Three Ways to Earn Additional Revenue with IRS Tax Transcripts
Sell the Analysis of your Clients' IRS Transcripts as a Separate Service.
All tax professionals know that analysis of IRS tax transcripts is a must before taking on any tax resolution case, but nobody said that such analysis must be included as part of your Free Consultation. So, stop doing it for FREE! Explain your clients that this analysis is absolutely necessary and it does take time to prepare, and, therefore, it is fair to be paid for your time.
Once you agree on a fee for the service, and having your clients accept and sign Engagement Letter, file Form 8821 or 2848 with the IRS and then head to PitBullTax Transcripts, download their transcripts, and let PitBullTax create a set of beautiful analytical reports that will not only give you all the information you need to assess the case (CSEDs, current Collection Status, Compliance information, FTA Eligibility, Audit Risk indicators, Bankruptcy Eligibility and much more), but will also show your clients you are so serious about your job that even your reports look awesome.
Earn Contingency Fees on First-Time Penalty Abatement Opportunities.
PitBullTax Transcripts Reports include information on what penalties are eligible for a First-Time Abatement waiver (FTA), for which tax periods and even pinpoint what penalties would be eligible after filing compliance is achieved. That information is worth thousands, and sometimes even tens of thousands of dollars for your clients' financial health. And under §10.27 of the Circular 230, a practitioner may charge a contingent fee for services rendered in connection with a claim for credit or refund filed solely in connection with the determination of statutory interest or penalties assessed by the Internal Revenue Service. And this paragraph exactly applies to the FTA service you often provide to your clients. The beauty of this service is that it doesn’t depend on the income level of your client, thus, even wealthier clients may qualify. Of course, not all penalties can be abated, and that’s when FTA section of the PitBullTax Transcripts Dashboard comes in handy, it tells you exactly which clients are eligible for FTA, how much can be abated and for which tax periods. Any client would be more than happy to get their tax debt reduced and for that they will gladly pay you a contingent fee, in other words they’ll pay you a percentage of successfully abated penalties (and by the way the IRS will abate interest accrued on those penalties too, so you’ll have even bigger recovery).
Let’s say you reviewed PitBullTax Transcripts reports and found out that your client qualifies for three First-Time Penalty Abatements worth about $18,500. You read that right, multiple FTAs can be granted for the same client and even on older tax periods going back to 1990s or earlier. Let’s assume you agreed with your client to charge an extremely generous fee of 15% of the penalties & interest you abate.
How does the math end after you work the case? Your client’s tax debt will be reduced by $18,500. And you will earn a fee of $2,775, i.e. 15% of the recovered penalties & interest!
Again, 15% is extremely generous. On average tax professionals around the country charge 20-25% on FTA services. The largest amount of penalties to date abated on a single call to the IRS by one of the PitBullTax customers was $506,764.20! That’s staggering amount of over half a million dollars! 30-minute call is all it took and our customer found out about this opportunity from… you guessed it right, from PitBullTax Transcripts Reports! Surely you can do the math on the fees earned 😊
Offer your Clients Transcripts Monitoring Service so you can Advise them of Any Changes Happening on their IRS account.
It is the easiest service to provide. Agree with clients on a monthly fee for the monitoring service and then head to PitBullTax Transcripts to set up Transcript Alerts for those clients. Our software will do the rest for you. And you generate passive income!
- Did the software warn you about an upcoming audit? Call your client so you can both get ready to face it!
- Did you just read that IRS may terminate an Installment Agreement with two clients because they failed to make their payments for the last 2 months? Call them to remind them!
As you can see, PitBullTax Transcripts can quickly become the "secret sauce" to make your practice even more profitable.
And it costs just $35 a month or $350 a year for unlimited number of clients and downloaded transcripts!
How many clients do you need to help to recover your investment?
Our licensees only need one.
You will be sorry you haven’t done it earlier.