Until recently, it has been difficult for tax professionals to enter into the tax resolution world. Many have been put off by the idea of having to learn a completely new area of practice and procedure, let alone having to delve into the gory morass of the Internal Revenue Manual. However, new training options have put tax resolution certification within reach of more tax professionals. This means that there are more ways to expand your practice.
What Is a Tax Resolution Specialist?
A tax resolution specialist is someone who helps people resolve any open debt that they may owe to the IRS. Along with tax resolution specialists, those who receive this type of training are also referred to as:
• Taxpayer representatives
• Tax relief specialists
• Tax controversy professionals
• Tax problem recovery experts
More tax professionals are starting to offer tax resolution services. If you decide to expand into tax assistance, it will give you a way to increase your income, as these cases tend to pay well. They also give you greater flexibility in how you run your business. This makes it a service that you can offer your clients year-round, giving you a way to earn a steady income instead of focusing on making most of your income when tax season rolls around.
Tax Resolution Services
Tax resolution training includes teaching you how to deal with tax issues such as:
• Examination representation
• Offers in Compromise
• Liens and levies
• Installment Agreements
• Innocent and injured spouse relief
• Penalty abatements
• Trust Fund Recovery Penalties
…and, of course, the proverbial “much, much more!”
If you decide to offer examination representation services, then you’ll be standing in for a client during a tax audit performed by state officials or the IRS.
Offers in Compromise
During your taxpayer representation program, you’ll learn how to submit an offer in compromise to the IRS when it is appropriate to do so. This is the area of the tax law that allows your clients to settle their tax debt for a lower amount than what is owed. During your training course, you’ll learn when this is the best option for your clients, who qualifies, and how to get the best possible “deal” for your client.
Liens and Levies
When one of your clients owes unpaid taxes, the IRS may issue a levy. This will allow the agency to seize your client’s … Continue reading