And 5 ways to get more business tax clients. QUESTION: I need a few more clients for tax season. Any suggestions? RESPONSE: Since we will be getting ready for tax season now is a good time to address this. Here are two checklists, one for individual returns, the other for business client returns. CHECKLIST: 10 WAYS TO GET NEW INDIVIDUAL TAX CLIENTS
Topic: tax season
QUESTION: This is not a question that an accountant asked me, but a fellow traveler on my vacation. He was using a tax preparation service and wasn’t happy and felt he could do just as well by doing his own tax return. I told him there were many benefits to using a tax professional like a CPA or EA that were well worth the extra cost. So my question to myself is “What are they?” RESPONSE: People with rental property, unincorporated businesses, investments that generate K-1s, grantor trusts, substantial investments in marketable securities or large retirement accounts and 401(k) balances need to engage a professional firm, and this checklist is directed toward those clients.
Readers’ Forum: Hours worked. Firing clients. Setting prices. Chris Basom, managing partner of Your Money Matters in Mission Viejo, Calif., wants to know the “one thing you wanted to implement before tax season but just couldn’t get to.” “Is cash still relevant?” asked solo practitioner Roxann Otto of Otto Tax & Accounting Services in Slinger, Wis. Charles G. Read in the Melbourne, Fla., area would like to know how other accountants arrive at the charges they present. Deborah McDowell Cain of her eponymous firm in Fort Worth, Texas, asked, “Does your firm work five, six or seven days a week? Is overtime for staff mandatory? Are senior staff hourly, salaried, offered overtime or comp time?” And harking back to the busy […]
Last-minute surge closes Busy Season 2014 with strong gains in e-filing. By CPA Trendlines In a late-season rush, tax professionals eked out their first volume gains in three years, and continued to lose market share to do-it-yourselfers, according to a preliminary new analysis by CPA Trendlines. The data shows professionals e-filed 69.99 million returns by April 18, a 6.5% year-over-year gain and a remarkable last-minute surge after running behind all season. As late as April 5, accountants had still filed 0.7% fewer returns than the year before, and were closing the gap, behind 0.3% by April 14. But many of the nation’s professional tax preparers see a day coming soon – if it isn’t already here – when they will […]
Accountants gear up, from paperless to cloud. By CPA Trendlines Many of the most successful accountants in tax season 2014 found new growth and profits by leveraging new cloud and paperless technologies, according to the CPA Trendlines Busy Season Barometer. Join the survey; get the results. Today’s bonus question: Plans for 2015
Through April 11, with only days to go, the nation’s professional tax practitioners had efiled almost 62 million returns, down about 207,000 from the same time a year before, or 0.3%. That may represent something of a last-minute recovery, considering that at one point in the season the profession was behind by as much as 5%. Meanwhile, the number of self-prepared returns climbed 4.5% to 39.3 million.
Annual CPA Trendlines Busy Season Barometer…