Episode 52: IRS Tax Problems: Audits, Tax Debt & Settlements

Jason Wiggam is the founding partner of Wiggam Law, an Atlanta-based tax controversy firm representing individuals, business owners, executives, and investors in disputes with the IRS and state tax authorities. His firm serves clients nationwide and has grown from a two-person operation to a team of 50. In this episode, Jason explains what business owners should know when facing IRS audits, tax debt, collection notices, and settlement options. He breaks down common misconceptions about the IRS, why ignoring notices can be costly, how offers in compromise really work, and why taxpayers should understand their options before making decisions based on fear. Key Takeaways: ● Respond to IRS Notices Quickly: Ignoring an IRS letter can cause taxpayers to miss important deadlines and lose valuable rights. ● Understand Your Settlement Options: Offers in compromise, penalty abatements, collection statutes, and bankruptcy may provide solutions depending on the circumstances. ● Beware of “Pennies on the Dollar” Claims: IRS tax settlements are possible, but aggressive advertising often makes these outcomes appear far more common than they are. ● Get Representation During an Audit: Business owners should consider having an experienced tax professional communicate with the IRS rather than handling an audit themselves. ● File Even If You Can’t Pay: Delaying a tax return because you cannot afford the balance can create additional penalties and make the problem more expensive. Connect with Jason: LinkedIn: https://www.linkedin.com/in/jasonwiggam/ Website: https://wiggamlaw.com