Topic: Tax Negotiation

Tyler Bennett explains that the IRS is specifically targeting cryptocurrency users by checking for digital asset disclosures on Form 1040. He notes that the IRS collected record revenue recently but plans to increase aggressive collection efforts in 2023. Bennett details how his firm, American Tax Relief, negotiates with the IRS to lower tax debts by up to 80-90% for qualified clients.

Tina, a 66-year-old caller, asks about liquidating her 401k to buy gold and silver without heavy tax penalties. Tyler Bennett introduces the concept of "Effective Tax Administration," a legal provision that allows for the negotiation of tax bills based on fairness and public policy, particularly for seniors who may be unfairly burdened by a large one-time tax event.

Tyler Bennett details the benefits of C-Corporations over LLCs and S-Corps, including the protection of the "corporate veil." He asserts that almost every tax bill is negotiable and that his firm acts as an advocate for taxpayers against the IRS, which he describes as a collection agency.

American Tax Solutions claims to be able to reduce IRS tax debts to approximately 10% of the original amount owed in many cases. Tyler Bennett emphasizes that the IRS often relies on taxpayers not knowing their rights or representing themselves poorly. The firm utilizes tax attorneys and enrolled agents to act as advocates against IRS clerks and collection efforts.