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Client Retention and You: Firing (Part 2)
When You Must Fire a Client Not all clients are equal. There are some you may not want to come back. Independent practitioners have this concern due to lacking both time and the bodies to take care of every single person who comes in. There comes a point when some clients are so difficult to work with that...
Client Retention and You: Hiring (Part 1)
Clients Make a Business Let’s face it: without clients, we don’t have a business. This is true whether you work on the “retail” face of the tax industry in preparing tax returns and offering advisory services to the general public in some capacity, or you work in the “wholesale”...
How to Handle Early Distributions: Qualified Plans, Non-Qualified Plans, and IRAs (Part 2)
General Penalty Waivers There are expenses and circumstances that can waive the 10% early withdrawal penalty on a distribution regardless of what plan type the taxpayer has: Plan asset rollovers (not conversions) Qualified higher education expenses Being age 59 ½ at the time of distribution Deductible...
How to Handle Early Distributions: Qualified Plans, Non-Qualified Plans, and IRAs (Part 1)
Early Distributions Have Increased In the austere economic climate the US has experienced in the past decade, early distributions from retirement plans have become a more frequent occurrence as our clients struggle with protracted unemployment and underemployment. Some dismal statistics embody this pathos. Americans...
Conflicts of Interest: Staying Circular 230 Compliant (Part 2)
What IS the Ethical Thing to Do? It may not always be possible for a tax professional to retain impartiality. Using the divorcing couple as an example, it is possible for the tax professional to competently and impartially represent both spouses assuming they have an arm’s length relationship. Going back to the...
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