Today's Technology for Tomorrow's Firm.
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4 March 2016 • www.CPAPracticeAdvisor.com By Gail Perry, CPA, Editor-In-Chief FROM THE EDITOR Published by SouthComm Business Media, Inc. PO Box 803 | 1233 Janesville Ave. Fort Atkinson, WI 53538 920-563-6388 | 800-547-7377 VOLUME 26, NUMBER 2 Publisher: Barry Strobel Editor-in-Chief: Gail Perry, CPA Managing Editor: Isaac M. O'Bannon Assistant Editor: Taija Sparkman National Sales Manager: Jim Colford Columnists: David McClure Doug Sleeter Jim Boomer, CPA.CITP Kristy Short Randy Johnston Rene Lacerte Roman H. Kepczyk, CPA.CITP Art Director: Rhonda Cousin Site Manager: Lester Craft Production Manager: Barb Evenson Audience Development Manager: Terri Petitt Editorial Advisory Board: Bob Cedergren, CPA.CITP, CISA, CISM, CISSP, CGEIT Chris Fraser, CPA.CITP, CISA, MCP Jason Lawhorn, CPA.CITP Gary A. Masino, CPA Ryan McCowan, CPA.CITP Linda O'Neal Troy Patton, CPA David Primes, CPA.CITP Donny Shimamoto, CPA.CITP Doug Sleeter SOUTHCOMM, INC. 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All trademarks used are the property of their respective owner. 4 M a r c h 2 0 1 6 • w w w . C P A P r a c t i c e A Gail is the Editor-in-Chief of CPA Practice Advisor and a CPA. She is the author of over 30 books (including "Mint.com for Dummies" and "QuickBooks 2014 on Demand") and she maintains a small tax practice. She earned a bachelor's degree in journalism fom Indiana University and studied accounting at Illinois State University before starting her professional career at Deloite. Gail is the former publisher and editor-in-chief at AccountingWEB and is a former columnist for the Indianapolis Star newspaper. choose the most cost efective method, but at the end of the day, the tax accoun- tant's goal is to do it right. Of course our clients want things done correctly too, but you recognize that eager anticipa- tion as they wait for the unveiling of their tax return – how much money am I going to get back? It's the hero element that we ta x accountants share. We lead the charge, car r y ing the f lag into (I R S aud it) batle, we quarterback the team and determine the plays, we fnd the best solutions to the tax problems. And our clients need us now more than ever. Tink about taking some pages from the Peyton Manning preparation book when geting ready to meet with clients, and keep that hero image in mind: • Use your down time (I know, there's not much of it during tax season, but you can grab a few minutes here and there) to make sure you're up-to-date – not just on all of the latest tax laws but on the latest phishing scams going around. • Know the competition. Familiarize yourself w ith how your clients' competitors perform in the market- place, know the industry trends, and be prepared to talk intelligently about the business issues that keep your clients up at night. • Arrive early for appointments. Feel the energy that comes from being ready and excited to talk with your clients about their tax situations. • In advance of your meetings, review your notes from the prior year. Practice what you will say about tax situations relating to your clients. Anticipate their questions and pre- pare your answers. • Bring a coworker to meetings. Dis- cuss what will occur in advance, explain how the coworker should prepare in advance, dissect the meet- ings aferwards and point out how the advance preparation paid of. • Don't back of from confict if your clients or coworkers disagree with your results. If you know your subject inside out, you will have the conf- dence to handle disagreements and confrontations. • Rebound from mistakes by taking ownership and doing it beter the next time. • Know the people who work with your clients. Know who their key staf members are, what their responsi- bilities are, and be able to recognize them on sight. Mo s t i mp or t a nt l y, r e me m b e r you've got the backs of your clients, you're going to be there with them all the way to the end zone, you' ll sail through any examinations, you've got the answers to their tax questions. If they receive any notices, calls, emails – they should know they go to you frst and last – you're their tax hero! Tax Season: Go Be a Hero S trains of "Holding Out for a Hero" (Bonnie Tyler/ Footloose) are racing through my head along with the statements made by Denver Broncos' Peyton Manning at his retirement press conference, and I'm looking at the stacks of tax returns I need to prepare for my clients and reading yet more reports of phishing and scamming, and it's all coming together. Ever since I started in public account- ing at Deloite, I noticed that the tax accountants seemed to be viewed as the white knights. Auditors were viewed by clients as necessar y, consultants the fascinating innovators, but tax accoun- tants were there to save the day. Our job, in the eyes of our clients, is to save them money. In our eyes, our job is to prepare taxes accurately and yes, where there is a choice to be made, g g ,