The Internal Revenue Service publishes over 800 forms and schedules. Professionals know that navigating the complex world of tax forms can be a daunting task. Confusion often arises from understanding the differences between IRS Form 8821 vs IRS Form 2848. These forms, while seemingly similar, serve distinct purposes. Each is appropriate in different scenarios. It’s essential to understand which form is best to use for your clients, particularly in tax resolution cases ..read more

  As accounting has evolved from the old ways of paper, pencils, adding machines, and file cabinets to the high-tech methods that are commonplace today, so has the way that tax pros exchange information with their clients. Once upon a time, you depended on clients to bring tall stacks of paper to the office or waited for the arrival of large, expensive packages of printed documents via what we now call snail mail. Of course, clients didn’t consistently deliver on time, and packages were often lost.  Now there’s a better way. Today, the most efficient practices use a portal to excha ..read more

  Few words evoke the same level of dread in the hearts and minds of the average American than the words “IRS Audit” do. Just say them out loud...you can practically hear the same thumping dum-dum-dum-dum that accompanies the shark’s approach in Jaws! Composer John Williams has described those familiar tuba notes as “grinding away at you, just as a shark would do...instinctual, relentless, unstoppable.” That’s just how notice of an impending audit feels for most taxpayers.  ..read more

  In late October, the IRSannounced that it was time for all tax preparers to renew their Preparer Tax Identification Numbers. Here's a quick guide to the PTIN from the experts atIRS Solutions – what it is, why you need one, and everything you need to know about PTIN renewal – along with information about some other critical IRS identification numbers.   What is a PTIN? The PTIN is an identification number that the IRS issues to professional tax preparers such as Certified Public Accountants (CPA), Enrolled Agents (EA), and anyone who prepares taxes for a fee.    ..read more

  Imagine this: you’re at a cocktail party, and someone asks what you do for work. You say, “I’m a tax pro,” and what do they envision? Chances are that your companion has an outdated idea of what a career in accounting entails. They might imagine you working long hours (evenings and weekends, too!), wearing a green visor and sitting under a banker’s lamp, using an adding machine to prepare one tax return after another, hour after hour, and day after day.   Even worse, it’s not only laypeople who are mistaken. This common misunderstanding is limiting students’ choices to pursu ..read more

  Tax resolution professionals know that one of the most important services they can provide their clients is proactive, successful negotiation with the IRS. In many cases, that means an Offer in Compromise (OIC). Like any agreement, a great OIC is one in which neither party entirely prevails but in which all stakeholders walk away feeling satisfied.  Consider the case of a taxpayer who has fallen into arrears. Coming to the table, the IRS would love to collect every dime of back taxes owed to the United States government, if possible. The taxpayer, on the other hand, would be happ ..read more

The Centralized Authorization File (CAF) is a database that the Internal Revenue Service uses to manage information regarding professionals appointed to act on behalf of others. The CAF number is not an authorization in and of itself. Rather, it identifies the file containing any legal authorizations that have been filed by a tax resolution professional. With it, IRS personnel can look up whether the tax professional has the authority to access the taxpayer's data, rather than having to ask them to fax the signed authorization each time. Anyone working with tax resolution clients will want t ..read more

There are many good reasons to consider adding tax resolution services into your practice. In addition to the satisfaction of helping your clients through a stressful situation and escaping the high-stress daily grind of tax preparation, tax resolution allows you to add an additional revenue stream beyond annual tax returns and stabilize and grow your ‘off-season’ revenue. The demand for tax issue resolution is constant and growing, and there are several key trends that will drive a continued demand for tax resolution services ..read more

Whether you’re a rockstar accountant or a rocket scientist, professional success depends on having the right tools for the job. For modern financial and legal experts whose practices focus on tax resolution, that means an investment in specialty software that will support your work seamlessly, effectively, quickly, and affordably. But, with several products competing for your business, how do you know which offers the best service at the best price?  You'll probably conduct sector research, looking at IRS Solutions, Canopy, irsLogics, PitBullTax, and Tax Help Software, making a tax reso ..read more

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