Tax Resolution Blog
The IRS Solutions’ blog is filled with tax pro solutions and the latest IRS tax news, insights, and information about tax resolution.
Understanding the Difference Between a Levy and a Lien
Knowing the difference between a levy and a lien helps CPAs, Enrolled Agents, and other tax pros guide their clients through the successful resolution of challenging IRS cases. Proper guidance based on a clear understanding of IRS levy vs lien can make the difference between financial stability and continued stress for your clients. What is a Tax Lien? An IRS tax levy is when the IRS actually seizes a taxpayer’s property to satisfy a tax debt. Unlike a lien, which is a claim against the property, a levy means the IRS takes possession of the assets. This can involve seizing bank accounts, garnishing wages, or taking other property
New Wage and Income Transcripts Summary Tool Simplifies Transcript Analysis
In-depth analysis of wage and income transcripts is a critical skill for every tax resolution accountant and anyone preparing taxes. These documents paint a comprehensive picture of a taxpayer’s financial history – but comparing and interpreting them can be a challenge. That’s why IRS Solutions® is introducing the Wage and Income Transcripts Summary Tool, a groundbreaking feature that makes wage and income transcripts analysis faster and more insightful than ever before. Designed for precision and efficiency, this tool will transform the way accountants, enrolled agents, and tax resolution specialists approach the task. By offering a side-by-side presentation of income-related data, including W-2, 1099, and withholding information across multiple years, the
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It’s PTIN Renewal Season! Are You Ready?
In late October, the IRS announced that it was time for all tax preparers to renew their Preparer Tax Identification Numbers. Here’s a quick guide to the PTIN from the experts at IRS Solutions – what it is, why you need one, and everything you need to know about PTIN renewal – along with information about some other critical IRS identification numbers. What is a PTIN? The PTIN is an identification number that the IRS issues to professional tax preparers such as Certified Public Accountants (CPA) and Enrolled Agents (EA). Do I Need a PTIN? Anyone who is paid to prepare or assist in the preparation of federal tax returns must have a valid PTIN from the IRS.
How to Expand and Promote Your IRS Tax Resolution Practice
Imagine this: you’re at a cocktail party, and someone asks what you do for work. You say, “I’m an IRS tax resolution pro,” and what do they envision? Chances are that your companion has an outdated idea of what a career in accounting entails. They might imagine you working long hours (evenings and weekends, too!), wearing a green visor and sitting under a banker’s lamp, using an adding machine to prepare one tax return after another, hour after hour, and day after day. Even worse, it’s not only laypeople who are mistaken. This common misunderstanding is limiting students’ choices to pursue a career in tax work and is causing an industry-wide labor shortage. In a recent article titled More
3 Reasons Your Tax Practice Needs an IRS Offer in Compromise Calculator
Tax resolution professionals know that one of the most important services they can provide their clients is proactive, successful negotiation with the IRS. In many cases, that means an Offer in Compromise (OIC). Like any agreement, a great OIC is one in which neither party entirely prevails but in which all stakeholders walk away feeling satisfied. Consider the case of a taxpayer who has fallen into arrears. Coming to the table, the IRS would love to collect every dime of back taxes owed to the United States government, if possible. The taxpayer, on the other hand, would be happy if they could walk away from the situation with no financial consequences. Sometimes neither scenario is feasible. The IRS hopes
Understanding the CAF Number: A Tax Pro’s Guide
The Centralized Authorization File (CAF number) is a database that the Internal Revenue Service uses to manage information regarding professionals appointed to act on behalf of others. The CAF number is not an authorization in and of itself. Rather, it identifies the file containing any legal authorizations that have been filed by a tax resolution professional. With it, IRS personnel can look up whether the tax professional has the authority to access the taxpayer’s data, rather than having to ask them to fax the signed authorization each time. Anyone working with tax resolution clients will want to get a CAF number to save time when communicating with the IRS. Whether calling to request information or downloading IRS transcripts through
2023 Tax Resolution Statistics [Infographic]
There are many good reasons to consider adding tax resolution services to your practice. In addition to the satisfaction of helping your clients through a stressful situation, and escaping the high-stress daily grind of tax preparation, tax resolution allows you to add an additional revenue stream beyond annual tax returns and stabilize and grow your ‘off-season’ revenue. The demand for tax issue resolution is constant and growing, and there are several key trends and tax resolution statistics that will drive a continued demand for tax resolution services. 2023 Tax Resolution Outlook: The Inflation Reduction Act has been passed into law The Act provides $80 billion in funding to the IRS through FY 2031, allowing the agency to hire
The Real Truth: A Tax Resolution Software Comparison
With several products competing for your business, how do you know which offers the best service at the best price? You’ll probably conduct sector research, looking at IRS Solutions, Canopy, IRSLogics, PitBullTax, and Tax Help Software, making a tax resolution software comparison before committing. Whether you’re a rockstar accountant or a rocket scientist, professional success depends on having the right tools for the job. For modern financial and legal experts whose practices focus on tax resolution, that means an investment in specialty software that will support your work seamlessly, effectively, quickly, and affordably. This blog post will make that investigation easy for you and – as always! – help you save valuable time that would be better spent elsewhere.
7 Best Tax Resolution Software Tools to Impress Clients
You’ve got dozens of clients, all with different needs, and you need the best tax resolution software tools to manage them efficiently. Many financial and legal professionals have developed their own methods of managing tasks and deadlines to keep track of everything and get it all done on time. These quirky systems often involve multiple to-do lists, whiteboards on every wall, and sticky notes everywhere. Does that sound familiar? If so, you’ve probably learned the hard way that using a system like that might appear adequately functional, but it’s actually an extremely precarious and stressful way to work. One slip-up and the whole thing comes crashing down. The experts who use IRS Solutions to manage their tax resolution departments have
IRS Solutions vs. PitBullTax: A Value Comparison
Many financial and legal professionals make tax resolution the focus of their work, and more are making the transition to this specialized field every day. According to the American Society of Tax Problem Solvers (ASTPS), a membership organization for tax resolution specialists, there were over 11 million taxpayer accounts in collections in 2020, with more being added all the time. The ASTPS says that accountants, lawyers, and IRS enrolled agents, who work in tax resolution, enjoy the abundant year-round income, uniquely challenging work, and the joy of working with grateful clients who really need their expert help. With an investment in dedicated software, tax resolution specialists can easily generate more revenue in fewer hours than their peers. As a financial
Automated Tax Solutions to Grow Your Business
Benjamin Franklin said it best, “Time is money.” If you are lagging behind on your tax business’s workflow, then it’s time to explore effective time management solutions such as automated tax solutions. Tax resolution professionals struggle to keep pace with their clients’ needs. Tax season accelerates things to a fever pitch and many start to feel like they are slipping as the workload builds. Automation for tax professionals promises to streamline the workflow, especially when coupled with tax resolution software. What once took hours to accomplish now takes minutes so you can get a lot more done with minimal effort and time. Automation coupled with taxation does spur a variety of legal concerns and worker’s rights dilemmas. Despite
Marketing for Tax Professionals: Grow Your Tax Practice
Grow your bottom line with effective marketing for tax professionals, and attract new clients and customer retention. During tax season, everywhere you turn tax preparation businesses are marketing their services. You’ll encounter advertisements online, on television, radio and even on billboards. It’s hard to stay ahead of the giants like TurboTax and H&R Block if you don’t effectively market your tax preparation or tax resolution services. Ideally, you should focus on marketing year-round and not just during tax season. A tax preparation or resolution business is no different than any other company; it thrives on repeat customers. You not only need to bring in more customers, but you also need to continue your appeal with existing clients. The only
Definitive Guide to Accounting Practice Management for Tax Pros
Many people, who are not tech enthusiasts, don’t readily embrace new software. In fact, the thought of upgrades can cause anxiety. All of the steps involved in learning a platform, transitioning content to the cloud, and possibly going paperless might seem overwhelming. Just too many steps. Despite your hesitation, think of the benefits of accounting practice management software: Greater efficiency Increased productivity Added convenience Closer customer relationships Improved billing/invoicing Optimum communication ease Increased bottom line Innovative practice management for accountants will give your firm the edge it needs against the competition. In this guide, we will explore the ins and outs of automated practice management for tax pros, and why you should seriously consider making the transition. You’ll increase your
Choosing the Right Tax Software Solutions for Tax Resolution
Learn how to choose tax software solutions that increases revenue, reduces the amount of time you spend on each case and helps you stay on top of your workload. Year after year, tax season rolls around and with it comes less appreciative, more demanding, and more challenging clients. You hustle day in and day out to deliver quality service and achieve rapid turnarounds for each and every client, only to be nickel-and-dimed when it comes time for them to pay your (very reasonable) bill. If tax preparation is your ‘bread and butter’, you know this narrative well. And if you know this narrative well, you probably would agree that it’s time for a rewrite… As long-time veterans of the
Fully Automate Your Tax Resolution Business
Tracking down transcripts, collecting documents, answering client questions and requesting signatures can feel like you’re wading through quicksand in your tax resolution business. These tedious tasks can easily take hours and cut deeply into your profits. But guess what—they don’t have to! The secret lies in establishing simple, standardized processes that you can repeat time and time again. Best of all, IRS Solutions makes that transformation easier than you could ever imagine. Stop Starting from Scratch IRS Solutions Software provides step-by-step guidance for every stage of the tax resolution process so you always know where you’re headed and what to expect. Using IRS Solutions Software is equivalent to bowling with bumpers—our notice response templates, premade marketing materials, and the
Predictable Tax Resolution Case Communication: CP501 vs. CP2501
In 2019, the estimated tax gap (amount of uncollected taxes) totaled over $554 billion. IRS Commissioner Chuck Rettig estimates that that number has since increased to $1 trillion dollars—yes—that’s trillion with a “T”. So, it should come as no surprise that the government recently announced a plan to hire over 87,000 new IRS workers to assist in going after those who have been evading or not paying their taxes. That’s bad news for many taxpayers…but great news for those in the tax resolution business. The number of tax resolution cases is expected to skyrocket over the next decade. Know the difference between cp501 vs cp2501. A Huge Opportunity for Tax Professionals Tax professionals have been given an unbelievable opportunity. You’ve
Tips for an Accounting Firm Strategic Plan for Tax Resolution
As with any business, it takes an accounting firm strategic plan with strategic tax resolution marketing to attract clients. Mix up your marketing techniques with traditional direct mail marketing, digital marketing, testimonials, email campaigns, social media, and social media branding for greatest conversions and ROI. Times have changed – hanging a shingle on a downtown business location is no longer enough to attract clients to your tax resolution business. Nowadays, with competition stiff, it takes a strategic marketing plan. Whether you are launching a start-up or scrambling to bring in more clients, you’ll need to focus on a well-laid out plan. Tax resolution businesses are becoming more commonplace. It has become a popular add-on to tax businesses or
Grow with the Tax Resolution Marketing Toolbox
After a tax season like the last, you deserve a serious vacation…like a ‘3 weeks in Cabo in a hammock’ type of vacation. But when you get back to your desk, shake the sand out of your socks because we’ve got a proposition for you. Expanding your practice to include tax resolution would not only allow you to help more clients and feel better about your job, but it would also enable you to take that dream vacation every single year. Becoming a tax resolution specialist allows you to work far less and make far more…and we have the secret to mastering rapid growth for your practice – the tax resolution marketing toolbox. “You can do ten tax returns
3 Secrets for Steady, Rapid Growth in Tax Resolution Programs
Have you ever wondered how some colleagues are posting photos in Cabo while you’re struggling to find enough time to make it home for dinner? Well…the secret lies in their process. These individuals have mastered the art of predictable and repeatable systems in their tax resolution programs—and you can too. With IRS Solutions Software, you can automate a huge amount of your daily operations and embrace workflows that work for you, not against you. In this article, we’ve rounded up the top three secret ingredients for maximizing efficiency, growing your practice, and leaving your competition in the dust. 1: Pre-Made Promotional Materials Accountants are not marketing majors. That’s why we include professional, done-for you, marketing, included with your membership. Meet
Transform Your Life with a Tax Resolution Business Opportunity
After one of the most horrendous tax seasons ever, a record number of accountants are retiring or just quitting and finding a new career path due to a lack of passion for the job. To add insult to injury, artificial intelligence (AI) continues to create competition that threatens to put tax pros out of business as more and more taxpayers file their own taxes online. Emotions are running high and tax professionals are simply burnt out—just visit the Tax Preparer Stress Relief Facebook Group if you don’t believe us. So, if this sounds all too familiar to you, it’s time to make a change with the tax resolution business opportunity. Make the Transition to Tax Resolution Transition from tax