In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, an experienced enrolled agent and president of Dr. Friday’s Tax and Financial Firm, delves into the process of helping individuals become compliant with the IRS. She shares a compelling case study of a client who hadn’t filed taxes in 20 years, accumulating a debt of $150,000. Dr. Friday explains the strategy of filing the last six years of taxes unless there are prior assessments, as in this case, where they had to rectify filings as far back as 2001. This episode sheds light on the critical role of enrolled agents in negotiating with the IRS, especially in complex cases that preclude straightforward solutions like an offer in compromise.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
As an enrolled agent what we do is help individuals get into compliance with the IRS, which usually means we only have to go back six years and file taxes if the IRS hasn’t already assessed you for the years before. So if you have an assessment, and in the case I’m going to tell you about this gentleman, he owed about $150,000. He hadn’t filed taxes in 20 years, so most of them were assessments, and we had to go back as far as 2001 to make a deal because the assessment had been done and it was completely wrong and he wasn’t going to be able to do an offer and compromise. This is the kind of stuff we can do to help you.
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