ORP, OR LLC
WIN OF THE MONTH Strategic Patience Leads to Major Savings
What changes can we expect? Here are some key changes that could impact individuals and families: • Higher Tax Rates: The lower tax brackets introduced in 2017 will expire and you may find yourself paying more in federal income taxes. • Reduced Standard Deduction: The standard deduction, which nearly doubled under the TCJA, will decrease, potentially making more of your income taxable. • Shrinking Child Tax Credit: The expanded child tax credit will revert to lower amounts and reduce tax benefits for families with children. • Estate Tax Exemption: The higher estate tax exemption is set to expire, which could affect those planning to transfer wealth to their heirs and loved ones. What can you do? While the potential changes might sound concerning, proactive planning can help you navigate this transition. Here are some steps to take! •
At IRS Trouble Solvers, we know every tax case is unique, and success often comes from persistence, expertise, and strategic planning. Here’s how we recently helped a long-standing client achieve significant savings on their income tax liability. The Challenge The client faced an income tax liability of $397,995.86 spanning nearly a decade, from 2013 to 2021. Despite our repeated efforts to negotiate resolutions, the client’s situation required a tailored approach.
CASE SNAPSHOT
Client: Long-Term Client Taxpayer Type of IRS Issue: Income Tax 1040 Tax Years in Question: 2013–2021 IRS Claimed Liability: $397,995.86 Savings: $278,981.36
Consult a Tax Professional: Work with a CPA or financial advisor to understand how the changes may impact your specific situation Evaluate Your Estate Plan: If you’re planning to pass on assets, review your estate plan now to maximize exemptions before the changes.
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Plan for Higher Taxes: Adjust your budget and savings strategy with the possibility of increased tax liability in mind.
INGREDIENTS
Our Strategy We enrolled the client in the Tax Monitoring Program (TMP) to monitor the liability while the IRS’s Collection Statute Expiration Dates (CSEDs) began to expire. Surprisingly, the client was not in active collections, which allowed us to focus on maximizing the benefits of the CSED expirations.
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2 1/2 lbs skinless, bone-in chicken thighs
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4 celery ribs, chopped
4 medium carrots, chopped
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1 tsp salt
2 bay leaves
1 tsp pepper 2 tbsp olive oil
1 tsp dried thyme
3 cups uncooked egg noodles (about 8 oz)
The Result Over time, strategic patience and monitoring have paid off in a big way:
1 large onion, chopped 3 garlic cloves, minced 10 cups chicken broth
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1 tbsp chopped fresh parsley
1 tbsp lemon juice
• $278,981.36 of the client’s liability has already been written off as CSEDs expired. • The most recent CSED expiration on July 1, 2024, eliminated an additional $108,301.19 in liability. • Total Savings to Date: $278,981.36 This case highlights how understanding and leveraging IRS policies, like CSED expirations, can lead to extraordinary outcomes. Strategic enrollment in the Tax Monitoring Program allowed us to save the client thousands of dollars while ensuring they remained compliant and stress- free. It’s another win that showcases our commitment to delivering expert solutions for even the most challenging tax situations.
DIRECTIONS
1. Season chicken with salt and pepper. In an 8-quart stockpot over medium-high heat, add oil and chicken and cook until golden brown, 3–4 minutes. Remove chicken and set aside. 2. Add onion to drippings; cook over medium-high heat for 4–5 minutes. Add garlic and cook for 1 minute. Add broth and bring to a boil. Return chicken to pot. Add celery, carrots, bay leaves, and thyme. Reduce heat and cover; simmer until chicken is tender, 25–30 minutes. 3. Turn off heat. Remove chicken to a plate. Add noodles and let stand, covered, until noodles are tender, 20–22 minutes. 4. Shred chicken meat into bite-size pieces, and return to pot. Stir in parsley and lemon juice, and discard bay leaves.
If you’re facing a tax issue, reach out to IRS Trouble Solvers today. We’re here to help you find relief.
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