Friday, January 20, 2012

TAXPRO BUZZ

+ NJ tax pros might want to check out my “review” of the annual NJ-NATP “Famous State Tax Seminar” here and here.

+ Professor Annette Nellen gives us some “Due Diligence Reminders for the 2012 Filing Season” in a piece at the AICPA STORE.

+ Joe Kristan tells us “IRS Issues Cents-Per-Mile Maximum Value for Employee Cars” at the ROTH AND COMPANY TAX UPDATE BLOG.

The IRS has ruled (Rev. Proc. 2012-13) that you can't use cents-per-mile for cars costing more than $15,900, or trucks and vans costing more than $16,700.”

+ California tax pros might be interested in attending a conference on “Tax Reform: Status, Needs & Realities” sponsored by San Jose State University at Techmart in Santa Clara.  Click here for info.

+ TAX PREPARER CONNECTIONS has an “Early Tax Season 1040 Client Letter” for use by tax pros.

Here is a sample of a letter you can send out to clients early in tax season. It is specific to tax changes for the tax year 2011, so you want to it out soon.

This is a great way to remind people of their tax appointment with you.”

+ David Williams, the IRS tax preparer regulation czar, sends words of greetings and update in “Happy New Year, Everyone”.

+ Veteran tax pro Eva Rosenberg, aka TAX MAMA (is there a TAX PAPA?), writes about her experiences in “Running a Tax Practice – Easy or Hard” at ACCOUNTING WEB.COM.

Pay special attention to Lessons 4 and 5 (I, too, speak from experience) -

Lesson 4: People who haggle over your initial fee will never value you. Turn them away as clients. This is reported to me often by other tax professionals. Those who start out trying to push down your fees are the same ones who insist on calling you daily, with just a 'quick question' and never want to pay for the time you’ve tracked. Either dump them, or quote a high fee, requiring a retainer, that is always replenished BEFORE you take their calls or do their work.

Lesson 5: Get everything from your clients in writing. Do not accept information verbally. They will deny they ever said 'it', if 'it' turns out to be inconvenient for them. This only happened to me once. A doctor’s wife gave me some numbers on the phone. I prepared the tax return. The balance due shocked her. She decided to reduce their income amount, saying that she never told me their income was that high – that I made up the number. I kicked the client out – and never accepted anything verbally since. Your clients can provide information via letter, fax, or email. Save the document.

+ The 2012 IRS Publication 15 (aka Circular E) – “Employer’s Tax Guide” is now available.  Click here to download.

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