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This blog is dedicated to faith-based entrepreneurs who desire to Start, Grow, & Build a successful and profitable brand God's way

CEO TAXPRENEUR

This section provides the latest news, tools & resources for tax business owners



When you look at the above picture what can you tell? You can tell that we are black, girls, and a certain age. By our hair and shoes, you can tell that we have different styles and more than likely, it will take three different brand messages to attract each one of us to your tax firm. Many times tax business owners think that the same message will draw everyone. In reality, your message is drawing a particilar type of client. If you want to change the type of clients you are attracting, then you must change your brand message. Before you change your message, it´s important to understand who you are targeting.


In order to start or grow a successful tax firm, it is important that you understand your client. Everybody is not the same and everyone does not require the same type of service. This is why you must conduct a research based upon demographics and location of your tax firm.


Demographics means that you can search a specific zip code, city, or state to determine the age, gender, education, income level, residence or occupation of a certain sector of people. If you are targeting individuals who will be within a 15 mile radius, you need to know the demographics of the people within that area so you can create marketing products that will attract them. Oftentimes, tax business owners create marketing material without understanding who they are targeting. New tax business owners say I just want to prepare taxes for everybody. Your tax firm is not universe. Based upon your company´s visual brand will determine the type of clients that you will attract. Do your research so you can create marketing material that will attract the type of clients that you want to work with.


Below you will find the demographic information at these location:


library

university business department

local department of commerce

chambers of commerce

census bureau

small business institutes

utility companies

local and regional planning commissions

online


Don't try to design your company's message until you understand who you are targeting.

The IRS issued out the finally regulations expanding the long-standing Paid preparer Due diligence requirement to include individual income tax returns claiming the head of household filing status.


The additional requirement will apply starting with 2018 returns, prepared on or after November 7, 2018.


Failure to complete form 8867 and comply with the requirement, the penalty will be $520.00


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Sign-up and renewal applications for the 2019 calendar year is now available.


What you should know:


  • There are no changes from the previous years.

  • PTIN registration is free.

  • Anyone who prepares or assists in preparing federal tax returns for compensation must have a valid 2019 PTIN before preparing returns.

In order to register you will need the following:


  1. Access your account by clicking the link below: https://rpr.irs.gov/datamart/mainMenuUSIRS.do

  2. Verify your information by providing your personal information (name, mailing address)

  • Business information (name, mailing address of the company you will work for)

  • Explanation for felony convictions

  • Explanations for problems with your individual or business tax obligation

  • US based professional certification information)

3. Felony convictions and discrepancies with your federal tax obligations may affect your ability to obtain a PTIN.


4. You have until December 31 to apply for your PTIN.