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Tax Practice Survival Guide
Introduction & Course Curriculum
Introduction to the course and what we will be covering (5:24)
Administration - Course Payments, Refund policy, certificates of completion (6:25)
Personal Tax Season Survival Guide
Tax season survival tips - Run a smooth & profitable tax season (3:12)
Tip 1 - Letter and checklist to clients with instructions (10:18)
Tip 2 - Don't wait and let things pile up (6:19)
Tip 3 - Sorry closed for business (8:25)
Tip 4 - Don't pick up that phone or answer that email (6:51)
Tip 5 - Break it down into manageable chunks (7:10)
Tip 6 - Give to May & June what belongs to May and June (4:54)
Tip 7 - You can come and see me - maybe (6:48)
Tip 8 - All returns are not created equal (6:59)
Corporate Tax Practice Survival Tips - Tax Practice Methodology
Introduction to Corporate Tax Practice and methodology used (4:28)
Tip 1 - Provide detailed year end material with instructions (9:02)
Tip 2 - Maintain a current client email database and send reminder emails (9:47)
Tip 3 - Have a year end planning and compensation meeting before year end (7:55)
Tip 4 - Keep up to date with what is going on in the tax world - build arsenal (7:01)
Tip 5 - Keep clients well informed on news and issues with web site or emails (6:58)
Tip 6 - Build and maintain a series of firm policies on important tax or practice areas (8:42)
Corporate Tax Practice Survival - Client Tax Matters
Introduction - Corporate Tax Survival Guide II - Client Tax Matters (2:49)
Reviewing bank statements and revenue – particularly for trial balance clients (6:15)
Deal with owner-manager compensation before the start of the year (7:52)
Review the client’s payroll and benefits for both owner-managers & employees (6:12)
Related to previous two tips – focus on taxable benefits and withdrawals by owners (9:22)
Review shareholder transactions and account balances in detail & formulate plan (8:19)
Have a system for maintenance on clients’ CRA accounts – Keep clients current (7:41)
Review the GL in detail and focus on large amounts and items that stick out (7:27)
Get help in areas that you are not familiar with or have no experience/expertise (5:47)
Analyzing the Risk on a Client File
Analyzing the risk in a client file and what it means to your practice (6:12)
Step One - General consideration and personality - Do you mesh? (4:51)
Step Two - Cursory overview of the financial statements and worst case scenario (9:40)
Step Three - Detailed look at the books and records (5:15)
Overview of the spreadsheet tool and how to use it (4:11)
Review of the system and scoring - review of the questions (16:56)
Review of a small business client example (11:59)
Review of a micro business and the decision making process on new clients (11:33)
Staying Off the CRA's Radar Map
Avoiding CRA radar map and blueprint on running a smooth practice (7:04)
Little things that can make a big difference when not looked after properly (7:01)
What can go wrong if you don't do the little things - Unnecessary headaches and work (7:28)
Which tax liability should be paid first - order of operations (5:00)
Topping off instalment accounts at year end to avoid interest, penalties and issues (4:46)
Dealing with Difficult Clients and Client Relationships
What kind of clients to watch out for - Who to take on and who to avoid (5:37)
How to deal with clients on complex issues and avoiding headaches (6:42)
Conclusion
Conclusion and next steps in your journey to building a profitable tax practice (3:35)
Reviewing bank statements and revenue – particularly for trial balance clients
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