tax prep

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

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try for a 10-15% margin.

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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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3 rules for asking great tax-return questions

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preserve your sanity, amaze your clients.question marks

by frank stitely

asking clients great questions is central to ruthlessly efficient workflow management (r.e.w.).

more: there are no easy answers  |  the 3 biggest tech failures of accounting firms  |  debunking the demise of the cpa firm  | how to thrive as a 21st-century firm   |  7 steps to effective project management  | how many tax preparers do you need?   |  wip-ing clients into shape

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

great client questions can save hundreds of hours of time during tax season and prevent projects from falling behind schedule. here’s an example of questions done badly.

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tax preparation fees and services

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screen shot 2015-06-09 at 9.19.17 pmthe national trends and averages

by 卡塔尔世界杯常规比赛时间 research

while tax professionals taking a well-deserved break this summer, they are also carefully assessing how well – or poorly – they fared in tax season 2015 and they are beginning to lay plans for tax season 2016. chief among their concerns will, no doubt, be a thorough review of their mix of services and fees.

fortunately, 卡塔尔世界杯常规比赛时间 has compiled authoritative data in an easy-to-use set of charts, graphs and infographics to guide the strategizing for 2016.

in this report, 卡塔尔世界杯常规比赛时间 reveals:

  • the average time it takes an amateur do-it-yourselfer to do a 1040 – useful information in understanding and communicating to clients the true value of a professional.
  • how many tax professionals give away over $100 per client in free consultations – and how competitive the market may be for practitioners.
  • prices by type of form: itemized 1040; state; schedule c’s; 940s; 1065s; 1120ss.
  • prices by region: west, midwest, northeast and south.
  • how many preparers charge to file an extension and how much they charge.
  • trends in 1040 business.
  • practitioners’ age ranges and years in business.
  • the characteristics of the communities in which they operate.

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great tax prep reviewers aren’t just born

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htrtr cvr clipfive traits of the best tax season managers.

by ed mendlowitz
how to review tax returns

reviewing tax returns is a key part of tax preparation. it also is an area vulnerable to major bottlenecks and backlogs. inevitably, firms have more preparers than reviewers. the latter are highly skilled professionals who are more difficult to train or find. therefore, you must consider ways to reduce review time, even at the expense of adding preparer time.

the best tax season managers know how to: read more →

10 ways to get new 1040 clients

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ed mendlowitz cpa the practice doctor q and a
send ed your questions

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 read more →

23 reasons clients really need you for taxes

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ed mendlowitz cpa the practice doctor q and aquestion: 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. read more →

tax professionals running behind year-ago by 704,000 returns

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tax-season-baometer
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the irs says it has received more than 75 million individual tax returns as of march 14 and projects that it will receive about 149 million individual income tax returns by the end of the year.

see also:

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