{"id":105101,"date":"2022-11-23t11:58:07","date_gmt":"2022-11-23t16:58:07","guid":{"rendered":"\/\/www.g005e.com\/?p=105101"},"modified":"2024-08-07t23:10:12","modified_gmt":"2024-08-08t03:10:12","slug":"tax-return-prep-commodity-or-professional-service","status":"publish","type":"post","link":"\/\/www.g005e.com\/2022\/11\/23\/tax-return-prep-commodity-or-professional-service\/","title":{"rendered":"tax return prep: commodity or professional service?"},"content":{"rendered":"

\"twothink of where your value is added.<\/strong><\/p>\n

by ed mendlowitz<\/i>
\nhow to review tax returns: the field-tested update<\/i><\/a><\/p>\n

question:<\/strong> are tax returns commodities or the result of a professional service?<\/p>\n

more: <\/b><\/strong>seven types of tax return reviews<\/a> | how to turn tax returns into new business<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

answer re: commodity<\/strong><\/p>\n

if you believe tax returns are a commodity, then you will also believe there is no product differentiation and the business should go to the lowest cost provider. there is nothing wrong with you thinking this way and running your practice accordingly.\u00a0 however, you should still want to provide a complete and error-free tax return.
\n
\ntherefore, there could be great value to you to reduce your costs by limiting errors, redos and unnecessary touches. adopting some of the procedures in my handbook will make you richer because your costs will be reduced. so should your turnaround time. likewise, with reduced calls from clients asking about a possible error.<\/p>\n

those in the commodity business of tax return preparation usually handle a high volume of easier tax returns but can also have clients with complicated returns. additionally, those who are more entrepreneurial could use the quality products they deliver to generate additional revenue from their clients for nontax preparation services. accordingly, a quality product is essential to maintain firm clients and use them as a base for growth.<\/p>\n

answer re: professional service<\/strong><\/p>\n

if you feel tax preparation is providing a professional service to your clients, then might i ask what value do you add to the client? might i also ask how is your return better? if there is no value or the return is not better, then where is the professional service?<\/p>\n

the value adding is accomplished at two stages in the preparation process. one stage is by the partner who either receives the information at a meeting with the client, or when they do a top-side review before they sign the return. the other is by the reviewer whose job it should be to look for tax savings opportunities for the return and possibly a previously filed return, and then for planning opportunities for the current and future years.<\/p>\n

i might note that there shouldn\u2019t be successful opportunities to add value each year, but there should be over a five-year period and that should more than justify engaging your firm by the value added.<\/p>\n

value is not just added by finding tax savings opportunities, but by being available, responsive to clients\u2019 concerns and needs, doing a timely and error-free job, assurance by the client that they are not missing opportunities and by the accountant adding to their database of the client\u2019s activities, personality, feelings and risk propensity that can be accessed when needed to advise the client on a proper course or direction.<\/p>\n

the role here of the reviewer would be to use all their talents, knowledge and experience to uncover tax savings opportunities. this can more easily be done when their time is spent looking for such opportunities rather than trying to correct errors made by lower-level staff people who have prepared error-laden returns.<\/p>\n","protected":false},"excerpt":{"rendered":"

think of where your value is added.<\/strong><\/p>\n

by ed mendlowitz<\/i>
\nhow to review tax returns: the field-tested update<\/i><\/a><\/p>\n","protected":false},"author":1341,"featured_media":70489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[3002,1906,2246],"tags":[],"class_list":["post-105101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-special","category-tax-practice","category-busy-season"],"acf":[],"yoast_head":"\ntax return prep: commodity or professional service? - 卡塔尔世界杯常规比赛时间<\/title>\n<meta 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