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JUNE 2025 VOLUME 9, ISSUE 6
TOPH’S TAX RESOLUTION TIMES
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Igniting the Spark Baseball Season Rekindles Old Memories
Baseball has always had a special place in my heart. And it’s easy to be a baseball fan here in Cincinnati. Opening Day for the Reds is a major holiday. The team has a longstanding tradition of always opening at home, and the whole city celebrates. The streets are packed, businesses close early, and the downtown is a mob scene as people welcome the start of the season. Ashley and I took Mac and Rex to see the Reds host San Francisco on Opening Day, and they loved it. The next day, I took five of our kids to a community event hosted by Reds star pitcher Hunter Greene. To promote the sport, Greene partnered with a nonprofit, Activities Beyond the Classroom, to hand out a huge amount of equipment, including hats, gloves, shoes, backpacks, shirts, and bats. I couldn’t believe the scale and generosity of the event! Our kids came away with their share of swag, including autographed cards and a new bat for Mac. Greene’s goal was to encourage kids to play, and it worked for us. None of our kids took their Reds hats off all day. Afterward, I took them all to the park to play baseball, helping the little ones hit off the tee and pitching to the older ones.
The memories of my own days in youth baseball always return when I throw a ball around with my kids. Baseball was my best and favorite sport. According to my parents, I started playing at 3 years of age, bypassed T-ball, and went straight into coach pitch. I say this humbly, but adults back then thought I was a prodigy. I started switch-hitting at age 7 or 8 and then played on select teams up through sixth grade. Then came a season when I wasn’t playing well. I was on a highly competitive team, and I got benched. I can understand it: The coach wanted to win and I was struggling, so he put somebody else in the lineup. That snowballed into a bad experience. Weary of having all my summers consumed by playing 40–60 baseball games a season, I quit select competition. I still love the sport, though, and I have always loved the pace of the game. It’s a very strategic sport. Although it’s a team game, it pits one batter against one pitcher or one fielder, forcing each one to think on their feet. I’d love it if my kids were interested in baseball. But I’ve learned not to push any of them into playing any sport unless they ask. As a fourth grader this year, Mac had his first chance to try out for a select team. We had a big discussion about it, and Ashley and I were
adamant: Mac is a good player, but playing on a select team is a major commitment, and he won’t be missing as much as he thinks by not trying out. He is likely to have more fun playing with his friends on the rec league team, and he can move onto a select team later if he wants. Rex is a little more interested in baseball since the Reds game, but I can tell he doesn’t want to play the same sport as Mac. He is playing soccer, partly because Mac plays baseball. He’s the oldest of our kids who play that sport, so the spotlight is on him. As we enter National Little League Baseball Week this June, I feel a little sad, as always, that my childhood career ended as it did. But it’s fun to reminisce and play with the kids. We have one baseball player in the family so far, and hopefully we’ll have a couple more. Time will tell whether these experiences with baseball ignite a lasting spark!
–Toph Sheldon
DON’T LIVE IN FEAR - TOPH IS HERE!
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Going to a theme park is one of the most memorable ways to spend a family vacation. Theme parks are full of excitement, but they can also be overwhelming — especially with young kids in tow. The right game plan can turn a day of long lines and potential meltdowns into a fun, memorable adventure. Plan smart, play hard. Rather than simply packing up and heading to the park, take some time to research and plan your trip. Look into show schedules and ride restrictions, such as height limits, ahead of time so you can plan your day. Many parks also have mobile apps to track wait times and order food. Visit the most popular attractions early before the crowds swell. Visiting on weekdays or during off-peak seasons also helps avoid long lines to maximize your family’s fun. THRIVE IN THE THRILLS A Family Guide to Theme Park Fun
Many of our tax victories for clients depend on our ability to negotiate a favorable compromise with the IRS. Now and then, though, we take a deeper dive and turn our clients’ big tax debts into dollars in their pockets. That was the case with a client who came to us early last year in a panic. This client, a retiree, had been audited, and the IRS claimed he owed $330,000 for the tax year 2020 on profit from the sale of his home. He had sold his house for $580,000 but neglected to report the sale on his tax return. When the IRS received a 1099 reporting the proceeds, the agency assumed his cost basis was zero and accused him of underreporting his income by $580,000. The result: The IRS slapped him with a bill for $250,000 plus interest and penalties and a lien on his assets. By the time this client came to us, his tax bill had ballooned to $330,000, the IRS was sending threatening letters, and he was frantic. It’s fair to say that many companies promoting themselves as tax resolution specialists would have taken one look at the sheer size of this guy’s tax bill and charged him a huge fee. Also, they would have handled his case as a collections issue, without questioning whether he actually owed the money. They may have lacked the expertise, the commitment, or both, to examine this taxpayer’s finances and scrutinize the IRS’s claims. FROM A 6-FIGURE TAX BILL TO A REFUND CHECK Toph’s Tax Triumph
Remember snacks, drinks, and sun protection. Theme park restaurants can be expensive and busy. If you plan to dine in the park,
make reservations to avoid wasting precious time in long lines. If allowed, pack your own lunch to save time and money. It’s also wise to carry reusable water bottles to keep the family hydrated without breaking the bank on expensive bottled water.
I reviewed the client’s tax filings, did some research on his property, and quickly concluded that he actually didn’t owe the IRS anything — nada .
If visiting a park during summer, don’t forget the sun protection. Sunscreen, hats, sunglasses, and
He did err in neglecting to report the sale of his house. But if he had reported that income, he also would presumably have reported what he paid for it, which was $400,000. Therefore, he actually gained only about $180,000 on the sale, well below the $250,000 exemption the IRS allows on profit from the sale of a primary residence. The result: For a small fee, we simply filed an amended 2020 return reporting those facts.
breathable clothing are a must when walking all day in the heat. Taking a few minutes for a midday break in a shaded area or at an indoor show will help the family recharge for the rest of the visit. Keep expectations flexible and fun. Even with careful planning, things won’t always work out like you hope — expect ride closures, long lines, and cranky kids. Creating a list of backup attractions or activities can help you easily pivot if Plan A doesn’t work out. And don’t try to see everything in one visit. Trying to hit every ride can backfire and make the trip miserable. Often, the best memories happen in unexpected moments. A little structure mixed with flexibility can lead to a lot of fun and ensure your family’s theme park adventure is about making memories rather than managing stress.
And instead of a bill for $330,000, the IRS recently issued my client a refund check for $9,200!
Had his case been handled as a collections problem, all my client would have gotten out of the process was a big bill from the tax specialist, relief from the IRS’s aggressive collections tactics, and a time-payment plan. That massive debt would have hung over him for years.
Instead, we made the debt go away. Needless to say, our client was ecstatic.
–Toph Sheldon
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ASHLEY’S CORNER SUMMER GOAL: A GOOD PARK WITH A FENCE!
It’s a highlight of the summertime every year: As the kids get ready for their vacation from school, I have them all sit down and make their Summer Bucket List. Each of them always has certain activities they want to check off. It’s fun to see what they choose. The Cincinnati Zoo & Botanical Garden is always right up there, and it can spark some sparring: “No, I have the zoo on my list! You need to pick something else!” When that happens, we just take the zoo in different sections on multiple outings. They also like the Newport Aquarium. The boys love going to see the Cincinnati Reds play, and Roz likes visiting indoor play places. There are a million of those to choose from, and we hit those on rainy days. They are geared to younger kids, but so far, Mac hasn’t aged out of any of them. He will still go and help the little kids. This may be the last year we can all sneak into those places before Mac starts saying, “I’m not going there!” We also make a parks list. We have so many cool parks within a 20-minute drive. I plan our park outings around three criteria: One, does it have an easily accessible bathroom? Two, does it have shade? And three, does it have a fence? Those are my three requirements — bathroom, shade, and fence. Once we make our list, it’s fun to take turns: “Who gets to pick the park today?”
Then, we pack a lunch and drive there. The kids really like West Fork Park on the west side. It has a treehouse structure, a maze, a zipline, a toddler area, and it is fenced in. (I love a good park with a fence! I’m always worried about somebody escaping.) The downside is that there isn’t a lot of shade, so we try to go early, before it gets too hot.
Another favorite is Makino Park in Mason. It has a play structure, a toddler area, features for kids of different ages, and a cool zipline — but it doesn’t have a lot of shade either. We will also probably check out a new Ninja Course that opened last year at Central Park Playground in Forest Park. And there will definitely be more sports the kids want to do.
I love these summer outings. It will be fun to see what else the kids come up with this year.
Take a Break
TERIYAKI BEEF SKEWERS
Ingredients
Inspired by AllRecipes.com
• 1 1/2 cups light brown sugar • 1 cup soy sauce • 1/2 cup pineapple juice (optional) • 1/2 cup water • 1/4 cup vegetable oil
• 3 large garlic cloves, chopped • 4 lbs boneless round steak, cut into 1/4-inch-thick slices • Bamboo skewers soaked in water
Directions
1. In a large bowl, whisk brown sugar, soy sauce, pineapple juice, water, vegetable oil, and garlic together. Drop beef slices into the mixture and stir to coat. 2. Cover bowl with plastic wrap and marinate in the refrigerator for 24 hours. 3. Remove beef from marinade, shaking to remove excess liquid. 4. Thread beef slices on skewers in a zig-zag pattern. 5. Preheat grill to medium heat and lightly oil the grate. 6. Cook beef skewers for about 3 minutes per side until the meat is cooked through.
Solution on Page 4
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Cincinnati Tax Resolution Powered by Toph Sheldon 9200 Montgomery Rd., Ste. 7B Cincinnati, OH 45242
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
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INSIDE
1
Toph Reflects on His Lifelong Love of Baseball
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Family-Friendly Tips for Theme Park Success Toph Turns a Client’s $330,000 Tax Debt Into a Refund Ashley’s Corner: What’s on the Kids’ Summer Bucket List? Teriyaki Beef Skewers
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NFL Tough Guy Can’t Beat IRS Blitz
FORMER NFL STAR TACKLED BY THE IRS Toph’s Tax Nightmares
Former NFL linebacker Bill Romanowski scored four Super Bowl rings, 1,100 tackles, and 39 sacks during his 16-year pro football career. That tough-guy track record hasn’t helped Romanowski at all, however, in his effort to dodge the $15.5 million tax bill the IRS says he and his wife owe.
Romanowskis a temporary reprieve and paused the department’s collection efforts, but it looks as if the clock has run out for the couple.
A nutrition company Romanowski founded, Nutrition53, filed for bankruptcy in the fall of 2023. The government’s lawyers allege in court papers that the Romanowskis opened bank accounts on behalf of Nutrition53, then used company funds for personal expenses, including rent on a 6,000-square-foot home, veterinarian expenses, groceries, and more than 170 visits to nail salons, hair salons, and day spas. Romanowski’s NFL career with the Denver Broncos, the San Francisco 49ers, the Philadelphia Eagles, and the Oakland Raiders was marked by explosive on-field anger and repeated violations of NFL rules. He was fined for kicking and spitting on opponents and punching a teammate in the eye so hard that the damage to his eye socket ended his career. Romanowski later admitted to using steroids. After he retired, he was listed by ESPN as the fifth dirtiest player in the history of professional team sports.
A federal magistrate judge earlier this year recommended a default judgment against Romanowski and his wife, Julie, after the couple failed to
respond to IRS collection efforts. The action arose from the Department of Justice’s 2023 suit against the Romanowskis for $15.5 million in back taxes, penalties, and interest on income extending back as far as 1998–2004 and 2007.
The couple filed for bankruptcy in 2024, less than 24 hours before a scheduled hearing in that case. The bankruptcy filing gave the
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DON’T LIVE IN FEAR - TOPH IS HERE!
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