Fundamentals of Operating a Professional Tax Practice

Fundamentals of Operating a Professional Tax Practice Presented By: Leonard Steinberg, EA, NTPI Fellow Steinberg Enterprises, LLC

Topics for Discussion • Setting up your office • Tax preparation operations • Representation Services • Offering Other Services • Advertising and Promotion

Setting up your office • Equipment • Computers • Printers • Fax Machines • Copiers • Use of Networks/VPNs

Setting up your office • Software • Entity Business Financial Reporting • QuickBooks • Quicken • Web and Cloud Based • Others

Setting up your office • Telecommunications • Telephones • Office and Cell Phone • Fax/E-Fax • Scanner • Secure Portals

Setting up your office • Internet • Security • Physical Premises • Client Files • Technology

Setting up your office • Supplies and Stationery • Insurance Topics • Ethics and Circular 230 • Tax Administration • ERO Applications • E-Services • IRS – Email, Publications, Newsletters

Setting up your office • Entity Choice • DBA • Sole Proprietor • LLC • S-Corp

Tax Preparation • Choosing Tax Prep Software • Client Management • Client Engagement Letters • Client Privacy Letters • Tax Return Review Process • Billing

Representation Service • Federal and State(s) • Audit • Collections • Appeals • Client Engagement Letters • Software Options • Written Correspondence

Offering Other Services • Tax Planning • Payroll • Bookkeeping/Accounting • Financial services • Consulting

Offering Other Services • Partnering with Other Service Firms • Legal • Insurance • Financial Services • Real Estate

Advertising and Promotion • Networking • Local Chambers • Networking Groups • Writing Articles for Local Newspapers • Volunteer Opportunities • Speaking Engagements • Letters to the Editor

Advertising and Promotion • Networking Events • Chapter Meetings • Breakfast with Tax Buddies • State and National Events

Advertising and Promotion • Advertising and Promotion • Website • Content • Blogging • Articles and Newsletters

Advertising and Promotion • Printed Materials • Business Cards • Brochures • Newsletters • Other Promotional Materials

Advertising and Promotion • Advertising and Promotion • Social Platforms • Linked-In • Face Book • Twitter • Instagram

Personal Issues • Paying yourself • Saving for Retirement • Continuing Education • Writing Skills • Physical Incapacity – Short/Long Term • Retirement

Fundamentals of Operating a Professional Tax Practice