TaxCoach Briefs:    March 25, 2010

Volume 5, Number 12

  • Client Alert: Health Care Reform
  • Member Event: SuperTable Drawing Near
  • New Feature: Methods Page
  • Member Success Story: Words That Sell
  • Member Call-In: Seminar Marketing and Pricing Strategies

****Attention All-Stars and Press Club members ****: Our next webinar is still a month away, on Tuesday April 27 at 4pm Eastern, but we already know the topic: taking the massive health care bill to our clients, and leveraging the tax impact to build our businesses. Details to follow — mark your calendar now!

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CLIENT ALERT (EAL)
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HEALTH CARE REFORM

The "America's Affordable Healthcare Choices" act that passed Sunday night is certainly the most significant healthcare bill since the passage of Medicare almost 50 years ago. But it's also some of the most significant tax legislation in some time. Your clients are full of questions about the new law. So we're introducing new resources to help you answer those questions.

Here's what we have in store so far:

  • We've created a Client Alert outlining the key tax provisions of the law. We realize most of you are pretty busy right now - but this is the sort of timely "touch" that goes miles in establishing and reinforcing value. So don't shrug it off just because you're ankle-deep in "paperless" returns.

    When you click on the 'Client Alerts' button in TaxCoach, you'll see a list of alerts, with this latest on top. The file 'Healthcare' contains letters addressed to each of your clients entered into the system. You can download the file to your computer, and print on your letterhead using MS Word, or any word processor. You'll find instructions on the Client Alerts page.

  • We've created a one-page summary of the act, including both tax and insurance provisions, that you can customize for your clients. You'll find it in the Forms & Templates section within TaxCoach, as #21 under the "Implementation Guides" heading.

  • We're working on a mini-seminar presentation, based on the popular Obama Election seminar we released the day after the election. The new presentation will outline key tax and insurance provisions of the new law, as well as some of the legal and political challenges that have been raised.

    We realize you're not ready to make presentations on the new law now. But this will be important for you to know after April 15. So we'll give you a head start on your homework and make the presentation available by Thursday, April 1.

Let us know how else we can help you take the new law to your clients. And keep your eye out for future resources and content updates!

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MEMBER EVENT (EAL)
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SUPERTABLE DRAWING NEAR

As I write these words, there are just 40 days left until SuperTable 2010 in New orleans. Here's a quick summary of the strategies you'll master at this event:

  • How to structure tax-planning and tax-prep fees
  • How to sell planning fees to new clients
  • How to present fee increases to long-term clients
  • How to use premium fees to attract referrals
  • How to answer fee objections
  • How to eliminate fee comparison forever
  • The single most important strategy for selling audit protection
  • How to structure audit protection programs to benefit your client and yourself
  • How to structure monthly service agreements for maximum profitability
  • How to sell monthly service agreements
  • The one key to managing monthly service agreements that no TaxCoach member has ever regretted implementing
  • Success stories from fellow TaxCoach members
  • The single most expensive mistake you’re making, right now, that costs you thousands
  • Eye-opening group demonstrations that will change how you look at pricing
  • Specimen fee structures and client presentation materials to take home and customize for your practice

Click here for more information. But don't wait too long! Seats are limited and going fast!

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NEW FEATURE (KAV)
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TAXCOACH "METHODS"

We just deployed a new feature to TaxCoach this week, which you've seen if you've run any reports in the last day or two. When you click on either the detail or summary "Generate" buttons on the Reports screen, you'll see a message box with a brief bit of wisdom, from either Ed or me, about TaxCoach or how to implement it.

We call these the elements of "The TaxCoach Method." (To proceed to your report, all you have to do is click on the "Continue" link.)

There are a couple dozen messages in the series, after which the feature goes away. The content here is aimed primarily at new subscribers. But we want to take every chance we can to get the word out to all of you, to make sure you see how powerful a tool TaxCoach is in helping you create your dream business.

Ed and I would appreciate hearing any opinion you might have on the process.

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MEMBER SUCCESS STORY OF THE WEEK (KAV)
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"Saying the entire sentence, 'We have the opportunity to save you tax in these areas, and if you do nothing you're going to be paying such and such — but we can help you, and the price for that is $ X," really does work. You just have to practice saying it, and don't blink.   : ) "

Christine Pavlik, CPA
Elkton, MD

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MEMBER RESOURCE (KAV)
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MEMBER CALL-IN WITH ED AND KEITH

This week: "The Goodness" again, as usual. Even with Ed on his cell phone looking after a sick 4-year-old, and Catherine at home looking after a sick Catherine, we had another great call.

Here's an excerpt of questions and comments raised by callers this week, straight from the call log.

  • Thanks for accomodating Firefox...havent checked it yet..but thanks...
  • I was wondering about seminars and making the invitations more appealing. Since some feel that you get what you pay for, have you ever invited a specific market to the seminar and charged a nominal fee?
    • i see what you are saying ED, however, does not that go against what Dan Kennedy teaches
    • what about when he says never give away information without getting paid first
    • That's exactly the thought process that I had in mind.
    • from Seth Godin: "Say you want 200 people to come to a networking event, the sort of thing that's no fun if only a dozen or two show up... Instead of charging $50 a ticket, why not charge $1 for the first five tickets, $2 for the next five, and on to $500 for the last ten? You'll earn just as much (if not more) but reward the brave who sign up early. (The folks who like to wait until the last minute 'to be sure' end up paying for the privilege)."
    • On the seminar question. What if you send out tickets to the seminar with a value on the ticket and in your invitation you put a note that these $$$ tickets are complimentary if you have other business owners that would like to attend I will make tickets available at $$$.
    • I was told something like one ticket $99, bring a friend and it'd be $145
  • What is the median or average monthly fee charged by TaxCoach members... and how do most have this continuity fee structured?
    • Since we should be increasing fees at least on an annual basis, would you discuss the timing and approaches of increasing fees, both monthly or annual or project?
    • I have a package pricing for business clients with separate entities for their business. Some businesses are better as Schedule Cs. How would you change the brochure to enhance services for a schedule C?
    • It may be obvious, but it feels harder to increase the fees at various levels.
  • Have 3 clients w/ smaller commercial buildings (approx 15,000 sq ft per bldg) that are good candidates for Cost Segragation. Please discuss marketing C/S to those clients - AND - discuss how I participate & best approach on how I get paid.
  • I'm in the middle of an audit. Has anyone had experience with an auditor insisting on receipts marked paid for every item and not accepting credit card statement with amount, name of vendor and date. Also, limiting gifts to $25 for couples who sold or bought house jointly. I think 1.274-3T provides an argument taxpayer has independent relationship with both spouses, but the auditor isn't into code and regs - just audit guidelines that her office follows.
    • Speak with manager and go to appeals on close of audit. $25 gift limit does stand.
    • refer the auditor to the "cohn" rule
    • He should protest to the office manager. Explain his standpoint and that the auditor is being too aggressive.
    • We go to appeals after the handshake with the auditor. I have met with managers in the past and explained thjat the auditor position is not reasonable. This gets you someehere
  • Got the CTC newsletters. Kudos, very professional!
  • Mom & Dad lent SIGNIFICANT AMOUNTS ( minimum loan is over $100,000) to each of 4 adult children. Mom & dad have been receiving pymts w/ interest. Now Dad has passed & Mom continues to hold loans & get paid. But Mom's income quite large including these interests do oldest son has proposed converting all loans to ZERO interest. I'm concerned IRS will attack conversion as Gifts & go after Mom & all 4 kids. What's anybody's thoughts??
    • Move the receiveables to a trust or llc and have kids pay trust or llc
    • Proposal is to STOP all interest including adding to principal. Gets worse in that youngest son who owes Mom over $275,000 is filing Bankruptcy. Advice??
    • But other 3 siblings DO NOT want him to walk away Scot-Free.

If you're looking for clarification on TaxCoach strategies or additional ways to profit from TaxCoach too, join us for the next call, on Wednesday April 7, at 1pm Eastern. (Note: no call next week, on March 31.) Enter a question or just listen in on the repartee. Check the "Contact Us" button within TaxCoach for registration instructions.

While our elite members (All-Stars, Press Club, and Hall of Fame) can still schedule time directly with Ed as part of their coaching programs, we simply cannot answer marketing and tax-strategy questions via email or unscheduled calls.

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We can answer questions on using TaxCoach system features anytime. (Save marketing and tax strategy questions for Member Call-Ins.) For best response, email support@taxcoachsoftware.com.

Regards,

Ed Lyon
Keith VandeStadt
http://www.taxcoachsoftware.com/
(513) 321-2820

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