I have helped clients handle their IRS tax debts for over twenty years - worked with countless individuals who have gotten behind with their tax obligations. Most – I am happy to say - have been upstanding citizens. The most common reason they owe back taxes is a financial problem that makes them unable to pay, at least for now.
My decades of experience have also afforded a common-sense discovery. Those who don’t have the money to pay their taxes don’t have the positive cash flow to purchase professional assistance.
Sadly, many – too many – clients arrive after going into debt to pay tax resolution firms. They become clients for a variety of reasons. For some, their tax problem remains unresolved. For others, the fix was temporary and returned. The remainder has new issues and cannot afford more crushing fees. Helping these clients is how I discovered and perfected a win-win that became Overnight Accountant’s course, Dealing with IRS Tax Debt.
The Win-Win: I am a teacher at heart. I want clients to understand their situations and have a knack for distilling complex tax jargon into easy-to-follow action steps. Once clients overcome their fear of the IRS and realize they will not go to jail or lose their homes, they breathe a sigh of relief and see their tax debt for what it is - a problem to solve. Best of all - after a bit of education and coaching, many go on to handle their tax issue themselves.
Here’s the process: After an initial fact-gathering interview, I assess whether clients are good candidates for self-representation. To those who are, my advice is this:
“I can handle this for you if you like, but it can be time-consuming. And, time-consuming translates into expensive. But [and here’s the win-win], I think you can handle this on your own. It’s worth a shot. If you’re not successful, then you can pay me to help.”
If the client agrees, I explain their options and tell them what to do next. The result? Very, very often – success! But, even when it’s not, the education and experience provide a hands-on understanding of their situation and the collection process. They also know that money spent on assistance is a necessary investment.
The success of the process inspired the Dealing with Tax Debt course I instruct on OvernightAccountant.com. The course teaches everything you need to know about the IRS collection process, your options as a taxpayer, and how to utilize those options. If you owe the IRS back taxes or know someone who does, check it out – preferably BEFORE you hire a tax resolution company.
Making the Most from Dealing with IRS Tax Debt: Understanding the collection process and IRS policies is priceless knowledge, regardless of the amount of tax you owe. From my experience, however, those who make the best candidates for successfully handling their tax debt are those who meet the following criteria:
The Bottom Line: If you owe back taxes, you owe it to yourself to learn IRS procedures and the options available to Deal with Your IRS Tax Debt. If you meet the criteria above, there’s a good chance you can resolve the debt on your own. Even if you hire representation, the education will make you more confident and better positioned to ensure you are not wasting money. Either way, it’s an investment. A Win-Win!
All courses and articles are for informational purposes only and do not constitute tax advice. Taxes are complicated - do not act on course information without consulting a professional. Always refer to treasury regulation before making any tax decision. Read the full disclaimer.
I really appreciate you doing the class. It was quite helpful.- Debbie Y, Greensboro, NC, 1099-NEC & 1099-MISC Course (Training Edition) Course
This course package is thorough and will give you a solid handle on how to optimize your business expenses to minimize your taxes and keep appropriate records to handle any IRS challenges. Only want to dive into a particular topic? Jump to that video and scan forward to where your issue is addressed. Or watch the whole series to learn it all!- Josh, Charles Town, WV, Real Estate Agent Tax-Cut Library, Agent Edition Course
I thought the course on 1120-h was excellent and have shared your website with other hoa board members. It was clear to me that Brett understood a volunteer HOA board that could not afford tax accountant guidance.- Terri S, Henrico, VA, 1120-H Basics Course
I haven’t practiced in the accounting field in quite some time and wanted a refresher. The Overnight Account course 1099-Misc Basics was very helpful! It was simple to follow along and understand each section. I would highly recommend this course! Staff were quick to answer my question as well. I love that I can review the modules again, if needed, at any time. I will definitely be using them again for more classes.- Tammy, Anchorage, AK, 1099-MISC Basics (Training Edition) Course
I haven’t practiced in the accounting field in quite some time and wanted a refresher. The Overnight Account course 1099-Misc Basics was very helpful! It was simple to follow along and understand each section. I would highly recommend this course! Staff were quick to answer my question as well. I love that I can review the modules again, if needed, at any time. I will definitely be using them again for more classes.- Tammy, Anchorage, AK, 1099-MISC Basics Course