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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Offer in Compromise Software and Evaluating OIC and PPIA
staying ahead of the curve and leveraging cutting-edge tools is essential for providing the best possible services to your clients. One such valuable resource is offer in compromise software, which can significantly streamline and enhance the process of evaluating and submitting Offers in Compromise (OIC) and Partial Payment Installment Agreements (PPIA). In this in-depth article, we will explore the benefits and features of offer in compromise software, demonstrating how it can transform your tax resolution practice and help you deliver successful outcomes for your clients. By embracing the power of technology, you can further solidify your reputation as a forward-thinking and efficient tax expert in a competitive market. As a tax pro, it’s your job to know what’s best
IRS CAF Number 101: Representing Clients
Representing your clients effectively and efficiently in front of the IRS is a crucial aspect of your practice. To do so, understanding the ins and outs of the IRS CAF Number system is essential. In this comprehensive article, we will provide a complete guide to the IRS CAF Number, explaining its purpose, the application process, and the role it plays in representing clients in tax resolution matters. By mastering the nuances of the IRS CAF Number, you can ensure seamless communication with the IRS on behalf of your clients, bolstering your reputation as a knowledgeable and skilled tax expert in a competitive market. Three times in three years, and it continues to be modified annually: that’s how often the
IRS Letter 6042C: Protect Clients Against Identity Theft
In a world where identity theft poses a significant threat to taxpayers, tax professionals must be vigilant and proactive in safeguarding their clients’ sensitive information. One critical tool for achieving this is understanding the implications and purpose of the IRS Letter 6042C. In this in-depth article, we will explore the details of IRS Letter 6042C, outlining its role in protecting clients against identity theft, and offering guidance on how to respond and navigate this important notice. By being well-informed about IRS Letter 6042C, you can provide your clients with the peace of mind they need, further enhancing your reputation as a knowledgeable and diligent tax expert in an increasingly complex tax landscape. The IRS has a message for tax
IRS 656 and OIC Forms for Married, Separated and Divorced
Navigating the complexities of tax resolution can be particularly challenging when dealing with married, separated, or divorced clients. As a tax professional, understanding the intricacies of IRS Form 656, the Offer in Compromise application, is essential for effectively guiding your clients through the resolution process. In this comprehensive article, we will delve into the nuances of IRS 656 and its implications for individuals in various marital situations, offering insights and best practices on how to optimize the OIC process for clients with diverse personal backgrounds. By becoming well-versed in the specifics of IRS 656, you can provide tailored solutions to your clients’ unique needs, further establishing your reputation as a knowledgeable and empathetic tax expert. When you’re in business
Get Tax Extension Clients in Earlier
As a tax professional, efficiently managing your workload and providing timely service to your clients is crucial for the success of your practice. One way to achieve this is by encouraging your tax extension clients to file earlier, thus avoiding the last-minute rush that often leads to increased stress and potential errors. In this insightful article, we will share valuable strategies and best practices for motivating tax extension clients to submit their documents ahead of schedule, leading to smoother workflows and improved client satisfaction. By implementing these effective techniques, you can foster long-lasting relationships with your tax extension clients and solidify your reputation as a proactive, well-organized tax expert in a competitive industry. Why It’s Important to File a
Go Full Year and Expand Beyond Tax Time Resolution
So … What’s Next? Of course, we’ll all be ready for a break after a dozen or more weeks of sleepless nights—not to mention blurred lines between daylight and dusk. We’re All Exhausted And We’re Counting The Days. Hang in there. Resist the temptation to head for the front door at 12:01 AM on April 17th. The last thing you want to do is walk away before you create a game plan that’ll prepare you for the next 9 months. Your earnings from this tax season will dwindle pretty fast if you don’t have a plan for generating income. We know you’re burned out, and yes, you deserve a break. However, before you turn off your flashing TAXES DONE
Why Your Client Passport May Be in Jeopardy with an IRS Passport Hold
It’s essential to keep your clients informed about critical tax-related issues that may directly impact their lives. One such matter that’s gaining attention is the IRS Passport Hold, which could restrict your clients’ ability to travel internationally. In this comprehensive guide, we will delve into the intricacies of the IRS Passport Hold, how it can affect taxpayers, and what steps you can take to help your clients avoid or resolve this potentially challenging situation. Stay ahead of the curve by learning about the latest updates and best practices to keep your clients informed and their passports clear of any IRS-related holds. Do you have tax-delinquent clients with travel plans? Do them a favor and give them a quick heads-up.
Apply for an EFIN to Stay Organized before April 16th
Staying organized and efficient in managing your clients’ tax returns is crucial. One effective way to achieve this is by applying for an Electronic Filing Identification Number (EFIN) from the IRS. In this article, we’ll guide you through the process of applying for an EFIN, the benefits it offers to your practice, and how it can enhance your workflow. By obtaining an EFIN, you’ll not only streamline your operations but also demonstrate your commitment to providing secure and reliable services to your clients. Dive into the world of how to apply for an EFIN and discover how this simple step can transform your tax practice for the better. The last thing most tax pros want to do after April
IRS Notices are at The Front Door. Are Your Clients Ready?
IRS Notices can be intimidating and overwhelming for taxpayers, and as tax professionals, it’s our responsibility to guide and support our clients through these challenging situations. In this article, we’ll explore the different types of IRS Notices, their implications, and the best strategies to address them promptly and effectively. By being well-prepared and proactive, you can help your clients navigate these notices with confidence and ease, minimizing potential penalties and fostering a strong and lasting relationship built on trust. Join us as we delve into the world of IRS Notices and equip you with the tools to ensure your clients are ready to face them head-on. Are your clients ready for the inevitable IRS Notices stuffed in their mailboxes?
5 Ways Tax Resolution Experts Can Grow Their Business
As tax resolution experts, it’s crucial to continually adapt and evolve in the competitive landscape of the tax industry. Staying ahead requires a combination of innovative strategies and proven methods to expand your client base and enhance your services. In this article, we’ll explore five essential ways that tax resolution experts can grow their business, from embracing digital marketing techniques to building a strong referral network. Whether you’re just starting or looking to take your practice to the next level, these tips will provide valuable insights to help you succeed. Are you ready to up-level your business? We thought so! That’s why we’re giving you 5 ways to make your tax resolution marketing soar in 2018—leaving everyone else in
IRS Audit Software Can Help Clients Through Stages of IRS Audit Grief
Facing an IRS audit can be a daunting and overwhelming experience for clients, often causing anxiety and uncertainty. As tax professionals, our role is to guide them through this challenging process, ensuring they receive the best possible outcome. IRS Audit Software is a powerful tool that can not only streamline the audit process but also provide valuable insights to address various stages of IRS audit grief. A guy, let’s call him Mike, could be having a perfectly wonderful day – blue sky, no traffic. When he gets home, he opens the mailbox and thumbs through the mail. WHAM! Those big, black letters stand right out: IRS Well, it could be good news, right? No, it’s probably not
Five Things Taxpayers Look For in Hiring Tax Resolution Firms
If a taxpayer is under IRS pressure to pay delinquent taxes they won’t be looking for the least expensive service. They will be hiring a qualified tax resolution company. Is your company a match? There are 5 things taxpayers look for when hiring tax resolution firms: Skilled Professionals When a taxpayer is dealing with IRS issues, they want to be sure they hire a competent tax pro to help get them through the process. Enrolled agents, CPA’s, attorneys and other tax professionals are all able to represent clients in front of the IRS. We at IRS Solutions give you the tools and the skills to help you look like a pro in front of the IRS as well as your
How to Get Tax Clients Needing Tax Resolution Services
As a tax professional, you’re most likely aware that our industry is saturated. But there’s an area screaming for help: tax resolution services. This is one place clients outnumber resources for services. Good news, right? If only you offered tax resolution. Well, why don’t you? We’ll answer our own question. Working with the IRS on behalf of tax delinquent clients can be a nightmare. That’s why. We get it. We shuddered at the thought too, until we discovered a system for magnetizing clients and dealing with IRS red tape. Here are 5 ways we transformed our business. Before you think it’s not worth your time, we’ll tell you we have multiplied our year-round income several times
3 Keys to Year-Round Revenue in Tax Practice Management
As a tax professional you understand that optimizing your tax practice management is essential for achieving consistent, year-round revenue. While tax season is undoubtedly a busy time, it’s crucial to develop strategies that keep your practice thriving throughout the entire year. Maintain steady growth and client satisfaction, no matter the season. Join us as we explore these vital components of managing a successful tax practice, and learn how to maximize your revenue potential, enhance client relationships, and build a sustainable business model that transcends the limitations of traditional tax season. No one would argue—cramming a year’s work into 4 months has its benefits. First of all, it’s nice to start the year with a big wad of cash. It
The Right to Appeal IRS Decisions Just Got Easier
The right to appeal an IRS decision in an independent forum is one of 10 key rights guaranteed to taxpayers under the Taxpayer Bill of Rights. As taxpayers attempt to resolve tax disputes outside of a court setting, the pleas heard by the Office of Appeals amount to no small number. Each year, more than 100,000 taxpayers file appeals. On August 1st, the IRS Office of Appeals began piloting a service that will make things easier, especially for taxpayers who live far from an IRS Appeals Office. What is it? Well, in case you haven’t heard (and your clients are going to love this), taxpayers and their representatives can soon take advantage of a new web-based conference option.
IRS Lien Withdrawals: The IRS Makes it Easier For Taxpayers
Did you know about this benefit for tax delinquent citizens who have been issued federal tax liens? We want to be sure you do because the IRS steps up in favor of taxpayers by easing their burdens with lien withdrawals. If taxpayers do their part, they can benefit by shortening the time between the imposing of stress-inducing liens and withdrawal with a new approach to the federal tax lien process. Oh, and the government also benefits. Tax liens can have a significant impact on a taxpayer’s financial well-being, making it difficult for them to secure loans or sell property. Fortunately, the IRS has made it easier for taxpayers to navigate the process of IRS Lien Withdrawals, providing a more accessible
Conquer Issued Federal Tax Liens With a Certificate of Subordination
When your clients face the burden of an IRS tax lien, obtaining a certificate of subordination can be a powerful tool in their financial recovery. As a CPA, tax professional, or enrolled agent, your knowledge of this essential strategy is invaluable in helping clients regain control of their financial lives. In this informative article, we’ll delve into the intricacies of the certificate of subordination process, providing you with the guidance necessary to effectively conquer issued federal tax liens and give your clients the best chance at a fresh financial start. It won’t come as a surprise to you that when it comes to collecting their money, the IRS doesn’t play around. They mean business and your client’s denial or tossing
The Truth About the Federal Tax Lien
A federal tax lien is the government’s first line of defense against tax delinquencies. When your clients neglect or fail to pay a tax debt, the federal government doesn’t just stand back and take it. It defends its interest by imposing a federal tax lien. The lien represents the government’s legal claim against the taxpayer’s property; including real estate, personal property and financial assets. There are three qualifying features of a federal tax lien. It exists when the IRS: Puts the balance due on the books, i.e. assesses liability Sends a bill explaining what is owed – Notice and Demand for Payment and the taxpayer Neglects or refuses to fully pay the debt – on schedule! The process begins as