Predictive intelligence can help clients navigate future changes.
Tax & AccountingMay 12, 2022

Support clients and increase your revenue with predictive intelligence you can leverage today

Busy season may be over – for now – but the workload is still there, waiting patiently for its turn in the queue. Your clients, meanwhile, are probably already calling with questions about their extensions, refunds, and payments.  

So how do you handle compliance issues that may impact outstanding returns, ensure that nothing falls through the cracks, support your clients, and find ways to increase your revenue?  

Fortunately, even with the amount of work – and client messages – on your desk, there is opportunity for growth-oriented tax professionals. And for progressive tax practices that leverage technology to support their staff, it’s possible to counterbalance increasing complexity and uncertainty with higher levels of customer service and engaging clients on an advisory basis.  

In other words, increasing tax compliance issues provide both a business opportunity and a platform for your firm to grow.  

Increasing revenue doesn’t always have to mean increasing staff

With the right technology, your client relationships can be proactive when your competition is becoming increasingly commoditized. Sometimes you need to work smarter, not harder. Next-generation technology promotes timely, valuable client advisory services while also keeping you and your colleagues productive.

The next big deadline can be a productivity nightmare if you don’t have the right processes and tools in place. For those times you need quick insight into the tax events that impact a single client, technology tools such as CCH Axcess iQ makes it easy to provide the best advice.  

CCH Axcess iQ helps firms attack three perpetual pain points for many tax professionals – marketing, individualized tax planning, and revenue growth. And because iQ leverages automation – and integrates with the CCH Axcess database – the only extra steps you have to take are to click your mouse. iQ does the rest, providing the content, tools, and data you need to quickly and efficiently engage with your clients.  

With CCH Axcess iQ, you have an in-depth analysis of important tax events and planning opportunities. Using predictive intelligence, iQ determines which of your clients are likely to be impacted by these events. iQ also generates client letters you can use to take action with your clients, or use to market to prospective clients. With this information, you only need to reach out to those clients who are most likely to be impacted by the event. 

The iQ Client Dashboard module provides a list of tax events that impact a specific client, so instead of committing several hours of research to determine which compliance issues come to bear on this year’s tax return, you can simply review the list of events alongside the Axcess Tax return.  

Here are some examples of recent events added to CCH Axcess iQ and how they may be applicable to your clients who filed an extension this year. 

  • Telehealth Services Exemption Extended for HDHPs - This iQ event covers the extension of the exemption for telehealth services for high deductible health plans (HDHP) and applies to individuals who claimed a deduction for their HSA or businesses that reported employee benefits in 2021. 
  • Qualified Retirement Plans and Periodic Payment Guidance - This event provides guidance on a series of payments from an individual account under a qualified retirement plan. The clients who would be impacted were born before July 1, 1962, and who filed Form 5500, Form 5500-EZ, and Form 5500-SF in 2021. 

The ability to combine advisory opportunities with the clients who would be impacted by them is what firms need to expand their client advisory services in 2022. To learn more about how iQ can help you make progress in this area, contact your Wolters Kluwer account representative to schedule a demo.

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Senior Technology Product Manager, TAA US Professional Market
Jonny Rector is the Senior Technical Product Manager for multiple firm management solutions at Wolters Kluwer Tax and Accounting North America.
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