As we approach the tax deadline, Tom wants to remind you that this is more than just a filing requirement—it’s a golden opportunity to take control of your financial future. Every tax season gives you a chance to reassess, realign, and reposition your strategies to make way more money and pay way less tax. But to do that, you need to understand the rules of the game—and that starts with understanding the agency that administers them: the IRS.
In a recent WealthAbility® Show episode, Tom sat down with his lovely wife Louanne, a seasoned tax professional with over 25 years of experience, to talk about one of the hottest topics today: How Tax Professionals Would Change the IRS.
Let’s dive into the highlights—and what they mean for you.
What the IRS Does Well
Surprising as it may sound, the IRS has had some wins:
- During COVID, they pivoted fast to get stimulus payments out efficiently.
- Their Free File system has helped many taxpayers file basic returns at no cost.
- They've improved some online tools and account access—though there's still a long way to go.
But as business owners, we know that even the best systems are only as good as their worst failure...
The Big Problem: IRS Culture and Customer Service
Louanne and Tom agree—the biggest issue with the IRS isn’t just funding, it’s functionality. Here's the reality they deal with as tax professionals:
- IRS agents often lack proper training or give incorrect advice.
- Wait times on the phone are routinely 1.5 to 2 hours.
- Fax machines are still a core part of IRS communication. Let that sink in.
- Customer service reps often cannot access full tax returns—something that should be basic.
Imagine if your accounts receivable department at your business treated your customers this way. You’d be out of business in no time. The IRS is essentially the government’s A/R department. But instead of nurturing relationships with taxpayers, they often take an adversarial stance—especially with entrepreneurs and small businesses.
The Role of Tax Professionals
A tax professional is not a government agent—we are your advocate. We're the first line of defense and the bridge between you and the IRS. But when the IRS doesn't treat professionals with respect or even trust us with basic case details, we all lose.
This means you, the taxpayer, must be educated and involved.
Because here’s the hard truth: ignorance of the law is not a defense, and neither is blaming a bad CPA.
If your tax bill feels off, ask questions. Say: “Walk me through this. What can I do differently?”
Where Should IRS Funding Actually Go?
The original $80 billion IRS funding plan (via the Inflation Reduction Act) is already being scaled back. And frankly, it should be reallocated:
- Technology: The IRS has tons of data but lacks the systems to use it effectively. Modern tech could pinpoint compliance issues faster and with more accuracy than audits ever could.
- Customer Service: Agents need training, tools, and professional culture. The IRS is facing a 60% retirement wave in the next 6 years—now is the time to rebuild with excellence.
- Education and Advocacy: Let's shift from adversarial tactics to proactive compliance. It's good for taxpayers and good for the country.
Final Thoughts for You
- Don’t file your taxes blindly—get educated.
- Don’t settle for a tax preparer who just fills in boxes—work with a tax advisor who is your advocate.
- Don’t wait for the IRS to fix itself—position yourself now to thrive regardless of government inefficiencies.
And as always, when you understand the tax law the way it’s written—not just what’s whispered at cocktail parties—you can legally pay less tax and reinvest that money to build generational wealth.
If you want to work directly with Tom to build your wealth and tax strategy in a small group setting, he invites you to apply for the WealthAbility Accelerator Program: Apply Here.
Whether you're aiming to reduce your tax bill, expand your investments, or scale your business while protecting your profits, this is the mentorship designed to get you there faster—with less risk and more confidence.
With quarterly in-person conferences, monthly group calls, and access to exclusive resources like the WealthAbility® Roadmap, the Accelerator gives you the tools and direct guidance to finally achieve financial independence—on your terms.
Apply Now and transform your biggest expense into your greatest wealth-building opportunity.
When you understand the tax law, you make way more money and pay way less tax—and this is where that journey begins.