As a professional tax preparer, you know that tax season can be a stressful time for both you and your clients. While you strive to complete their tax returns accurately, there’s always the looming possibility of an audit. Audits can be time-consuming, costly, and anxiety-inducing experiences for your clients. That’s where offering audit protection services can be a game-changer for your tax business.
What does tax audit protection do?
Tax audit protection, such as Audit Maintenance Pro, is an ancillary product you can offer alongside your tax preparation services. It provides your clients peace of mind by covering the costs associated with an IRS audit. This protection typically includes third-party representation before the IRS, assistance with document gathering, and expert guidance throughout the audit process from an Enrolled Agent or CPA.
Now, let’s explore the benefits of adding audit protection to your tax practice offerings.
Increased client satisfaction
One of the primary benefits of offering audit protection is increased client satisfaction. When you provide a service that eases your clients’ fears and worries, they’ll appreciate your dedication to their financial well-being. Knowing they have tax audit protection in place can make your clients feel more secure and confident in your tax preparation services.
In the event of an audit, audit protection helps you maintain a positive relationship with your client. An audit can be a stressful and emotionally draining experience for your clients. The EAs or CPAs from your audit protection team will take the lead, walking you and your client through the process and minimizing friction between you and your clients.
Competitive advantage & enhanced professional reputation
In today’s competitive tax preparation industry, standing out from competitors is crucial. When potential clients are comparing tax preparers, including audit protection services can tip the scales in your favor. It demonstrates that you’re proactive in addressing their concerns and committed to their financial stability. You also position yourself as someone who goes above and beyond to safeguard your client’s financial interests. This enhanced professional reputation can attract more clients and lead to positive word-of-mouth referrals.
Less stressful off-season
The off-season for tax preparers often involves a much-needed break from the hectic pace of tax filing deadlines. However, an unexpected audit of one of your clients can fill your off-season with additional work and stress. This is where audit protection can benefit both of you. During the off-season, if any of your clients are faced with an audit, you won’t need to take the lead on handling it personally. The audit protection provider typically handles the audit process, leaving you with less stress and more time to recharge, focus on professional development, or explore new ways to expand your tax practice. Ultimately, a less stressful off-season can contribute to your overall job satisfaction and work-life balance, making you a happier and more effective tax preparer.
Additional revenue stream
Offering audit protection services helps more than just your clients – it’s also a smart business move for you. You charge a small add-on fee for this service, creating an additional revenue stream for your tax business. It’s a win-win situation—you’re helping your clients, and you’re boosting your bottom line. With Audit Maintenance Pro, tax preparers can enroll and receive all marketing materials, supplies, and training for free.
What is not covered by Audit Protection Pro?
While audit protection offers numerous benefits, it’s essential to be transparent about what it does not cover. Typically, audit protection does not cover situations involving fraud, intentional misrepresentation, or illegal activities. Audit Maintenance Pro only provides coverage for IRS audits, not state audits. Be sure to communicate these limitations clearly to your clients to manage their expectations and avoid misunderstandings.
Incorporating audit protection services into your tax practice offerings can improve client satisfaction, competitiveness, revenue generation, and work-life balance. It’s a win-win situation for both you and your clients.
If you’re ready to take your tax business to the next level and offer comprehensive audit support to your clients, consider adding audit protection services like Audit Maintenance Pro to your offerings. You’re not only protecting your clients from the stress and financial burden of audits; you’re also strengthening your position in the tax preparation industry.