Tax Relief with Timalyn Bowens

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Oct 2026

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Timalyn Bowens is an Enrolled Agent which enables her to represent clients before the IRS in all 50 states. This podcast is for individuals and business owners. It focuses on various tax issues (i.e. tax liens and tax levies), how to avoid them and what happens when you've made a mistake. Timalyn will provide information about handling back taxes, tax relief options and how she can help you or your business by negotiating with the IRS to minimize and/or eliminate tax-related penalties and interest. Disclaimer - This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems but is not legally binding. Please consult your tax professional regarding your specific tax situation.

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October 23, 2026Episode 9622 min

Clergy Housing Allowance

Episode 96: Last episode, we talked about clergy taxes and busted the myth that pastors do not pay taxes. While they do pay taxes, they do not pay taxes on every benefit. One of those special perks is the clergy housing allowance. Timalyn has seen the housing allowance handled incorrectly more times than she would like to admit, so today she is breaking down what it is, who qualifies, and how it is calculated. What Is the Clergy Housing Allowance? The IRS allows qualifying ministers to exclude certain housing expenses from federal income tax. However, they still pay Social Security and Medicare taxes under SECA. For more information, check out IRS Publication 525, Taxable and Nontaxable Income . Eligible expenses may include mortgage interest, rent, utilities, property taxes, furnishings, landscaping, snow removal, maintenance, and repairs. You can also check IRS Topic 417, Earnings for Clergy to learn more about expenses related to providing a home. One thing to keep in mind is that you cannot claim the same mortgage interest or property taxes as both housing allowance expenses and itemized deductions. That would be double dipping. Who Qualifies? The housing allowance is not limited to people of the Christian faith. Depending on their circumstances, qualifying individuals may include ordained ministers, members of religious orders, Christian Science practitioners and readers, and certain commissioned or licensed religious workers. Timalyn recommends reviewing IRS Publication 517 , which explains tax rules for members of the clergy and religious workers. How Is the Housing Allowance Calculated? Okay, here's something important. Just because your church designates a certain amount does not mean you can exclude that entire amount from taxable income. The exclusion is generally limited to the least of your eligible actual expenses, the fair rental value of your home including furnishings and utilities, or the amount designated by your church. For example, if the church designates $100,000 but the fair rental value is only $18,000, you cannot automatically exclude the full $100,000. Your tax professional needs to look at the different amounts and determine what applies. What About Documentation and Parsonages? The housing allowance must be approved in advance by the church board, congregation, or trustees, and it must be in writing. You cannot wait until tax time to create the designation for the previous year. If you live in a church provided parsonage, different rules apply. The fair rental value of the home generally is not included in income, but an allowance for expenses still has limits. Timalyn recommends working with a tax professional who has experience with clergy taxes because these rules can get a little tricky. Need Tax Help Now? Listen to Episode 95 for the earlier discussion about clergy taxes. Timalyn also plans to write an article explaining the housing allowance methods in more detail. As we conclude Episode 96, we encourage you to follow Timalyn on ⁠social media⁠ . You’ll be able to subscribe to this podcast on Spotify, Apple Podcasts, YouTube, and many other podcast platforms. If you have questions or would like to schedule an initial consultation, visit Bowens Tax Solutions . Remember, Timalyn Bowens is ⁠America’s Favorite EA⁠ , and she’s here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today’s episode. For more information about tax relief options or filing your taxes, visit ⁠https://www.Bowenstaxsolutions.com/⁠ . Disclaimer: This podcast is for informational and educational purposes only. Consult a tax professional about your specific situation.

October 9, 2026Episode 9530 min

Clergy Taxes

September 25, 2026Episode 9420 min

Tax-Exempt Organizations

Episode 94: In this episode, Timalyn explains what a tax-exempt organization is, the criteria to qualify as one, and the ongoing tax filing obligations. This episode is for taxpayers who are looking for the validity of a tax-exempt organization as well as those interested in starting a tax-exempt organization. What is a Tax-Exempt Organization? A tax-exempt organization is one that is excused from paying income taxes on the income earned that is connected to the stated purpose and mission of the organization. They are also known as charitable organizations. These organizations must receive their exempt status from the Internal Revenue Service. There is an exception for churches. While the organization may be tax-exempt, donations to them may not be tax-deductible. There are different types of tax-exempt organizations under §501(c). Timalyn goes over a few of them and urges listeners not to let their giving be guided by tax deductibility alone. The IRS has a tax-exempt organization directory that you can use to look up different tax-exempt organizations. You can check it out here: Tax Exempt Organization Search . Even if donations are deductible, it’s important to understand whether or not you can deduct them under the new charitable contributions rules. Timalyn goes over those new rules in Episode 68: Charitable Contributions . What Qualifies as a Tax-Exempt Organization? There are certain rules that must be established and followed when creating a non-profit. 1 - Must be organized and operated exclusively for the exempt purpose(s) that are stated. 2 - None of the earnings may go to private shareholders or the private interest of an individual 3 - No political influence - it is not used to influence legislation aka lobbying as the main activity 4 - If engaged in an excess benefit transaction with a person who has substantial influence over the organization, an excise tax may be imposed. How to become a tax-exempt organization You can’t just start a business and say we are a non-profit. There are steps that have to be taken before you can even request exemption. 1 - Incorporate with your secretary of state 2 - Create your articles of incorporation 3 - Get an EIN from the IRS using Form SS-4 4 - File Form 1023 or 1023-EZ if applicable How do you keep your tax-exempt status? To maintain tax-exempt status, an organization needs to keep up with its tax filing obligations. A tax-exempt organization files a tax form in the 990 series each year. This is not to calculate income tax. Instead, it is for the financial transparency of the organization. Some tax-exempt organizations even make their 990 available on the IRS website for donors and future donors to see. Failing to file a 990 on time can result in penalties and even losing exempt status. Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website. Book a Call with Timalyn . Please consider sharing this episode with your friends and family. This information might be helpful to someone who really needs it. As we conclude Episode 94, we encourage you to follow Timalyn on social media . You’ll be able to subscribe to this podcast on Spotify, Apple Podcasts, YouTube, and many other podcast platforms. Remember, Timalyn Bowens is America’s Favorite EA , and she’s here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today’s episode. For more information about tax relief options or filing your taxes, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback or suggestions for an upcoming episode topic, please submit them here: https://www.americasfavoriteea.com/contact . Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.

September 11, 2026Episode 9320 min

Simple Payment Plan

Episode 93: In this episode, Timalyn shares an option for taxpayers who owe the IRS but can’t pay their tax debt in full. It’s called the Simple Payment Plan. It’s a type of IRS Installment Agreement that has now been extended to businesses as well. Timalyn explains what a Simple Payment Plan is, who qualifies, and how to set one up with the IRS. What is a Simple Payment Plan? As mentioned before, a Simple Payment Plan is a type of IRS Installment Agreement with straightforward terms. It does not require financial documents or manager approval. If you don’t qualify, other options may include Penalty Abatement, a Regular Installment Agreement, Partial Pay Installment Agreement, Currently Not Collectible status, bankruptcy, or an Offer in Compromise. Who qualifies for a Simple Payment Plan? The IRS notes that 90% of taxpayers qualify. Taxpayers must be in filing compliance and should be current with estimated tax payments and withholding. Benefits include no financial documentation and no lien determination. A Notice of Federal Tax Lien can affect your ability to purchase property. Individuals with a balance of $50,000 or less may qualify if they can pay the debt before the collection statute expiration date (CSED). This amount includes assessed tax, penalties, and interest. Business taxpayers may also qualify. Without trust fund penalties, the balance must be $50,000 or less. If trust fund penalties are involved, the limit is $25,000, with an exception of $50,000 for sole proprietors who are no longer in business. Simple Payment Plans can be established directly with the IRS or through a private collection agency. How do you set up a Simple Payment Plan? You can set one up when filing a tax return, by mail, online through the online payment agreement application , or by phone. If you qualify while filing a return with a balance due, you can apply using Form 9465, Installment Agreement Request , or Form 433-D Online setup fees are generally cheaper. Access the online payment agreement application through your irs.gov account. What’s the IRS Payment Plan Phone Number? The IRS online taxpayer accounts are not flawless.For individuals, call 1-800-829-1040, unless your IRS notice provides a different number. The IRS Payment Plan phone number for businesses is 1-800-829-4933. Please note that if you are a Schedule C filer, you may still call the individual phone number unless the balance due is for payroll taxes. If you already feel overwhelmed, remember, you do have the right to representation. A tax professional with Form 2848, Power of Attorney, and Declaration of Representative on file with the IRS can do this for you. Only an Enrolled Agent, such as Timalyn, a Certified Public Accountant, or Tax Attorney, can have a Form 2848 and be your tax power of attorney. Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website. Book a Call with Timalyn . Please consider sharing this episode with your friends and family. This information might be helpful to someone who really needs it. As we conclude Episode 93, we encourage you to follow Timalyn on social media . You’ll be able to subscribe to this podcast on Spotify, Apple Podcasts, YouTube, and many other podcast platforms. Remember, Timalyn Bowens is America’s Favorite EA , and she’s here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today’s episode. For more information about tax relief options or filing your taxes, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback or suggestions for an upcoming episode topic, please submit them here: https://www.americasfavoriteea.com/contact . Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.

August 28, 2026Episode 9218 min

Estate Tax

Episode 92: In this episode, Timalyn talks about estate taxes and something that can easily get overlooked. You may be under the estate tax exclusion and think you don't have a filing requirement, but if the estate earns income after someone passes away, that can create a separate tax filing requirement. What is the Estate Tax? First things first, the estate tax is a tax on your right to transfer property at your death. Timalyn explains that the IRS looks at everything you own or have an interest in at the date of your death. This can include your home, jewelry, real estate, insurance policies, annuities, and business interests. The fair market value of those assets is used to determine the gross value of the estate. What happens after we have the Gross Estate? There are certain deductions that can bring the gross estate down to the taxable estate. Timalyn talks about mortgages, other debts, estate administration expenses, property going to a surviving spouse, and qualified charitable gifts. She also points out that being the executor can be a lot of work, and that work can be an estate administration expense. Do I need to file Form 706? Now, with the tax law changes, Timalyn explains that there is no federal estate tax when the taxable value of the estate is less than $15 million . But check this out. She's talking about the federal level. State rules can be very different, so you need to make sure you understand the rules where the estate is located. This is also why having the right professionals on your team is important. If you're wondering what type of tax professional you may need, check out Episode 23, Which Type of Tax Professional Do I Need? What happens if the Estate earns income? This is where things can get a little confusing. The person's tax period ends at death. Any income earned after the date of death can become income of the estate. For example, if the person had rental properties, investments, savings bonds, or other income producing assets, the income earned after death belongs to the estate. If the estate has $600 or more in gross income , there is a filing requirement for Form 1041 . And no, this is not Form 706. Form 706 deals with the estate tax. Form 1041 deals with the estate's income tax. What should Executors keep in mind? If you're the executor, you need access to information about the estate's accounts and assets so things can be transferred to the appropriate people. Beneficiaries may receive a Schedule K1 showing their share of the estate's income. Timalyn also explains that certain expenses, such as fiduciary fees, attorney fees, and accountant fees, may be deductible on Form 1041. Need Tax Help Now? Timalyn knows that if you've just experienced the death of a loved one and you're now having to deal with an estate, this can feel overwhelming. She encourages you to get the help you need and not try to handle everything by yourself. If you need help with the tax side, you can book a paid call with Timalyn. Remember, even if you don't work with Timalyn, use the information you've learned to empower yourself and take care of the situation. Being proactive can help keep back taxes and IRS issues from becoming another burden during an already difficult time. Remember, Timalyn Bowens is America's Favorite EA, and she's here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today's episode. For more information about tax relief options or filing your taxes, visit: https://www.bowenstaxsolutions.com/ If you have any feedback or suggestions for an upcoming episode topic, please submit them here: https://www.americasfavoriteea.com/contact Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.

August 14, 2026Episode 9120 min

Gift Tax

Episode 91: In this episode, Timalyn talks about the gift tax and why it matters when you're giving money or property. She explains what can be considered a gift, the annual exclusion, Form 709, and how gift tax can also come into your estate planning. What is the Gift Tax? First things first, the gift tax is a tax on the transfer of property from one person to another when the person receiving it gives nothing, or less than the full value, in return. Timalyn uses the example of giving a family member a vehicle worth $20,000 and letting them pay only a small amount for it. What can be considered a gift? It doesn't have to be real estate. Timalyn explains that a gift could be a vehicle, computer, appliances, money, or even income from an asset. She gives the example of parents giving their children the income from a rental property when the children are not providing anything in return. What is the Annual Gift Tax Exclusion? For 2026, the annual gift tax exclusion is $19,000 per person . If a married couple is filing jointly and gives a joint gift to an individual, that exclusion is $38,000 . Timalyn gives the example of a couple buying their son a $36,000 car. Since the amount is under the $38,000 exclusion, they would not have to report that gift. What happens if you go over the exclusion? If you go over the annual exclusion, the donor may need to report the gift on Form 709, the Gift Tax Return . But check this out. That does not automatically mean you're going to pay gift tax. Timalyn explains that the lifetime gift tax exemption also comes into play. For 2026, she explains that the lifetime exemption is $15 million per individual . For example, if the same couple bought a $50,000 car, they would still exclude the $38,000 annual exclusion. The remaining $12,000 would be reported on Form 709 and would chip away at their lifetime exemption. What about Estate Planning? If you have significant assets, Timalyn recommends discussing gift planning with a financial advisor and qualified tax professional. She also reminds listeners that state rules can be different. Timalyn will talk more about estate taxes in Episode 92 . And this isn't just for people with millions of dollars. Timalyn gives the example of inheriting a home and then deciding to give that home to your child. The transfer could still create a gift tax filing requirement because the home may be worth more than the annual exclusion. What isn't considered a gift? Timalyn explains that paying someone's education expenses or medical expenses is not considered a gift for gift tax purposes. She also talks about charitable contributions. Giving to a charitable organization is different from giving a gift to an individual. For more information, check out Charitable Contributions episode , where Timalyn discusses charitable contributions and the updates from the One Big Beautiful Bill Act. Need Tax Help Now? If you need to file a Gift Tax Return or have questions about gifting money or property, Timalyn invites you to book a paid consultation through Bowens Tax Solutions. Visit: https://www.bowenstaxsolutions.com/ As we conclude Episode 91, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, YouTube, and many other podcast platforms. Remember, Timalyn Bowens is America's Favorite EA, and she's here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today's episode. For more information about tax relief options or filing your taxes, visit: https://www.bowenstaxsolutions.com/. If you have any feedback or suggestions for an upcoming episode topic, please submit them here: https://www.americasfavoriteea.com/contact Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.

July 31, 2026Episode 8819 min

IRS Letters

Episode 90: In this episode, Timalyn talks about IRS letters and notices and why opening them right away can make all the difference. She walks listeners through what to look for, how to understand the notice, and what steps to take before responding. Where do you start? Timalyn knows receiving an IRS letter can be stressful, but she encourages listeners not to let fear take over. Take a deep breath, open the notice, and start by looking at the top of the letter. The notice number, such as a CP or LTR, will help you identify what type of notice you received. What is a CP2000 notice? One of the most common notices is the CP2000 . Timalyn explains that this usually means the IRS found a difference between the information reported on your tax return and information they received from a third party, such as a Form W2 or Form 1099. It does not automatically mean you did something wrong, but it does mean you should review the notice carefully. If the difference is related to unreported income, Timalyn also recommends learning more about the Accuracy Related Penalty , which she covers in another podcast episode. What should you do next? Before contacting the IRS, compare the notice with your tax return and your records. Timalyn also recommends creating an account at IRS.gov so you can review your Wage and Income Transcript and other account information before making any corrections. If you need help getting your transcripts, read How to Get an IRS Transcript Online in 3 Step s If you agree with the notice, follow the instructions provided. If you disagree, the notice will explain how to respond or appeal. How do you avoid IRS scams? Timalyn reminds listeners that the IRS normally begins by contacting taxpayers through the mail. Be cautious of emails, text messages, social media messages, or unexpected phone calls claiming to be from the IRS. She also explains that private collection agencies are only used in certain situations after the IRS has already notified you. What if you agree but cannot pay? If you agree with the balance due but cannot pay it today, Timalyn encourages you not to ignore the notice. If you need more time to pay, she discusses Installment Agreements in Episode 10 of the podcast. If you're experiencing a financial hardship, she also recommends listening to her episode on a Temporary Delay of IRS Collections to learn about another option that may be available. Need Tax Help Now? If you've received an IRS notice and need guidance that's specific to your situation, Timalyn invites you to schedule a consultation through Bowens Tax Solutions. If you're looking for general education, you'll also find free resources on this podcast and on the America's Favorite EA YouTube Channel . For more information about tax relief options or filing your taxes, visit: https://www.bowenstaxsolutions.com/ As we conclude Episode 90, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, YouTube, and many other podcast platforms. Remember, Timalyn Bowens is America's Favorite EA, and she's here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today's episode. For more information about tax relief options or filing your taxes, visit: https://www.bowenstaxsolutions.com/ If you have any feedback or suggestions for an upcoming episode topic, please submit them here: https://www.americasfavoriteea.com/contact Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.

July 17, 2026Episode 8929 min

Form 4547 Trump Account Election(s)

Episode 89: In this episode, Timalyn talks about the new Trump Accounts and how they may help families start saving for a child's future. She explains who qualifies, how the $1,000 Treasury contribution works, and what parents should know before making the election. What is a Trump Account? A Trump Account, also known as a 530A Custodial Account , is a retirement account created for the exclusive benefit of a child. Timalyn explains that families who qualify may receive a $1,000 contribution from the U.S. Treasury by making the election on Form 4547 . She also reminds listeners that the money goes into the child's account—it doesn't go directly to the parent. Who qualifies? Timalyn explains that this opportunity is for children who meet the IRS eligibility requirements, including having a valid Social Security number. She also points out that the election can only be made once for each eligible child, so it's important to make sure everything is completed correctly. Form 4547 The election is made using Form 4547 . Timalyn explains who can complete the election, what information is needed, and why parents should carefully review the requirements before submitting the form. She also reminds listeners that if they qualify, they can now make the election online. She also shares that she'll be posting a walkthrough of Form 4547 on the America's Favorite EA YouTube Channel so taxpayers can see exactly how to complete the form step by step. Who can contribute? The initial $1,000 comes from the U.S. Treasury, but Timalyn explains that additional contributions may also come from parents, employers, nonprofits, government entities, and other eligible contributors. She reminds listeners that these accounts have their own contribution and distribution rules, so it's important to understand how they work before putting money into the account. What is the biggest takeaway? Timalyn encourages parents to learn about the program now instead of waiting until the last minute. She reminds listeners that every little bit helps when planning for a child's future, and understanding the rules today can help avoid confusion later. Need Tax Help Now? If you have questions about whether your child qualifies or need help making the election, Timalyn invites you to schedule a consultation through Bowens Tax Solutions. For more information, visit: https://www.bowenstaxsolutions.com/ As we conclude Episode 89, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, YouTube, and many other podcast platforms. Remember, Timalyn Bowens is America's Favorite EA, and she's here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today's episode. For more information about tax relief options or filing your taxes, visit: https://www.bowenstaxsolutions.com/ If you have any feedback or suggestions for an upcoming episode topic, please submit them here: https://www.americasfavoriteea.com/contact Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.

July 3, 2026Episode 8817 min

Kiddie Tax

Episode 88: In this episode, Timalyn explains what the Kiddie Tax is, why it was created, and how it may affect children with investment income. She also walks through when parents may need to file IRS Form 8615 or make the election to report their child's income using IRS Form 8814. What is the Kiddie Tax? The Kiddie Tax was created to prevent taxpayers from shifting investment income to their children to take advantage of lower tax rates. Timalyn explains that unearned income, such as interest, dividends, and capital gains, may be taxed at the parent's tax rate instead of the child's when certain requirements are met. Who may be subject to the Kiddie Tax? For the 2026 tax year, the Kiddie Tax may apply if a child's unearned income is more than $2,700 . Remember, it's not just about how much income your child has. Their age, student status, earned income, and whether they provide more than half of their own financial support all play a role in determining if the Kiddie Tax applies. IRS Form 8615 If your child is subject to the Kiddie Tax, IRS Form 8615 is used to calculate the tax. Timalyn also explains that this form requires information from the parent's tax return, so having the same tax preparer complete both returns can make the process much easier. IRS Form 8814 If your child's only income is interest and dividends, you may be able to elect to report that income on the parent's tax return instead of filing a separate return for your child. This election is made using IRS Form 8814 , but only if the IRS requirements are met. What should parents do? Timalyn reminds listeners that every situation is different. Before deciding how to report a child's investment income, make sure you understand which rules apply and whether additional taxes may be due. If the calculations become too complicated, working with a qualified tax professional can help ensure everything is reported correctly. Need Tax Help Now? If you're unsure whether the Kiddie Tax applies to your child or which filing option is right for your family, Timalyn recommends working with a qualified tax professional. To schedule a consultation, visit: https://www.bowenstaxsolutions.com/ As we conclude Episode 88, we encourage you to connect with Timalyn on social media. You can subscribe to this podcast on Spotify, Apple Podcasts, YouTube, and many other podcast platforms. Remember, Timalyn Bowens is America's Favorite EA, and she's here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today's episode. For more information about tax relief options or filing your taxes, visit: https://www.bowenstaxsolutions.com/ If you have any feedback or suggestions for a future episode, please submit them here: https://www.americasfavoriteea.com/contact Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for tax-related issues, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.

June 19, 2026Episode 8717 min

IRS Intent to Levy

Episode 87: In this episode, Timalyn talks about the CP504 Notice of Intent to Levy. She explains what this notice means, what can happen if it is ignored, and some of the options taxpayers may have to stop IRS collection actions before things get worse. What is the CP504 Notice of Intent to Levy? The CP504 is a notice from the IRS letting taxpayers know that the IRS intends to levy if the balance is not resolved. Timalyn explains that this is not a notice you want to ignore. The IRS is letting you know that collection action may be coming if you do not take steps to resolve the balance. Can the IRS really levy you? Yes. The IRS has the authority to levy under Internal Revenue Code Section 6331(d). A levy can affect bank accounts, wages, business income, state tax refunds, Social Security benefits, and even property. If you would like a more of liens and levies , Timalyn discusses those topics in Episodes 2 and 3 of the podcast. What should you do if you receive a CP504? The first thing Timalyn recommends is opening the notice and reading it carefully. Review the balance due, the penalties, and the interest being charged. Ignoring the notice allows penalties and interest to continue growing. If you have the ability to pay the balance in full, that may be the quickest way to stop additional collection actions. What if you cannot pay the balance in full? If paying in full is not an option, Timalyn explains that taxpayers still have options. An Installment Agreement may allow you to make monthly payments over time. If you'd like to learn more see Episode 10 of the podcast. If paying the tax debt would create a financial hardship, you may qualify for Currently Not Collectible Status , which can temporarily delay IRS collection actions. See Episode 23 of the podcast. For some taxpayers, an Offer in Compromise may also be worth exploring. Timalyn has several podcast episodes discussing Offer in Compromise qualifications and related topics. What if you do not agree with the amount owed? If you believe the IRS balance is incorrect, Timalyn recommends reviewing your IRS account transcripts before contacting the IRS. Review your IRS transcripts before calling so you understand what the IRS says you owe. You may also want to explore your appeal rights if you disagree with the IRS determination. Can the IRS file a tax lien too? Yes. Timalyn explains that taxpayers dealing with a levy situation may also receive a federal tax lien. A tax lien lets other creditors know that the IRS has a legal claim against certain assets. Depending on your situation, a lien can create challenges when selling or financing property. What is the main takeaway? Timalyn's biggest message in this episode is simple: do not put your head in the sand. Open your IRS mail, verify what you owe, understand your options, and communicate with the IRS before collection actions begin. Need Tax Help Now? If you have received a CP504 Notice of Intent to Levy and would like help understanding your options, Timalyn invites you to schedule a consultation. Getting help sooner may prevent additional collection actions. As we conclude Episode 87, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, YouTube, and many other podcast platforms. Remember, Timalyn Bowens is America's Favorite EA, and she's here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today's episode. For more information about tax relief options or filing your taxes, visit www.bowenstaxsolutions.com . If you have any feedback or suggestions for an upcoming episode topic, please submit them here: https://www.americasfavoriteea.com/contact . Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.

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