Tax Resolution Practice Trends Podcast Michael Rozbruch

Hey, it's Michael Rozbruch here. Also known as the Roz Man. And I teach CPAs, enrolled agents, attorneys, and other tax professionals how to build and grow lucrative tax resolution practices. And I get this question asked so many times. "Mike, how much should I spend on marketing to attract a new tax resolution client." Well, the rule of thumb is if you're doing paid marketing like if you're doing direct mail or even radio, the rule of thumb is about 20% of your gross amount of money that you're going to be taking in should be earmarked for budgeted for marketing. For example, for one $5,000 client, the cost per acquisition is about $1,000. That's 20% of $5,000. That's what you should budget and market for your tax resolution clients. About $1,000 is the cost per acquisition for each new client. So if you wanted five new clients a month, five new clients a month at an average fee of $5,000, that's $25,000 gross a month. You need to earmark or budget about $5,000 in marketing to attract your firm's new $5,000 tax resolution clients. If you want to do more than that, that's what you need to budget. But the rule of thumb is about 20% of your top line should be earmarked for marketing. So to attract new tax resolution clients. That's the video for this week. We'll see you next time.
If you want to learn more about the lucrative nature of tax resolution, click on the link below for some free training resources that I'd like to provide to you. Tax resolution is a way for you to generate profits and cash flow all year round. And on this free training, I teach you where to find clients that have tax problems, how to attract them to you, how to take them through the initial consultation, what to charge for certain resolution alternatives, and how to collect that money. All on this free training. So if you want to learn more, if you want to gain more profits, more cash flow during the year, and stop doing just cheap tax returns, click on the link below, and I'll see you on the other side. https://rozstrategies.com/2022-challenge

Hey, it's Michael Rozbruch here, also known as the Roz Man. And I help CPAs, enrolled agents, attorneys, and other tax professionals build highly lucrative practices by showing you how to add $5,000 tax resolution clients to your business. And the IRS just came out as they have for the last 20 years with their list for 2022 of their dirty dozen. And one thing on the list really upset me, and I find it offensive. And I think you will, too. And this was right out of the mouth of Charles Rettig, the IRS commissioner. He says that no one can get a better deal for taxpayers than they usually get for themselves by working directly with the IRS to resolve their tax issues. This is something that Chuck Rettig said, are you kidding me? I mean, seriously. And I find this offensive and actually amusing at the same time, because Chuck Rettig was in private practice for 30 or 35 years in Beverly Hills in Los Angeles, whose firm was dependent on taxpayers hiring him to do offers and compromise, among other resolution and litigation cases. Look, 50 million people in this country have an IRS problem large enough that warrants professional representation. The vast majority of you of tax resolution practitioners are honest, reputable people who really care about their clients. They're not there to take their money and not do the work. So for Chuck Rettig to make a statement like that, I find offensive, actually. And you should, too, because so many people need our help today. So many people need to get their IRS issues behind them. There are so many non-filers. So even though they may not qualify for an offer in compromise, they still need help with an installment agreement, a partial pay installment agreement, a currently not collectible situation, perhaps an innocent spouse relief request or a penalty abatement request. There are so many other options other than an offer in compromise to resolve your tax payer's issues. Look, the vast majority of your tax resolution clients, over 70% are not going to qualify for an offer in compromise. That's why I find this statement so offensive by the commissioner of the IRS. So when you follow the Roz strategy system for taking somebody through a financial consultation, you'll know by the end of that consultation, number one, if you want to work with them. Number two, if you can actually help them. And number three, that you have a real good high level of confidence you can resolve their tax problem. So that's the video for this week. We'll see you next time. 
If you want to learn more about the lucrative nature of tax resolution, click on the link below for some free training resources that I'd like to provide to you. Tax resolution is a way for you to generate profits and cash flow all year round. And on this free training, I teach you where to find clients that have tax problems, how to attract them to you, how to take them through the initial consultation, what to charge for certain resolution alternatives, and how to collect that money. All on this free training. So if you want to learn more, if you want to gain more profits, more cash flow during the year, and stop doing just cheap tax returns, click on the link below, and I'll see you on the other side. https://rozstrategies.com/2022-challenge

Hey, it's Michael Rozbruch here, also known as the Rozman. And I help CPAs, enrolled agents, attorneys, and other tax professionals build highly lucrative practices by showing them how to add tax resolution clients to their practice. And a healthy person has 1000 dreams. An unhealthy person has but just one dream. Let that sink in for a minute because we have to look at ourselves as the million-dollar racehorse. If we own our own business, a lot of people depend on us. Think about this. If you had $1,000,000 racehorse that every time he ran, he won $1,000,000 at the racetrack, would you feed him unfertilized grain? Would you make sure that he got enough rest every night? Would he have the best groomers and trainers knowing that he was the million-dollar racehorse? That's how you have to think of yourself. You have to stop eating junk food and start eating healthy food and taking vitamins and getting 7 to 8 hours of sleep a night. Because you are the million-dollar racehorse. You have to feed yourself healthy foods. You have to ingest healthy things, and get the rest you need. Make sure you have the best coaches and trainers and exercise and eat well because you are the million-dollar racehorse. Don't ever forget that. And we'll see you on the next video. 
If you want to learn more about the lucrative nature of tax resolution, click on the link below for some free training resources that I'd like to provide to you. Tax resolution is a way for you to generate profits and cash flow all year round. And on this free training, I teach you where to find clients that have tax problems, how to attract them to you, how to take them through the initial consultation, what to charge for certain resolution alternatives, and how to collect that money. All on this free training. So if you want to learn more, if you want to gain more profits, more cash flow during the year, and stop doing just cheap tax returns, click on the link below, and I'll see you on the other side. https://rozstrategies.com/2022-challenge

Hey, it's Michael Rozbruch here, Creator of the Tax Resolution Domination System and Toolkit and Founder of Roz Strategies. When I started in the tax resolution business and had my initial consultations with clients sitting at the other end of the desk or on the phone, I would go through my repertoire and script. They were great candidates as the chemistry was great, and I wanted to work with them. However, I wondered why I wasn't retained by people I thought should be retaining me. I knew I could help them. At the end of my consultations, I would say, "Hey Joe, how does that sound to you?" They answer with, "Well, I got to talk with my wife," or "I need to think about it."
 
I realized I was leaving something so important out of my conversations. I didn't follow these four phases to a consultation. The meet, probe prescribe and close. The close phase was where I was underperforming. 
 
And it wasn't until I learned these ten most important words in the tax resolution dictionary or language. Memorize and say this as you close the prospect. "What credit card do you want to put that on?" and then be quiet, let the client respond. 
 
If you don't ask for the sale, you're not going to get it. You're not going to get retained; grow your deposits in your bank account and be able to provide for you and your family. It is so important to ask for the sale. So many of our members and practitioners I speak to don't say those ten magic words at the end of their consultation, and they just let the client walk out the door without getting retained. 
 
Just by saying, "What credit card do you want to put that on?" You will see your close rate soar. You will start seeing clients coming into the fold, and you'll start seeing your bank account growing. So don't forget these most essential words in the tax resolution language and always ask for the sale. See you in the next video. 
 
If you want to learn more about the lucrative nature of tax resolution, click on the link below for some free training resources that I'd like to provide to you—tax resolution as a way for you to generate profits and cash flow all year round.
 
And on this free training, I teach you where to find clients that have tax problems, how to attract them to you, how to take them through the initial consultation, what to charge for certain resolution alternatives, and how to collect that money all on this free training.
 
So if you want to learn more, if you want to gain more profits, more cash flow during the year and stop doing just cheap tax returns, click on the link below, and I'll see you on the other side. rozstrategies.com/live-training
 
#taxresolution

Hey, it's Michael Rozbruch here, Creator of the Tax Resolution Domination System and Toolkit and Founder of Roz Strategies. Let me tell you about a coaching call I had just the other day with a Platinum Mastermind Member. He said, "Mike, I have this situation where I got a client about eight months ago. When I had my initial consultation, they were a perfect client for an Offer In Compromise (OIC). They had a payroll tax situation, and now we're eight months into the case. I told him the range of the settlement based on historical experience. As I'm putting the package together with all the source documents, I realize the client actually doesn't qualify for an Offer In Compromise (OIC)." Now he has to go back and have a very uncomfortable conversation with the client. The client gets upset and asks for a refund. All this could have been avoided by doing the following, and I also learned this the hard way.   
When taking the client through the initial consultation, you fill out what I call a "mini Form 433-A". It's a one-pager or cheat sheet that gives you all the information you know that's asked on the formal IRS Form 433-A to diagnose the case so you can come up with your prescription and price the case. Now here's the thing that no one realizes to do, you need to get the client to sign in the date that mini form/one-page cheat sheet. Because when the issue comes up eight months from now and the client is unhappy, you can trot out that mini 433-A one sheet that the client signed representing to you this is what he told you and reconcile between the two. So the client isn't upset and isn't asking for a refund. It's managing expectations throughout the pendency of the case. 
 
Every time you have an opportunity to talk to that client for those eight months, I have what's called the 14 Touch Point Client Assurance System, where you give them a case status update every 28 days. Every time you contact the client, you are managing their expectations. Don't wait for eight months to go by and say, "Hey Joe, you don't qualify for an offer because of X, Y and Z." Once you have the mini 433-A, leverage that one-pager and have an intelligent, informative discussion with your client why they don't qualify.
 
For example, the client may have told you that the equity of his home was worth $200,000 eight months ago and that he had a mortgage of $160,000 on it. Now everyone knows that the real estate market is going through the roof. Eight months later, the new value of the house is $275,000. He still has the same outstanding mortgage of $160,000, so all of a sudden, he is no longer a candidate for an Offer In Compromise (OIC, just based on the increase in the equity of his real property. And once you have his representations to you eight months ago that said the house was only worth $200,000. Now you can have an informative, intelligent discussion with the client on why he doesn't qualify, and he won't be asking for a refund or be upset. So that's the big tip for this week, and we'll see you in the next video. 
 
If you want to learn more about the lucrative nature of tax resolution, click on the link below for some free training resources that I'd like to provide to you—tax resolution as a way for you to generate profits and cash flow all year round.
 
And on this free training, I teach you where to find clients that have tax problems, how to attract them to you, how to take them through the initial consultation, what to charge for certain resolution alternatives, and how to collect that money all on this free training.
So if you want to learn more, if you want to gain more profits, more cash flow during the year and stop doing just cheap tax returns, click on the link below, and I'll see you on the other side. rozstrategies.com/live-training
#taxresolution

Hey, it's Michael Rozbruch here, Creator of the Tax Resolution Domination System and Toolkit and Founder of Roz Strategies. Never let a client hire you only for an Offer In Compromise (OIC). Look, only 30 to 35% at most of your tax resolution clients will qualify for an Offer In Compromise because there are stringent requirements to be eligible. So most of your clients are going to be Installment Agreement (IA), Partial Pay IA, Innocent Spouse Relief and Currently Not Collectible (CNC) clients. 
 
Here's the thing. When a client comes to you, and they're a great candidate for an Offer In Compromise, you've got to remember that you can't guarantee anything. You can't ensure what you're going to settle the case for and the outcome because the IRS is the final arbiter, and they have the last word. So when a client comes to you, and you've determined after you've taken them through a financial consultation that they're a good Offer In Compromise candidate — write in your engagement letter and put a couple of these paragraphs. 
 
Prepare, submit and negotiate an Offer in Compromise "OR" (that's the keyword here) an Installment Agreement and paragraph number three, add Penalty Abatement. In this way, if the client doesn't qualify, the IRS rejects or returns your request for an Offer in Compromise, the clients don't get upset. They're not asking you for a refund because you have determined and spoke to them that hey, if you don't qualify for an OIC or if we're not successful at the end of the day, we're also going to prepare an Installment Agreement or a Penalty Abatement.
 
Because the client is hiring you to resolve their case on a permanent basis and hiring you for representation, don't forget to include the "OR" after the Offer in Compromise paragraph for Installment Agreement and Penalty Abatement. And that's the tip for today. We'll see you in the next video. 
If you want to learn more about the lucrative nature of tax resolution, click on the link below for some free training resources that I'd like to provide to you—tax resolution as a way for you to generate profits and cash flow all year round.
And on this free training, I teach you where to find clients that have tax problems, how to attract them to you, how to take them through the initial consultation, what to charge for certain resolution alternatives, and how to collect that money all on this free training.
So if you want to learn more, if you want to gain more profits, more cash flow during the year and stop doing just cheap tax returns, click on the link below, and I'll see you on the other side. https://www.rozstrategies.com/live-training
#taxresolution #oic #offerincompromise