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Clients late this year dropping off data

PATAX
Level 15

It looks like a lot of clients still waiting for forms. Slow this year compared to prior years. What are you all seeing?

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dkh
Level 15

Phones have been quiet....not such a bad thing.  I had a rush end of last week and first couple days this week.    Then things slowed to a trickle.  

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41 Comments 41
dkh
Level 15

Phones have been quiet....not such a bad thing.  I had a rush end of last week and first couple days this week.    Then things slowed to a trickle.  

IRonMaN
Level 15

I am pretty much on the same pace as last year.  But usually the returns come in about the same time as the prior year and I have some returns in now that don't usually arrive for another two or three weeks and a few that are normally in by now but are currently MIA.


Slava Ukraini!
Just-Lisa-Now-
Level 15
Level 15

My phones are getting hammered. 

I warned my clients in my annual newsletter than I might not have room for everyone by 4/15 and to call in as soon as they can to secure an appointment, looks like almost 1/3 of them actually read the letter!  Ive got close to 260 of my 800+ clients written in on my calendar already!

And even though I told myself I wasnt going to take anymore new clients, I think Ive agreed to dozen more already, as long as they can be here in February!


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
PATAX
Level 15

My phones have been almost dormant too. I actually checked the telephone/fax combo to make sure it was in telephone mode and working. But I do have less clients each year, mainly due to them passing away, and I have not been accepting new clients for years, except once in a while for child or relative of existing client.

dascpa
Level 11

I've gotten 9% of my individuals in so far.  Very slow.  Has allowed me to get ahead on businesses.  Every year I cut-off all appointments as of the last Sunday in March.  I also will not accept start any new returns after that date (at least I try not to) except for ones that came in prior that I haven't gotten to.  I got tired of everyone trying to meet with me, drop off, portal upload, fax, etc. on April 10th and later.  It's a Pavlov's Dog Training.  Most clients conform.  I'll accept missing data, but just enforce the no new returns.  Portal uploads are now approaching 50%.

IRonMaN
Level 15

Based on your periodic tax season laments, I normally run at about the same pace as you.  But I am at about 14% compared to your 9% so you are running a little behind this year.  You need to step up the pace if you are going to contend with Jim this year. 😉


Slava Ukraini!
itonewbie
Level 15

Jim is always the frontrunner.  It's almost like the game is rigged in his favor.  How can anyone compare to him, lol? 🤣

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Still an AllStar
Camp1040
Level 11

I think that the returns trickling in might have something to do with the superbowl. Why, I don't know, but it is as good theory, IMHO!!

PATAX
Level 15

@Camp1040👍 really good point there. I didn't think about that but I think you're right.

Camp1040
Level 11

I'll give a cheer to a post that thinks I'm right!!!

qbteachmt
Level 15

"What are you all seeing?"

Well, not Schwab...

*******************************
"Level Up" is a gaming function, not a real life function.
PATAX
Level 15

Fidelity is also not early for some. I think most of the Financial brokerage firms or whatever they call themselves now are not ready, depending on type of Investments That clients have and so forth

I am not so sure I fully believe this myself, as I just don't picture a lot of my clients keeping up on what Congress is doing regarding taxes, but almost all news stories about the Extenders bill say do not be in a rush to file.  Could that have anything to do with it?

In my business, the number of refundable child tax credit returns I do I can count on one hand with several fingers to spare.  But if you read the articles, I think I have only seen one which spelled out that this proposed change will only affect those with a liability less than the full child credit.  I have had two clients who apparently have read about the proposed bill ask me about how much more they would get if the law passed and when I told them nothing more for 2023, they didn't understand because they heard blah, blah, blah.

Anyway, I am just tossing this out as one possibility.

ljr
Level 8

I was wondering the same thing. We have a lot of appts booked for after 2/15 but the last week or so has been very quiet and slow. I too wondered if there was something with the phones. LOL. This weekend being quiet I will attribute to the super bowl I guess. 

 

On the bright side I could get away with only working a half a day today. 

PATAX
Level 15

@Frustrated-in-IL 👍I think you are right. It seems like every year there is talk of prospective tax changes and sometimes actual last minute retroactive changes. I think some clients are waiting because of this.

Jim-from-Ohio
Level 11

I have never been busier.. Do a google search for CPA in Medina Ohio and I pop up first!  A Google page, with a lot of good reviews is a great way for clients to find you.

IRonMaN
Level 15

"A Google page, with a lot of good reviews is a great way for clients to find you"

But a lot of the regulars here don't want anybody to find us 😬


Slava Ukraini!
IRonMaN
Level 15

But you need to work on your Yelp appearance - you are near the bottom the list on the first page.


Slava Ukraini!
PATAX
Level 15

@IRonMaN 👍You took the words right out of my mouth. Early retirement is calling.

There are only 26000 people in Medina OH.  Based on the speed you do tax returns, you had the entire population's returns done by February 3rd.  I imagine the reason you are so busy is because you have now set your sights on Akron.

dkh
Level 15

Sorry Jim, came up number two on my Google search

Camp1040
Level 11

Ameriprise informs its clients to expect 1099 composits the week of February 15tn.

IRonMaN
Level 15

And then they send 15 corrected 1099s after that so you never really know when it is safe to prepare the return.


Slava Ukraini!

And the post office said expect delivery of same the week of March 15th.

BobKamman
Level 15

No one has mentioned weather, but that may be a factor this year in many parts of the country.  Not just for clients getting to you, but Post Office getting to your clients.  

Yes, it was in the high 50s here in the western Chicago suburbs on Friday with nothing but sun.  I imagine the post office isn't used to that and probably just decided not to deliver the mail until the weather returns to typical February temperatures with some snow.😂

PATAX
Level 15

@IRonMaN It seems like every year there are certain clients that get corrected 1099 forms. I just wait for those clients. I don't like preparing corrected/amended returns.

PATAX
Level 15

It picked up a lot today. One client asked if I would do their taxes and their sons return. But he didnt come back last year. Maybe he went to one of the larger tax prep firms and learned the hard way? Or maybe he tried to prepare it himself and messed up? I Dont know. I told her OK. My good deed for the day.

Jim-from-Ohio
Level 11

I finally changed my voice mail to say if you are an existing client, please leave a message and I will return the call the set up an appt but at this time I am unable to take any new clients.  I felt pretty good for a day with that, then I caved and changed the voice mail outgoing message to my standard, please leave a message and I will return the call. 

I was only able to go one day turning away new clients, clients that I do not need and really am pressed to take them on anyway.  At least now when I call them back I get an idea if the return is complex or basic.  I can handle quite complex returns, I just don't want to at this point so I refer those out but if it is a basic w-2, 1099 type return I take them on.  

For example one lady called .. called her back.. she is going on how she inherited a very large sum of money and wanted to meet with me to discuss how much, if any is taxable and where to put her money.  I asked her if any of it was IRAs or pensions and she had no clue.  I referred that one out. 

 

Jim, Jim, Jim.  You must be slipping man.  In the time it took you to change your voicemail and then subsequently change it back, you could have done 5 returns.

Jim-from-Ohio
Level 11

got that right.. i schedule every half hour for basic returns even though I can get a return done in six minutes. i do that because someone may be late or early and sometimes they bring other returns for me to do. one client 10 minutes late today.. messes up my production but i still got them in and out in ten minutes..(they insisted on small talk, something i avoid at all costs)

You're my hero!

IRonMaN
Level 15

Jim, your drive to make the Guinness Book of World Records in their tax return preparation department got me thinking.  Since folks here only can post and not speak, when you answer the phone at work, do you talk like that guy in those old FedEx commercials?


Slava Ukraini!

Absolutely 100% true.  I submitted today and had accepted my 25th return of this tax season.  I looked at when I had my 25th return accepted last year and it was on February 19th. I was starting to feel pretty good about how things are going so far and then I realized 25 returns really isn't that great.  Jim had 25 returns done before kickoff of the first bowl game on New Years Day!

BobKamman
Level 15

@Jim-from-Ohio If you're not careful you're going to give away the secret of how to make money in the tax return preparation business.  You can do three easy returns in the time it takes to do one difficult one -- and bill the easy ones at least 50% of the fee that the time-consumer expects to pay.  

But it's the small talk that makes work enjoyable.  Yesterday I helped one client figure out whether the county was still allowing her widow's exemption on property taxes, and pointed out how much more she could be making in interest on her savings account just by asking the bank for better terms.  And she told me how Farmers doubled her car insurance so she called State Farm, and they quoted a rate lower than what she has been paying.  Then another client told me how a surgeon had suggested gall bladder removal to prevent another attack of pancreatitis (I told him there is no such thing as routine surgery, even for people who aren't 80)  before I figured out that he should be taking his RMD as a QCD, given his significant church contributions.  Now wondering whether I should refund fees for previous years when I should have delivered that advice.   

And I discussed death with both clients.  It used to be a joke on Monday mornings, asking my assistant who called to report a client had died.  Now, it's a regular event.  This week we lost a 69-year-old, when we would have expected it to be her 76-year-old husband.  So I mention things like this, and that for me the quality of our remaining years is more important than the quantity.  And people agree, and are even interested in the Swedish tradition of "death cleaning."  (Get rid of the accumulated junk so your family doesn't have to.)  

Jim-from-Ohio
Level 11

good question.. when the phone rings I do not say hello.. I was brought up in college with at the time was Ernst and Whinney and everyone there just said their name when they answered their phone, kind of fast.. so that is what I always have done.. phone rings, I pick up, and say my name, quickly!

Jim-from-Ohio
Level 11

including, S Corps, C Corps, 1065s, and 1040s up to 327 so far this year. trying to break my record and get to 1,600 this year.

PATAX
Level 15

@BobKamman I agree Bob. I was just talking on phone with client. I asked if she was thinking of retirement. She is a nurse getting close to social security age. She said she wants to keep working because of high cost of health insurance. I told her that she should be able to get health insurance through Pa "obamacare", called Pennie. She thought that was only for low income people. I told her low income people get subsidy (advance payment), but she should be able to pick and choose the plan she wanted and the monthly fee even without subsidy may be quite reasonable.

BobKamman
Level 15

@Jim-from-Ohio  It works!  I answered the phone with "my name quickly" and the telemarketer just hung up!

TiredFarmer
Level 7

Most of our clients are elderly and it gets worse every year about getting all their documents.  The others coming in are pretty much the same time as last year.  We have a few that has come earlier because they thought they would have to do an extension last year.  I read about how many Jim does and feel like I should have retired years ago!  The last two years we have tried to basically not take on any new clients but once in a while you have children or parents of current clients that you feel you should.

IRonMaN
Level 15

"have tried to basically not take on any new clients"

We have being trying that for the last few years with only moderate success.  Sometimes it's hard to say no to some people. 


Slava Ukraini!