Francetic Tax Resolution LLC - October 2021

Check out the October edition of our monthly newsletter!





What I Learned From the Legendary Morley Torgerson

When I was in grade school, one of my favorite people in the world was a guy named Morley Torgerson. He was a Navy veteran, local mailman, and my very first basketball coach. I played on his teams from 5th to 8th grade — and he spent pretty much the whole time yelling at me. The biggest thing Torgerson held on to from his time in the Navy was the idea of strict discipline. He didn’t mess around, and he expected us to play our best, which meant there was a lot of yelling when we didn’t play to our capabilities. He probably shouted at me more than anyone else! Looking back, I think it’s because he saw the potential in me. I was a hard worker, and he knew that if he yelled at me, I’d listen, and the whole team would follow suit. I never for a minute thought Torgerson’s yelling meant he hated me. Most guys are a little bit intimidated by their coaches, but to me, he was literally the guy next door. He lived about three blocks down the street and took a special interest in me. He’d swing by to play basketball in my driveway (he always beat me, of course), and if my friends and I wanted to shoot hoops on a weekend, we could call him up and convince him to unlock the school gym for us. Not only would he do it (after we peddled like mad on our bikes to get there), but he would also jump in and play! He taught me everything I needed to know about basketball, starting with the basics like conditioning, ball handling, and proper shooting position. Yelling or no yelling, I never had a doubt that he was an awesome coach. Today, there are some professional coaches who still have that old “my way or the highway” approach, but they’re getting rare. Bill Belichick of the New England Patriots and Gregg Popovich of the San Antonio Spurs are the only ones who come to mind. They get respect from their teams, even when the players they’re screaming at are millionaires. I’ve been thinking about coaching because I realized during one of my recent client meetings that the tax resolution work I do is a lot like coaching basketball. Of course, I’d never yell at a client that way, no matter how much potential they had! But there are other similarities. I’m the guy who builds people up, shows them the way forward, and keeps them on the straight and narrow. It’s a skill that takes practice, but acting as a coach for

my clients is one of my favorite parts of the job. I always think of Torgerson when I do it.

After he coached our basketball team, Torgerson went on to work with girls basketball and volleyball teams at the high school level. He really was a born coach. Today, he’s living his best life down in Arizona. He retired about 10 years ago and spends winters down there and summers up here in Wisconsin. I like to imagine he’s still shooting hoops in his driveway when he feels up to it. If you or someone you know needs a tax coach, I learned from the best! Reach out to me any time for guidance, advice, and more. Pretty much the only thing I can’t do is open up the school gym for you. I’ll have to work on that one! Paul Francetic




Fall brings apple cider, pumpkin patches, fun seasonal outfits, and corn mazes. Unless you are visiting a “haunted” corn maze, you and your family probably won’t be chased by a chainsaw-wielding serial killer while you try to navigate through. However, safety risks are still present. Here are five safety tips to keep the fun coming during your next corn maze experience. Follow the rules. At the entrance to each corn maze, there should be a sign stating the rules for visitors. For the safety of yourself, your children, and others, be sure to read each rule and follow along. Always accompany your kids in the corn maze — it is a maze, after all! Watch for tripping and fire hazards. Keep your eyes peeled for any obstacles on the path, including holes, bumps, ruts, and corn stalks. While navigating a maze, it can be easy to forget to look down while searching for the exit. To prevent fires, you should also avoid smoking and never use matches or lighters.

3. Don’t volunteer information. It’s tempting to give the IRS every document you have to prove that you have nothing to hide. But that won’t help you survive the audit process. Instead, just give the IRS exactly what they ask for — nothing more, nothing less. 5 TIPS FOR 4. Keep your original documents. Never, ever give your original documents to an IRS agent for longer than it would take them to make a photocopy. If you do, they might lose them! IRS agents make mistakes, but they’re protected from responsibility. To keep your documents safe, give the agent copies whenever possible. 5. Hire a professional negotiator. The IRS almost never wraps up an audit without finding something in its favor, but you can negotiate any tax issues it discovers. It’s best to hire a professional like me to do this because I know your rights as a taxpayer and understand complicated IRS procedures. Wear proper footwear. Ensure that you and your family all have proper footwear, preferably closed- toed shoes, while exploring the maze. You never know what kind of critters or potentially harmful hazards may appear in your path. Eat beforehand and stay hydrated. Be sure to eat before setting out into the maze and don’t bring any glass bottles with you, as it can be dangerous if broken. Furthermore, do not consume alcohol before or while enjoying your time at the corn maze. Be prepared. Accidents can happen, usually at the most unexpected times! It is important to always have a first-aid kit handy. Be sure to call 911 in an emergency and let staff know what is going on. As long as safety is the top priority this fall, fun will be had by all! There’s No Need to Fear the IRS! SURVIVING AN AUDIT

Halloween is coming up, so let’s talk about one of the scariest sentences in the English language: “You’ve been selected for an IRS audit.” No one looks forward to being audited. But for gig workers, contractors, and business owners, the process can be a real nightmare. Even if you think all of your documents are in order, you’ll probably still find yourself sweating nervously under the eye of the IRS. The good news is that you have me on your side. I’ve helped clients through hundreds of IRS audits over the years, and I know exactly what you should do to get the best possible outcome. Here are five of my best tips for surviving an audit. 1. Stick to your notice deadline. When your audit notice comes in the mail, you should have 30 days to respond to it. Don’t miss that deadline. If you do, you’ll start your audit off on the wrong foot and likely be penalized with a bigger tax bill.

2. Request more time if you need it. You can ask for an extension to get your paperwork in order. This is the best thing to do if you aren’t ready.

I’d love to negotiate for you and can even help you appeal your results. If you or someone you know is facing a scary audit, call me to take the fear away!




If you are a Wisconsin resident and a disabled veteran who owns a house in Wisconsin, you may be eligible for a Disabled Veterans and Surviving Spouses (Unremarried) Property Tax Credit. You can qualify for the credit by answering “yes” to the following statements:

• You served on active duty under honorable conditions in the U.S. armed forces or in forces incorporated in the U.S. armed forces.


• You were a resident of Wisconsin at the time of entry into that active service or had been a resident of Wisconsin for any consecutive 5-year period after entry into that service.

• You are currently a resident of Wisconsin for purposes of receiving veterans benefits under chapter 45.

• You have either a service-connected disability rating of 100% under 38 USC 1114 or 1134 or a 100% disability rating based on individual unemployability. If you meet the qualifications outlined above, you should have received a certification letter from the Wisconsin Department of Veterans Affairs. If you have not received this certification letter, you will need to contact the department and request the certification letter before you can apply for the property tax credit on your Wisconsin Form 1 income tax return. The credit is claimed on Line 31 on the 2020 Wisconsin tax return. If you qualify for the credit in the current year and already filed your tax return, an amended return will have to be filed; also, amended returns will have to be filed for each year back to 2017. Right now, the credit can be claimed for 2020, 2019, 2018, and 2017. Wisconsin only allows refund requests going back four years. The certification letter may state you qualify for a year earlier than 2017, but it will not be possible to get a refund before 2017. Copies of the certification letter, current year real estate tax bill, and proof of payment of the real estate tax need to be included with each tax return. The credit only applies to net real estate taxes paid and not any other additions to the real estate tax bill, such as trash collection or assessments for sewer, water, and improvements. I can e-file amended tax returns for 2020, 2019, and 2018 to facilitate a quicker processing time, but a paper amended return will have to be filed for 2017. If you know of any disabled veterans who may qualify for this credit, please have them contact me so I can answer any questions they may have and help them file the original or amended tax returns for the eligible years.

Bring the salty taste of Oktoberfest to your home kitchen with these soft pretzels! Inspired by INGREDIENTS

• • • • •

1 1/2 cups warm water

• • • •

3 tbsp oil, divided 2/3 cup baking soda

1 tbsp salt 1 tbsp sugar

2 eggs, beaten

1 packet active dry yeast

Coarse salt, for sprinkling

4 1/2 cups flour


1. In a bowl, combine water, salt, and sugar. Add yeast and let rest for 5 minutes. Add flour and 2 tbsp oil, then mix thoroughly into a dough. 2. Remove the dough from the bowl. Coat bowl with remaining oil, then return the dough, cover with plastic wrap, and set it aside in a warm place for 1 hour. 3. Preheat oven to 450 F. 4. Cut dough into 8 pieces. Roll them into thin ropes, then twist ropes into pretzel shapes. 5. In a large pot, boil water. Add baking soda, then boil each pretzel for 1 minute, flipping halfway through. 6. Transfer pretzels to a baking sheet. Brush them with egg and sprinkle with salt. Bake for 10–15 minutes. Enjoy!








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Tax Coach Reporting for Duty Corn Maze Safety

5 Tips for Surviving an Audit Wisconsin Disabled Veterans Property Tax Credit Oktoberfest Soft Pretzels How the MLB Helped Create Disney+



You don’t become America’s national pastime without learning how to adapt — and Major League Baseball (MLB) made the ultimate pivot.

BAM became such a smashing success that it soon became BAMTech and started creating platforms for other popular sports leagues like World Wrestling Entertainment (WWE) and the National Hockey League (NHL). (It even assisted HBO!)

This October, MLB’s biggest stars and teams with the most wins all-time will take the field for the 2021 playoffs. The winners will be crowned champions of the world, but the league these champs call home already owns an equally prestigious title: the founders of streaming services.

In 2017, one of the biggest players in movies, Disney, invested in BAMTech, claiming a majority stake, and began its transition into streaming services.

Soon after, as The Hustle reported in July 2021, Disney announced Disney+, a streaming platformwhose features were similar to that of Netflix and BAM. In March 2021, Disney+ hit more than 100 million users, making it a powerhouse in

Their legendary reign started back in the early 2000s, when former MLB

commissioner Bud Selig asked every team in the league to contribute $4 million for the creation of Baseball Advanced Media (BAM). At that time, the dot-com bubble had yet to burst, and Selig wanted America’s once favorite sport to “keep up with the times,” so to speak. BAM created a website for each team, but it soon took on other qualities that gave it an edge. The Hustle reports that BAM offered online video, multidevice watching services, and a large data and broadband structure before other major platforms even existed.

streaming — all created because of BAMTech.

Today, BAM and BAMTech are credited with being on the forefront of streaming services and continue to hold a power position over streaming and within entertainment companies. "Media companies are not good at tech and really struggle with large scale," says investment analyst Rich Greenfield in The Verge. "They don’t trust companies like Google or Amazon, who want to displace them. BAM is seen as friendly."



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