@DailyTaxMemes The amount of time we spent convincing people to give us their banking info (which the government already has) so they could receive their refunds was asinine.
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Kenny Whitehead
16.3K posts
Kenny Whitehead
@KRW_CPA
CPA firm partner and financial advisor. Sports nut partially making a living off of positive variance. Woo Pig & Go Pokes. RIP KGW.
Alma/Van Buren, AR Katılım Aralık 2011
1K Takip Edilen1.3K Takipçiler
Updating this to put the Boomers more front and center. They are a massive time suck and simply refuse to adapt to changes
I try to be empathetic but their chronic unwillingness to do anything different is going to get them off of #TeamDTM
Daily Tax Memes@DailyTaxMemes
Considering niching into only clients with no dependents...as soon as they add a dependent we are no longer a good fit. But can't be a boomer either Really niching down
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@CPATaxTeam Came from ProSystems background, hated it for 6-12 months and then it grew on me. My opinion would be to give it time but they all kind of suck
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3 months in and I can emphatically say, "UltraTax is nowhere near as user friendly as Lacerte." The interface looks worse, it's cumbersome and clunky.
I have 2 Big 4 managers who are new to both programs. They absolutely hate using UT over Lacerte. #taxtwitter
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@CPATaxTeam *absolutely giving financial advice*
(Not financial advice)
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"I love paying unnecessary taxes to chase dividends for no reason but engagement bait"
Nick | Dividend Investor & Educator@Smartnetworth1
I should be able to hit $30,000 in dividend income by the end of the year. The next goal is $50,000 a year. All because I decided not to quit years ago.
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@taxgirl @GlenBirnbaum Would like them to do a webinar ASAP covering how they’re going to start processing 2553s more quickly and actually doing them correctly. Can’t begin to count how many I have outstanding for ~a year that have been faxed and then they finally process with wrong effective date.
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The IRS will host a webinar on Tuesday, March 24, 2026, at 2:00 p.m. ET, covering key business tax changes under the One Big Beautiful Bill Act (OBBBA). (1/3)
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Kenny Whitehead retweetledi
@DuBoseDefense Rumor is he's been sleeping in the merch tent since last year.
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@CPATaxTeam @AustinAllen07 Wait until he opens the other Thomson Reuters products. Ultratax may be the most modern.
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29 y/o manager: I opened UltraTax last night and that may be the oldest program I've ever seen. #Taxes @AustinAllen07
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@ClayTravis DK now does prediction markets, so I wouldn't think that's the driver. Maybe other regulatory costs/pressure?
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Draft Kings and Fan Duel stock are both getting crushed today and hitting three year lows. The big fear is prediction markets. Is fear warranted or overblown? Curious if any of you have switched to prediction markets instead of DK or FD. Let me know in comments.
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@MrNQDC @CPATaxTeam Most tax pros are absolutely not looking to increase number of clients/work. There's more work there than we know what to do with. At this point, the good pros are trying to consolidate into doing higher level services for a smaller # of total clients.
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@CPATaxTeam Curious to hear... what's the game plan for your business, Craig? Most tax pros want to increase the number of clients/amount of work...but you're focued on reducing the number of 1040-only clients? Do tell
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Reduced number of annual only 1040’s from 718 to 419 in 2025.
Avg return went from $1393/return to $1895.
#TaxTwitter
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@TaxHacker @cordes_tax @taxgirl @FortWayneCPA Failure to accurately process 2553s. I’m still trying to get approvals on forms I filed 5+ years ago using 2013-30. Even when they do process the forms, they seem to completely ignore the effective date and grant whatever date they want if it’s not within the same calendar year.
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Hey #TaxTwitter -
If you could talk directly & unvarnished to the IRS, what issues would you bring up?
Looking for action items for a meeting I'll be at in about 2 weeks. Feel free to DM me, or e-mail me if you'd rather.
I'm lookin' at @cordes_tax, @taxgirl, @FortWayneCPA
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@TheTaxNomad Do you package these all up into a monthly/annual fee structure when you present to clients? My biggest problem is the amount of free work I do that's "baked into the client's tax prep" but actually isn't by the time I back into how much time i spent. Notices, quick questions..
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How do you start offering tax planning/advisory?
My first recommendation would be to write down everything you do for clients, outside of prepping their tax returns.
For me, I consistently came back to these 4 things:
1. Semi-Annual Tax Projection Meetings: (map out taxes for the year, outline strategies to reduce it). For smaller clients you may only need once a year meetings.
2. Quick Questions: Anything tax related that we could cover in a 15 minute phone call or email exchange. Honestly this is more of a benefit to you, it trains clients to seek your advice before making (dumb) mistakes.
3. Tax Notice Resolution: Responding to IRS/state notices and audits. (Limited to 3 hours a year). Clients expect us to handle it, lets be honest.
4. 1099 Prep: This use to be big when I had smaller clients but we still offer it. They need to do it and its takes one more thing off their plate.
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@nickmeals @Taxsavvyjessica He wasn’t there, she made a phone call. Already knew of the affair but not the money, which she shared in front of everyone in my lobby after the phone call. Words were used, fun was not had.
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Imagine finding out your husband has a child you didn’t know about until you filed your tax return and your refund was offset for past due child support. 🤣
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If you ever feel bad about yourself, always remember that there are people that take videos of themselves with their cell phones, watch it over and over, and then choose to upload that video to social media to see how many likes they can get.
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@taxgirl Just got an update on an amended 2022 tax return. Has been stuck in “we’ve received your tax return and are processing” since August 27, 2024. Cool $310k hung out in lala land for 16 months because the old accountant is bad at their job. Not like we needed the money or anything.
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From IRS today:
Thank you for your inquiry dated Sept. 20, 2024.
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@natesosa_CPA @bhallcpa Assuming the tax preparer fills out the 4562 correctly (they won’t), but I agree with what you’re saying. They just don’t have adequate *competent* staffing to fight stuff like this.
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@ajthecpa1226 100%, outside factors matter. It's taken 7 years but we finally have our fees competitive with our market so now service and quality have to be our differentiator, which I'm happy with. Once you're to that point, I usually look at a 3-5% increase annually.
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@KRW_CPA Totally get it, but again it depends on a few like:
- Your regional economic impact
- How much you're raising fees by (5%, 10%, etc.)
- What your current minimum fees are compared to competitors
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This has been coming up a lot lately given regional economic conditions. Going to be interesting how firms approach fees this coming season.
Zachary Hellman, EA, CFE@taxpreptech
Clients love to cut accounting first when cash gets tight. I’ve run analyses showing how much our work saved them in taxes, but at some point, I’d rather let them go than keep proving my worth.
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