In a recent installment of our Virtual Tax School webinar series, Anthony Sampson, EA - Solution Architect, and Lance Center, CPA - Solution Architect Manager, both with Wolters Kluwer Tax & Accounting, discussed how to start and grow your tax business, and how it all starts with building trust.
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.
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.
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.
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.
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:
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.
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.
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
