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Fostering Accountability in the New Year
“MOVEMENT, AWARENESS, AND ACCOUNTABILITY ARE THE KEYS TO ACHIEVING YOUR GOALS AND ELIMINATING PROCRASTINATION.”
The ostrich effect, also known as the ostrich problem, is one way many people deal with problems they encounter. Instead of facing them head-on, people bury their heads in the sand like an ostrich does when encountering a problematic situation, hoping the obstacle or complication will just take care of itself or go away. The thought is that when an ostrich has its head in the sand, it is in a place of solitude. However, it isn’t truly alone, and at any given moment, a predator could approach, making matters much worse.
Many people shy away from accountability and let dreams, wishes, and ambitions slip right through their fingers, and just like those goals they missed out on, the same may happen with their taxes. It’s important not to put your head in the sand. Instead, add some accountability or else the world will run by you, and the IRS may come after you if you slip on your taxes. Once this happens, you won’t be able to act or have someone be a proper advocate for you. You’ve likely heard the saying: Your lack of planning does not create an emergency on my side. By this, we mean that not seeing a predator doesn’t mean you’re safe — in fact, your blindness makes you more vulnerable and places you in greater danger. Movement, awareness, and accountability are the keys to achieving your goals and eliminating procrastination. Growing up on a farm, I watched my father buy and sell thousands of dollars’ worth of cows on just a single handshake. Money didn’t go in escrow for these transactions — they all relied on a word. His yes meant yes, and his no meant no. His business partners held him accountable for his word. It’s okay to be accountable to yourself for your goals and aspirations; that will create the security you need to accomplish great things, avoid tax mistakes and errors, and stay on the right path in 2023 and each year to follow!
The same is true for us. On the first day of the new year, we all set out to
achieve goals and resolutions to improve ourselves and bring about a newer and better lifestyle. However, Jan. 17 is known as “Quitters Day,” when many people have already given up on the resolutions they made just 17 short days before. This has a lot to do with procrastination. In today’s busy world, it’s so easy to set out to accomplish something only to sleep on it or continue to place it on the back burner. Even though you want to get something done, you get bogged down with other priorities. But there’s a solution: accountability and continual movement.
JAN 2023
WWW.IRSTROUBLESOLVERS.COM -Ben Golden
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Lots of people make New Year’s resolutions, and one of the most common themes is improving their personal finances. Whether they set out to better manage their debt, invest more in savings, or budget their spending better, a quick and easy-to-use app on their phone can make that goal much more attainable. Here are five of the best tools to track your spending: Mint CNBC rated this gem of an app the best free budgeting app! Along with extensive budgeting features that sync your checking accounts, savings accounts, loans, credit cards, investments, and bills, Mint can track your expenses and categorize them for budgeting. You can even set limits for each personalized category. The app is helpful for paying down debt, checking your credit score, and saving money. YNAB Instead of tracking past transactions, YNAB is one step ahead and follows a “zero-based budgeting system,” which helps you plan for each dollar earned. When you’re paid, the app assists you in mapping out how much of the income you can spend in each category you set, helping you become more intentional with your spending habits. Personal Capital Used mainly for investments, you can also get some budgeting assistance with this app! Checking accounts, savings accounts, credit cards, 401(k)s, loans, and mortgages can all be tracked and monitored on Personal Capital. The app even offers a net worth and portfolio tracker to help you get more out of your money. Honeydue Honeydue is an excellent app for couples because it allows each partner to see and track their finances, either separately or jointly. It can sync up bank accounts, investments, and loans and organize expenses into custom categories with personalized limits for each. The best part is that despite being made for partners, privacy can be toggled to each user’s specifications. Fudget If you’d rather not sync up all of your financial accounts, Fudget may be right for you. The app is straightforward, with lists of incoming and outgoing money and a balance tracker. There aren’t any budgeting categories or graphs to interpret — it’s finance at its simplest. SETTING AND MAINTAINING BUDGETS IN 2023 The 5 Best Apps to Track Your Spending
Recently, the IRS received a monumental budget increase, and Senate Finance Committee Chairman Ron Wyden has voiced his opinion on how $80 billion should be allocated and spent over 10 years. First and foremost, improving customer service has made the top of the list — taxpayers and tax specialists, we hear you loudly applauding! Due to the pandemic and government shutdowns, IRS employees were overstretched. The lag time in tax return processing and difficulty contacting Revenue Agents, Officers, and Appeals Officers have been frustrating, and it seems like something will finally be done. There will be a massive hire of IRS employees to help alleviate the shortage. The IRS also plans to invest in technology to improve service and enforcement across the board. This implementation will likely be lengthy, but in time, the fax machines and other older equipment will be upgraded. They will also be conducting more
Air Fryer Roasted Salmon With Sautéed Balsamic Spinach
Inspired by TasteOfHome.com
No matter what financial goals you strive to achieve this year, an app is an easy and accessible way to get you on the golden road in 2023!
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ORP, OR LLC PROVEMENTS HE HORIZON
WIN OF THE MONTH Playing the Long Game CASE SNAPSHOT Client: Plumbing and HVAC Contractor Type of IRS Issue: Payroll and Business Income Taxes Tax Year in Question: 2014-2021 IRS Claimed Liability: $5,373,640.97 Savings: Just under $4,000,000.00 (in 10 years) This client came to us, distressed and distraught, feeling like their hands were tied, with overwhelming payroll tax and business tax issues. They had issues dating back eight years and had racked up a debt with the IRS and a tax liability of over $5 million for payments due going back all the way to 2014 — talk about a dangerous, sticky situation! After analyzing the client’s finances and debts, we were able to work out a Partial Payment Installment Agreement (or PPIA) for $12,000 a month with the IRS revenue officer. The PPIA program is a monthly payment plan option available for taxpayers who have a liability they are unable to pay off in the time period that the IRS has to collect. Although $12,000 a month sounds like a lot, once they have paid for 10 years and the Collection Statute Expiration Date passes, the client will end up with a savings of just under $4 million, making the wait worth it in the end. On an over $5 million liability, the client will end up paying just $1.4 million over 10 years! Our practitioner was able to use the Partial Payment Installment Agreement option to get the very best outcome for our client! It’s a long wait, but well worth the MASSIVE savings! Now, our client has a large weight and obligation lifted off their shoulders and is ready to move forward, obligation-free!
audits; however, they have stated this increase will not include those who make less than $400,000 a year. Thus, higher-income individuals will need more qualified tax professionals’ assistance now than ever. Chairman Wyden also announced that due to “persistent” budget slashing throughout the past couple of years, the IRS has “conducted virtually no oversight of hundreds of thousands of shell companies in offshore tax havens that it has approved as financial institutions.” Thus, Chairman Wyden predicts funding to be utilized “to monitor whether offshore entities are properly reporting accounts belonging to U.S. persons, and to take enforcement action against foreign banks and other intermediaries who help conceal income.”
Ultimately, the IRS aims to reduce the tax gap, estimated at roughly $600 billion annually.
In the coming years, we can only expect experiences with the IRS to improve!
INGREDIENTS
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3 tsp olive oil, divided 4 salmon fillets (6 oz each) 1 1/2 tsp reduced-sodium seafood seasoning
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10 cups fresh baby spinach (about 10 oz) 6 small tomatoes, cut into 1/2-inch pieces 1/2 cup balsamic vinegar
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1/4 tsp pepper
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1 garlic clove, sliced Dash of crushed red pepper flakes
DIRECTIONS
1. Preheat air fryer to 450 F. Rub 1 tsp oil over both sides of salmon, then sprinkle with seafood seasoning and pepper. In a greased air fryer basket, place salmon. 2. Cook about 10–12 minutes until fish flakes easily. 3. In a 6-qt stockpot, place remaining oil, garlic, and pepper flakes. Heat over medium-low heat for 3-4 minutes. Increase heat to medium-high. Add spinach and cook until wilted. Stir in tomatoes; heat through. 4. In a small saucepan, bring vinegar to a boil. Cook until vinegar is reduced by half, then remove from heat. 5. Arrange spinach on serving dish. Place salmon over spinach mixture and drizzle with balsamic glaze.
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1 Keeping Yourself Accountable in 2023 2 5 Apps to Track Your Spending IRS Improvements Are in the Works Air Fryer Roasted Salmon With Sautéed Balsamic Spinach 3 Win of the Month 4 Explore the Lore of Middle-Earth INSIDE THIS ISSUE
EXPLORE THE WORLD OF MIDDLE-EARTH IN RECOGNITION OF J.R.R. TOLKIEN DAY
On Jan. 3, we recognize J.R.R. Tolkien Day in honor of one of the most prolific storytellers and world builders of the past century. Tolkien is responsible for creating the world of Middle-earth, which most people are familiar with thanks to “The Lord of the Rings” books and movies. The talented author has
if you’re planning to read the entire “The Lord of the Rings” trilogy, so make sure you have ample time to read.
Watch shows and films inspired by Tolkien’s work. Peter Jackson’s collection of “The Lord of the Rings” and “The Hobbit” movies are fantastic adaptations of Tolkien’s original work and are always worth a rewatch when J.R.R. Tolkien
inspired many individuals with his work, including “Game of Thrones” author George R.R. Martin and even Led Zeppelin. If you’re a fan of “The Lord of the Rings” or anything hobbit-related, you might want to take advantage of J.R.R. Tolkien Day. Here are a few ways to get your Middle-earth fix in early January.
Day rolls around. You can also watch Amazon Prime’s new “The Rings of Power” show that dives deeper into the lore of Tolkien’s expansive world. If you’re looking to learn more about the man himself, try watching the 2019 British-American biographical drama film, “Tolkien.”
Play video games that take place in Middle-earth. If you’re into video games and Tolkien’s work, you’re in luck! “Middle-earth: Shadow of Mordor” and “Middle- earth: Shadow of War” are both well-received games that are highly beloved by fans of Tolkien’s work and gamers who enjoy stealthy action games. Over the past few years, a game that allows you to play as Gollum called “The Lord of the Rings: Gollum” has been in development and will surely bring joy to fans everywhere when it is released.
Read Tolkien’s books. The books are where Middle-earth first
came to life. With “The Hobbit,” “The Lord of the Rings,” and “The Silmarillion,” there’s no shortage of Middle-earth stories to consume. These books are written elegantly and contain much more detail than Peter Jackson’s film adaptations. These books are lengthy, especially
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