Two Simple Ideas for Creating Recurring Revenue in Your Tax Practice

Happy Thanksgiving! I hope you had a great day with your family!

It is late when I am sending this email. I wanted to send you this quick note.

By the time you are reading this, it is the Friday after Thanksgiving. Most of you know it as Black Friday. The day that brings most retailers from being the red financially into the black. Again, most of you know that as a profit.

Well, we did not want you to not see a Black Friday deal from us.

Many of you are always looking for some way to make more money in your practice without trying to find a new client. There aren’t many ways to do this, but I have one (well actually two) for you.

1) Sell an Audit Protection service to your existing tax prep clients. This is where they pay you in advance some amount (from $29 – $249 (or more)) each year. This fee covers the risk that they either get a notice or selected for an audit by the IRS (also works for the many of you with state income taxes). They bet that they will get a notice or selected for audit. You bet they don’t. If you sell this for $50 per client for a clients, that is $5,000. 500 clients? That is $25k extra in your practice for this year. I bet that would help pay some bills, wouldn’t it?

2) Sell IRS Account Monitoring service. You sell this to your tax resolution cases (you could also offer this to your tax prep clients). This is where you pull their IRS transcripts quarterly and send them a report that your ES payments are made, your Installment Agreement payments are posted, and your tax return hit the transcripts, so your OIC is still good. This can be sold for $250-1,000 (or more) per year.

Yes, is this easy to do and create. Sure! But will you do it on your own. Well, why recreate the wheel when you don’t have to?

We have a toolkit to help you do just that. It is called…

Audit Protection Plan & POA Monitoring Service Toolkit

Normally we sell this for $495. Well, starting now, you can have it for 50% off. But please know this expires at midnight (EST) on 11/30/21. This is a very limited time offer and may not be offered at this price again.

To purchase this … Continue reading

Thankfulness and Gratitude! Raise your fees!

I wanted to send you this message today to say Thank you!

Thank you for being part of my world!

I love giving back to my profession (as I know many of you do as well)!

I love helping others, especially if I can help them from making the same mistakes I made early on in starting my practice.

For example, we are coming up on a new tax season (yes, I know you didn’t need reminding, but it is there). Many of you probably have not even thought of increasing your fees for next year. If you haven’t, I ask you why?

If you look around yourself, inflation is up, things are hard to get and there are increasing prices on just about everything.  Why shouldn’t you? If you are like me, I increase my base fees every year. It has been $50/year for the last 6-7 years. Next year, I am going up $150 on my 1040 and $250 on my business returns.

Please give this A LOT of thought over the 4-day Thanksgiving weekend! Of course, do this when you are working in the yard or watching football. People are willing to pay more. Why shouldn’t you benefit from that?

I will leave you with that.

Happy Thanksgiving!

Dan Henn, CPA, CTR™, CTC

Dan Henn
Tax Pro Academy, LLC dba Tax Resolution Academy

PLUS: Whenever you’re ready…here are three ways I can help you make more money in YOUR business:

Get a copy of my book “41 Dangerous IRS Tax Red Flags.” You’ll discover 41 different ways to try to avoid a notice, communicate with your client to get the right information upfront or keep your sanity. Go here. 41 Dangerous IRS Tax Red Flags

Become an Tax Resolution Academy® member . Every month you get access to 50 hours of continuing education in our CTR™ program, a weekly live Q&A call and Live & On-Demand CPE Webinars, and more. If you are not a member, come take a 14-day trial. Get the deets here. Join TRA.

Join our Webinar 7 Steps to Resolving Every IRS Collections Case. Every tax resolution case requires the exact same general steps, without exception. Learn them here, and earn 1 CE/CPE hour. FREE. Register here

Next class is December 9, 2021 4pm EST

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Hurricane Ida! Help me Dan B Wan, You’re my only HOPE!

For those tax practitioners that are still dealing with Hurricane Ida IRS tax extension. You must read this!

1) If you are in an area that is subject to the Hurricane Ida extension, I give you this word of warning now. DON’T LET YOUR CLIENTS CONTROL YOU! Don’t let their emergency be your emergency.

While you were afforded more time and it does take the pressure off of the 9/15 and 10/15 deadlines, it just creates a new one and just extends the tax season that much more.

When your clients find out they have more time, many of them will just drag their feet without any concern for you and your time.

Please do yourself a favor now and send an email, text and letter to your clients. Give them a hard deadline of say 12/10 to get their stuff to you. Just let them know that there will be a rush charge (I usually say $500) if it is received after that date AND that you cannot guarantee that it will get done if received after that date.

Let them know that with the holidays approaching, you will be taking some time off to spend with family as you always do right before the next tax season.

Trust me, I have been there done that. Back in 2004, the central Florida area was hit with 3 hurricanes (Charlie, Frances and Jean). The IRS extended the deadline to 12/30/2004 that year. That was the worst holiday season I have ever had. I never worked that much at that time of the year and vowed to never do that again.

So, for your sake, please take control of your practice and clients now. If you have already done something like this already, let me know what you have done.

2) For those of you that handle IRS Representation cases. Read this.

This was announced by an organization of which I am a member. You could always do 5 clients but 30 transcripts is the new part.

“Effective Nov. 15, tax practitioners will be able to order up to 30 Transcript Delivery System transcripts per client through the Practitioner Priority Service (PPS) or toll-free lines for most transcript types. This is an increase from the previous 10 transcripts per client limit. On the PPS, practitioners can order transcripts for up to five clients per call.”… Continue reading