Identify high risk clients, such as clients creating 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.
Review the firm’s client list from the prior tax season. 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. Our 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.
What to do now … before the big rush
3 must-dos to review client acceptance and continuance procedures
Guide | Tax Season