Tax Resolution

The Big, Ugly IRS Disconnect

Every month, I share a tip, strategy, or information that is helpful for those in the tax resolution industry. But this month, I had to share my opinion of how I see it with regard to what’s going on at the IRS and dealing with them. It amazes me how large the disconnect is between what the top IRS…


IRS Warns Taxpayers and Tax Pros to Watch Out for Emerging Scams

The Internal Revenue Service regularly reminds taxpayers to stay alert against scams during the tax filing season and throughout the year. Identity thieves use news events, including tragedies, to try to trick taxpayers. But it’s not only taxpayers who need to stay on alert; tax professionals also…


Did You Know The IRS Is Using Chatbots

The IRS recently announced they are going to expand their use of chatbot technology to help quickly answer basic questions for people receiving notices about possibly underreporting their taxes. The new chatbot feature will assist taxpayers who receive notices CP2000, CP2501, and CP3219A. These…


The IRS Update

As you know by now, Congress authorized $80 billion for the IRS as part of the 2022 Inflation Reduction Act. Of that $80 billion, $45.6 billion is earmarked strictly for compliance and enforcement. The IRS is using most of this money to hire 87,000 new personnel and to modernize their 1960s-era…


Investing in Yourself

One habit that many successful individuals have in common is that they invest in themselves. Investing in yourself is one of the best things you can do for your professional AND personal growth. By improving your skills, knowledge, and expertise, you position yourself for success so that you can…


When to Hire and When to Fire

This month, I want to talk to you about two critical processes in a tax resolution (or any) business: hiring and firing. The success of a company is highly dependent on the quality of its employees. It’s essential to have a hiring and firing process that is efficient and effective. I see many…


Sale Objections are a Good Thing!

Over the years, I have coached practitioners who excel in the technical work of tax resolution but face challenges when it comes to selling their services to prospects.  They are afraid of running into an objection(s). They have a negative view of objections, but objections are not inherently bad.…


Is Tax Resolution Still Profitable?

One of the most frequent questions I get asked is, “Michael, is tax resolution profitable?” Let me answer that by telling you what's not profitable. What is not profitable is doing cheap tax returns and catering to the 1040 crowd or doing monthly accounting or payroll work – that's not profitable.…


The 80 Billion Dollar 2022 Inflation Reduction Act Fact vs. Fiction

As you probably know by now, Congress has authorized $80 billion for the IRS as part of the 2022 Inflation Reduction Act. $45.6 billion of the $80 billion is earmarked strictly for enforcement. The IRS is using most of this money to hire 87,000 new personnel, and to modernize their 1960’s era…


How To Figure Out Your Marketing Spend to Attract Tax Resolution Clients

A question I get asked all the time is, “Mike, how much should I spend on marketing to attract a new tax resolution client?”  The rule of thumb is, if you are doing paid marketing such as direct mail Google ads or radio, 15% - 20% of gross sales should be earmarked for your marketing budget. For…


Can You Believe What the IRS Commissioner Said?

The IRS released their 2022 list of the “Dirty Dozen” a few weeks ago, and there’s one thing that IRS Commissioner Charles Rettig said that upset me. He said, “No one can get a better deal for taxpayers than they can usually get for themselves by working directly with the IRS to resolve their tax…


Recession? What Recession?

In the tax resolution world bad is good and good is bad. What I mean by that is, the worse off your client’s financial situation is, the better deal they’ll get with the IRS.  If he/she has a lot of money left over at the end of the month, and/or significant equity in assets, the worse deal they’ll…


What Prospects Want from You Before They Say “Yes”

There are two kinds of sales, transactional and relational. A transactional sale means you HAVE TO make the sale. You’re needy and desperate for the sale. In a relational sale people want to be understood before they do business with you. There is a misconception that if you can just make your…


Ten Magic Words

When I started in the tax resolution business and had my initial consultations with clients, I’d have meaningful conversations but no signed engagement letter and no deposit check. I soon realized I was leaving something very important out of my conversations during my “close”.  I learned there are…


What’s Your Plan “B” if Your Client’s Offer in Compromise Case is no Longer Feasible?

It can be exciting when a prospect comes in for an initial consultation and they are the perfect candidate for an Offer in Compromise (OIC).  They hire you for exactly that to prepare, submit and negotiate an OIC.  Many months go by between when you take on a new client and when it’s time to submit…