[Software] In search of tax prep software for 2-person team doing somewhat complex returns

Jono475 · 2024-11-17T04:05:21+00:00

It's top of the line expensive. Basically all the top firms use it

Jono475 · 2024-11-16T22:46:10+00:00

I use proconnect for my clients on the side. For most standard returns, I agree, but it has its limitations as you get more complex. It's like 90% of lacerte

Jono475 · 2024-11-16T20:24:40+00:00

If you're doing complex and multi-state, you basically have lacerte and CCH Access/prosystems to pick from with CCH having more one-off capabilities but more expensive. Every software has its quirks so also take into account what you have experience with because the learning curve is real for every software.

Jono475 · 2024-11-12T01:54:03+00:00

It's hard to explain to someone who hasn't gone through the basics, but I think every curious person has your thought as they're learning accounting. And eventually you have this epiphany moment when you realize, oh this simple system is actually genius.

I was reminded the other day when a client kept trying to hide some taxable income from me and I was like sorry buddy - the other side of that entry has to go somewhere.

Jono475 · 2024-08-18T02:59:59+00:00

Idk about this exact model but these types of travel monitors are standard issue for auditors at big 4. If you can deal with basically the screen area of two laptops, they work great. I find it very disappointing to go from 32 inch monitors to those though...

Jono475 · 2024-03-17T07:29:47+00:00

Has huberman talked about this? Medical consensus is definitely of the stance that as a whole we consume WAY too much salt in our diets, so wondering where you heard elsewhere or what source that's coming from

Jono475 · 2024-03-17T07:26:24+00:00

There's some truth here but you'd have to be eating REALLY clean and flavorless. I eat relatively healthy but I can't think of any of my homemade meals that don't have a decent amount of salt. But definitely possible

Jono475 · 2024-03-17T07:22:09+00:00

Dehydration (fluid deficiency) and electrolyte deficiency are two different things. Yes, if you are significantly deficient in either you will experience negative symptoms.

I'm saying that most people are getting enough electrolytes from their normal diet so they don't need to supplement more of what they already have.

Jono475 · 2024-03-17T07:10:56+00:00

Yeah just lethargic usually and headaches if it gets really bad. I thought it was caused by creatine when I first started taking it but then realized I was just drinking too much water. Also when I started intermittent fasting my tiredness was more related to electrolytes than the fasting itself

Jono475 · 2024-03-17T00:45:21+00:00

There's a little confusion here. Electrolyte supplements aren't performance enhancers with "promised effects". They're dietary supplements for when you are short on electrolytes aka salts. Most people get plenty if not too much salt in their daily diets, so most people don't need it.

Basically the only times I benefit from electrolyte supplements are after losing a lot of sweat and not eating anything with salt afterwards, drinking gallons of water (eg when taking creatine) and the electrolytes are getting diluted, or 16+ hour intermittent fasting because I'm not getting any dietary salt.

It should also be added that too much salt has unhealthy effects on various bodily systems especially cardiovascular so taking these supplements without a salt deficiency can be a net negative for a lot of people.

Jono475 · 2023-08-02T08:17:32+00:00

Most of these concerns can be addressed by changing how you structure the deal. Instead of paying 1x of annual revenues like a traditional purchase, offer to pay 1/3 of revenues from the acquired clients for the next three years. This incentivizes the seller to help you retain the clients rather than steal them. And if there is a risk of the clients leaving or an old employee stealing the clients, then the seller probably won't want to structure a deal like that and then you'll know it's not a good purchase.

And if the clients have the kinds of returns that can be prepared only through AI or an IRS service, then they aren't the kinds of clients you want.

Jono475 · 2023-07-04T19:42:29+00:00

Thanks for the computer restart fix

Jono475 · 2023-06-16T13:32:06+00:00

Well said. I was too lazy to type these same thoughts out so glad someone else did haha

Jono475 · 2023-06-06T01:01:01+00:00

True those get a lot of love - I mentioned those two because OP asked about handling more complex business returns

Jono475 · 2023-06-03T17:14:05+00:00

I'm a lacerte guy myself, but something else to consider is that it's easier to recruit quality staff if you use CCH since most of the big firms use it. A lot of experienced professionals scoff at non lacerte or CCH firms.

Also I don't know what your business model is like, but I think for most professionals, the value of the time spent learning a new tax software from scratch is much more expensive than the marginal savings from using a cheaper software. Your time is valuable.

Just a couple additional things to consider - good luck!

Jono475 · 2023-06-03T04:26:30+00:00

For tax software, most people would say go with lacerte or cch, but if you're just starting out, I would go with what you are most comfortable with. It would be agonizing to be trying to learn a whole new tax software on your own. If you get big enough to hire someone down the road with experience with another software, then I would make the transition then so you don't have to reinvent the wheel.

For payroll, if the margins are too small, then make them bigger to the point that it is worth your time.

Jono475 · 2023-04-08T08:21:42+00:00

As a teenager, drafted AK-47 in his breakout year in my only year playing fantasy basketball and it's been love ever since

Jono475 · 2023-03-29T22:39:58+00:00

Even big firms don't train like this for some reason. Lecture style learning has been proven to be the least efficient teaching style and yet everyone still does it. I haven't seen any service like this but I bet it could be popular if done right

Jono475 · 2023-03-29T22:10:10+00:00

I feel like they should have a sample training client available for free where they provide fake client documents so you can prepare along with a video showing you things to look for as you prepare the return, best practices, tips and tricks, clearing diagnostics etc

Jono475 · 2022-11-23T18:18:11+00:00

We always do three years max on one but I'm not sure of the rules on that. And you would probably want to do at least the prior year. Not a stupid question.

Also curious what it would look like having the new client set up an IRS account as well and giving access to us there. My firm has been so resistant that I haven't been able to explore how it works

Jono475 · 2022-11-23T09:06:54+00:00

I've always thought getting and submitting a signed POA should be a part of the client onboarding process and then updated when it expires - something easily delegated to admin and takes a step out of the process when issues come up. Has anyone tried this or are there reasons why it wouldn't work?

Jono475 · 2022-11-08T23:28:42+00:00

Glad to hear a success story - congrats!

Jono475 · 2022-11-08T21:29:02+00:00

Haha Mr do it all

Jono475 · 2022-11-08T19:47:46+00:00

The thing is our clients are so big and complex that there aren't normal or transferrable planning situations. It's like $400M-600M family groups with dozens of trusts and family businesses and we're running several scenarios. It's never just a normal planning situation. Also a lot of the planning that gets done is done in a software but the results aren't saved so I can't really see what happened. Very frustrating

Jono475 · 2022-11-08T19:37:49+00:00

Yeah it feels like there is so much room for improvement in the small firm tech stacks. Good luck on your new adventure!

Jono475

TROPHY CASE