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All taxpayers deserve quality taxpayer support and representation. However, this can be a costly avenue to achieve. Many taxpayers who stumble upon a tax dispute are unaware of the assistance out there. In this week’s podcast, Kelly talks about options for taxpayer help. The LITC, also known as Low Income Taxpayer Clinics, are independent organizations in place to help taxpayers in need fight their disputes.

Educating Taxpayers on LITC

Kelly invites William Schmidt, Clinic Director at Kansas Legal Services, to better explain the ins and outs of LITC and taxpayer assistance programs. William has also co-authored a chapter for the American Bar Association on preparing clients for IRS disputes. In addition, William has a podcast, Tax Justice Warriors. Kelly and William share how the public can find and benefit from tax assistance.

Listen to Kelly and William talk such as:

  • How William found his way to LITCS
  • LITCS affiliations
  • Three types of Taxpayer Clinics
  • Legal aid preparation problems
  • Type of cases William handles
  • Real Estate tax concerns
  • How clinics balance cases
  • Poverty levels and funding
  • Number of Taxpayers helped per year
  • Outreach and education to the Public
  • Tax mistakes and resolutions
  • Virtual Settlements
  • Case and Trial expectations

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

LITC

William Schmidt – LinkedIn

William Schmidt’s – American Bar Tribute

William’s Podcast – Tax Justice Warriors


To keep the economy afloat, Congress introduced the Paycheck Protection Program, also known as PPP. The Paycheck Protection Program consists of potentially forgivable loans to keep employees on payroll. The long-term purpose is to help the overall economy.

Several issues and questions about PPP are still up in the air for both taxpayers and business owners. What is next for businesses who accepted money from the Paycheck Protection Program? With the many layers of the Paycheck Protection Program and the ever-changing rules, the frustration business owners and taxpayers have continued to rise. This episode’s purpose is to give listeners guidance and clarity on these concerns.

Understanding and Handling PPP Forgiveness

Tony Nitti, Partner for Rubin Brown tax service group, writer for Forbes tax content, and frequent public speaker joins Kelly this week in answering questions business owners and taxpayers have about PPP. Tony has twenty years of accounting and tax experience, focused on Corporate and Partnership taxes and restructuring. Tune in this week to hear Kelly and Tony chat about and unveil the unknowns and concerns regarding what is next for PPP applicants.

Listen to Kelly and Tony talk such as:

  • The Evolution and Confusion Behind PPP
  • The Next Steps
  • Computing Forgivable Amounts
  • Pressures Businesses Felt Aliquoting Loan Money
  • The Four Categories of Expenses and SBA Rules
  • Concerns When Applying for Forgiveness
  • Economic Uncertainties and Trickle Effects
  • Do Not Rush Application Process
  • The Unknown of Deductibility’s
  • Lender’s Positions and Issues of Early Applications
  • Audit Triggers and Buckets of Income
  • Plan for Now or Plan for Changes?
  • Hope and Chatter for PPP Penalty Relief
  • Small Borrowers Forgiveness VS. Larger Borrowers
  • Record Keeping Importance and Impact
  • The Silver Lining

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Tony Nitti – LinkedIn

Tony Nitti – Twitter

Rubin Brown

Forbes

What is bankruptcy exactly? Kelly helps to break down and define bankruptcy by, a legal process for obtaining debt relief for those unable to repay obligations. A lot of bankruptcy problems relate to corporations, but most cases are actually by individuals. Majority of bankruptcy cases are related to medical injuries or expenses. Other reasons for bankruptcy might be losing your job, going through a divorce, or simply taking on too much debt. Of course, especially currently with this pandemic, corporations and small businesses also struggle. When hearing the word bankruptcy, most jump to assume this is the end, or it is a negative road to take. However, there is so much more about bankruptcy then many of us know. Tune in to find out more about bankruptcy, as well as when it is time to reach out and if it will benefit or damage you and your financial standings.

Bankruptcy in Place to Restructure and Offer Help

Kelly invites Salene Kraemer to help provide knowledge about bankruptcy and how to go about handling it properly. Salene is a business lawyer and consultant. She helps businesses and individuals navigate their way through bankruptcy and other financial hindrances. Salene helps to inform listeners of when and how to act. She also informs the opportunities and other avenues to take when it boils down to filing for bankruptcy. Any individuals or business owners who would like to know the details and specifics on bankruptcy, will find their answers in this podcast!

Listen to Kelly and Salene talk Bankruptcy and all factors involved, such as:

  • Explanation of Bankruptcy and enabling to help
  • Restructuring of Debt
  • Analysis of Bankruptcy and Questions asked before filing
  • How to restructure, modify and lean stripping
  • Ideal candidates for Bankruptcy
  • Non-bankruptcy options
  • Consensual prepackage Bankruptcy plans
  • Tax issues and rules
  • All about Trustees
  • Business survival Vs. failure
  • How to reorganize and reoperate
  • Business restrictions post-Bankruptcy
  • Are there repeat bankruptcy clients?
  • When to file
  • Claims objection process
  • What point proves it’s time to file
  • Retirement assets
  • Income means test and variables
  • Do not fear asking for help

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Salene Kraemer- LinkedIn

Salene’s Phone number- 4124270705

Email Salene- skraemer@bernsteinlaw.com

Since the pandemic, there has been a lot of uncertainty about the economy, especially for taxpayers and business owners. Unfortunately, there have been a lot of business closures, concerns about tax compliance, increase of prices. However, the pandemic has also granted states an opportunity to recover lost tax dollars. As a result, there has been and probably will continue to be a shift in the economy and tax enforcement.  

Tax Laws for Taxpayers

How will taxpayers and business owners keep up or stay informed with the evolving shifts? Kelly invites Scott Peterson, the Vice President of Avalara, with over 30 years’ experience with tax policy and legislation. He is the former CEO of an organization devoted to making taxes simpler. Scott spent 10 years as director of South Dakota sales tax division, as well as 12 years of writing about taxes for state legislature. Who better to turn to, to better understand the tax laws and expectations? Tune in and let Scott and Kelly guide you to current and upcoming tax and economy shifts.

Listen to Kelly and Scott Discuss Tax Expectations and more such as:

  • How the shifts from pandemic impacts state budgeting and enforcement
  • Pandemic accelerating existing issues
  • How Wayfair impacted smaller businesses online and awareness impact
  • Threshold confusion
  • Sales Tax Burden vs small to large businesses
  • Marketplace Facilitator Law
  • Distant equity between states and legal challenges
  • Budget disasters and threshold Risks
  •  Extracted Taxes
  • What increased enforcement will look like
  •  Proving Sales
  • Keeping track of sales and thresholds
  • Imposing numbers on taxpayers
  • How businesses can protect themselves
  • Established processes create ease
  • How one can move towards compliance
  • Understanding what is taxable
  • Exemptions and taxable restrictions
  • Predicting the next year’s tax changes

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Scott’s – LinkedIn

AICPA

Avalara

Avalara – twitter

Avalara – Facebook

I’m looking for your quick feedback…

Bookkeeping is an important factor of properly running a business. Many people tend to think that bookkeeping and accounting are one and the same. However, they can be very different. Bookkeeping is the recording of all financial transactions within a business. Kelly invites Nicole Davis to cover everything you need to know on how to properly take care of your business’s books.  Whether you are wondering how to keep up with your own bookkeeping, looking to hire someone, or have any general questions about the bookkeeping process, this week’s episode will be key in helping grow your business!

The 101 on Bookkeeping Your Business

Nicole Davis is the Founder and Principal of Butler Davis Tax and Accounting LLC. Nicole has over a decade of experience under her belt. She specializes in accounting, tax financial management, tax advisory, tax strategy, small business accounts, mortgage loans, dealership act and financial planning. Nicole obtained her master’s in business administration, is a member of the AICPA and a CPA. Nicole helps to answer many bookkeeping concerns such as, seeking assistance, legality concerns, where to start, hiring someone and what to look for or expect in a bookkeeper.

Listen to Kelly and Nicole Discuss Bookkeeping and more such as:

  • What is Bookkeeping, how is it different from accounting?
  • Can you do it yourself? If you can, what you need to know
  • Keeping up with your Bookkeeper
  • Importance of Monthly Reconciliations
  • The Musts When Seeking a Bookkeeper
  • How Bookkeeping Differs from Field to Field
  • Trust, but Verify!
  • What Bookkeepers Need
  • Paycheck Protection Program (PPP) and Bookkeeping
  • How Bookkeeping can Further your Business
  • Clean it Up Process and Seeking Help
  • Trust on if You Save or Spend more Doing it Yourself
  • The Three Must Ask Questions
  • The Owner’s Role and Meetings
  • Next Step to Take if You Mis book Your Bookkeeping
  • The Ideal Client
  • Finding a Bookkeeper

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Kelly’s Website – Taxgirl

Nicole Butler- LinkedIn

Butler-Davis Tax & Accounting LLC

Butler Davis- Facebook

AICPA

NACPB – America’s Leading Bookkeeper Association

Some of the biggest crime cases in history involve financial disputes and tax evasion. Kelly introduces her favorite museum, The Mob Museum, in Las Vegas, Nevada. The museum focuses on mob crime history including the St. Valentine’s Day Massacre in Chicago involving Al Capone. Capone refused to file a tax return claiming that “They can’t collect legal taxes from illegal money.” The Internal Revenue Service’s new crime fighting division (now, IRS-CI) was ordered to “Get Capone” – and they did. You’ll find the story – along with artifacts – in the Mob Museum. The museum also does a great job at showing both sides of criminal cases: the criminal side and law enforcement side. Tune into this week’s podcast with a special guest host to learn more about what the Mob Museum has to offer and the early days of IRS Criminal Investigations.

The Mob Museum

Geoff Schumacher, the Vice President of the exhibits and programs at The Mob Museum, joins Kelly this week to explore the interesting facts on the history and evolution of the museum. Geoff was a journalist for 25 years at the Las Vegas Sun. In addition, he is a reporter, writer, and editor, and an author of two books. Geoff helps to uncover some interesting points on crime history, as well as the background and future endeavors in motion for the Mob Museum.

Listen to Kelly and Geoff Discuss Mob History Museum and more such as:

  •  How the Museum got started
  • The location, build and background of the Museum
  • Commitment to both stories – crime and law enforcement
  • Finding and deciding on displayed artifacts
  • Museum wish list and future hopes and plans
  • Authenticating items
  • Choosing exhibits and temporary exhibition spaces
  • Post Pandemic Museum addition
  • Most popular attractions
  • Museum Events
  • The Underground and educating employees
  • Museum mysteries and layout
  •  What is next for the museum
  • Expansion & Rebuilding Plans
  • 1941 Vegas turning point

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links Mentioned:

Kelly’s Website – Taxgirl

Geoff Schumacher – LinkedIn

The Mob Museum

The Mob Museum – YouTube

The Mob Museum- Instagram

St. Valentine Massacre in Chicago

Al Capone

Sun, Sin & Suburbia – Geoff Schumacher’s book

Movie Referrals – Casino

Cryptocurrency is a digital or virtual currency. Essentially, it was created to offer a system to enable peer to peer payments without the need of a third party, offering security and a measure of anonymity. For federal income tax purposes, it’s treated as a capital asset. And what you don’t know could hurt you since recently the IRS has made it a priority to keep up with cryptocurrency transactions. Kelly invites David Kemmerer to help guide taxpayers who are using or may be interested in using cryptocurrency.

Staying Up to Date on Cryptocurrency Regulations

David Kemmerer is the co-founder and CEO of Crypto Trader.Tax, the leading cryptocurrency software. David helps to explain the foundation of cryptocurrency, and where it is headed. David also shares the new and upcoming involvement that the IRS has in store and how to properly track and manage your cryptocurrency to avoid dilemmas. Not only does David inform taxpayers of what is coming, he also discloses the benefits, values, and stigma concerns behind cryptocurrencies. If you are currently a user of cryptocurrency or just have interest, this podcast will give you what you need to know about cryptocurrency and tax.

Listen to Kelly and David Discuss Cryptocurrency and more such as:

  •  What is Cryptocurrency and how it is used?
  • Where does Crypto get its value?
  • Capital Gain transactions with your taxes through Cryptocurrency
  • IRS Involvement, views and how to handle your taxes
  • What to be aware of when utilizing Cryptocurrency
  • Coin Base Confusion
  • How the IRS can detect if you do, or do not comply
  • 1099 reports being implemented
  • Exchange level and blockchain enablement tools
  • Why the IRS has their eyes on Cryptocurrency and the stigma behind it
  • How the benefits outweigh the cons of Cryptocurrency
  • How to Buy and manage Bitcoin or Cryptocurrency
  • How to keep track of your exchanges
  • Does the IRS involvement take away from Cryptocurrency purposes?

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links Mentioned:

Kelly’s Website – Taxgirl

David Kemmerer – LinkedIn

David’s Company – CryptoTrader.Tax

David’s Email- David@cryptotrader.tax

Bitcoin

Kelly acknowledges the statistics of life expectancy rapidly increasing, which seemingly results in more sandwich generation households. Sandwich generations are when a parent generation with children, also find themselves caring for elderly. Ultimately, these situations can lead to many challenges, including financial and emotional concerns, and everything else that comes with juggling two generations. This week’s podcast is incredibly beneficial in providing guidance, tips, and advice to help navigate the journey of living in sandwich generations.

Learn Everything You Need to Know from the Elder Law Expert

Kelly invites Victor Medina to the show this week. Victor is an expert with elder law matters. He is a nationally recognized estate planning elder law attorney, focusing on estate planning, asset protection, retirement distributions and proactive planning. Victor is the founder of Medina Law group, a family solution-based law firm. Victor offers services to help families properly plan and guide their way through taking care of multiple generations at once. Tune in to hear all the important and often overlooked matters and advice that Kelly and Victor cover this week.

Listen to Kelly and Victor discuss Planning and Managing taking care of two generations, and more such as:

  •  Balancing Finances in Sandwich Generations  
  • Advice for Anticipated Long-term Care Facilities
  • The Importance of Proper Planning and Help
  • How Flexibility and Choice Leads to Beneficial Outcomes
  • Truths on Home Health Care Fears
  • Suitably Navigating Your Options
  • Handling Premature Promises  
  • The Danger from Joining Generations
  • Sacrificing for Spouses During Last Moments
  • How to Elongate and Make the Most of This Journey
  • Coping with the Burdens
  • Think Broadly when Choosing Geography and Counseling
  • Guidance on Comingling and Keeping Matters Squared Away Separately
  • Defending and Documenting is Key
  • How to Work Outside of Paperwork
  • How to Selflessly Instruct Timely Affairs

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links Mentioned:

Kelly’s Website – Taxgirl

Medina Law Group

Victor Medina – LinkedIn

AATEELA

Empowering Women in Retirement – Book by Victor Medina

New York Times Survey – Caring for Children and Elderly

Make it Last – Victor’s Podcast

Kelly shares her research on the minorities in the tax industry. While she found that women only make up one third of the CPA population, the numbers for people of color came out to be even more scarce. Kelly found that the tax firm industry is made up of 80% white people, less than 8% black people, 6% Latino and 6% Asian American. Those numbers aren’t encouraging. Kelly invites Eric Pierre, an African American who has more than successfully beat the odds, to talk about how the numbers show that there is still work to be done.

How Eric Obtained Vast Success While Being a Minority and Facing Obstacles

Statistically, Eric Pierre is an anomaly: he’s an African American CPA and a firm owner. Eric joins Kelly this week to share his success story. Together, the two discuss what it means to be a minority in the tax profession, steps to take to beat statistical odds and the importance on impacting society while doing so.

Listen to Kelly and Eric Discuss Being a Minority in the tax and accounting profession, such as:

  • Eric’s Venture from Basketball to CPA
  • How the Glass Ceiling Led Eric to Firm Ownership
  • Does Being a Minority Reflect on Work Ethic or Recognition?
  • Being Seen and Not Heard
  • Eric’s Outlook on Loving and Forgiving Neighbors
  • Why Diversity and Trust Make a Difference
  • The Reasons for the Number Drops in Law Professionals
  • Individually Focusing Leads to Success
  • How to Disrupt the Industry for Visibility
  • Be a Leader & Make a Legacy that Gives Inspiration…Make a Change
  • How to be a Role Model
  • Understanding Business Cycles
  • Various Tax Platforms and Professions
  • Turning Resentment into Challenges

More About Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links Mentioned:

Kelly’s Website – Taxgirl

Eric Pierre – LinkedIn

Eric Pierre – YouTube Channel

Eric Pierre – Instagram

Pierre Accounting – Facebook

Eric Pierre – Twitter

NABA

Pierre Accounting

ABA

AICPA