What Does a ‘68 Oldsmobile 4-4-2 and
Tax Resolution Have in Common?

What Does a ‘68 Oldsmobile 4-4-2 and Tax Resolution Have in Common?

One of my most prized possessions is my 1968 Oldsmobile 4-4-2 muscle car, and it’s highly modified (at 600 horsepower! I’ve had it for nearly 20 years, and I’ve cherished it for so long because it’s a replica of the first car I ever owned.

I bought the original Olds in 1971 when I was just 16 years old, but I couldn’t hang onto it. When the buyer drove it away, I made myself a promise: When I have the means, I’ll get another car just like that one and make it my own. Thirty years later, I made good on that promise, all the way down to the black vinyl top, saffron yellow paint, and black racing stripes.

Why am I telling you about my car?Well, this winter, the Olds started acting up. Every time I punched the gas, pressure built up in the engine block and forced all of the coolant out of the radiator and overflowed. If you don’t speak car, let’s just say this: I had a mysterious engine problem.

Finding the cause proved tricky. My mechanic and friend, Harry, and I had to use the process of elimination to determine what was wrong with the engine and how to fix it. We went through it step-by-step. Was it the thermostat? Nope. Was it the cylinder heads? Nope. Finally, Harry discovered that I had a cracked valve. After a little work, he fixed it up, and I knew I’d never have that particular engine problem again!

This process of trial and error reminded me of an important tax resolution lesson: Diagnostic testing is vital to determine what kind of tax problem a prospective client has and how to fix it.

When a prospective client comes to you, all they know is that the IRS is breathing down their neck, taking money out of their bank account, and sending them threatening collection notices. They might have no idea why! It’s up to you to find out for your sake and theirs.

Michael with his ’68 Olds 4-4-2 Diagnostics benefit both of you, because properly figuring out their problem does several things.

  • It shows the client how you can help them.
  • It convinces them you’re savvy enough to get their business. -
  • It helps you price the case.?

Clearly, this is a win-win situation. But diagnosing a tax problem isn’t always easy. To help you run through all of the possibilities, we’ve put together a list of 14 vital diagnostics questions for our Roz Strategies members to ask during Mini 433 A Financial Consultations.

This list helps you diagnose any tax resolution case and prescribe the solution, whether it’s an offer in compromise, an installment agreement, or a partial-pay payment plan. If you already have a copy of the list, consider this your reminder to pull it out and use it! If you don’t, there are plenty of ways to get one. I teach the whole process at our August Tax Resolution Success Summit, and it’s also part of the Tax Resolution Domination System & Toolkit.

As you put the list into action, remember that how you start the conversation and the tone you use are just as important as the questions.

One of my favorite ways to start a Mini 433-A Financial Consultation is with this transition statement, “Hey [client’s name], I’m not sure if I’m the right guy who can help you solve your IRS problem. I don’t even know if we’re the right firm for you. But to see if I can help, would you mind if I asked you a few questions?”

These sentences were worth millions of dollars to me. They turn the tables, and all of a sudden, the prospect is trying to convince me to take their case! It’s what I call “take-away”selling. Add the 14 questions on top of that and you’re sure to turn this prospect into a paying tax resolution client.??

Who knew you could learn so much about tax work from a 1968 Oldsmobile 4-4-2!

–Michael Rozbruch

Nicolette Yearde, EA, MTax, RSSA

Tax Strategist | I help Cannabis businesses reduce their taxes and maximize their profit margin. #CannabisIndustry

9 个月

Love the story behind your 1968 Oldsmobile, Michael! ?? The commitment to recreate your first car is inspiring. Curious to know how you approached solving the mysterious engine problem – any interesting lessons learned or expert insights to share? #classiccar

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Michael Rozbruch

I help CPAs, Attorneys and Enrolled Agents build a highly profitable tax resolution practices.

2 年

That and CCR and the Doobie Bros

Michael Giesinger C.P.A.

Providing Accounting and Tax services on a temporary basis, as an Independent Contractor.

2 年

My first car was a Buick Skylark which I think was the Buick version of your. Car

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