EP25: Never Let A Client Hire You For Just Offer In Compromise

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

#1 We live in the best country on the planet. We value our freedoms and everything sacred to us here in this country. But here's the thing. When I get up every morning, without a doubt, whether I'm traveling on vacation or at home, I write out a gratitude list. I start every morning with the same sentence. It says: "Today is already a great day because it is."

I want to get in that frame of mind from the moment I wake up and open my eyes because that starts and sets up the day for me. "I'm also grateful for transportation, a roof over my head, food in my stomach, for family, for people that love me and for people that I love. I am grateful for all of those things. I'm grateful that I have some money in the bank. I'm thankful that my bills are paid." 

And you know what? It's not enough to think that, you need to put pen to paper and list that out every morning. That's what I do, and it puts me in a great frame of mind, and that's my tip for you. It's called the Michael Mindset Gratitude Tip. I'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 #gratitude #mindset

Hey, I'm Michael Rozbruch, Founder of Roz Strategies and Creator of the Tax Resolution, Domination System and Toolkit.

This is a much different sales objection than someone saying, "I don't have any money."

OK?

This is an objection where the person doesn't want to be taken advantage of.

This is an objection where a person doesn't want to pay over what he thinks he should pay.

So prospects who ask this don't want to overpay.

They just want to feel that you're going to be taking care of them.

So how do you answer that?

Well, number one is you agree and affirm that, "yes, this is a lot of money to come up with right now."

You state that their matter is going to take six to ten months to resolve.

Now, usually, people who bring this objection up have gotten lowball quotes from some of your competitors.

Let's say you come up with your fee schedule that it's going to cost the client $7500 to resolve their case.

And they may have gotten a fee quote, a lowball quote from someone else for $2500.

And you know, it's going to take six to ten months to resolve their matter.

So what I would say is,

"Mr. Client, do you honestly think that they're going to put a CPA, an enrolled agent or an attorney on your case for $250 a month to resolve your problem?"

They can't, and they won't.

So instead, you never drop your price.

You never discount your price.

Instead, you build value.

You build value by saying, “Hey, this is going to take a long time.”

“We're going to put a professional licensed EAA or CPA or attorney on your matter.

You tell them that you're going to do the research to make sure that you're going to settle their case for the lowest amount allowed by law in the most expeditious fashion possible.

You never guarantee a certain dollar amount that you're going to settle the case for.

You never guarantee a certain monthly payment amount that you're going to settle the case for.

You can only promise or guarantee things that are in your direct control.

Look, the stakes are high for your prospect.

The stakes are high because if they don't resolve the problem, they're never going to be able to have a bank account.

They're never going to be able to leave a legacy.

Also, IRS problems have a habit of ruining all aspects of your prospects life, including relationships with their spouse, relationships with their kids.

So your job is to put them at ease.

Your job is to build value.

Your job is to paint a picture of what life is going to be like with the IRS problem resolved.

That's how you answer the objection, “Well, you're just too expensive.”

I hope you got some value from this video and we'll see on the next one.

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

Hey, I'm Michael Rozbruch, Founder of Roz Strategies and Creator of the Tax Resolution, Domination System and Toolkit.

And how do you guarantee that you're going to have cash flow and profits next month?

How do you guarantee that you're going to have cash flow and profits three months from now, six months from now, or even a year from now?

How do you fill your sales pipeline?

How do you monetize that pipeline and keep it full all year round?

Now, just like oxygen is necessary for life.

Marketing is the oxygen.

Marketing is the fuel for your professional practice.

Look, if you're paying 200 to 300 dollars a lead, if you're engaging in paid advertising like Google page search or radio advertising or other paid advertising, and a lead cost you two to three hundred dollars, every time the phone rings or every time you get an inquiry, why in the world would you not keep following up with that lead?

Most professional practices do not do that.

It's one and done.

They get a lead.

If they don't convert or if they can't contact them, they stop following up.

Now, once you learn how to follow up with people who have reached out to you, we're not talking cold calling, we're talking people who've actually reached out to you via one of your marketing advertisements then, that's a warm lead.

Now, after you've had the initial consultation with that prospect and you've decided that you can help them, and even more importantly, you've decided you want to work with them.

OK.

If they don't hire you on the spot, if you can't close the deal on the spot, you give them your engagement letter.

You give them a power of attorney to take with them.

You give them an 8821 form, a credit card authorization or any authorization.

You either give it to them, when they leave your office or on the phone, you email them your information.

Now here's the thing.

Two thirds of those people who you've had those conversations with, 67 percent of them will become a client between the second day you met them to the 80th date.

If you follow up with them, if you put them in a seven step follow up sequence where they're getting direct mail from you, they're getting email from you, they're getting follow up phone calls from you during that 180 day period.

And 67 percent will convert into paid clients.

Once you put this system in place, and here's the thing, here's how you determine what your pipeline is.

Since you've done the engagement letter, you know what the value of that case is.

OK.

So take the total amount of the value of all those engagement letters for people that you've had consultations with but didn't hire you on the spot. Take the value of that total universe. Multiply it by 67 percent. That's the future value.

That's actually the current value of your pipeline today and that that money is going to be coming into you over the next one month to 180 days later, if you have a formal follow up sequence with them.

So that's the tip for today.

Follow up with your prospects.

Do not ignore them.

Do not be a one-and-done professional practice that's leaving all this money on the table.

That's the tip for today.

We'll see 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

Hey, I'm Michael Rozbruch, Founder of Roz Strategies and Creator of the Tax Resolution, Domination System and Toolkit. 

And what's the difference between a transactional sale versus a relationship sale?

What does this really mean?

What does a transaction sale mean?

What does a relationship sale mean? A transactional sale means I got to make the sale.

I got to have this revenue. Versus a relationship sale is this: people want to be understood before they contract and hire you.

People don't do business with you because they understand what you do.They do business with you because they feel understood. And I want to repeat that because once this sinks in, once you adopt this mindset, everything changes when you have consultations and you're trying to close the deal and get clients into your firm. Again, people don't do business with you because they understand what you do.

People do business with you because they want to feel understood. It's all about the relationship.

When I had my consultations, I would find some common ground that I can be relatable to my prospect.I never talked down to them.I never talked like I knew more than they did. I wanted to have that emotional bond with them from the very get go of the consultation.

So once you adopt having a relationship versus a transaction, everything changes.It's the difference between what a customer is versus what a client is. A customer is a one-time transaction. A client is a relationship. It's a long-term relationship that you have with a client.

So that's the tip for this video. And we will see on the next one.

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