Tax season is over, and you’re probably still decompressing and taking things a little easier. We can’t blame you; if anyone deserves a break, it’s you and your fellow tax professionals.
But we want to make sure you don’t lose out on the advantages your tax software can bring you after tax season has ended, because software like UltraTax CS® can play a big role in helping you serve your clients and uncover new business the rest of the year, too.
By taking advantage of the data mining ability in UltraTax CS, you can search your product databases anytime during the year for clients with specific characteristics. This enables you to identify clients’ tax and accounting needs, pinpoint tax savings opportunities and target your client communications effectively. It’s a great way to expand your business with existing clients.
For instance, you can identify clients who now qualify for (or are ignoring) the required minimum distribution (RMD) for IRA holders older than 70½. You can quickly create a report of every client who is subject to RMD, and then send a notification via email or a precreated letter. Proactive client service like this can help your clients avoid an IRS penalty.
Using the same type of data mining, you can create a report of all your clients who have estimated tax payments coming up, then send them reminders and skip the missed-payment discussions.
And while we’re talking about your clients, let’s address the important discussions they should all be having & some sooner than others. We’re talking the critical discussions that lead to the big decisions. For example, with UltraTax CS targeted data mining, you can quickly identify clients who would benefit from advice and retirement planning services in the near future & not only helping them prepare for the future, but identifying a new business opportunity for your firm. Or you can target clients who might benefit from retirement accounts, domestic production activities deductions and state-specific tax credits.
Small-business clients are also perfect for data mining. With the right data, you can identify clients who could reorganize from a sole proprietorship to an S corporation to reduce their unemployment tax burden. You can also find and notify, via email or letter, clients whose profits exceed what the IRS considers a reasonable wage.
There are so many ways to take advantage of UltraTax CS and discover new sources of revenue outside tax season. Don’t just use your tax software for four months and forget about it the rest of the year. Use your investment year-round to provide proactive customer service and discover new business.
To learn more about using data mining in UltraTax CS, visit our Help & How-To Center (search for “data mining”).