client service opportunities

ten tax prep questions that people forget to ask

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drawing of unhappy face and arrow pointing from it to happy face

your clients will appreciate the attention to detail.

by ed mendlowitz
tax season opportunity guide

many professionals fail to systematically ask clients some basic and important questions. here’s my top 10 list of key questions to ask this year. what would you add?

more on tax season: try this clean slate exercise | offer your tax clients other services | can your tax reviewers answer these 10 questions? | the top 12 mistakes in tax return preparation | six types of person: which are you? | answer these two questions first | help your tax clients, help yourself | what’s your value to your tax clients? | are you excited about tax season?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

1. foreign bank accounts: make certain you ask every client if they have a foreign account and if they do, report the income and file the proper forms. the penalties are too great if it is wrong.

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brandon hall: firms try to make too much on tax prep

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try for a 10-15% margin.

subscribe to 卡塔尔世界杯常规比赛时间 podcasts anywhere: apple, google, spotify, iheart, deezer, amazon music and audible, player fm, audacy, gaana (india), and boomplay (africa).


the disruptors
with liz farr

brandon hall says that the reason accountants have such long and grueling busy seasons is that “firms try to make way too much money at tax prep.” firms don’t have enough capacity to deliver on services, so everyone – including the partners – ends up working a ton of hours.

more podcasts and videos: james graham: drop the billable hour and you’ll bill more | karen reyburn: fix your marketing and fix your business | giles pearson: fix the staffing crisis by swapping experience for education | jina etienne: practice fearless inclusion | bill penczak: stop forcing smart people to do stupid work | sandra wiley: staffing problem? check your culture | scott scarano: first, grow people. then firm growth can follow | jody padar: build a practice that works for you, not vice-versa |

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because partner pay isn’t included in payroll, the margin on tax prep is likely much worse than the 30-35% that shows up on the income statement. hall’s target for the 2024 filing season is just 10-15% margin on tax prep.

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tax chat: eric green reveals the tax rep guide to tax season

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seth fineberg
with eric green

renowned tax attorney eric l. green delivers a roadmap for seizing tax resolution opportunities this tax season in the new video from last week’s first tax chat of the year, hosted by seth fineberg.

more tax season: ftc nails turbotax for ‘free filing’ scam | | offer your tax clients other services |  higher fees to start: ten ways to make your tax season better | tax pros handle 37.7% of e-filings | if only the irs’s tax pro were useful | can your tax reviewers answer these 10 questions? | tax pros file 33% of early returns | can’t irs online accounts be more useful?

in this live webinar, attendees – and now you – get the fundamentals for catching lucrative tax rep engagements without adding to busy season workloads. with live, real-time q&a, everyone’s questions got answered.
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how to start providing family office services

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couple meeting with investment advisor.

including a sample engagement letter.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: some of my clients are getting older and are becoming unable to handle their own financial affairs and i have been asked if i could assist them. what is involved and how do i charge for it?

more: higher fees to start: ten ways to make your tax season better | nine tips for a healthier tax season | fifteen strategies for first-time supervisors | measure knowledge gaps (then close them) | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

response: many large firms provide “family office” services. this is a complete one-stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled, mortgage, car lease or condo fee payments aren’t skipped, and tax payments paid on time.

following is a sample engagement letter that i use with clients needing such services. also, this letter provides a detailed description of what the service involves.
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offer your tax clients other services

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woman and man shaking hands across a desk

here are 40 they should know about, plus a checklist for considering additional client services.

by ed mendlowitz
tax season opportunity guide

the following listing can give you ideas of additional services clients might need.

more on tax season: can your tax reviewers answer these 10 questions? | the top 12 mistakes in tax return preparation | six types of person: which are you? | answer these two questions first | help your tax clients, help yourself | what’s your value to your tax clients? | are you excited about tax season?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this list is not complete, but it is a good start for you to start thinking about what types of additional services you can offer to your clients!

  1. estate planning
  2. inheritance advice and guidance
  3. succession planning
  4. personal financial planning

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help your tax clients, help yourself

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beware the opportunity graveyard.

by ed mendlowitz
tax season opportunity guide

many opportunities only come along once. the way to be successful is to not let them pass by without acting on them or taking advantage of them.

more on tax season: what’s your value to your tax clients? | are you excited about tax season?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

spotting opportunities is quite easy if you are looking for them – and extremely difficult if you don’t have a clue of client needs or wants.
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free consultation? not always

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three people talking around a table

don’t give it away too easily.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i was wondering what your thought is regarding initial consultation fees. currently, i do not charge a fee for an initial consultation, and it seems that most cpas do not charge either (at least not the sole practitioners that i know).

more: measure knowledge gaps (then close them) | 47 types of business valuation to provide | thirteen things to consider before you sell your practice | uncooperative partner might not be the problem | merge in lower-priced work without losing out
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

would the fee deter new clients or actually weed out the ones who are most likely not going to become clients anyway? if a fee is charged, then how much, and how long should the consultation last? should the fee be applied to any work that i am eventually engaged for?
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eleven ways to serve clients even better

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businessman standing outside the office on the phone with coffee

improve your relationships and your revenue.

by sandi leyva
the complete guide to marketing for tax & accounting firms

as you build your relationships with your clients, it’s always a good thing to see how you can serve them even better.

here are 11 ways you can add value to your existing services that will enable you to stand out from the competition, serve the client better and put more green in your bank account.

more: give to receive, and eight more ways to boost sales | five ways to target the low-hanging fruit | are your revenue projections realistic? | six strategies to make more without working more | the art of prompt engineering for accountants | calculate your business relationship ratios
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as you go through the list, check them off to see which ones you are doing, and which ones sound good to add to your business.
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47 types of business valuation to provide

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serious woman working at two screens

there are great money-making opportunities, but don’t overlook the difficulties in getting started.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i am exploring the business valuation credential as a way to expand our practice. i’m still (relatively) young to the profession and would (i think) love to expand into this niche area.

a few things:

more: referral fee? forget it | should you offer financial services? | ready to retire? selling your practice is no strategy | 20 things you need for a business valuation
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

1) we don’t do any bv now so my ability to acquire the abv credential would be difficult w/o the experience aspect.
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should you offer financial services?

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couple meeting with investment advisor.

10 points to consider before adding them to your practice.

by ed mendlowitz
202 questions and answers: managing an accounting practice

question: i am thinking of adding financial services to my practice. what are your thoughts?

response: for starters, “financial services” means selling investment products or managing money.  this is different from adding financial planning, which i see as an extension of and a next step to sound tax planning for clients.

more: thirteen things to consider before you sell your practice | how much is your tax practice worth? | ready to retire? selling your practice is no strategy | uncooperative partner might not be the problem | merge in lower-priced work without losing out | 20 things you need for a business valuation
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

getting into the financial services business requires tremendous effort, training and a long startup period until a critical mass can be attained where there will be a reasonable cash flow and profit. this business involves the ability to sell and then deliver.
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survey: are you offering the right services?

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accountants share where to find the opportunities.

by 卡塔尔世界杯常规比赛时间 research

service lines are the life-sustaining arteries of every cpa practice. nobody can offer all possible services. you have to pick and choose. the trick is to go where the opportunities are.

the 卡塔尔世界杯常规比赛时间 outlook 2024 survey on emerging issues, opportunities and trends is asking which service lines will give you the most opportunities next year.

more: survey: which niche’s the best niche? | women-owned businesses upbeat but need help | 42% of accountants turn away work over staff shortages | accountants to the rescue as startups struggle | talent gap widening: be very scared | accountants hopeful, concerned and confused about ai | looking for recent grads? good luck | cpa biz is booming, but for how long? | accountants economic outlook brightens
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we’re seeing predictable preferences for the traditional tax work, bookkeeping and business advisory, with substantial numbers for client accounting services.

we’re also seeing surprises.
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survey: which niche’s the best niche?

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bar chart

find your fit.

by 卡塔尔世界杯常规比赛时间 research

which niches offer the best opportunities for new business next year?

more: women-owned businesses upbeat but need help | survey: 42% of accountants turn away work over staff shortages | ethics on sustainability puzzle some accountants | accountants to the rescue as startups struggle | talent gap widening: be very scared | accountants hopeful, concerned and confused about ai | looking for recent grads? good luck | cpa biz is booming, but for how long?
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

according to early results from the 卡塔尔世界杯常规比赛时间 outlook 2024 emerging issues, opportunities and trends survey, america’s accountants see more business in the niches they know best – the sectors where they already have experience and proven competency.
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women-owned businesses upbeat but need help

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line chart

access to capital is a concern … and an opportunity for accountants.

by 卡塔尔世界杯常规比赛时间 research

despite a few challenges, small businesses are somewhat optimistic about their immediate future. according to the bank of america’s “2023 women & minority business owner spotlight,” 67 percent expect their revenue to increase over the next 12 months, and 46 percent plan to expand their business.

more: survey: 42% of accountants turn away work over staff shortages | ethics on sustainability puzzle some accountants | accountants hopeful, concerned and confused about ai | survey respondents see exciting year coming up | the 7 categories of cybersecurity solutions firms need | how auditors can beat ai | why the u.s. must act now to protect our online privacy
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this guarded optimism is in the face of several perceived problems. only 34 percent think the national economy will improve in that timeframe, a number unchanged since last fall. a few more – 41 percent – see their local economy improving, though that number has dipped 2 percentage points since last fall.
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