on the huge impact sports participation has on young lives. I loved baseball as a kid and was playing on highly competitive travel teams by fourth grade. Coaches and parents alike were in it to win. My baseball career went off the rails, however, after I hit a batting slump. My coaches dished out nothing but negative feedback, undermining my confidence. Mental hurdles of this kind are so daunting that many pro teams employ sports psychologists to help players
surmount them. In my case, coaches’ nonstop criticism drove me out of the game.
about his cheating, and this time he admitted he cheated, and he told me he would do the right thing. But he didn’t, and he went ahead and accepted the award anyway without turning himself in! I was in shock. What was I supposed to do?! Ultimately, he did return the award, but I didn’t think he learned the right lesson in the process. Years later, I ran into this player and in casual conversation it was obvious that he never did learn the real lesson — that he cheated and should have been disqualified! I also had another incident where the athletic director undermined me after a poorly behaved player walked off the course during practice. I had told the player his unsportsmanlike conduct had disqualified him from tournament play. But in this case, the player’s parents intervened and the athletic director forced me to reverse my decision. While most parents were supportive, it only takes one bad one to ruin a season. I am now a sports parent myself, and I coached my son’s soccer team last season. While the coach I worked with has become a good friend, some parent coaches were hyper-competitive. These kids were only in first grade! Some of the parents took the game way too seriously. On National Coaches Day and beyond, I hope more coaches and parents will focus on the goals it supports. That just might make sports more fun for everyone.
Leaving competitive baseball turned out to be a blessing because it freed time to learn golf. I mostly taught myself the game. In high school, however, my coach was also a huge influence — for the better. He was a retired teacher who didn’t teach us much about golf, but he was a calming presence and helped rebuild my confidence. I went on to become a club pro and an aspiring pro golfer. As a high school and college golf coach for seven years, I was keenly aware of the influence sports can have on athletes’ character. When one of my high school players qualified for the state championship tournament, it should have been a cause for celebration. Instead, the experience left lasting scars on my aspirations as a coach. On the first day, this player recorded a score of 79. I had counted all the strokes and I knew he had an 80. When I pointed this out, he claimed he had made a putt that I knew he had missed. When I went to bed that night, I couldn’t sleep. This kid had cheated right in front of my eyes! “What am I supposed to do here as the coach?” I asked myself. The player was on track to finish well, even if he had counted that extra stroke. But in golf, the rules are black and white. If you cheat, you are disqualified. The player didn’t turn himself in and went on to play the next day, ultimately finishing in the top 10 (with his erroneous score). Before the awards ceremony, I tried to address him again
–Toph Sheldon
DON’T LIVE IN FEAR - TOPH IS HERE!
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When iconic TV host and author Larry King died at age 87, he left a legacy of iconic interviews and memorable moments over a long radio and television career, including 25 years at CNN. But an unexpected twist was his secret handwritten will that dramatically changed the plans for his estate. Despite its brevity and simplicity, this last-minute discovery sparked a heated legal battle. Handwritten or “holographic” wills are legal in many states, including California, where Larry King resided. These wills don’t require the usual formalities of being witnessed but must be entirely written and signed by the testator — the person to whom the will belongs. Lessons Learned From Larry King’s Handwritten Will
The IRS can be a formidable foe, wielding powerful enforcement tools to inflict misery on errant taxpayers. The IRS can also be surprisingly forgiving. The latter was the case in a recent success story. My client, a self-employed painting and carpentry contractor, was preparing to assume ownership of a house, an inherited property, and he wanted first to catch up on his back taxes. As is often true of clients who are self-employed, he hadn’t filed any tax returns for six years. Another aspect of his case, however, was highly unusual: This client had not kept any records at all, and he also had been comingling funds from his business with his personal accounts. Clearly, we had our work cut out for us. The first step was to bring this client into compliance. He immediately began paying estimated taxes, and we also began work on filing his past-due returns, constructing estimates of expenses as accurately as possible. When all that work was done, my client owed the IRS about $120,000. The next step was to negotiate a settlement. I offered the agency $100 to settle my client’s debt. I expected the agency to pick apart his tax returns in detail and ask for at least 10 different documents, perhaps seeking more proof of his business expenses. Typically, the IRS thoroughly investigates the finances of any taxpayer seeking a settlement. Instead, the agency only requested a couple of items, which in the IRS World is barely anything. Six months later, my client got word of the shocking outcome. The IRS counterproposed a $3,200 settlement — less than 3% of what he owed! Obviously, my client gladly accepted it. He was in complete shock. This could have been a hard case. But what I’ve learned in dealing with the IRS is that often, the easy cases become hard and the hard cases are easy. In this one, my client emerged with a clean record with the IRS and a house — not a bad place to be. Here’s How I Fixed $120K Debt TOPH’S TAX TRIUMPH
While this might seem like a convenient shortcut, it often leads to serious legal challenges, particularly
around the will’s credibility and the testator’s intentions. In Larry King’s case, his handwritten will excluded his wife,
leaving his entire estate to his children. This was a shock, especially since California law entitles a surviving spouse to half of all the assets acquired
during the marriage. King’s wife was understandably taken aback, leading to a family feud ultimately resolved through a confidential settlement.
This situation is a stark reminder of why handling estate planning with thorough care and legal guidance is crucial. While a handwritten will can be a legal document, it’s generally better suited for straightforward estate circumstances. A more comprehensive approach is advisable to avoid family disputes in more complex situations, like Larry King’s, who had considerable assets and a blended family. Larry King’s situation emphasizes the crucial importance of having a well-thought-out estate plan that considers all legal aspects and potential family dynamics — King was married eight times to seven women and had three surviving biological children. While handwritten wills are a valid option, they should be used cautiously. Taking proactive steps in estate planning can help prevent conflicts and ensure your final wishes are respected, providing peace of mind for you and your loved ones.
–Toph Sheldon
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ASHLEY’S CORNER Turning 40! Can This Be a Good Thing?
I am reaching a big milestone this month. I’m turning 40!
everybody else first. It’s not that I’m not doing what I want. I love doing things with the kids. But when was the last time I did something that was just for me?
Forty has seemed old for so long! Now it’s here, and it feels a little daunting. How can a person embrace it, rather than freaking out?
I’m choosing to see this as a new start. During the entire decade between 30 and 40, I was always either pregnant or feeding a child. All six of our kids are 20 months apart, and I nursed all of them. It’s crazy what your body can do! I try to give myself some grace when I think about what my “new normal” is going to be. Actually, I need an all-around tuneup. I used to tan at the beach as a kid. Did I use enough sunscreen? Who knows? So, I need to see a dermatologist for a skin cancer check. At 40, I need to start getting mammograms. And after 10 years of obstetrical care, I need to find a primary care doctor and get a physical. I am happy with my family, but we are done having children. Our kids are all clamoring for attention as it is: “Mom! Mom! Mom!” I need one of those clickers to count how many times they say “Mom” in a day. It has to be over 100. As a mom, it sometimes feels like you put
Throughout all this, Toph and I have always remembered that someday the kids
are all going to be gone, and it will be just us again. This month, we are celebrating my birthday by taking a trip to St. Lucia. In the past, we have sometimes taken one of our babies with us when we travel, but this time, it will be just Toph and me, with two other couples. That’s the big celebration plan. We love hiking, and we have great conversations when we’re enjoying nature. It’s going to be really nice to have time together to just regroup and relax.
Take a Break
PUMPKIN PIE FRENCH TOAST
Ingredients
Inspired by AllRecipes.com
• 1 1/2 tsp vegetable oil, or as needed • 1/2 cup half-and-half • 1/4 cup canned pumpkin purée • 3 large eggs • 1 tsp ground cinnamon
• 1 tsp vanilla extract • 1/4 tsp pumpkin pie spice • 1/4 cup finely chopped walnuts
• 8 slices day-old bread • Maple syrup, to taste
Directions
1. Lightly oil a skillet and heat over medium heat. 2. Whisk half-and-half, pumpkin purée, eggs, cinnamon, vanilla, and pumpkin pie spice together in a bowl. Stir in walnuts until evenly distributed. 3. Place 1 slice of bread in the bowl and let it soak briefly to coat both sides. Lift bread to let excess liquid drip back into the bowl, then transfer to the hot skillet. 4. Cook for 2–3 minutes or until golden brown, then flip and cook the other side until done. 5. Stir batter to redistribute walnuts and repeat with other slices of bread, cooking in several batches if necessary. 6. Serve warm with maple syrup.
Solution on Page 4
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Cincinnati Tax Resolution Powered by Toph Sheldon 9200 Montgomery Rd., Ste. 7B Cincinnati, OH 45242
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INSIDE 1
National Coaches Day Highlights the Goals of Sports The Legal Drama Behind Larry King’s Handwritten Will IRS Success: Toph Wins 97% Cut in Client’s Tax Debt
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For Ashley, Turning 40 Is a Fresh Start Pumpkin Pie French Toast
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How Addiction and Overspending Took Down Courtney Love
A DIFFERENT KIND OF TAX DILEMMA TOPH’S TAX NIGHTMARES
Many tax cheats deliberately shirk their obligations because they intend to keep all their riches for themselves. Not so with Courtney Love. In a revealing tale about the toll taken by addiction, the singer, poet, actress, and widow of the late grunge star Kurt Cobain was hit with $1.9 million in IRS tax liens and an additional $500,000 lien by the state of California. Love has written about how her battles with addiction and overspending and her lack of financial literacy fueled serious financial problems, leaving her nearly penniless for a time. Love had previously faced unpaid tax bills and paid them off. In a statement, a spokesperson for Love suggested to the U.S. Sun, which broke the story in 2021, that she had paid off the latest tax debts as well. “Through
no deliberate fault of her own, Ms. Love had a tax issue that has since been resolved,” the statement said. Love, lead vocalist in the band she formed, Hole, married Cobain in 1992. She has been nominated four times for Grammy awards and earned recognition as an actress, securing one Golden Globe nomination. In a poignant act of transparency, Love wrote about her money woes in a 2021 article supporting a Financial Times campaign to improve financial literacy. “It isn’t a big secret that I suffer from the disease of addiction,” she wrote.“In particular, financial stress tends to make me go cuckoo-bananas.” Love described having been a victim for years of financial crimes that grew worse after Cobain’s death in 1994. Perpetrators, including former employees, stole bank information and
PHOTO CREDIT: ANDREA FLEMING
opened credit cards in their names. “Basically, they stole every single cent,” Love wrote. The FBI investigated the crimes and creditors froze her assets, leaving her nearly penniless in 2011. Love blamed herself for failing to track her spending or do basic math, such as calculating a percentage. “Financial literacy is one of the most critical things an artist can have. But it seems scary. It’s scary understanding my fault in all this — in acknowledging my overspending.”
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