Jaime Buchwald is the Co-founder and CEO of Pitbull Tax Software, which is the premier software used by tax resolution professionals and the industry in general.
- Jaime originally created his software company because he originally had the same problem that most successful tax resolution firms had, specifically he was able to bring in a ton of work but getting it all done became a massive hurdle.
- That's why he created a full automation software package which allows tax resolution firms to run their business more efficiently.
- He's also currently a practicing tax resolution professional in addition to running his software company.
- The IRS is coming back with a vengeance. The cases are coming in hot as they begin ramping up operations again. In 2019 levies were up 32% and notices of Federal tax liens were up 13%. A few months ago the IRS sent out over 2 million notices to people who are falling behind and they will need to address these before long.
- We will likely see more bankruptcies in the next 12 months than ever before. The good news for tax resolution practitioners is that you can't use bankruptcy to escape certain taxes and this is going to lead to a flood of business.
- Practitioners need to realize that every payroll tax case is actually two cases due to the associated trust fund recovery penalty. It's predicted that 40% of small businesses have closed or will close over the next few months.
- Tax resolution professionals have an opportunity to help these people find relief from a very miserable situation. It's incumbent on us to protect our clients from this coming deluge of tax cases.
- Practitioners that have a book of business have a huge opportunity to help their existing clients with tax resolution. By not doing anything they are doing a disservice to their clients.
- There are now so many resources available to the up-and-coming tax resolution professional. It's very lucrative and well worth your time to work with either Michael or Jaime to add tax resolution services to your business.
- There are thousands of practitioners on the Pitbull Tax platform and due to the nature of the system, it's possible for tax resolution firms to work completely remotely while still offering them hands-on support.
- The platform can even help new tax resolution practitioners understand the business and how to serve their clients the best.
- Tax resolution is one of the fastest-growing aspects of the industry right now and there are a huge number of tools and resources available to make adding it as a service easier than ever.
- Successful tax resolution practitioners all share the same attributes. They invest in themselves and their education, but they don't just invest. They implement it too.
- The tax resolution industry changes constantly, so investing a little time and education is crucial to stay on top of what's happening.
- The best time to invest in new employees or a new coach is when you can least afford it. Doing so motivates you to bring in the cases and justify the expense.
- You don't have to know everything about the business, you just need to know who to ask or where to look.
- Will the IRS ever automate tax resolution the way they have with compliance? It seems pretty unlikely at this point. Other than that, the future is good for tax resolution professionals.
- Once you learn about tax resolution you'll start to notice the opportunities that are all around you. There are between 4500-5000 firms that are marketing tax resolution services in any meaningful way. Contrast that with the 11.2 million people in the collection division of the IRS. We are likely to see roughly 20 million collection cases by the end of 2021 which means there is way more demand than there is supply.
- The major firms in your local area offering tax resolution services are actually helping your business by educating the customer base. Don't be afraid to "compete" with them.
Mentioned in this episode:
Michael Rozbruch's Tax & Business Solutions Academy
PitbullTax.com (code: rozbiz)
