What really happens when you owe the IRS—and how much of it is actually fixable?

In this episode of Sterling Insights, Tracy McCary sits down with Michael Raanan, Enrolled Agent and President of Landmark Tax Group. Together, they explore IRS back taxes and tax resolution, sharing valuable insights and practical tips for listeners. Michael draws from his experience as a former IRS revenue officer to discuss how tax debt is calculated, resolved, and sometimes reduced, offering actionable advice for individuals and business owners dealing with IRS issues. This episode is a must-listen for taxpayers, advisors, and anyone concerned about IRS debt, providing both knowledge and tools to navigate this important subject.

Key Takeaways:

● Not All Tax Debt Is Accurate: Many IRS balances are overstated due to substitute returns—fixing filings can significantly reduce what’s owed.

● Cause, Cure, Compliance Framework: Understanding why the debt happened, how to resolve it, and how to stay compliant is key to long-term success.

● Multiple Resolution Options Exist: Payment plans, hardship status, and offers in compromise depend on financial analysis—not negotiation.

● IRS Mistakes Happen: Even large payments can be misapplied, leading to major penalties and long disputes.

● Beware of Tax Relief Scams: Many firms overpromise “pennies on the dollar” but fail to deliver real results.

Quotes from Michael Raanan:

● “It’s not that big of a deal when you owe back taxes—you just have to address it.”

● “The IRS is very black and white. It’s about what you qualify for, not negotiation.”

● “We hear it all the time—‘they didn’t do anything for me’—that’s the reality with a lot of these tax relief firms.”

Understanding how the IRS actually works—and what options truly exist—can turn a stressful tax problem into a manageable plan forward.

Connect with Michael:

Website: https://landmarktaxgroup.com/

Bonus: IRS Insider on Fixing Back Taxes