Tax Relief with Timalyn Bowens

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.

Tax Relief with Timalyn Bowens is a education podcast hosted by America's Favorite EA, with 89 episodes on record and a Required Pod Score of 80.

America's Favorite EA hosts Tax Relief with Timalyn Bowens, a education show with 89 episodes published.

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  Episode #94

  Tax-Exempt Organizations

  Sep 25, 202621 min

  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.

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  Episode #93

  Simple Payment Plan

  Sep 11, 202621 min

  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.

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  Tax Relief with Timalyn Bowens

  Estate Tax

  Aug 28, 202619 min

  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.

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  Episode #91

  Gift Tax

  Aug 14, 202620 min

  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.

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  Episode #88

  IRS Letters

  Jul 31, 202619 min

  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.

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