Tax & AccountingSeptember 29, 2021
How to Leverage Tax Preparer Software to Launch Your Tax Business
Thanks to technology, building a tax business today is easier than ever. Easier … but not easy. It takes more than selecting software and hanging out a shingle to get your practice off the ground.
Leverage Trust to Create Solid Client Relationships
During the pandemic, CPAs and tax professionals were considered essential workers because of the tremendous value they bring to their clients. But we’re not just talking about value in terms of the tax savings you’re able to find.
“When people use the term value, they often fall back on the monetary value of things—what it’s worth in dollars,” Center says. “But in our profession, there’s so much more to the value that you bring. And it’s predicated predominantly on the concept of trust.”
Why is trust so important in your relationships with clients? You hold their most guarded secret: how much they make. Showing a commitment to maintaining and building that trust is what allows you the ability to extend services and help them make major life decisions.
The Pathway to Becoming a Licensed Tax Professional
To become such a trusted advisor takes education, certification, and experience. On a traditional path tax preparers obtain additional education and take qualifying exams to move from unenrolled agents with the Annual Filing Season Program (AFS) to Enrolled Agents (EA), to Certified Public Accountants (CPA).
Center says that although having initials after your name does not equate to quality, it does open doors so you can serve a bigger role and earn more trust with your clients.
We invite you to explore why thousands of professional tax preparers choose TaxWise to power their tax preparation business.
We invite you to explore why thousands of professional tax preparers choose TaxWise to power their tax preparation business.
Earning Trust by Safeguarding Client Confidentiality
No matter your level, as a tax preparer, you’re considered a financial institution, which means you need to take cybersecurity seriously. With the advent of cloud-based tax and accounting software, tax preparers have adopted a lot more responsibility for properly maintaining and reporting client information.
Tax preparers are the keepers of sensitive data that’s vulnerable to identity theft. At one point, the e-file system was the No. 1 source of identity theft in the United States.
Keeping your e-file site and the data that goes through it safe should be your top priority. If you are using an on-premise (desktop) solution, be sure to protect your physical and virtual environments with secure backups, strict password protocols, and restricted access to your office space and equipment.
Tax preparers are the keepers of sensitive data that’s vulnerable to identity theft. At one point, the e-file system was the No. 1 source of identity theft in the United States.
Keeping your e-file site and the data that goes through it safe should be your top priority. If you are using an on-premise (desktop) solution, be sure to protect your physical and virtual environments with secure backups, strict password protocols, and restricted access to your office space and equipment.
Setting up a TaxWise® Virtual Tax Office
Because of virtual tax offices, the barrier of entry to starting your practice is much lower than it was just 10 to 20 years ago, Sampson says. You just need to buy a laptop, purchase TaxWise Online, and you’re up and running. A virtual tax office consists of:
TaxWise® Online
Allows you to access tax returns anytime, anywhere with an internet connection so you can support your clients no matter where you are. TaxWise Online requires no installation or software updates and has minimal system requirements.
Secure Online Document Storage
With encrypted cloud-based document storage and a secure portal for two-way file sharing, you can safely exchange documents with clients without seeing them face to face.
TaxWise® Mobile
With a dedicated mobile site, taxpayers can meet with you, exchange documents, and provide an e-signature, all from their laptop, tablet, or smartphone. That means convenience for both of you, and plenty of options for safe, contactless transactions.
Learn more about making the switch to TaxWise Online
Related Insights
-
ArticleComplianceTax & AccountingMarch 14, 2025
IRA distributions prior to age 59½: IRS Form 5329 filing requirements
IRS Form 5329 has relevance to many IRA-related issues. In some instances, an IRA owner (or beneficiary) must file this form to pay an additional tax, and in other instances it must be filed to claim or request exemption from an additional tax. -
ArticleComplianceTax & AccountingMarch 14, 2025
Individual retirement accounts: When is IRS Form 8606 required?
A form commonly used in conjunction with IRA activity is IRS Form 8606, Nondeductible IRAs. This article defines when it is necessary for an individual to file this form with his/her tax return. -
ArticleTax & AccountingFebruary 12, 2025
Delighting clients: Transforming audit experiences for auditors and clients
Firms need digital, integrated solutions in order to drive efficient, high-quality audits that satisfy clients and peer reviewers. Jim Boomer, shares seven common audit pain points and how to resolve them. -
ArticleComplianceTax & AccountingUpdated January 16, 2025
IRA required minimum distribution not satisfied: Penalty and penalty waiver request
An individual that does not take an IRA required minimum distribution (RMD) timely is subject to an “excess accumulation” penalty tax. This article provides an explanation of the penalty tax and the request of a waiver of the penalty tax.
