Discussion:Reviewing prospect tax returns
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Discussion Forum Index --> Business Growth Community --> Reviewing prospect tax returns
| 23 June 2009 | |
| Can anyone offer suggestions of the "best practices" variety, or "do's and don'ts", regarding how to best conduct free reviews of a prospect's prior year tax return. I have an opportunity to partner with a very successful life insurance agent whereby he sends a letter to his client base recommending me and offering a free review of their PY return. Thanks | |
| 23 June 2009 | |
| 1) I would require a sit-down meeting at your office, not a drop off or mail in service. You are selling yourself, so they need to get a piece of you for free. They won't see the value if they don't see you. Also, coming to your office establishes that you are a professional and not a salesman (sorry, life insurance guy).
2) Why not 3 years? I can't tell you how many times I have found nothing on the prior year's return, but glaring errors on the year before. 3) Charge for amending. of course. 4) D"on't forget the state. NC has some quirky additions and subtractions and exclusions that out-of-state preparers just don't seem to get correct. | |
| June 23, 2009 | |
| Be professional. In my ealier days, I trashed a lot of returns...I wonder how many of us would want ours carefully scrutinized. And I agree with Kevin, a meeting's a good idea. You get a better picture of the client and all that's going on. Be careful second-guessing...why aren't you inc'd, for example. The other accountant might know that this client could never ever live with the corp rules, while you don't know that yet. And you can help them create a better bond with the other guy! Just ask a lot of questions. None of us have as close a relationship with our client as we should, so just involving them in the process is fresh air for them. | |
| 23 June 2009 | |
| Hi Anchorman
Can you comment on how you got together with the life insurance agent? Was it through business networking? Also, what does the agent expect in return? A cut of your fees, or referrals back to him? Thanks so much Pete | |
| 24 June 2009 | |
| Met the agent through a variety of local networking organizations. Became progressively acquainted over a couple month's time, and found him to be someone I like and trust. It didn't hurt that I bought a small policy from him, but he offered the partnership before we even spoke about his product. I trust he expects I will also refer my clients to him should the relationship continue to develop in a positive direction, which would be naturally expected to happen. But there were really no strings attached to the original offer. | |
| 24 June 2009 | |
| Anchorman, you would also want them to bring in the data used to prepare the return. You might see something not included on the return. I agree a sit down would be best. Perhaps they bought a new house or something you can't see by looking at the returns.
Doug-tax, I have gotten a few referrals from stock brokers/financial planners. Lots of little old people that need hand holding. Its a great source of business. So you might try going to one of the CPE classes they sponsor and get your name in. I haven't given anyone a cut in fees. | |
