here’s what you’re looking for: eric green

marketing & sales

the irs tidal wave is here

man silhouetted against open doorway in tidal wave

what you need to know now.

by eric green

for over a year now, we’ve been saying that the irs was properly funded and warned it would unleash a tidal wave of work. we also warned you that we would be dealing with all sorts of untrained employees. the bad news, at least for clients, is that day has come.

more: s corp clients beware | four ways to handle federal tax liens | the irs is coming! get your clients into compliance | tax chat: eric green reveals the tax rep guide to tax season | what i wish clients knew about tax liens | tax: explaining the bad news about canceled debt to clients | offers in compromise aren’t for everyone
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

the good news for tax pros is that with this wave of enforcement spells opportunities for representation work. what you do still have to navigate is the impact of untrained employees, who are creating their own set of challenges.
read more →

audit & assurance

s corp clients beware

“reasonable comp” audits are coming.

by eric green
tax rep network

“the irs never audits reasonable comp, so don’t worry about it.”

have you ever heard this phrase? well, when it comes to irs priorities and increasing enforcement, s corporations and their owners will find themselves in the crosshairs of the irs.

more in tax: eight steps to getting started with ai: a guide for tax professionals | what’s your value to your tax clients? | are you excited about tax season? | what the corporate transparency act means for accountants | train now before it costs you down the road | surge pricing: what works for uber could work for cpa firms | uncooperative partner might not be the problem | it’s time to fix the problem of qtips and llcs

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in 2020, the u.s. treasury inspector general for tax administration (tigta) reported more than 10 million non-filers, many of them high-income earners. then, in 2021, a tigta report told the irs to begin cracking down on s corporation owners who take little to no compensation to avoid employment taxes effectively.

read more →

client service opportunities

four ways to handle federal tax liens

there’s more than one route to satisfying the irs collection division.

by eric l. green

irs tax liens can have a profound impact on an individual’s situation, affecting their ability to get loans, sell property or engage in business activities. as such, it is crucial for individuals to understand how irs tax liens work and the options available for getting rid of them.

more: the irs is coming! get your clients into compliance | tax chat: eric green reveals the tax rep guide to tax season
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in this article we discuss approaches and factors to consider when dealing with irs tax liens, offering insights and advice to help taxpayers navigate this process.

understanding irs tax liens

before discussing ways to remove tax liens, it is important to get a basic understanding of what they entail. a tax lien represents a right against a taxpayer’s assets, and is used by the irs to secure its interest in the taxpayer’s assets – both those owned at the time and those later acquired.
read more →

client service opportunities

the irs is coming! get your clients into compliance

10 million high-income taxpayers targeted.

by eric green

those of us in the know have been saying for a while now that the irs is sending a “wave” of tax notices, and you need to prepare your clients for compliance and, ultimately, remittance and resolution. well, that day has finally come.

the irs is launching its long-awaited effort to crack down on high-income taxpayers who have failed to file tax returns.

more in tax: eight steps to getting started with ai: a guide for tax professionals | what’s your value to your tax clients? | are you excited about tax season? | what the corporate transparency act means for accountants | train now before it costs you down the road | surge pricing: what works for uber could work for cpa firms | uncooperative partner might not be the problem | it’s time to fix the problem of qtips and llcs

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

for practitioners, many taxpayers will be scrambling for help from tax professionals.  understanding how to handle these taxpayers when they come in will have a real impact on how painful the re-entry into the tax system is going to be.

read more →

client service opportunities

tax chat: eric green reveals the tax rep guide to tax season

.
seth fineberg
with eric green

renowned tax attorney eric l. green delivers a roadmap for seizing tax resolution opportunities this tax season in the new video from last week’s first tax chat of the year, hosted by seth fineberg.

more tax season: ftc nails turbotax for ‘free filing’ scam | | offer your tax clients other services |  higher fees to start: ten ways to make your tax season better | tax pros handle 37.7% of e-filings | if only the irs’s tax pro were useful | can your tax reviewers answer these 10 questions? | tax pros file 33% of early returns | can’t irs online accounts be more useful?

in this live webinar, attendees – and now you – get the fundamentals for catching lucrative tax rep engagements without adding to busy season workloads. with live, real-time q&a, everyone’s questions got answered.
read more →

pro member exclusive

what i wish clients knew about tax liens

equity is key.

by eric l. green
tax rep network

“i know i can’t sell the property because the irs has a lien for $80,000 it filed two years ago and there is not enough equity, and i don’t have the money to pay them.”

more: tax: explaining the bad news about canceled debt to clients | offers in compromise aren’t for everyone
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

ever heard this? we do, on almost a weekly basis. there is a lot to unpack there, but to cut to the chase:

read more →

pro member exclusive

tax: explaining the bad news about canceled debt to clients

meet form 982.

by eric l. green
tax rep network

“what do you mean i have to pay tax on that debt? it was a debt, and they forgave it. the bank gave me a gift; i am pretty sure that is how it works.”

more: offers in compromise aren’t for everyone
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

all of a sudden, my client – who five minutes before told me they knew nothing about taxes – is now explaining to me, a tax attorney, that the canceled debt cannot be income and that a third-party bank obviously meant it as a gift.

sadly, it is not a gift; there was never any intent for it to be a gift. when either the bank or another creditor writes off that debt you owed, they are required to file a 1099-c to report the canceled debt to the irs so the lender can take the bad debt write-off. according to congress, the courts and the irs, the recipient now has income because they received value that they do not have to repay. in tax parlance it’s called an “ascension to wealth.”

read more →

pro member exclusive

offers in compromise aren’t for everyone

how much can the client pay?

by eric l. green
tax rep network

no irs program is more interesting yet misunderstood than the irs’s offer in compromise program. for taxpayers who owe money to the irs, between 15 million and 20 million of them, the thought that they can settle their back tax debt for less than the amount owed is an answer to many of their prayers.

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

many people have seen the late-night television ads or heard the satellite radio spots: the taxpayer, who seems just like them, owed huge sums of money to the irs and was being abused by the callous tax machine when the advertising company came to the rescue and settled that tax debt for “pennies on the dollar.”

are these ads telling us the truth? can taxpayers really settle their tax debt for little to no money? the answer is yes, they can, but it depends upon their financial situation.

read more →