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Navigating Large IRS Balances: A Guide for Tax Professionals

NAVIGATING LARGE IRS BALANCES: A GUIDE FOR TAX PROFESSIONALS

Cost Free
Presentation Length 1.0 hour

Recorded DateMay 7, 2024
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Facing an IRS balance due can leave your clients feeling cornered—do they pay in full or opt for an installment agreement? Are these their only two choices? What if there's a better way to navigate these waters and even prevent such large balances in the future?

In this focused presentation, you'll discover the power of tax resolution within the broader spectrum of tax services, and how you, as a trusted advisor, can offer real, effective strategies to relieve your clients' tax-related anxieties. We'll dive into understanding the fears and challenges your clients face when dealing with large tax balances and show you how to bolster their confidence, further gaining their trust. By doing so, not only will you solidify your role as their go-to tax professional, but you'll also open the door to generating more business through positive referrals.

Learning Objectives:


  • Evaluate tax resolution and its crucial role in tax services

  • Recognize the feelings that clients experience when dealing with the IRS

  • Learning the added value tax resolution brings to your practice

  • Identify your clients' IRS-related anxieties and provide calming solutions

  • Determine differences between Form 8821 and Form 2848, and identify when each is applicable

  • Name a variety of resolution tools that offer real benefits to your clients

  • Recognize how to enhance your service's value by educating your clients with key financial insight

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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H. Randy Hughes, III is Founder and Lead Instructor of the Well-Rounded Accountant Program, a 6 to 12-month mentorship program designed to assist accountants with existing practices to move from compliance to advisory and to help corporate accountants identify their niche and start their own accounting firm. He is also the Chairman and CEO of Counting Pennies LLC, a boutique private accounting firm that provides business advisory, bookkeeping/tax prep, tax resolution, and tax planning services. Its clients range from individuals and entrepreneurs to 7 and 8-figure businesses in need of specialized guidance. Prior to starting his own firm, Randy worked as a Management Analyst and Controller for KPMG, John Q Hammons Hotels, Inc, and Kimpton Hotels & Restaurants. As an Enrolled Agent, Randy is a federally licensed tax practitioner with unlimited rights to practice and represent taxpayers before the IRS. In addition, he is also a Certified Public Accountant (CPA), Certified Tax Coach (CTC) and Certified Tax Resolution Specialist (CTRS).

About Our Presenter

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This is not your average accounting firm. While other companies focus only on the high-dollar business clients, Counting Pennies leans into educating fellow accountants, business owners and families on  how to avoid mistakes that could ruin them financially. Our mission is to guide you to financial excellence.