In an ever-evolving financial landscape, tax preparers face the challenge of adapting to the changing needs of their clientele. One strategic approach that stands out is the diversification of tax services. By broadening their service offerings, tax preparers not only meet the…
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The impact AI has on the tax industry
With the recent surge in popularity of generative AI tools like ChatGPT and DALL-E 2, artificial intelligence (AI) has become a major topic of discussion in boardrooms, online and around kitchen tables. Its implications are potentially tremendous for business and society. Firms…
Tax deductions for small business owners
11 Tax Deductions for Small Business Owners If you own a small business, you’re likely looking for ways to make every dollar stretch further. Given inflation, labor shortages, supply chain issues and the lingering effects of the COVID-19 crisis, you probably have…
5 ways to use ChatGPT prompts for tax professionals and EAs
ChatGPT, the generative AI tool created by OpenAI, has received a great deal of buzz since its launch last year. It uses a large language model to produce original text after a user has entered a specific prompt. Thus far, it has…
Tax relief for natural disasters: What you need to know
Natural disasters that once seemed predictable and confined to certain regions are now striking everywhere. Property owners face questions of preparedness and recovery in communities that always seemed safe. While disaster victims turn to the Federal Emergency Management Agency (FEMA) and state…
3 tips to help clients claim R&D tax credit
Innovation is the lifeblood of any economy. Since Benjamin Franklin tied a key to a kite string, American entrepreneurs, inventors, researchers and tinkerers have probed the limits of science to discover new concepts and create new products. That’s why research and development…
6 tips for hiring employees for your tax business
A promising new client is knocking at your door, but you lack the capacity to take on the new business. You’re spending too much time and energy on managing the business to pay enough attention to existing clients, let alone prospective clients.…
How can enrolled agents find tax-resolution clients?
The tax preparation business is famous for its no-holds-barred busy season, but every enterprise needs year-round revenue and a diverse clientele to thrive. You can make the other eight months of the year productive and fruitful by attracting and servicing tax-resolution clients.…
Myths about the AFSP debunked
As a tax professional, one of the most important services you provide to your clients is consultancy. Your clients rely upon you to advise and guide them in managing their taxes and finances. Quality tax professionals are always seeking ways to improve…
Tax preparation software for independent tax business owners
Every busy tax professional needs tax software. Using tax software saves time, minimizes errors and simplifies organization. It’s the modern way to do business, and fortunately, tax preparers have many choices in high-quality software products. They can be found through an online…
How to study for the EA Exam after tax season
There’s an EA Exam in your future, so why wait? April 16 might be beckoning with family fun and time with friends, but the end of tax season is the best time to study for the EA Exam. After all, the EA…
How to avoid common mistakes made by tax preparers
“I’m only human,” the old song goes. “Born to make mistakes.” And yes, for tax preparers, mistakes on taxes will happen. But errors can’t be accepted or expected. The rush of tax filings and documentation crossing your desk might make “efficiency” seem…