| | TODAY @ CPA TRENDLINES: COMMENTARY
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| | Tax Resolution: A Lucrative Opportunity
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| By Jassen Bowman EA
Tax Resolution Systems
With over 14 million active IRS collections cases, there is a tremendous need for competent taxpayer representation. There has never been a better time to add this highly lucrative, recession-proof service to your tax practice.
In fiscal year 2015, the IRS opened 8.1 million new collections enforcement cases, while only closing 7.1 million cases. Altogether, these taxpayers owe the IRS over $137 billion. That’s more than twice the entire annual budget for the U.S. Department of Education. |
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With a net increase of over 900,000 IRS collections cases in 2015, the opportunity for tax resolution services is bigger than it’s ever been. And keep in mind that I’m only talking about collections cases here – these numbers don’t include examination cases. Exam is an entire other world unto itself, presenting additional lucrative opportunities.
RELATED: Let’s take a look at the tax return side. The IRS has been doing a good job of encouraging voluntary compliance with filing requirements. The number of un-filed return investigations has been going down, largely because of automated data matching and the success of the CP-2000 mail audit program. However, at the start of FY16, the IRS still had more than 3 million open delinquent return cases (that’s cases, not total number of returns). Just to round out the numbers, the IRS issued 515,247 tax liens notices (668-Y) in 2015, and also 1.4 million levies. While these numbers are both significantly lower than in 2014, they still indicate a high level of enforced collections activity.With all these taxpayers under the gun from the IRS, I hope that it’s a no-brainer for you to consider adding this service to your business.
But if you’re still not convinced, let me throw a few more facts your direction... |
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| | NEW!
Tax Resolution Systems
The Checklist Manual for Building a Wealth-Driven Taxpayer Representation Firm
By Jassen Bowman, EA
Special Introductory Offer:
FREE U.S. Shipping! And FREE eBOOK! - Comprehensive step-by-step guide to launching a new high-value, fast-growing, year-round tax services business.
- With checklists, processes, procedures, worksheets, sample letters, scripts, and guidance on compliance and best practices.
- Based on the real-world experiences of building multi-million-dollar businesses from scratch.
- Packed into more than 250 workbook-sized pages.
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