Life as an IRS Agent with Gil Vollmering

Gil Vollmering is the owner of Waters, Vollmering & Associates, an accounting firm headquartered in Mansfield, Texas that has been providing service since 1985. Before becoming a firm partner, Gil was with the IRS for over ten years as a revenue agent and internal auditor. In addition to this, Gil has over 20 years of public accounting experience. Gil is also passionate about military history — especially regarding the Navy — and strives to stay updated with what's happening with our territorial waters.

Gil joins me today to discuss his career in the IRS, some of its everyday practices, and why getting a notice doesn't always mean you did something wrong. He describes the kind of work ethic he possesses and why it ultimately led him to leave the IRS to work for an accounting firm. He explains why the IRS can sometimes be unfair and why he prefers it to be "dumb and slow." Gil also shares his thoughts on investments and risk mitigation, and explains why he's not a fan of spending money for higher tax deductions.

"A tax return is a work of art. It's not a commodity." - Gil Vollmering

This week on Priorities Lifestyle:

• Who Gil Vollmering is and his experience working in the IRS
• Why Gil's work ethic didn't match the pace the IRS preferred
• Why it's beneficial to be a morning person in business
• The stress involved in being audited by the IRS
• How the pandemic made it difficult for the IRS to process tax returns
• Gil's thoughts on the Build Back Better Act
• Asking if the IRS needs more funding
• Why Schedule C is the form most IRS agents are trained to audit
• Risk mitigation and the frustrations associated with it
• Gil's thoughts on spending for tax deductions
• The difference between a C and S corporation
• Gil's passion for military history and the Navy
• Why reality is your friend when it comes to helpful advice
• Key takeaways from the interview with Gil

Our Favorite Quotes:

• "The piece of paper that comes through the mail from the IRS invokes a lot of fear." - Gil Vollmering
• "Investing, the majority of it, is about mitigating risk." - Rob Schulz
• "It's okay to not know the answer. Go find out from the smart accountant or state attorney or wherever it may be." - Rob Schulz

Connect with Gil Vollmering:

• Waters, Vollmering & Associates
• Gil Vollmering on LinkedIn
• Email: gvollmering@wva-cpa.com
• Phone: (817) 473-0228

About Rob Schulz and P&L Podcast

The P&L 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, comments, and to schedule a one-on-one conversation.

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