IRS Whisperer

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.

Ever gone to the office worked a whole day and on your way home you are thinking, "What the Heck did I do today?". You feel that you have nothing to show for it. You answered two to three "Got a minute" phone calls, returned all of the email that came in within 5 minutes of it showing up and even met with a few clients that were not previously scheduled. This episode will help you correct that problem so you can become more productive with your day!

Receiving penalties from the IRS? Let's use what the Internal Revenue Manual (IRM) says about penalties to our advantage. In this episode, Dan shares how to start building professional relationships that lead to client referrals, why you should develop a system for onboarding new clients, and some helpful tips for handling penalty abatement requests for your clients.

Key Takeaways:

- Who to reach out to for tax representation referrals

- The importance of requesting feedback during the onboarding process

- Important steps to include when creating an onboarding checklist

- How to begin establishing your core values

- The most common reasonable causes accepted by the IRS for penalty relief

The IRS Whisperer podcast is dedicated to helping you develop an efficient and profitable firm. Be sure to subscribe on your favorite podcast platform so you don't miss an episode.

Do you have some feedback or questions about this episode? Leave a note in the comment section or reach out on social media:

Facebook: https://www.facebook.com/IRSWhisperer

Instagram: https://www.instagram.com/irswhisperer/

Helpful Resources:

- Keap: CRM, Sales & Marketing Automation

- Printfection: Swag Management Platform

The IRS Whisperer is powered by the Tax Resolution Academy® - a digital community for tax pros seeking support, educational materials, and up-to-date instruction on IRS representation cases. Learn how to grow your firm, operate more efficiently and profitably, and provide the best possible representation to your clients. To learn more or join, go to https://community.taxresolutionacademy.com/ctr

Are you struggling to get new clients? Implementing lead magnets into your marketing plan could be your solution! In this episode, Dan breaks down the different types of lead magnets, how to decide which is best for you, along with multiple real-world examples proving their effectiveness. Dan also shares tips to manage your billings and increase your revenue before wrapping up with a complete walkthrough of handling a CP2000 IRS notice.

Key Takeaways:

- The 3 key elements to creating a successful lead magnet

- 10 tips to elevate your billings management

- Why you shouldn't file a 1040-X in response to a CP2000 notice

- What happens if you miss the CP2000 notice deadline

The IRS Whisperer podcast is dedicated to helping you develop an efficient and profitable firm. Be sure to subscribe on your favorite podcast platform so you don't miss an episode.

Do you have some feedback or questions about this episode? Leave a note in the comment section or reach out on social media:

Facebook: https://www.facebook.com/IRSWhisperer

Instagram: https://www.instagram.com/irswhisperer/

The IRS Whisperer is powered by the Tax Resolution Academy® - a digital community for tax pros seeking support, educational materials, and up-to-date instruction on IRS representation cases. Learn how to grow your firm, operate more efficiently and profitably, and provide the best possible representation to your clients. To learn more or join, go to https://community.taxresolutionacademy.com/ctr

Stop losing clients! Stay top-of-mind and build a better client relationship with a paper newsletter. Join Dan in this information packed episode to learn how to incorporate a paper newsletter into your marketing plan. You'll also learn when it's appropriate to use a Power of Attorney and why you need to implement systems into your practice.

Key Takeaways:

- Differences between a form 2848 - Power of Attorney and the form 8821 - 3rd Party Appointee

- How you can connect with your clients on a personal level

- Why implementing systems in your practice saves both time and money

The IRS Whisperer podcast is dedicated to helping you develop an efficient and profitable firm. Be sure to subscribe on your favorite podcast platform so you don't miss an episode.

Do you have some feedback or questions about this episode? Leave a note in the comment section or reach out on social media:

Facebook: https://www.facebook.com/IRSWhisperer

Instagram: https://www.instagram.com/irswhisperer/

Helpful Resources:

- Notion.so: Project management and note-taking software

- TaxDome: Manage your firm & clients in one place

- UltraTax: Professional tax software for tax preparers and accountants

The IRS Whisperer is powered by the Tax Resolution Academy® - a digital community for tax pros seeking support, educational materials, and up-to-date instruction on IRS representation cases. Learn how to grow your firm, operate more efficiently and profitably, and provide the best possible representation to your clients. To learn more or join, go to https://community.taxresolutionacademy.com/ctr

Would you like to prevent paying a preparer penalty? Paul Hamann of RCReports will tell you how. In this episode, Dan and Paul discuss exactly what reasonable compensation is and why it's important for every tax professional and business owner to understand. They examine some real cases involving reasonable compensation issues and how the tools and resources provided by RCReports became crucial to winning the cases in the clients' favor in an IRS Exam.

Key Takeaways:

- How implementing RCReports into your practice can substantially increase your value and cost of services

- How to avoid a preparer penalty

- Understanding the multitude of tools and resources RCReports has available

- What new services you can provide after adopting RCReports into your practice

RC Reports is offering a special $200 off during the month of July! Use the link below to register for this special limited time offer.

tra.rcreports.com

Paul Hamann is an expert on determining Reasonable Compensation for closely-held business owners. He has educated more than 80,000 tax advisors and valuators on the topic of Reasonable Compensation and has been published in numerous national and state journals. Paul, along with other experts in their own fields founded RCReports in 2010. RCReports cloud software determines reasonable compensation for Closely-Held Business Owners and is used by CPA's, EA's, Tax Advisors, Valuators, Forensic Accountants and Attorneys when they need to determine a Reasonable Compensation figure for a client. When Paul isn't in the office, he enjoys spending time with his wife and two chocolate labs, hiking Colorado's backcountry or paddling its scenic lakes and rivers.

The IRS Whisperer podcast is dedicated to helping you develop an efficient and profitable IRS Representation practice. Be sure to subscribe on your favorite podcast platform so you don't miss an episode.

Do you have some feedback or questions about this episode? Leave a note in the comment section or reach out on social media:

Facebook: https://www.facebook.com/IRSWhisperer

Instagram: https://www.instagram.com/irswhisperer/

The IRS Whisperer is powered by the Tax Resolution Academy® - a digital community for tax pros seeking support, educational materials, and up-to-date instruction on IRS representation cases. Learn how to grow your firm, operate more efficiently and profitably, and provide the best possible representation to your clients. To learn more or join, go to https://community.taxresolutionacademy.com/ctr