Welcome PRO member! 12 Reasons to Love Tax Season Ed Mendlowitz’ Tax Season Opportunity Checklist Kit (16 pages, PDF) Click here. Free for CPA Trendlines PRO members Including: The Reviewer’s Checklist for Individual Tax Returns – 34 Items The Reviewer’s Checklist for Business Tax Returns – 42 Items The Top 12 Tax Return Preparation Errors Reviewer Qualification Test: 10 Questions Every Reviewer Should Know… ” …And the Answers (No Peeking!) Additional Services Checklist: 15 Potential Client Needs Sample Listing of Additional Services to Clients: 40 Services Every Firm Could Cross-Sell What Makes a Good Client: 16 Tips The One-Page Tax Season Client Follow-Up Action Plan CLICK HERE TO DOWNLOAD NOW
QUESTION: I am 57 and have become very concerned about retiring and what I could get for my practice, how long I would have to stay and how the whole process works. I believe I’ve read all of your Q&As but have never heard you speak on this subject. Is there anything you can give me to read that sort of ties in everything? RESPONSE: For CPAs in practice, succession planning takes on a meaning other than what it might seem. Many of the CPAs I know find it difficult to imagine themselves retiring, and therefore do little in the way of planning. For those who think they will work until they drop, stop reading now and go to the Sudoku […]
QUESTION: What do you think is the key to a successful tax season? RESPONSE: There are many things needed for a successful tax season, but training and supervision are at the top of the list. This is being written in the heat of the tax season crunch and I don’t know many people who will change their procedures at this stage, but the truly successful practitioners will adapt and make changes as soon as a change is indicated. It’s called OJT – on-the-job training. It works. Ed Mendlowitz is the creator of The 30:30 Training Method
By Ed Mendlowitz When you perform additional services on a tax return that you will be charging for, list it as a separate item along with the fee for that service. This way the client will know that something extra was done and the charge.
12 easy traps to fall into. By Ed Mendlowitz Practice Management Answers QUESTION: It is tax season and I am inundated with work. Do you think it is proper to tell regular clients that I will deal with their problems after April 15?
By Ed Mendlowitz Top 101 Practice Management Answers QUESTION: It is tax season and I am very busy, but many clients need financial planning advice and I want to make it a separate engagement for after tax season. What can I do now to get the work?
By Ed Mendlowitz 101 Questions and Answers QUESTION: I assigned four projects to a manager who reassigned them to a Staff 2 person and I gave a date when they were needed that was three weeks away. When I asked about the progress after two weeks, I was told that nothing was near completion. Now there is a super rush with much stress. How could this situation have been avoided? RESPONSE: First off – you are to blame. You did not work with the manager to see how she would assign the work and to whom.
Plus five more clauses you might want to consider. By Ed Mendlowitz 101 Questions and Answers QUESTION: You state on the bottom of your invoice that you charge 1.5% for balances over 60 days. Do you actually implement that or is it just warning? Do you do it on all clients or just some? Do clients pay that or complain? If they send in payment without that, do you write off the finance charge or leave it open?