Resilience and Resolve with Lance Drury

Breaking Free from IRS Penalties: Understanding Penalty Abatement

Episode Summary
In this episode of Resilience and Resolve, host Kevin Rosenquist and tax attorney Lance Drury take a deep dive into the world of IRS penalties—and more importantly, how to get relief from them. From first-time penalty abatement to the complex process of proving reasonable cause, Lance explains what taxpayers need to know if they’ve fallen behind and are facing costly penalties. He also shares real-world examples, insider tips, and the critical importance of proper documentation and legal guidance.
If you’re navigating tax debt or penalties—or want to avoid them—this episode provides valuable, actionable insight.
Timestamps
00:00 – Welcome Introduction to Resilience and Resolve with Lance Drury
00:26 – What Is IRS Penalty Abatement? Understanding the two types: First-Time Abatement and Reasonable Cause
02:51 – First-Time Penalty Abatement Requirements Eligibility and limitations for first-time relief
04:34 – Reasonable Cause Abatement Examples of qualifying circumstances (illness, death, bad advice, etc.)
06:38 – The Penalty Abatement Process How long it takes and the forms involved (Form 843, Tax Account Analysis)
09:39 – Required Documentation Medical records and formal proof for reasonable cause claims
10:30 – Appealing a Denial Your rights and what to expect from the IRS appeal process
12:27 – IRS Staffing Challenges Why the IRS is overwhelmed and what that means for taxpayers
13:29 – Inside Track: How Lance’s Firm Helps Using special software and legal expertise to cut through red tape
14:31 – Reasonable Cause Approval Rate Lance’s insight on success rates and false promises in the industry
15:05 – Why You Shouldn’t Go It Alone The dangers of self-representation and IRS communication
16:27 – IRS and State Agencies Bypassing Power of Attorney How notices are handled and the need for professional monitoring
17:17 – Final Advice Why hiring a professional makes all the difference
About the Show
Resilience and Resolve with Lance Drury breaks down the complex world of tax law into clear, practical guidance for individuals and businesses. Hosted by Kevin Rosenquist and featuring renowned tax attorney Lance Drury, each episode delivers essential insight into IRS dealings, tax resolutions, and the importance of legal strategy. Whether you're in tax trouble or want to stay out of it, this podcast gives you the tools to take control.

nnocent Spouse Relief: A Lifeline for Unfair Tax Burdens

Episode Summary
In this episode of Resilience and Resolve, attorney Lance Drury joins host Kevin Rosenquist to unpack the complexities of innocent spouse relief—a provision that can protect one spouse from tax liabilities incurred by the other. Lance shares real-life examples, breaks down eligibility requirements, and offers insight into the IRS’s review process, including how long it takes and why documentation is critical. If you're facing an unjust tax situation due to your spouse or ex-spouse's actions, this episode is a must-listen.
Timestamps
00:00 – Welcome to Resilience and Resolve 00:29 – What is innocent spouse relief? 01:46 – Real case example involving $100K liability 01:54 – Can married couples apply or just divorced ones? 03:22 – What qualifies someone for innocent spouse relief? 04:03 – Is it difficult to prove eligibility? 04:34 – How innocent spouse relief protects assets 05:14 – Steps to take if you believe you qualify 05:38 – IRS processing times and bureaucratic delays 08:36 – The state of the IRS and resource challenges 09:09 – What happens after the form is submitted 10:15 – Alternatives if the claim is denied 10:51 – Is there gray area in qualification? 11:30 – Importance of documentation in tax cases 13:15 – How involvement in a business affects eligibility 13:52 – Can the other spouse contest the relief request? 14:40 – IRS review process: documentation vs. hearsay 16:00 – IRS national standards and proving expenses 17:22 – Record-keeping in the digital age 17:42 – Lance’s old-school approach to documentation
About the Show
Resilience and Resolve with Lance Drury delivers expert legal insights on tax issues, IRS disputes, and financial resilience. Hosted by Kevin Rosenquist, each episode features candid discussions with attorney Lance Drury about navigating the murky waters of tax law and staying financially secure in a complicated world.

Penalty Abatement Relief or Red Tape

Episode Summary:
Tax attorney Lance Drury breaks down IRS penalties, abatement processes, and navigating complex tax resolution strategies. Learn about failure to file vs. failure to pay penalties, requirements for first-time penalty abatement, and what constitutes "reasonable cause" for penalty relief.
 
Key Timestamps:
00:31 - Types of IRS penalties and calculation methods
02:24 - Understanding "reasonable cause" for penalty abatement
04:08 - Explanation of penalty abatement process
04:54 - Documentation requirements for reasonable cause claims
05:28 - Appeals process for denied abatement requests
09:03 - Current IRS challenges and processing delays
12:17 - Timing and qualification for penalty abatement
 
About The Show:
“Resilience and Resolve” with Lance Drury delivers expert insights on tax resolution, IRS negotiations, and practical solutions for tax-related challenges. With offices across Missouri, Illinois, Kentucky, Tennessee, and Texas, Lance Drury provides comprehensive tax resolution services backed by over 20 years of experience.

Currently Not Collectible Status - Temporary Relief or Hidden Trap?

Episode Summary:
Lance Drury explores the complexities of Currently Not Collectible (CNC) status with the IRS. This episode breaks down who qualifies, the application process, and potential pitfalls taxpayers should consider. Lance shares insights on how CNC status affects penalties, interest, and tax liens, while discussing recent changes in IRS practices regarding CNC status removal.
 
Key Timestamps:
00:00 - Introduction
01:15 - Defining CNC Status vs Other IRS Resolution Options
03:05 - Qualification Requirements for CNC Status
04:20 - Long-term vs Short-term Solutions
05:56 - Hidden Risks and Downsides
09:46 - Impact on Interest and Penalties
11:21 - IRS Liens During CNC Status
14:41 - Strategic Approach to CNC Status
 
About The Show:
"Resilience and Resolve” with Lance Drury provides taxpayers with essential tools and knowledge to navigate IRS challenges. Each episode delivers practical insights and professional guidance for those facing tax-related difficulties.

Offer in Compromise vs. Installment Agreements: What Taxpayers Need to Understand

Episode Summary:
Lance Drury breaks down the critical differences between IRS Offer in Compromise and Installment Agreements. Learn how these tax resolution options work, their eligibility requirements, and which solution might be best for your situation. Discover insider tips on navigating tax debt and avoiding common pitfalls in the process.
 
Key Timestamps:
00:05 - Introduction and episode overview
00:36 - Detailed explanation of Offer in Compromise
03:25 - Eligibility requirements for both options
04:37 - How to choose between the two options
06:09 - Common misconceptions about "pennies on the dollar" promises
07:33 - Success rates and professional assistance
08:45 - Hidden risks of installment agreements
10:19 - Combining resolution strategies
11:20 - Professional advice and real-world examples
 
About Resilience and Resolve:
A professional tax resolution podcast featuring Lance Drury, delivering expert insights on navigating complex IRS situations. The show provides practical solutions and strategic advice for taxpayers facing tax challenges.

Sales Tax Demystified: What Every Business Owner Needs to Know

Episode Summary
In this episode, Lance Drury and LPN host Kevin Rosenquist discuss common issues and challenges businesses face with sales tax. Lance emphasizes the criminal implications of not remitting collected sales tax, shares a shocking case involving 96 felony charges for sales tax fraud, and provides advice on maintaining compliance. Key tips include keeping meticulous records, segregating business and personal accounts, and consulting a tax attorney early to avoid criminal prosecution. The conversation concludes with strategies for staying current with sales tax laws and how proper planning can help businesses navigate these complex regulations.
 
Timestamps:
[00:23 - 01:10] Common Challenges and Criminal Implications of Sales Tax Nonpayment
[01:10 - 02:36] Real Case: 96 Felony Charges for Sales Tax Fraud
[02:36 - 04:35] Mismanagement in Restaurants & Liability Risks
[04:35 - 05:44] Local Sales Tax Rates and Filing Deadlines
[05:44 - 07:05] Consequences of Missed Payments and Bureaucracy Delays
[07:05 - 08:18] Sales Tax Audits: Triggers and Common Targets
[08:18 - 10:26] The Audit Process and Expanding Scopes
[10:26 - 11:53] Keeping Accurate Records to Minimize Liability
[11:53 - 13:09] Financial Struggles of Restaurants in Current Economy
[13:09 - 14:07] Staying Current with Sales Tax Laws and Compliance Tips
[14:07 - 14:48] Importance of Consulting a Tax Attorney Early
 
About The Show
Resilience and Resolve with Lance Drury is a podcast that demystifies complex tax issues, offering practical advice for business owners navigating financial and legal challenges. Hosted by tax attorney Lance Drury and LPN Host Kevin Rosenquist, the show covers real-world cases, legal insights, and strategies to help businesses stay compliant and avoid costly mistakes. Each episode provides actionable guidance on topics like sales tax, audits, and tax law, blending expert knowledge with engaging stories to empower listeners with the tools they need to manage their tax responsibilities confidently.
 

Tax Troubles? Your Business Resolutions Start Here!

In this episode of Resilience and Resolve with Lance Drury, Lance and Kevin discuss the most common tax issues small businesses face and how to resolve them. They explore the importance of making timely tax payments, the dangers of ignoring payroll taxes, and the consequences of not filing. Lance provides advice on tax resolution options, including installment agreements and currently non-collectible status, and emphasizes the need for small business owners to seek professional help before their issues escalate.
Timestamps:
[00:00:30 - 00:02:00] Common tax issues for small businesses (payroll tax, mismanagement)
[00:02:00 - 00:04:00] Importance of making estimated tax payments first and warning signs of trouble
[00:04:00 - 00:05:15] Impact of tax liens and levies on business reputation and operations
[00:05:15 - 00:06:54] Consequences of ignoring tax payments (shut down, growing liabilities)
[00:08:00 - 00:09:00] Tax resolution options (installment agreements, non-collectible status)
[00:09:00 - 00:10:30] Process of resolving tax issues (engagement letter, IRS representation)
[00:13:00 - 00:14:00] Importance of financial education and tax planning for small business owners
[00:15:30 - 00:16:05] Personal responsibility for payroll tax liabilities as a business owner
[00:16:05 - 00:16:30] Closing thoughts on managing business finances and tax responsibilities
About The ShowResilience and Resolve with Lance Drury is a podcast dedicated to helping small business owners navigate the complex world of tax laws and regulations. Hosted by Kevin Rosenquist, the show features expert insights from Lance Drury, a seasoned tax professional, as they discuss common tax issues businesses face, such as payroll taxes, tax liens, levies, and the critical importance of proper tax planning. With practical advice on how to avoid costly mistakes and resolve tax problems effectively, the podcast offers valuable guidance to entrepreneurs, ensuring they stay compliant and maintain their business’s financial health.

Offer in Compromise vs. Installment Agreements: What Taxpayers Need to Understand

Episode Summary
In this episode, Lance Drury and LPN host Kevin Rosenquist discuss common issues and challenges businesses face with sales tax. Lance emphasizes the criminal implications of not remitting collected sales tax, shares a shocking case involving 96 felony charges for sales tax fraud, and provides advice on maintaining compliance. Key tips include keeping meticulous records, segregating business and personal accounts, and consulting a tax attorney early to avoid criminal prosecution. The conversation concludes with strategies for staying current with sales tax laws and how proper planning can help businesses navigate these complex regulations.
 
Timestamps:
[00:23 - 01:10] Common Challenges and Criminal Implications of Sales Tax Nonpayment
[01:10 - 02:36] Real Case: 96 Felony Charges for Sales Tax Fraud
[02:36 - 04:35] Mismanagement in Restaurants & Liability Risks
[04:35 - 05:44] Local Sales Tax Rates and Filing Deadlines
[05:44 - 07:05] Consequences of Missed Payments and Bureaucracy Delays
[07:05 - 08:18] Sales Tax Audits: Triggers and Common Targets
[08:18 - 10:26] The Audit Process and Expanding Scopes
[10:26 - 11:53] Keeping Accurate Records to Minimize Liability
[11:53 - 13:09] Financial Struggles of Restaurants in Current Economy
[13:09 - 14:07] Staying Current with Sales Tax Laws and Compliance Tips
[14:07 - 14:48] Importance of Consulting a Tax Attorney Early
 
About The Show
Resilience and Resolve with Lance Drury is a podcast that demystifies complex tax issues, offering practical advice for business owners navigating financial and legal challenges. Hosted by tax attorney Lance Drury and LPN Host Kevin Rosenquist, the show covers real-world cases, legal insights, and strategies to help businesses stay compliant and avoid costly mistakes. Each episode provides actionable guidance on topics like sales tax, audits, and tax law, blending expert knowledge with engaging stories to empower listeners with the tools they need to manage their tax responsibilities confidently.

Inside The IRS: How Tax Collection Works

Episode Summary
In this episode of Resilience and Resolve, Lance Drury and Kevin Rosenquist discuss how the IRS tax collection process works, including the steps taxpayers can take to avoid penalties and how to resolve issues with the IRS. Lance shares his extensive experience working with IRS revenue officers and agents, and offers valuable advice on what to do (and what not to do) when dealing with unpaid taxes. Topics covered include common IRS actions, such as levies and garnishments, the IRS's collection process, tax liens, and the rights taxpayers have during collection. They also discuss the importance of professional help in navigating the complexities of tax issues.
 
Timestamps:[00:00:25 – 00:01:29] Lance's background and experience with the IRS[00:01:42 – 00:02:43] Common misconceptions taxpayers have about the IRS[00:02:56 – 00:04:40] Overview of the IRS tax collection process, including notices and levies[00:04:47 – 00:05:16] IRS scams and the importance of recognizing them[00:05:16 – 00:06:03] IRS collections actions: garnishing wages, bank account seizures, and more[00:06:03 – 00:07:21] Tax liens: what they are and how they affect property and financial situations[00:07:28 – 00:08:03] IRS collection actions on personal assets, including vehicles and financial assets[00:08:04 – 00:09:00] IRS collection of retirement funds and tax intercepts[00:09:09 – 00:10:19] IRS collection on investments, including stocks and crypto[00:10:23 – 00:11:03] Taxpayer rights during the IRS collection process[00:11:03 – 00:13:40] Rights to representation, reasonable timeframes, and the complexity of IRS documentation[00:14:43 – 00:15:28] The importance of professional help when dealing with the IRS[00:15:28 – 00:17:34] Real-life case story: Resolving a million-dollar IRS levy
 
About The Show
In this episode of Resilience and Resolve with Lance Drury, Lance Drury and LPN host Kevin Rosenquist discuss the intricacies of IRS tax collection, offering insight into how the IRS operates and the various actions it can take to recover unpaid taxes. With over 20 years of experience working with the IRS, Lance shares his expertise on topics like installment agreements, levies, liens, and taxpayer rights during the collection process. The episode highlights the importance of professional help in navigating IRS issues and provides practical advice on how taxpayers can protect their financial interests when dealing with the IRS.

Most Common Tax Problems & How to Solve Them

Episode SummaryIn this episode of "Resilience and Resolve," host Kevin Rosenquist and tax resolution expert Lance Drury discuss common tax problems individuals and businesses face, as well as strategies for resolution. They delve into topics such as audits, tax debt, liens, and penalties. Drury emphasizes the importance of proper tax handling and when to seek professional help, sharing real-life examples of successful resolutions. Listeners gain insights into tax compliance, potential pitfalls, and options available for managing tax issues effectively.
 
Timestamps:
[00:00:23 - 00:01:59] Lance Drury's background in tax resolution
[00:02:00 - 00:04:10] Common tax problems: audits and IRS scrutiny
[00:04:11 - 00:06:23] Definitions of tax debt, liens, and audits
[00:06:24 - 00:08:54] Options for resolving tax debt: installment agreements and offers in compromise
[00:08:55 - 00:10:00] Common mistakes in filing tax returns
[00:10:01 - 00:11:22] Unusual expense claims and their consequences
[00:11:23 - 00:13:22] Accumulation of penalties and interest on unpaid taxes
[00:13:23 - 00:14:12] Programs for penalty abatement
[00:14:13 - 00:15:07] When to hire a tax resolution attorney
[00:15:08 - 00:17:28] Advice for those currently facing tax problems
 
About The Show"Resilience and Resolve" is a podcast hosted by Kevin Rosenquist featuring tax resolution expert Lance Drury, who breaks down the complexities of the tax system to help listeners navigate their financial challenges. Each episode tackles common tax problems faced by individuals and businesses, offering practical strategies for resolution. Drury shares his extensive experience in tax law, discusses various options for managing tax debt, and highlights the importance of seeking professional help. With real-life examples and actionable advice, the show empowers listeners to understand their tax situations and make informed decisions.