New video series: “Inside the IRM”

I’m very excited to announce the launch of a new video series, Inside the IRM.

I’ll be providing commentary and insight into interacting with the IRS, based on a guided tour through the Internal Revenue Manual. I’ve decided to start with IRM Part 5: Collections, simply because that is the section of most interest to myself and, I’m sure, to most of you.

The purpose of each video will not be to simply read you the IRM. Rather, I think it’s worth dissecting the IRM as a means of learning how the IRS thinks and, more importantly, how they’re supposed to act. My goal is really to provide you with a better understanding of how the IRS works, and make sure you know what the IRS really can and can’t do based on their own procedures.

Most important of all, however, I hope to show you how to use the Internal Revenue Manual to better represent your clients. I will be pointing out provisions of the IRM that could be applied to your advantage in certain situations, and discussing how Revenue Officers and other IRS personnel are supposed to act in specific circumstances, so that you can know when things are going right and when a Revenue Officer is abusing their authority or not properly treating a taxpayer. Correlating the Service’s internal procedures with specific client situations and sharing my experience in working with Revenue Officers as it relates to the IRM will hopefully benefit you as a fellow practitioner.

I’ll most likely do these several times per week, and post them along with each day’s marketing update. I didn’t think I could go on about one little section of the IRM for an entire hour, but in this first video I managed to do that (I’ve long known that I have the gift of gab, I guess now I just found another way to embrace it beyond just the written word!). I’ll definitely try to keep them shorter in the future.

These will be posted on YouTube, so feel free to collect them all and trade them with your friends!

Please provide feedback, comments, and even criticisms on these so that I can make them more applicable to your practice.

Here is the first edition, covering IRM Section 5.1 and the basics of how the IRS is supposed to work collections cases.

[youtube]http://www.youtube.com/watch?v=iM0xXJ0HaB4[/youtube]… Continue reading

Tax resolution assistant training outline (free document)

Today’s message is one of the shortest that I’ll ever send you, and it involves adding a tremendous efficiency level to your tax resolution practice: Hiring and training an administrative assistant.

If you are a solo practitioner and have never had an assistant before, I would encourage you to consider hiring one. This is one of the tips that we’ll be covering in the Tax Practice Success Automation webinars, in the section on delegating certain tasks to other people to allow you to accomplish more.

When you hire an assistant, there is going to be a learning curve, because tax resolution admin tasks aren’t taught at paralegal schools or in retail tax preparation courses. Therefore, you need an organized approach for training this new person. Doing so is worth your time, because ultimately it will allow you to carry a much larger case load, which means making more money.

Here is an example tax resolution paralegal assistant training program outline that you can adapt within your practice. I would suggest going through this training with new personnel in short sessions, one or two hours each. If you have purchased the Tax Resolution Mastery Course, then you can have your assistant go through the applicable portions of that course as well. Since that material is intended for licensed professionals, encourage your assistant to write down a list of questions they have as they go through those audio and video presentations, and answer those questions for them to catch them up to speed.

Download Example Paralegal Training Program Outline

I’m putting a lot of time this week into finishing additional modules for some of our courses, as well as working on the latest round of re-writes for The Tax Resolution Sales Handbook.

I’m very excited about the next few months, and am thankful that I have the opportunity to share with you the journey of growing our tax practices. Happy Thanksgiving!… Continue reading

2013 Tax Numbers Announced, Plus 2013 Tax Planning Advice

A variety of numbers that are important for 2013 tax planning were recently released by the Internal Revenue Service and Social Security Administration.

First, let’s talk retirement accounts. In 2013, maximum 401(k) contributions from your own paycheck will be capped at $17,500 for the year, an increase of $500 over 2012. For folks 50 and older, the “catch-up” limit remains the same, at $5,500. Personal IRA contributions will be limited to $5,500 for those under 50, and $6,500 for those age 50 and older. For SIMPLE accounts, the maximum contribution increases to $12,000, with a $2,500 catch-up limit for those 50 and over.

While elimination of the Social Security taxable wage limit is one of the proposals on the table in Washington, D.C., the inflation adjusted cap for 2013 is currently slated to be $113,700, up from $110,100 for 2012. This is the maximum salary level per year per person on which Social Security taxes are charged. Your wages above that amount are not subject to that particular tax. Expect this to be a hotly debated item during the next Congressional session.

Also on the Social Security front, retirees that have not yet reached full retirement age for their birthdate can earn up to $15,120 in 2013 from employment without losing any Social Security benefits.

If you provide cash gifts to others, you’re in luck in 2013: The annual gift tax exclusion has increased to $14,000 for 2013. Do note, however, that this is als a hotly contested item, and may be on the retroactive chopping block for 2013.

Lastly, Health Savings Account (HSA) contribution limits will increase to $3,250 for individuals and $6,450 for families next year.… Continue reading