Advisor Tax Mistake #7 – Client’s refuse to provide tax documents

When I come off stage after speaking about taxes at industry conferences, one of the first questions I get (after trying to get past advisors who just  want to show off their tax knowledge) is “I get the importance of tax planning and I think I’m pretty good at it, but many of my clients and especially my prospects, never provide me with their tax documents.”  In this article, I want to show you how to establish a system for getting client tax returns each year.


As a CPA and tax preparer, the idea of clients NOT providing tax documents is a bit foreign to me as my clients often hand me their tax documents before we even exchange pleasantries. However, in working with hundreds of financial advisors around the country, I’ve learned that for even the best, and most tax-focused advisors, getting clients to consistently provide their tax information is a real struggle. In my experience, there are TWO reasons clients and prospects fail to provide tax information:


View Full Article Here

Recommended Articles

Advisor Tax Mistake #2-Not Getting Referrals from COIs

“I send tons of clients to my local CPA, but she never sends me a single client back!” As an advocate of advisors working closely with tax preparers, and as a tax preparer myself, I hear the complaint of unreciprocated referrals all the time from financial advisors.

Read More

Advisor Alert: IRS “Dirty Dozen” of Tax Fraud

Background: IRS Fraud Themes   Fraud is an unfortunate fact of life. Taxes are not an exception to the prevalence of identity theft today.   In fact, every year the […]

Read More

Advisor Tax Mistake #1-Getting Bad Tax Advice

When I last Googled “IRS RMD Table,” the first result that popped up was a link to an active IRS web page with the outdated RMD information. Millions of people who clicked on the first link provided by Google were given, by the IRS, incorrect information. Countless other examples of incorrect tax information, ranging from capital gains rates to Medicare premiums to gifting limits and especially the math on Roth conversions can be found prominently displayed across the internet, including on some of the most reputable websites.

Read More