brandon hall: firms try to make too much on tax prep
try for a 10-15% margin on tax prep.
the disruptors
with liz farr
tax prep
a dozen ways to add new revenue with tax prep follow-ups
plus 4 “how much?” questions to ponder.
by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor
3 rules for asking great tax-return questions
preserve your sanity, amaze your clients.
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
exclusively 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.
tax preparation fees and services
the 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.
great tax prep reviewers aren’t just born
five 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
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
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. read more →
tax professionals running behind year-ago by 704,000 returns
is it part of a trend?
what’s the future of the tax business?
click here to join the survey; get the results
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:
- irs emerges as major tax season competitor
- tax season price wars
- how tax pracs battle new fee pressures
- is the tax prep business topping out?
- tax season metrics shift for the better
- tax pro filings running behind year-ago
- checklists: the secret of a profitable tax season
- tax professionals lag last year in early filing
- the billion-dollar business hidden in accounting
- seven busy season success secrets
- accountants’ top tax season 2014 success goals:
(1) getting new clients and (2) leveraging technology
the one best tip for reviewing tax returns
by ed mendlowitz, cpa, abv, pfs
the 30:30 training method
question: i know you have a lot of advice on how to review tax returns. what’s your single best tip?
response: i had never thought about this until this question was asked.
will zero data entry end your tax practice?
five things you need to know and three things you need to do.
by frank stitely, cpa
stitely and karstetter
get ready for a transformation in the tax business unlike anything we have experienced since turbotax. the transformation will force many of your colleagues to sell, retire, or go out of business. it will force many of your staff out of the profession. it will change the way you serve clients. and, it will either result in tremendous opportunity for you or end your practice. this transformation is zero data entry.
more stitely: three trends that will transform your tax practice or eliminate it | value, billem & dunn: a value billing case study | why value billing won’t transform your life | the problem with frank stitely? we need more frank stitelys! | the problem with timesheets? not enough timesheets! | who’s missing in action from your workflow processing system? | how to make an extra $72,000 by working smarter read more →
three trends that will transform your tax practice or eliminate it
“worst tax season ever.” “the death of the 1040 practice.” “i’m retiring.”
by frank stitely
since the end of tax season, cpas voiced apocalyptic concerns. you can blame this latest meat grinder of a tax season on congress, competition from turbotax, and the irs.
or you can recognize that three trends are converging that will either transform your practice or eliminate it. read more →
long-term trend analysis of busy season activity
a new 卡塔尔世界杯常规比赛时间 analysis of long-term tax season activity shows how tax professionals may be working harder and enjoying it less. we’ll let two charts speak for themselves.
– rick telberg
even as tax professionals have been increasing the number of e-filed tax returns…
tax practitioners end busy season 2013 short by 300,000 returns
the nation’s tax accountants failed in the final days leading up to april 15th to close the gap commonly attributed to early-season delays and confusion, according to the latest data available.
but if the shortfall holds through coming weeks of data gathering, 卡塔尔世界杯常规比赛时间 believes it could mark a significant and serious downturn in the future of the tax prep industry.
in this report:
- tax professionals e-filed 63.3 million returns, down 0.4% from last year’s 69.6 million.
- meanwhile, the number of do-it-yourself e-filers grew 4%, to 43.1 million, up from last year’s 41.3 million.
- complete statistics on individual income tax returns, filings and filing rates, week by week, in year-to-year percentage change
- number sent to irs
- number processed by irs
- number e-filed by tax professionals
- number e-filed by self-preparers
- irs.gov website traffic
- number of refunds
- total dollar amount of refunds
- average refund
- number of direct-deposit refunds
- amount of direct-deposit refunds
- average direct-deposit refund