In this episode, the host kicks off Season 3 with three powerful strategies every tax pro needs to build a more profitable, less stressful practice.

Tired of long hours, endless client demands, and the feeling that you’re working harder but not really moving forward? The IRS Whisperer Podcast is here to change that.

You’ll learn how time blocking can help you take back your day, how to uncover quick revenue wins from existing clients, and how understanding the CSED expiration period can lead to major tax relief for those you serve.

If you’re looking to refine your tax resolution skills and provide more comprehensive services to clients, this episode is a must-listen!

00:00 Introduction and Season 3 Kickoff 02:00 Time Blocking and Productivity Tips 05:00 Structuring Your Workday and Setting Boundaries 08:00 Training Clients and Managing Communication 11:00 Marketing Quick Wins and Revenue Opportunities 14:00 The $500 Installment Agreement Example 16:00 Referrals, Client Awareness, and Missed Payments 18:00 Understanding CSED and Collection Deadlines 21:00 Real Client Stories of Debt Expiration 23:00 Support from the Tax Resolution Academy 25:00 Closing Thoughts and Reducing Stress

 

 

In this episode, we dive into the opportunities available for licensed tax professionals in handling IRS collections cases. Using data from the IRS Data Book, we explore the prevalence of taxpayer delinquent accounts, offers in compromise, and installment agreements.   The host discusses the potential earnings for tax professionals, emphasizing the benefits of transitioning to a representation-focused firm or simply add IRS Collections representation to your tax practice for additional revenue.   Additionally, the episode introduces you to their sponsor the Tax Resolution Academy® as a resource for learning how to manage these cases effectively, ensuring an abundance of work for motivated professionals.   00:00 Introduction and Common Question 00:15 IRS Data Book Overview 01:16 Taxpayer Delinquent Accounts 03:05 Handling Delinquent Returns 05:01 Earnings Potential for Tax Professionals 06:15 Offers in Compromise and Collection Data 08:23 Installment Agreements and Revenue Opportunities 10:17 Conclusion and Further Resources

Mastering the Value Ladder and Reasonable Cause Penalty Abatements for Tax Practitioners

In today's episode, we discuss two key topics beneficial for tax practitioners: the value ladder strategy for marketing and practice management, and the technical aspects of reasonable cause penalty abatements. The value ladder is explained with examples of creating tiered packages to enhance client services and revenue.

For the technical segment, the focus is on structuring reasonable cause penalty abatement requests, detailing the IRS guidelines and factors necessary to prove ordinary business care and prudence. Practical advice, illustrative examples, and references to essential resources, such as specific IRS sections and recommended books, are also provided.

00:00 Introduction and Overview

00:24 Understanding the Value Ladder

01:39 Creating Effective Packages

06:15 Representation and Value Ladder 

08:53 Recommended Reading and Resources for understanding the Value Ladder concept

09:55 Reasonable Cause Penalty Abatement 

10:15 Steps for Structuring Requests

12:34 Four-Factor Test for Reasonable Cause

14:16 Handling Client Reply for Reasonable Cause 

19:26 Final Tips and Conclusion

Sponsor Tax Resolution Academy® 

Tax Pro Profit Maximizer Expo (TPPME) 2024

https://www.tppme.com/tppme-2024-home-eb

Effective Marketing Strategies for Tax Professionals

In this episode, Dan Henn, CPA, CTR™, discusses various marketing strategies for tax and bookkeeping practices, based on ideas shared during a mastermind group meeting. Key suggestions include leveraging client referrals, utilizing church bulletins for advertising, mailing paper newsletters, and reminding clients of additional services offered.

The host emphasizes the importance of staying in communication with current clients and up-selling them on new services. The episode concludes with a call for listeners to share their own marketing ideas and strategies.

00:00 Introduction and Overview

00:06 Mastermind Group Insights

00:23 Marketing Ideas and Suggestions

01:36 Client Referrals and Testimonials

03:07 Newsletters and Client Communication

04:58 Speaking Engagements

05:35 Summary and Final Thoughts 

06:57 Conclusion and Call to Action

Managing Procrastination and Payment Plans: Essential Tips for Tax Professionals

In this episode, Dan Henn, CPA, CTR™ also known as the IRS Whisperer, addresses the prevalent issue of procrastination among clients and its adverse effects on tax professionals. Dan explores ten significant consequences, including missed deadlines, increased stress, financial losses, reputation damage, lower work quality, client dependency, burnout, personal frustration, and lost opportunities for better clients. He emphasizes the importance of setting firm deadlines and imposing rush fees to manage procrastinators effectively.

 

Additionally, Dan provides valuable insights into managing installment agreements or payment plans, discussing their benefits, the importance of timely payments, and strategies to minimize penalties and interest. He also offers a free downloadable cheat sheet on installment agreements. To access the Installment Agreement Cheatsheet click here!

Dan also extends and invitation to licensed tax professionals to the upcoming Tax Pro Profit Maximizer Expo 2024 (TPPME) in Dallas, focusing on marketing, practice management, and client relations. Dan closes by underscoring the significance of reclaiming time for personal interests and family. To purchase tickets go to http://tppme.com

00:00 Introduction and Welcome

00:09 The Problem of Procrastination

00:50 Consequences of Procrastination

04:15 Strategies to Combat Procrastination

06:59 Introduction to Installment Agreements

08:08 Setting Up Payment Plans 

10:54 Managing Multiple Tax Years

16:38 Upcoming Event: TaxPro Profit Maximizer Expo 2024

17:35 Conclusion and Personal Reflections

In this episode, the Dan Henn, CPA, CTR™ focuses on best practices for communication and documentation in the tax representation field. He emphasizes the importance of reducing verbal communications to written form to avoid disputes. He suggests using emails, letters, and recordings to accomplish this task.

Dan Henn, CPA, CTR™ also provides strategies for securing payments upfront, highlighting the necessity of engagement letters and retainers to ensure that tax professionals are compensated fairly for their work. Practical tips for explaining client obligations and protecting oneself from legal action are also discussed.

00:00 Introduction and Today's Topic

00:50 Importance of Written Communication

04:26 Examples and Scenarios

10:19 Getting Paid: Strategies and Tips

19:58 Conclusion and Final Thoughts

In this insightful episode of the IRS Whisperer Podcast, we delve into the dual topics of leveraging newsletters for business growth and ensuring you are adequately compensated for your professional services.

Key Highlights:

• The Power of Newsletters: Discover how newsletters can be a potent tool for marketing and client engagement. Dan Henn, CPA, CTR™ shares a preference for traditional paper newsletters, emphasizing their tangible value and personal touch. Tips are provided on content variety, including inspirational stories, personal anecdotes, and even recipes to make newsletters more engaging and relatable.
• Building Client Relationships: The episode stresses the importance of creating personal connections through newsletters. Sharing personal stories and achievements helps clients feel closer to you, fostering trust and loyalty.
• Maximizing Revenue: Learn strategies for getting paid what you're worth. The Dan Henn, CPA, CTR™ discusses the importance of using engagement letters and charging separately for additional services like installment agreements and dealing with IRS notices. This ensures that your expertise and time are valued appropriately.
• Practical Advice: The episode offers practical advice on managing newsletters, whether through direct mail or email, and how to use them as a tool to maintain regular contact with clients, ultimately reducing client turnover.

Tune in to gain valuable insights on how to enhance your practice's communication strategy and ensure you're compensated fairly for your expertise.

Writing a book is one of the best things you can do for your tax practice. It can become the best thing to differentiate yourself from your competition. It will become your new business card and it can lead to better clients, speaking gigs, and possibly TV/radio/podcast interviews.

Why don't you have a book of your own with your name in the title. Make it a goal for you to have a book with your name as the author before we get into the next tax season. If you want to get better and go farther faster, this is the way to go AND the great thing, is it really does not have to take a lot of time out of your already busy day.

Listen to this episode for the hints you need to take the next step. Reach out to us at [email protected]. Check out our sponsor, the Tax Resolution Academy® https://taxresolutionacademy.com/ or to join the Tax Resolution Academy® https://community.taxresolutionacademy.com/

Welcome to our exploration of a topic that many tax professionals and licensed practitioners often grapple with: raising fees. Despite the ever-present dynamics of inflation and market forces, numerous professionals find it incredibly challenging to increase their rates. In this episode, we'll dive into several key reasons behind this hesitation and examine how it affects your clients, profits, and overall psyche.

Before the next tax season or your next big client, consider incrementally raising your fees. Evaluate what you're charging, the value you're providing, and take the leap to adjust your rates. Engage with other tax professionals, mentors, and your client base to understand their perspectives and make informed decisions. Remember, your skills and knowledge are valuable, and your fees should reflect that.

Collecting retainers has been one of the best things that I ever did. I collected a 50 percent retainer on tax preparation. I would do at least a 50 percent retainer on collections cases. If you want to know more and how to handle this in your tax practice, this episode is for you.