Dan Henn CPA
Dan Henn CPA

Let the fun begin! Tax season is here! Turbocharge your Productivity!

Hey there, fellow number crunchers and tax titans! Let’s face it: in the world of tax professionals, time is not just money – it’s everything. But how do you make the most of it, especially when tax season turns your office into a scene from “The Fast and the Furious”? Fear not! I’ve got some incredibly useful tips to help you turbocharge your productivity. Ready to dive in?

1. Embrace the Power of “No” – The Ultimate Productivity Hack Yes, you heard me right. “No” is your new best friend. In the world of tax, where everyone wants a piece of your time, learning to say no is like discovering a secret productivity potion. Think of it as your personal shield against the endless barrage of time-sucking requests. “Can you look at this real quick?” Nope. “Do you have a minute to chat about something off-topic?” Nada. Remember, every time you say no to distractions, you say yes to productivity. It’s not rude; it’s smart!

2. Automate Like a Boss (Because You Are One) You’re a tax pro, not a robot, so why spend your precious hours on tasks that a machine could do? Automating repetitive tasks is like hiring a team of invisible minions to do your bidding. Use software for tasks like sorting and writing emails, managing appointments, or even automate some tasks. It’s 2024, and if your software isn’t doing half your job yet, you’re living in the tax Stone Age. Embrace technology and watch your productivity soar higher than a taxpayer’s blood pressure in April.

3. The Pomodoro Technique – Your New Time-Management BFF Meet Pomodoro, not the tomato, but a technique that’s about to revolutionize your work life. Here’s the gist: you work for 25 minutes straight, then break for 5. Repeat. It’s like high-intensity interval training, but for your brain. This method keeps you fresh, focused, and fast. Plus, racing against the clock adds a fun, game-like element to your day. Who knew tax work could feel like a thrilling sprint?

4. Tidy Desk, Tidy Mind – Unclutter to Unleash Productivity An organized workspace isn’t just for Instagram-worthy office shots; it’s a productivity powerhouse. A cluttered desk can clutter your mind, and before you know it, you’re spending more time searching for that elusive document than actually working on it. So, channel your inner Marie Kondo and make tidying up a ritual. A clear desk equals a clear mind, … Continue reading

IRS going paperless will help tax pros do their jobs better in the future

The IRS is planning on going paperless, as best as they can, starting in 2024. What does that mean for tax professionals? Well, it means a few things. First, the IRS will be able to do more with less. This allows them to shift employees to other tasks, such as manning more phone lines. Or even better, manning a digital account access point. You will able to access more through your Tax Pro Online account and you will be able to see and do more through your electronic access without involving a human being.

Below is a list of what the future will look like at the IRS and you can see, guess or infer what that will me for you as a tax professional in the areas of tax preparation, tax resolution representation and IRS exam representation.

Filing season 2024: Taxpayers will be able to go paperless

  • Taxpayers will be able to digitally submit all correspondence, non-tax forms, and responses to notices; as a result, the IRS estimates more than 94% of individual taxpayers will no longer ever need to send mail to the IRS. Taxpayers use non-tax forms to request or submit information on a range of topics, including identity theft and proof that they are eligible for key credits and deductions to help low-income households. Achieving this milestone will enable up to 125 million paper documents to be submitted digitally per year. Taxpayers who want to submit paper returns and correspondence can continue to do so.
  • Taxpayers will be able to e-file 20 additional tax forms. Achieving this milestone will enable up to 4 million additional tax documents to be filed digitally every year. This includes amendments to Forms 940, 941, 941-SS and 941 (PR), which are some of the most common forms taxpayers file when amending returns.
  • At least 20 of the most used non-tax forms will be available in digital, mobile friendly formats that make them easy for taxpayers to complete and submit. These forms will include a Request for Taxpayer Advocate Service Assistance, making it easier for taxpayers to get the help they need.

Filing season 2025: IRS achieves paperless processing for tax returns

  • By filing season 2025, an additional 150 of the most used non-tax forms will be available in digital, mobile friendly formats. An estimated 15 percent of Americans rely solely on mobile phones for their Internet access—they do not have broadband at home—and making forms available
… Continue reading

Plenty of work for licensed tax professionals interested in IRS Representation (i.e. IRS Tax Resolution and IRS Exam Representation)

There is plenty of work for licensed tax professionals interested in IRS Representation (i.e. IRS Tax Resolution and IRS Exam Representation)

In case you have been hiding under a rock, the IRS has been growing. This is thanks to the Inflation Reduction Act and the now just under $60 billion they are due to receive from 2022 to 2032. They have been hiring like crazy. The IRS just announced at the IRS Tax Forum that we recently attended that they have hired 2,000 Revenue Officers recently giving them 9,000 total across the U.S. They are expecting this to get over 10,000 total in the next 6 months.

What does that mean for you? The IRS is coming after your client (or prospect) soon and there is going to be a lot more work coming your way. So, get your marketing ready.

Below is a list of areas of focus for the IRS in the coming years.

Ensuring high-income taxpayers pay taxes owed

The IRS is working to ensure high-income filers pay the taxes they owe. Prior to the Inflation Reduction Act, more than a decade of budget cuts prevented IRS from keeping pace with the increasingly complicated set of tools that the wealthiest taxpayers use to hide their income and evade paying their share. The IRS is now taking swift and aggressive action to close this gap.

  • Pursuing tax-evading millionaires. In recent months, IRS Criminal Investigation has closed a lengthy list of cases in which wealthy taxpayers have been sentenced for tax evasion, money laundering and filing false tax returns. Instead of paying taxes owed, these evaders spent money owed to the government on gambling, vacations and luxury goods. (Oh, and did we say that the IRS Criminal Investigation division has a 90% conviction rate.)

 

  • Making delinquent millionaires pay up. In recent months, IRS closed about 175 delinquent tax cases for millionaires, generating $38 million in recoveries. IRS will continue to pursue millionaires who do not pay their taxes as the agency ramps up enforcement capabilities through the Inflation Reduction Act. Examples of schemes IRS is now pursuing include:
    •  High-dollar scheme exploiting Puerto Rico. IRS recently identified about 100 high-income individuals claiming benefits in Puerto Rico without meeting the residence and source rules involving U.S. possessions. These wealthy individuals are attempting to avoid U.S. taxation on U.S. source income, and IRS expects many of these cases to proceed to criminal investigation.

 

    • Pension arrangements
… Continue reading