This week on P&L, I'm joined by my long-time friend and trusted CPA, Gil Vollmering, partner at Waters, Vollmering, Beavers and Addams. This episode dives into the current state of the IRS, exploring Gil's unique perspective as a former internal auditor for the agency. We discuss the IRS's struggles with outdated technology, the real reason you should always extend rather than amend your tax return, and the strict privacy measures required when integrating AI into the accounting world. We also tackle the critical importance of keeping your wealth management and tax advisory firms independent to ensure you receive truly objective, conflict-free advice.

Tune in this week on P&L to learn the best practices for navigating tax season and why proactive communication with your CPA is your best defense against the IRS.

Learn more or contact Gil at gvollmering@wva-cpa.com.

"We attribute to the government perfect knowledge. So we assume that the government knows every foible, every fallacy, every thing that's wrong and they don't." - Gil Vollmering

This week on Priorities & Lifestyle:

Inside the IRS: Outdated systems, processing delays, and inconsistent funding.
Amending vs. Extending: Why the IRS views an amended return as a red flag and why an extension is always safer.
The AI Revolution in Accounting: How closed-system AI is creating efficiencies without compromising client data.
The "Jack-of-all-Trades" Trap: The hidden risks of combined wealth management and tax mega-firms.
Strategic Tax Planning: Why filling out your tax organizer is the first step toward proactive, high-level tax strategy.

Our Favorite Quotes:

"Pigs get fat, hogs get slaughtered. Let's find the things that we can do that have relatively low risk and move on from there." - Gil Vollmering
"The more you talk to us in the middle of the year, as life is going on, the better off we are." - Gil Vollmering
"When we take advances in technology, it's to make it easier on the client, not necessarily on us. If it's not making it easier on the client, that's a problem." - Rob Schulz

About Rob Schulz and P&L Priorities & LIfestyle Podcast

The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.

Email Rob at rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation.

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*You're listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.