Jassen Bowman EA
Jassen Bowman EA

What is the singular focus of your tax firm?

Last year, we were one of the first companies to provide comprehensive CPE on the PPP and EIDL processes so that you could assist your clients with such matters.

Because of that, I’ve been getting a ton of emails from people over the last three weeks asking when we’re going to teach PPP/EIDL update classes.

Here’s your moment of disappointment: This year, we are choosing NOT to present such classes, despite recent legislation.

Why not? For a number of reasons:

1). The PPP program hasn’t changed that much from last year. You should be able to fill in the gaps easily from journal articles and official guidance from SBA and Treasury.
2). The EIDL program has changed even less, so ditto to above.
3). It’s not our core competency, doesn’t fall into our central mission, and is therefore something we shouldn’t even focus on.

It’s this last thing that I really want to address.

Our website is https://TaxResolutionAcademy.com.

Tax. Resolution.

Hmmm… If something needs “resolution”, that must mean there is some sort of issue. A problem. A dispute.

About taxes.

See, the name itself provides a clue about where our boundaries are.

In my normal email signature, I include a quote from author and entrepreneur Oliver Emberton: “Monomaniacal focus on a single goal is perhaps the ultimate success stratagem.”

What’s he talking about? Focus on what you do best.

If you’ve been reading my emails for a while, you may be thinking that I’m about to go off on a rant about niching your business. Focusing on specific services and serving specific industries or professions.

Yes, yes, I am. But not here. If you want to read my past rants, start here or here.

My monomaniacal focus right now is on finishing development of the CTR™ program. There are still about 20 classes, of two hours each, still to prepare. There’s a case study practicum to create. An exam to write. In terms of new content creation, this is my focus right now, as it should be — not PPP and EIDL matters that are not directly related to our core focus.

You should be applying a filter, also. If 100% of your client base consists of W-2 wage earners, it’s an absolute waste of your time, money, and brain cycles to learn about PPP and EIDL stuff. Absolute waste. Shouldn’t even be a consideration. On the other hand, if your … Continue reading

A Tax Professional’s Guide to IRS Offers in Compromise

Tax debtors have numerous options available to them for resolving their unpaid tax liabilities. While the vast majority of tax debtors will be placed into an appropriate Installment Agreement or into Currently Not Collectible (CNC) status, the Offer in Compromise program provides an amazing opportunity for taxpayers to start fresh with the IRS…if they qualify. In this post, we explore the ins and outs of the Offer in Compromise program from a taxpayer representative’s point of view.

What is an Offer in Compromise?

The IRS Offer in Compromise is a program through which the IRS allows taxpayers to settle their tax liabilities for less than what they owe. The authority to accept less than what is owed is granted by 26 U.S. Code § 7122. Under this statute, taxpayers may submit lump-sum Offers in Compromise to settle their tax debts through a lump-sum payment or periodic payment Offers in Compromise to settle their liabilities through a finite number of periodic payments. If a taxpayer submits an Offer in Compromise to the IRS for a lump-sum, he or she will be required to submit an initial payment with the offer. People who submit periodic payment Offers in Compromise must submit the amount of the initial periodic payment with their offers.

Under IRM 5.8.1, the IRS will accept an Offer in Compromise when it deems the tax liability to be otherwise uncollectible. It may also agree to an Offer in Compromise when there is doubt about the liability owed and to support the effective administration of taxes. The goal of the OIC program is to negotiate a legal payment agreement that is in the taxpayer’s and IRS’s best interest.

Doubt about collectibility

The first ground for approving an offer of compromise exists when the IRS doubts its ability to collect the tax debt because of the taxpayer’s financial inability to pay the full amount owed. Doubt about the collectibility of tax debt may be shown when a taxpayer’s income and assets are insufficient to satisfy the full tax liability. this is the most common ground for making an Offer in Compromise. Some taxpayers who submit Offers in Compromise for tax debts that are deemed to not be collectible can settle their liabilities for a fraction of the total owed. Under IRC § 7122(d)(3)(A), the IRS must not deny an Offer in Compromise when their denial is solely based on the amount that … Continue reading

Podcast Episode #16: The First $2500: How To Find Your First Tax Resolution Client with Jassen Bowman

Jassen Bowman discusses his path from being bankrupt and homeless to being a globe-trotting adventurer living the proverbial “4-Hour Workweek” digital nomad lifestyle as a specialist serving only tax resolution clients. He also shares the #1 “secret” to a highly profitable tax resolution firm, and shows you the three most important marketing strategies that you should be using to attract clients if you currently have little or no money in the bank to spend on marketing.

To start your 7-day free trial of Tax Resolution Academy® membership, go to: https://TaxResolutionAcademy.com/join.… Continue reading