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March 2024
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CraigHansonCPA.com • (701) 252-6190
SOLUTIONS FOR TAX TROUBLES What to Do When You Can’t Pay Your Taxes
When it comes to tax troubles, I’ve seen it all. Times can be tough, and financial constraints are a reality for many. Often, this pressure leads to two common scenarios:
be up to date. I want to stress that even if you still owe taxes for previous years, the IRS considers you to be compliant if all returns are filed and current payments are made. Once tax compliance is established, we can explore the options for resolving your back-tax debt. There are three primary options: Installment Agreement, Uncollectable Status, and an Offer in Compromise. Each option has a different approach, and selecting the right one depends heavily on your individual circumstances. The Installment Agreement The Installment Agreement is a popular choice because it allows you to pay back taxes over a period of time. You have three payment options: 1. Regular Installment Agreement: This is tailored to your specific financial situation and can be negotiated based on your capacity to pay. 2. Streamlined: Provides a quicker and simpler process, often without the need for extensive financial disclosures, if your debts are under a certain threshold. 3. Partial-Pay Agreement: This allows you to make payments toward your tax debt that may not cover the full amount owed but are based on what you can realistically afford. We can help you determine which option best suits your needs and help you understand how to qualify for it. Uncollectable Status and Offer in Compromise The Uncollectable Status is when the IRS acknowledges that you are currently unable to make tax payments. It won’t forgive the debt, and they may still file a Notice of Federal Tax
• You don’t file your tax return.
• You file it but can’t pay the amount due.
You might reassure yourself, thinking, “Next year will be better,” or “I’ll pay it later, in a few months.” Before you know it, two or three years have slipped by, and suddenly, you are facing letters from the IRS. They might even be threatening letters about levies and seizing property. Tax problems can turn your life upside down, leaving you overwhelmed and unsure of what to do next. There is hope. I’ve
guided numerous clients through these challenges and can help you, too.
Contrary to what many believe,
the IRS is willing to work with taxpayers. After all, they just want to be
assured they’ll get their money. However, as a government agency, they have specific rules and regulations to resolve the situation successfully. Tax Compliance and Collection Alternatives The first step is to be compliant with the IRS, which means all tax returns for the past six years are filed. Current tax payments for the current year you are filing for (2023) should
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Have tax problems? Unsure what to do? Our Free video reveals what you should and should NOT do when you receive the dreaded letter from the IRS. CraigHansonCPATaxResolution.com
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Master the Art of Conversation and Sales
Have you ever encountered a salesperson who launched right into their spiel without talking to you beforehand? If so, you know firsthand the importance of listening first. Not only do salespeople like this make you feel like a commodity, but it often leads to misaligned sales attempts. It’s like someone trying to sell siding to someone who owns a brick home — or pitching the latest car model to someone who is fully content with their slightly new, fully paid-off model. These sales attempts fall flat, but more importantly, they miss an opportunity to connect with the prospective client. Instead, salespeople need to open the conversation and have a dialogue with prospects. There doesn’t need to be a lengthy discourse; salespeople must still respect a potential client’s time. A short, meaningful exchange can reveal insights into who they are, their business needs, and their goals. Then, no one will waste valuable time pitching or listening to information about an irrelevant product. Being a good conversationalist, no matter who you are, leaves a positive impression and makes you memorable. Through these interactions, you lay the foundation for relationships — and as we know people do business with those they know and trust. How can your prospects know and trust you if you don’t take the time to know and trust them? Clients who feel heard and understood are more likely to become loyal advocates of your brand, extending your reach beyond conventional marketing efforts. Listening
The secret lies in asking the right questions. Start by asking about their business. “Why” questions are particularly powerful. For instance, why are they launching a new product, or what prompted them to add staff? These questions show your interest in their business and give insight into their motivations and challenges. To ask meaningful questions, you must come prepared. Before sitting down with a prospect, do your homework. Visit their website, read their “About” page, and familiarize yourself with key staff members. This background information equips you to ask relevant questions and demonstrates your genuine interest in their business. Other practical questions involve their needs and goals. What did they learn from the previous year? What changes do they want to make this year? As they respond, engage with follow-up questions to show you understand. For example, if they mention adding a new CRM (Customer Relationship Management) system due to increased orders, ask them what drove their growth. These conversations reveal their plans and business needs, which will help you align your products and services appropriately. The goal isn’t to be intrusive but to express natural curiosity about their business. They set a business meeting with you and expect to discuss business matters. When you ask strategic questions, you shift the dynamic from a transactional encounter to a meaningful relationship. This shift builds trust — a crucial element in any business relationship.
to your clients goes beyond being personable. It builds a client-centric culture that builds a foundation for long‑term growth. Focusing on conversation, rather than aggressive pitching, is not only polite but also a strategic move that can lead to more meaningful business relationships. So, how do we effectively shift our approach to ensure our conversations with prospects are as productive as they are pleasant?
The art of conversation in sales and life is about finding a balance between being informative and attentive. It’s about listening and understanding the prospect’s unique needs and goals. Embracing this will grow your sales and strengthen your business relationships, turning them into long-term clients. So, let’s step out of the traditional sales script and start listening. We can transform our sales tactics one conversation at a time.
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else in life depends.” Being organized saves time, helps relieve stress, and improves mental health. Enhances Your Outlook on the Day Making a list of things to do for the day is one of the best ways to plan and guarantee a productive day. Whether you do it the night before or the following morning, this trick helps you dive right in and complete your tasks. Helps You Avoid Procrastination We all procrastinate sometimes. Glancing at phone notifications or browsing social media are distractions that
your year and five-year plans into monthly milestones for you to hit. Then, it’s easier to create a monthly list of your primary goals at the beginning of every month. Using this list, break those goals into smaller, week-to-week, and daily tasks. While it may seem daunting to write all of these down, software programs and apps can help you organize your short- and long-term goals; these include project management and time management software such as Taskwarrior, Monday, Asana, and Replicon. Tick off items on your list as you finish them; seeing this progress will help you move forward with conviction.
drain significant time and often delay or stop us from reaching our goals. Using a list to prioritize tasks can reduce the temptation to succumb to time wasters so you work faster and smarter, leaving you with more personal time. How do you organize your time with lists? To ensure your daily to-do lists are the most effective for the future you envision, take a step back to do some more significant planning first: creating a master list of sorts identifying your life’s dreams and goals. Then, sort those goals by how long they will take to accomplish. After this, you can break
Starting every day off with a set of goals to meet helps you focus and avoid time drains that come with disorganization and procrastination. This simple yet effective time management tip will show you where you spend most of your time, allowing you to dedicate more direct energy to those issues. Proper scheduling and organization will give you back one of your most precious commodities: time. Start writing your daily to-do list today, and see how much closer you can get to achieving your goals and dreams.
TIME TRAVEL WITH US
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Lien to safeguard their claim on your assets. However, they will refrain from taking further enforcement action, such as seizing your assets or income. The Offer in Compromise This is when the IRS accepts a lesser amount than what is owed, and you commit to paying the negotiated sum. The negotiated sum is determined using a formula called the Reasonable Collection Potential or RCP. The formula calculates the net equity in your assets plus your excess future income over 12 or 24 months. Getting accepted into this agreement requires strategic planning. Also, to qualify for this option, you must remain in tax compliance for five years after the agreement is signed. Remember, there is help; you are not alone. If you or someone you know is dealing with tax payment
Grab your time travel hats! We’re traveling back to stories you won’t find in the history books! Right Place, Right Time
Imagine a Parisian street filled with life. A photographer is there, about to take the first known photograph of a person. But the only person still enough to photograph was a man getting his shoes shined! The shoe-shining duo became unexpected celebrities in history as the subject of the first known photograph of humans in 1838. The Big Short In the summer of 1937, something extraordinary happened on the streets of Toronto that changed fashion forever. Two daring women went out in public wearing shorts. The sight was so unusual that it drew overwhelming attention and even caused a car wreck! While the moment caused quite a stir, it wasn’t until after World War II that shorts gained popularity.
challenges, we are happy to help. Addressing tax issues proactively can turn a nightmare into a manageable situation so you can move forward stress-free. –Craig Hanson
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905 James Ave. NE • Jamestown, ND 58401 (701) 252-6190 • CraigHansonCPA.com Inside This Edition 1. Tax Problems? There Is Help! 2. Reshaping Sales Conversations 3. 2 Underappreciated Historic Events 4. Maximize Your Time to Achieve Your Goals THE BENEFITS OF USING LISTS USE TIME MANAGEMENT AS SUCCESSFUL CEOS DO Initial business hurdles can seem insurmountable but can be overcome with patience, knowledgeable help, and proper time management. Time is a precious resource; the more organized you are in your life or business, the more profit you can earn. Speaking to a packed crowd, world-renowned motivational speaker and entrepreneur Brian Tracy noted that 49 out of 50 successful CEOs have one thing in common: They write down their daily to-do lists, including everything they have to do for the day. This simple time management strategy is the key to ensuring you stay on top of your business goals and don’t waste valuable time. Effective time management isn’t just for business owners; it’s also an excellent tool for your day-to-day life as you carve out more space for your most precious resource: time. What are the benefits of managing your time? Everything you will ever do takes effort and time. It’s the one asset we all have in common; it’s finite and can’t be saved for
Have tax problems? Unsure what to do? Our Free video reveals what you should and should NOT do when you receive the dreaded letter from the IRS. CraigHansonCPATaxResolution.com
use later. Managing your time allows you to get the most out of your work and the other things vital to you in life. Experts talk a lot about time management, but what is it? Time management is optimizing and scheduling your time to allow for all of your responsibilities and obligations. Utilizing these techniques can help you complete more in less time. Helps You Get Organized Brian Tracy states, “Time management is not a peripheral activity or skill. It is the core skill upon which everything
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