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Kozi Checks & Balances TaxTactics News

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December 19.2024

1 Minute Read

Master the Art of Client Attraction: Strategies to Gain New Tax Clients

Business meeting with tax clients in modern office setting.

Understanding Your Client Communication Needs

Attracting and retaining tax clients hinges on mastering the art of communication. In today's diverse market, understanding client preferences is key to forging successful relationships. Whether it's through traditional meetings, emails, or modern video calls, discerning how your clients wish to engage can set you apart. Essentially, asking and adapting to these preferences showcases your commitment, paving the way to winning new clients.

Utilizing Content and Technology to Stand Out

To differentiate your firm, providing high-quality content and embracing technology is crucial. Client needs and challenges must take center stage in your content, establishing you as a thought leader. Meanwhile, leveraging cutting-edge technology can streamline the onboarding process, making it hassle-free and efficient. This combination not only enhances your reputation but also solidifies your role as a trusted advisor, ensuring clients span across generations.

Cultivating Your Firm’s Reputation

A firm’s reputation is undeniably tied to its success in attracting clients. Focus on nurturing relationships and delivering consistent excellence. Simple yet powerful acts, like proactive communication and transparency, foster trust. With these at the core, your firm can confidently tackle challenges, secure client loyalty, and drive growth.

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01.10.2026

Unlock the Power of AI: Why Tax Firms Must Adopt an AI Strategy Now

Update Why AI Adoption is Key to Your Tax Firm's FutureAs accounting leaders gather at pivotal crossroads, the urgency for tax firms to adopt Artificial Intelligence (AI) has never been more pressing. Despite a consensus among 79% of tax professionals that AI will profoundly impact the industry within the next five years, just 37% of firms are investing in AI technologies. This lag raises critical questions: why the hesitation, and how can firms strategically leverage AI for their benefit?Understanding Barriers to AI AdoptionA recent Thomson Reuters survey highlights the main obstacles to AI investment among tax professionals: lack of time and resources, implementation costs, and the complexity of existing workflows. Surprisingly, these barriers are not merely technical but stem from strategic planning challenges that can be navigated with foresight. Firms without a clear AI adoption roadmap risk stagnating after initial efficiency improvements, reducing AI to just speeding up traditional tasks rather than fostering innovation and new value creation.Measuring ROI: A Divide Between Leaders and LaggardsThe potential for ROI through AI is substantial. Innovators and early adopters, who proactively integrate AI into their strategies, can unlock up to $52,000 in value per professional annually compared to just $13,000 for those who lag. This stark difference illustrates the critical need for tax firms to act decisively: those who delay risk falling behind, struggling to attract top talent while others flourish.The SMART Approach to AI StrategyThere’s no one-size-fits-all formula for an effective AI strategy, yet many firms are finding success by adhering to the SMART principles:Specific: Identify pressing pain points.Measurable: Define key performance indicators.Achievable: Set realistic initial goals.Relevant: Align initiatives with broader business strategy.Time-bound: Establish clear timelines for rollouts.This framework helps firms not only to enhance operational efficiency but also to reallocate productivity gains into more lucrative areas.High-Impact Areas for AI InvestmentTo maximize AI investments, firms should target areas that impose the highest manual workload and client interaction:Document Gathering: Automated tools designed to gather and prepare client documents can replace manual processes.Data Preparation: Utilizing AI to automate data entry minimizes errors and saves time considerably.Delivery and Filing: Automating the client return delivery and filing process can enhance customer experience and expedite procedures.Focusing on these high-impact areas allows tax firms to free up resources for advisory services, adding further value for clients.The Path Forward: Planning for 2026Adopting AI won’t yield overnight transformation, but with strategic planning, committed leadership, and an operational alignment, firms can enhance client experiences and boost profitability. As the tax and accounting industry heads into a new era, those who embrace AI as a transformative partner will not only thrive but lead the charge toward greater innovation and efficiency.In Conclusion: As you chart your firm's path, consider how AI could redefine roles and workflows for the better. With the right approach, you can turn challenges into opportunities, ultimately enhancing your firm's resilience and competitive edge.

01.09.2026

Discover How to Locate Your EFIN Number for Efficient E-filing

Update Understanding the Importance of Your EFIN Number The Electronic Filing Identification Number (EFIN) is a critical identifier assigned by the IRS to tax professionals and firms that have completed the e-file application process. This number is not just a regulatory requirement but an essential element for operating successfully in the realm of electronic tax submissions. To maintain your status as an authorized IRS e-file provider, you must ensure that your EFIN is correct and actively monitored. Where to Find Your EFIN Number Easily Locating your EFIN can be straightforward, provided you know where to look. Common sources include: IRS Acceptance Materials: Your acceptance letter contains your EFIN. IRS e-Services: You can view your e-file application details by accessing the IRS e-services portal. Tax Software Settings: Most professional tax software platforms, such as Thomson Reuters, will have your EFIN stored within their admin settings, making it easily accessible. If you suspect there might be issues with your EFIN, such as it being compromised or inactive, it would be prudent to contact the IRS immediately to safeguard your account and ensure that your application details are up to date. Steps to Access Your Application Summary For those who need to access or print their application summary, follow these straightforward steps: Visit the IRS website at www.irs.gov/tax-professionals/e-file-provider-services. Select the 'Access e-file application' link. Using the fields provided, log in through ID.me to access IRS e-services. On the 'Select Your Organization' page, click 'Select' next to your organization’s name. Click the 'View/Edit' link, then select 'Print' to obtain your application summary. Verifying Your EFIN for e-Filing in Thomson Reuters Before you can e-file tax returns via Thomson Reuters systems, it's essential to verify your EFIN. If you haven’t submitted your application summary, you may receive a message indicating that your e-filing capabilities are disabled. To resolve this, email a copy of your IRS e-file application summary to EFINCertificate@TR.com with your firm ID in the subject line. It's crucial to have distinct application summaries for each EFIN associated with your account. Avoiding Common E-Filing Problems It's not uncommon for tax professionals to encounter issues with their EFIN, especially during peak tax seasons. To avoid problems such as e-filing errors or invalid EFIN notifications, ensure that: Your contact information with the IRS is updated. You regularly check the status of your IRS account. You have documentation readily available when filing. Staying informed about your EFIN will not only streamline your filing process but also secure your firm from potential audits or penalties. Stay Proactive with Your EFIN Management By regularly checking your EFIN and keeping your application summary updated, you can significantly decrease the likelihood of complications during e-filing. Like any aspect of business operations, proactive management is key to maintaining compliance and ensuring efficiency. In conclusion, understanding how to manage your EFIN number and application summary is crucial for any tax professional. An organized approach can save you time and potential headaches during tax filing seasons, ensuring peace of mind and operational efficiency.

01.08.2026

Navigate the 2026 Tax Season: Key Changes and Client Questions Answered

Update Understanding the Changes for Tax Season 2026 The 2026 tax season is set to be a pivotal moment for many taxpayers as new legislation, particularly the One Big Beautiful Bill Act (OBBBA), initiates significant changes that will impact how clients file their taxes this year. Many tax cuts from 2017 are now permanent, and several new deductions have emerged, encouraging tax professionals to stay informed and guide their clients effectively through the myriad of updates. Addressing Common Client Concerns As tax professionals prepare for the influx of inquiries this season, there are specific questions that frequently arise. Let's explore the most popular topics clients are curious about, ensuring you're equipped with the right answers to assist them: The Earned Income Tax Credit (EITC): Key Updates One significant change involves the Earned Income Tax Credit (EITC). For the 2025 tax returns being processed this season, the maximum credit amounts have increased, which translates into potentially larger refunds. For instance, clients with three or more children can claim up to $8,000, reflecting a positive shift due to inflation adjustments that benefit lower-income families. The Child Tax Credit Enhancements The Child Tax Credit (CTC) has also been enhanced this year, now standing at $2,200 per qualifying child under 17, reflecting a $200 increase from previous years. However, it’s essential to note that claimants must have valid Social Security numbers for both themselves and their children, tightening identification requirements while making the CTC more accessible for eligible families. New Deductions: SALT Cap Increase An important update clients need to be aware of is the increase in the cap for state and local tax (SALT) deductions, now raised to $40,000 for married couples filing jointly. This improvement significantly aids clients located in high-tax states, alleviating some of the financial burdens imposed by soaring property and income taxes. However, clients with incomes exceeding $400,000 should be mindful of potential phase-outs that might limit their deductions. Exciting Opportunities for Service Workers Service workers will find some good news with newly introduced tax breaks, particularly regarding tip income. Under the new provisions, workers can exclude up to $25,000 of tip income from their taxes, allowing them to retain more of their hard-earned money. Additionally, there's an overtime pay exclusion that can provide further relief for eligible workers. These changes are especially meaningful as they enhance the financial wellbeing of those employed in industries reliant on tips. What’s Next for Tax Professionals? As the tax returns for 2025 come into play, it’s crucial for tax professionals to understand these changes not just for compliance, but also to ensure their clients are maximizing their potential refunds and deductions. Consider refreshing your resources on the OBBBA provisions and staying connected with industry developments to remain a valued advisor to your clients. This tax season offers newfound hope for taxpayers looking for the most beneficial outcomes. Your ability to navigate these updates will empower your clients and solidify your reputation as a knowledgeable and trusted partner in their financial journey.

Master the Art of Client Attraction: Strategies to Gain New Tax Clients

Understanding Your Client Communication Needs

Utilizing Content and Technology to Stand Out

Cultivating Your Firm’s Reputation

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