COMPLIANCE CHECK
What is the main purpose of a Compliance Check?
TO REVIEW THE TAX-PAYER'S SITUATION AND IDENTIFY THE BEST RESOLUTION OPTIONS.
Name three types of tax-resolution options we commonly discuss.
Installment Agreement
Offer in Compromise / settlement
Currently Not Collectible / hardship
Penalty abatement
A prospect says, “I need to think about it.” What should you avoid doing immediately?
Giving up
On a good sales call, should you spend more time talking or asking questions?
Asking questions.
Name one thing the best sales reps do differently than average reps.
Listen
Ask better questions
Follow up
Stay calm
Build relationships
Understand the prospect's problem
Name two things we look at during a Compliance Check.
IRS balances
Missing returns
Penalties
Tax expiration dates
Installment Agreement options
What type of situation may allow a taxpayer who cannot afford to pay to have IRS collection activity addressed based on their financial situation?
A hardship / Currently Not Collectible situation.
A prospect says, “I can't afford it.” What should you try to understand before responding?
Why they feel they can't afford it and what specifically is behind the objection.
Why is active listening important?
It helps you understand the taxpayer's actual situation, concerns and motivation instead of assuming what they need. Value is subjective, we need to tailor our responses to each prospect.
What should your mindset be when a prospect gives you an objection?
Get curious instead of getting defensive, ask probing questions to identify their true concern. Understand the reason behind the objection.
What should you do if the Compliance Check recommendations are unclear or conflicting?
Message the Enrolled Agent for clarification. Don't guess.
What types of financial information are important when determining what a taxpayer may be able to afford?
Income, expenses, assets, liabilities and overall financial situation.
A prospect says, “I'm just going to keep making payments to the IRS.” What should you explore?
Why they chose that option and whether they understand what other options may potentially be available based on their situation.
A prospect tells you they owe $50,000 but says, “I'm not worried about it.” What should you do?
Ask questions to understand why they're not concerned, what they plan to do about the debt, and what got them on the phone in the first place.
Why can silence be useful during a sales conversation?
It gives the prospect room to think and respond instead of the rep immediately filling the silence. After asking for the money, "whoever speaks first loses."
The EA hasn't responded and you need clarification before speaking with the client. Who do you escalate to?
Rachel.
A client asks, “Exactly how much are you going to save me?” before the Compliance Check is complete. What should you avoid?
Promising a specific savings amount or guaranteeing a specific settlement.
Prospect: “I need to talk to my spouse.”
Assuming you review everything with your spouse, when would be the best date for you guys to start your case.
Why shouldn't you immediately pitch a solution after hearing a problem?
You may not fully understand the problem, and the prospect may not yet understand why taking action is important. It doesn't give us the opportunity to build value.
Before selling the resolution itself, what should you sell?
The value of clarity and understanding their options. You are the expert professional and they are the ones seeking guidance.
Complete the phrase:
“Sell the ____ , not the _____ .”
Clarity→ Result
Sizzle---> Steak
If a taxpayer doesn't qualify for a settlement, what is the minimum outcome we want to pursue when appropriate?
The lowest possible Installment Agreement with the IRS.
You get an objection you weren't expecting. What are the three things you should do?
Slow down, get curious, and understand the concern before trying to overcome it.
A prospect says, “I don't want to make a decision today.” Give an example of a question you could ask.
Examples:
“Absolutely. Just so I understand, what's the main thing you'd need to feel comfortable moving forward?”
Or any response that appropriately uncovers the real concern instead of arguing.
A prospect doesn't buy. What should you focus on instead of taking it personally?
Understand why they didn't move forward, learn from the conversation and continue building the relationship when appropriate.