Review prior year engagement letters and update, as needed. Consider terminating the firm’s professional relationship with unprofitable, high risk and "problem" clients, such as those who do not provide information in a timely manner. The article, Clients: Knowing When to Walk Away, identifies other factors to consider when deciding whether or not to continue a client relationship. If you’re still not sure, read Take a Hike: Ending Client Relationships for other considerations. If the decision is made to terminate the client, Client Termination Letters explains the importance of written termination letters and what to include in such a letter.
Identify and address clients that may create a potential conflict of interest for the firm. Review the articles Managing Conflicts of Interest and Considerations in Avoiding Becoming a Casualty in the Divorce Wars. Establish protocols to address potential conflicts of interest that arise during tax season.
Arrow.svgUpdate the firm’s client acceptance checklist and conduct due diligence on prospective clients, such as inquiring why they are changing accountants and conducting an internet search on the prospect. Request the prospect’s consent to contact the predecessor accountant. Consider obtaining a retainer fee from new clients as a condition of engagement. The article, Is This Client the Right Fit for Your Firm?, includes other criteria to consider in balancing the risks and rewards of accepting an engagement with a prospective client.
What to do now … before the big rush
3 must-dos related to client acceptance and continuance
5 steps to review e-file requirements
and processes
4 ways to update engagement
letter processes
3 must-do’s to review client acceptance
and continuance procedures
8 steps to prepare the firm for tax season
5 ways to help staff prepare for tax season
What to do now … before the big rush
11 items to cover in a pre-tax season staff meeting
15 things to include in a control log
4 things to remember when testing tax software
8 things every tax preparer should do for each client
4 ways to better plan for deadlines
2 keys to survival
What to do during busy tax season
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