Having “the right feet on the street” is critical to any venture, but especially when it involves launching a tax season collection strategy. In this case, the feet translate to having a qualified collection agency design and implement a plan for the upcoming tax season. Ideally, agencies will launch a strategy in time for the…
Details
“Be Prepared” has been the motto of the Boy Scouts of America ever since the youth organization was founded in 1910. It should also be the motto of any tax season collection strategy. To a scout, the motto translates to being ready and equipped for any life situation. To a third party collection agency, “be…
Details
The IRS “Get Ready for Taxes” page contains information for individuals and businesses filing 2018 tax returns. The page provides directions about “How to File,” “When to File,” and “Where to File” as well as the “Small Business and Self-Employed Tax Center.” Absent from the IRS Statements and Announcements page, however, are details about the…
Details
The tax season footprint recedes slightly each year with an ever increasing volume of electronic tax returns, but experienced collection agencies know it still offers great potential for successful debt recovery. In 2018, for example, tax season peaked between mid-February and mid-March while year-over-year collection efforts increased by two thirds in some instances. At Optio…
Details
Applying income tax refunds to paying down debt is about as popular as paying income taxes themselves. Nevertheless, the process helps consumers get out of debt and represents an important component of a successful tax season debt collection strategy for U.S. businesses. The concept of federal income tax was introduced with the Revenue Act of…
Details
The importance of getting an early start on tax season strategies is widely known among those working at debt collection agencies. Companies looking to outsource their collection efforts, however, may be surprised to learn that autumn is the best time to launch a program in order to recover the maximize amount of outstanding debt the…
Details