New Whitepaper: How to Leverage Your Firm’s Tax Expertise into Year-Round Revenue Opportunities

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If tax season is the major source of your firm’s revenue, it may lead to seasonal stress, cash flow issues, and an ongoing need to onboard additional clients who your firm may or may not retain on an annual basis. The catch-22 in this situation for many firm owners is that they have also built their business around their tax expertise and it seems impossible to break free from the seasonal slog of tax preparation.

The answer to this conundrum is addressed in a new whitepaper by Canopy, The Point of No Return: 4 Ways Firms Can Create Profitable Niches Using IRS Tax Transcripts.

Leverage your tax expertise and client base into new opportunities to increase your profitability during busy season and make more money all year long. On a strategic level, there are several key ways that your firm can accomplish this by expanding services in the following niches:

  • IRS Resolution
  • IRS Representation
  • Expert Witness Services
  • Tax Planning

Consider the following examples of how other accountants are using their tax expertise and grow their tax practices beyond traditional return preparation:

1. Dawn Brolin is a CPA and certified fraud examiner with a thriving accounting and tax practice in Windham, Connecticut. While she loves working with her business clients to keep their finances and taxes on track, she has also expanded her practice by helping those individuals who have fallen out of the good graces of the IRS—usually unintentionally. This is where her specialization in IRS Representation for individuals and businesses becomes a literal lifeline for her clients who are often stressed and apprehensive about the next steps to take after they receive a notice from the IRS.

Dawn’s passion for being as she says, “The FBI of the IRS, as a Certified Fraud Examiner” means that she’s often engaged by legal firms and corporations to provide expert testimony in court proceedings and legal disputes involving tax crimes and fraudulent activity. “Tax transcripts are the first tool I tap into when I start researching a case to understand what the fact base actually is when it comes to the issues and allegations at hand. Having them easily accessible direct from the IRS in a completely electronic workflow is a true timesaver.”

2. Jonathan Medows, CPA, Managing Member of MEDOWS CPA, PLLC, and the Founder of the online community CPA for Freelancers® has expanded his practice by specializing in tax issues for the self-employed and freelance community, many of whom run into issues with estimated tax payment shortfalls or situations where they need to negotiate payment plans or offers of compromise with the IRS.

Tax resolution is an area where Jonathan’s attention to detail and analytical skills give his clients peace of mind that he will provide the tax planning and advice they need to avoid tax issues in the first place. However, should they encounter a tax issue they know that Jonathan will be able to help them take action to resolve their tax issues once and for all. Then they can move forward knowing how to better plan and prepare to meet their tax obligations throughout the year.

3. Dawn Sabo, CPA, operates her own firm serving businesses and their owners with comprehensive services including tax planning, tax preparation, and accounting. She has an extensive list of career accomplishments in the corporate world, including working overseas for Shell Oil for many years, so Dawn Sabo’s use of tax transcripts is varied and versatile.

For the individual tax returns she and her team prepare, transcripts assist them when the information provided needs verification. For business clients, many of whom are foreign-based entities with U.S. subsidiaries or operations, Dawn is able to provide insights and information using tax transcripts about the corporation’s U.S. tax situation, obligations, and a plan for moving forward to create the most advantageous tax position possible.

This brief look at how Dawn Sabo and the other accounting professionals highlighted here are expanding their tax practices into year-round opportunities should provide some food for thought and some inspiration, too! You can read more about maximizing revenue opportunities beyond tax season in the whitepaper linked here.