can you afford to pass these up?
by michael rozbruch, cpa
the irs audit notice checklist
when it comes to marketing i always say, “one is a lonely number, and you need more than one marketing strategy to attract prospects.” let me take that one step further and say, you also need different groups of people to market to.
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i have two hot tips for industries you should be focusing your marketing to because these two industries are going to produce a lot of clients who have tax problems that are going to need irs representation. and those two new industries are cryptocurrency and cannabis.
let’s focus on cryptocurrency. a few months ago, the irs was successful in suing coin base for their customer list. coin base had to turn over 15,000 names of u.s. taxpayers who used their platform and bought cryptocurrency in 2013 and 2014. and as we all know, cryptocurrency was a dollar about eight years ago and it’s trading now at about $6,000. but during 2017 and early 2018, it was up around $19,000.
so, a lot of people who cashed in haven’t reported those transactions on their tax returns. and i got news for you, there are another 15 million additional taxpayers from 2015-2017 who had cryptocurrency transactions that the irs is going to get their hands on with regard to their names and contact information and go after them. this market is poised to explode with future tax resolution clients for many years to come.
the next market is cannabis. most of the operators in the cannabis industry, especially distributors and dispensaries, cannot deduct anything other than cost of goods sold on their federal income tax returns. it’s known as section 280e.
thirty states now have legalized marijuana. the last one on the list was a surprise to me and that one is oklahoma. so, if oklahoma can legalize marijuana, my prediction is that all of the other states in the nation will legalize marijuana within the next 12-18 months.
these businesses will and are being audited by the irs and will result in large balance due assessments. these folks will need representation for both examination and collection matters.
marketing to these industries is a huge opportunity for you because they can’t open bank accounts, and they can’t deduct anything other than cost of goods sold. they need your help.