Introduction to Tax Resolution: A Sweeping Overview of IRS Collections Representation

What is IRS Collections? How much tax resolution work is there to do? What does the tax resolution process look like?

What is the “secret” federal tax lien? How do I resolve tax debt cases? What is CNC? What are the different types of IRS Installment Agreements?

If you’ve had zero prior exposure to IRS Collections representation, then these are likely the types of questions you may be asking yourself. This video, recorded as a live CPE webinar on June 22, 2017, provides a very high level overview of tax debt resolution processes.

Free CE/CPE class: To attend the latest version of this class, in continuing education format, go here.

Watch on YouTube: https://www.youtube.com/watch?v=qm4Bwsc0MpE

Note: Video replays of webinars are not eligible for CE/CPE/CLE credit. Information was accurate as of the date of recording, but since tax laws, regulations, policies, and procedures are constantly changing, please refer to the most recent available guidance for updated information.

Unedited Transcript

Note: This is a raw, unedited transcript of the recording that was produced with an automated transcription tool, not a human transcriptionist. It’s provided merely for reference and to help you find specific sections of the video you might want to jump to.

[00:00:04.140]
Good afternoon, everybody. This is Jassen Bowman, and welcome to this presentation of an overview of IRS collections or representation.

[00:00:19.930]
Before we get started, I want to let you know, certificates of completion, I’ll get those done over the weekend as well as the IRS reporting. To in to receive your CPE credit, you must answer all three polling questions.

[00:00:37.600]
This is usually an issue for the IA’s because you’re not necessarily used to doing this on some of the IRS webinars and whatnot. But now Zarba has stricter requirements than the IRS does for sea completion. So you’ve got to answer the following questions. The handouts of the the slides for today’s presentation are available in the reminder link that were sent to you by go to webinar. They are also available in the handouts, pain of the go to webinar control panel. If you can’t find it, just click on View, then handouts and then you can download it.

[00:01:19.210]
If you have questions during the presentation, don’t hesitate to ask via the questions pain.

[00:01:26.580]
So the presentation that we’re doing today is kind of a kind of a Frankenstein, actually what I did is I went … Continue reading

Podcast Episode #5: Bringing Strategic Consulting To Your Clients with Joey Brannon, CPA

Welcome to episode 5 of The Profitable Accountant podcast. My guest on today’s episode is Joey Brannon, a CPA from Florida. He is the founder of Axiom Strategic Consulting, founder of The Consulting CPA, and author of Grow WIth Purpose: Building a Mission Minded Business.

As a CPA with over 20 years of small business experience, Joey brings both financial discipline and creative strategic thinking together in one process. At the outset he helps companies build practical strategic plans for growth, and then he coaches these small business owners on actually executing that strategic plan.

In 2015 Joey started The Consulting CPA, a program designed to educate and support CPA’s seeking to add strategic planning, execution and coaching services to their existing tax and accounting practice.

On this episode, we discuss the strategic consulting process. Joey shares how to help your clients develop company culture, establish leadership priorities with management, and create accountability for completing action items necessary for the growth of the consulting client.

Joey explains the most common pitfalls encountered when doing advisory work, and explains his ideal niche client that he is best able to work with.

Definitely listen through to the end of the episode, as Joey explains his accountability feedback, and shares his fee structure for doing this unique type of work.

For additional information about building a more profitable tax and accounting firm, visit us at http://ProfitableAccountant.com.… Continue reading

The quickest way to burn a referral source

Recently, I’ve been shopping around for a new mortgage broker to refinance a rental property.

My local real estate agent referred me to a couple different people in the area.

Since mortgage rates are at all time lows right now, the refi market is alive and thriving. Loan officers have more prospects coming in than they can keep up with.

But even though that’s the case, it’s no excuse to completely blow off an inquiry, let alone multiple phone calls and emails, from a prospect. At a minimum, a one-sentence email reply to say they’re swamped and will get back to me as soon as they can should be in order.

But no, zero response at all.

When I relayed this back to the real estate agent I work with, that agent contacted the loan officer, and was told that she would get back to me when she could, but just didn’t have time to even tell me that directly.

My real estate agent wasn’t pleased at that response, and will not be sending any further referrals to this particular loan officer.

Referral source: Burned.

That mortgage broker is going to regret doing that when the refi market slows down. Dumb move. Very, very dumb move.

The ironic part is that this is the second time I’ve experienced this in the last couple years, in different markets.

Perhaps even more ironic is the fact that the real estate agent I work with here is somebody I selected because they were the only person that bothered to return my phone calls back in 2015. Since then, she’s earned three commissions from my transactions. Three. Simply because she bothered to return my phone calls 5 years ago.

Your referral sources are the single most valuable source of new business that you have. They’re more valuable than your SEO. More valuable than your social media presence. More valuable than the perfect direct mail piece.

Burn your referral sources, and they’ll simply stop referring. Even if you’re slammed with work, have the common courtesy to get back to people to schedule a future appointment, or let them know that you’re slammed and will get back to them by a certain time. Don’t just “ghost” them.

If you want to grow your referral base, I’d encourage you to snag a copy of the July 2020 issue of The Profitable Accountant newsletter. Until now, this paper-and-ink publication has only been available … Continue reading