Category: Practice Management

By adding IRS Representation (Exam and Collections) to your service offerings, you can achieve all of these goals and more.

As a licensed tax professional, you’ve already built a strong foundation by providing expert tax preparation, bookkeeping, payroll and/or planning services to your clients. But what if I told you that there’s an untapped opportunity to grow your practice, increase your revenue, and strengthen your client relationships?

By adding IRS Representation (Exam and Collections) to your service offerings, you can achieve all of these goals and more.

First, let’s address a common concern: you might be worried about the time and resources required to expand your services. However, the truth is that offering IRS Representation can be a seamless addition to your practice. With the right training and support, you can quickly acquire the knowledge and skills needed to effectively represent your clients before the IRS. It is not as time consuming as you think and you can earn CPE credit while you learn.

Now, you might be wondering, “What’s in it for my clients?” The answer is simple: peace of mind. When your clients face an IRS audit or collection issue, they experience significant stress and anxiety. By offering IRS Representation, you can step in as their trusted advocate, guiding them through the process and ensuring their rights are protected. This level of support strengthens your client relationships and positions you as their go-to resource for all tax-related matters.

Did you know that clients actually perceive IRS Representation as a much more valuable service than tax prep? Why, the tax return is the necessary evil, it has to be done, but with representation, they have to directly deal with the IRS. For many taxpayers that leaves them feeling scared, mad, upset and fearful of the boogeyman IRS.

Moreover, adding IRS Representation to your practice can lead to substantial financial benefits. Did you know that the average fee for representing a client in an IRS audit ranges from $2,500 on up? And for collection cases, fees can easily exceed $1,500-3,000 or more. This doesn’t even include the premium fees you can charge for unfiled tax returns, which happens often.

These additional revenue streams can significantly boost your bottom line, allowing you to grow your practice and invest in your future.

But the benefits don’t stop there. By expanding your services, you’ll also differentiate yourself from competitors who only offer basic tax preparation. This unique selling proposition attracts new clients who are seeking a comprehensive, one-stop-shop for all their tax needs. Additionally, existing clients … Continue reading

The Art of War – Working with Clients, Setting Boundaries to prevent an invasion

Greetings, valiant warriors of the of the tax code! In the grand arena of financial combat, where numbers clash and deductions duel, you stand as the fearless generals leading the charge. But even the most skilled tactician must not only face the external foes of complexity and ever-changing regulations that the IRS and Congress gives us but also manage the allies (clients) within their own camp.

Ah, yes, clients! The very lifeblood of our practice, as essential to our survival as air to a dragon’s flame. Yet, like a double-edged sword, they can uplift or undo us. Fear not, for I come bearing the ancient scrolls of wisdom to guide you in mastering the art of client management, ensuring you rule your practice with the authority of a seasoned commander, setting boundaries as formidable as castle walls.

1. Assert Your Dominance: You Control the Battlefield, Not the Invaders

Remember, brave souls, your practice is your kingdom, and you are its leader. The standards you set are the laws of the land. When clients enter your domain, they do so to seek your expertise, your guidance through the treacherous tax terrain. It is essential to make it known that while their input is valued, it is you who charts the course of the campaign. The map is in your hands; you know the shortcuts and the pitfalls. Stand firm, for a kingdom without rules is but a village awaiting conquest.

2. The Fortress of Boundaries: Erecting Impenetrable Walls

As any seasoned warrior knows, a fortress with weak defenses invites disaster. Thus, you must construct unassailable walls in the form of clear, explicit boundaries. Office hours are your drawbridge; services offered are your moat. Let these boundaries be known from the outset, and make no exceptions, for the moment you do, the enemy spies weakness. A boundary respected is an alliance strengthened. This includes not responding to email, texts and phone calls immediately.

3. The Ritual of Firing: Banishing the Unruly from Your Kingdom

Alas, there comes a time in every ruler’s reign when they must face the unpleasant duty of banishing those who defy the laws of the land. Clients who consistently breach your walls, ignoring the sacred boundaries you’ve set, must be sent forth from your kingdom. This is no act of cruelty but a necessary purification, ensuring the health and prosperity of your realm. Let it be known that your practice is not a

… Continue reading

Productivity Part Deux – Conquer Time and Give yourself a Boost

Welcome champions of the tax code! Back by popular demand (or because I just have more wisdom to share), here’s a few more tips to help you slay the productivity dragon. Let’s turn your office into a well-oiled, tax-filing, time-saving machine with a sprinkle of fun and a dash of wit.

1. “Batch Processing” – The Culinary Art of Tax Work Picture yourself as a master chef in a gourmet kitchen. Just as a chef wouldn’t cook one dish at a time, you shouldn’t handle tasks one by one. Enter the world of “batch processing.” Group similar tasks together and tackle them in dedicated time slots. Answer emails in one go, set aside time for all client calls, and process filings in batches. It’s like meal-prepping, but for taxes. You’ll be amazed how much time you save when you’re not constantly switching gears. Plus, who doesn’t like feeling like a tax Gordon Ramsay?

2. “Early Bird or Night Owl?” – Harness Your Prime Time Are you a morning lark, singing the sweet songs of deductions at dawn? Or are you a night owl, wise to the ways of tax wizardry under the moonlight or candlelight? Identify when you’re most productive and schedule your biggest and most challenging tasks during these hours. Using your peak hours effectively is like catching the express train in rush hour – you get to your destination faster and smarter. So, brew that coffee or pour that late-night tea (without caffeine, not good for your sleep time), and make magic in your prime time. Oh, and don’t do the batched tasks you identified in #1 above during these times. This would be a waste of your Prime Time.

3. “The Magic of ‘One Touch’” – Touch It, Tackle It, Triumph! In the mystical realm of tax filing, there lies an ancient secret: the “One Touch” rule. The idea is simple yet powerful – touch a task once and complete it. Got an email that needs a quick reply? Do it now (in conjunction with #1). A form that needs a quick review? Don’t put it off. By applying the “One Touch” rule, you avoid the black hole of procrastination and the vortex of time-wasting. It’s like defeating the boss monster in one epic move. Game over, inefficiency! This is one of my difficulties, but I am working to beat this one.

4. “The Zen of Saying ‘Later’” – The Artful Skill … Continue reading