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From the President
PREPARING YOURSELF FOR A PARADIGM SHIFT
By Rodney J. Couts, EA, President
If you consider your job to be taking your clients’ data, entering it into your tax program, and then producing a finished tax return, then your business is transactional oriented. If this is your business model, TurboTax and myriad other tax programs are gunning for you, and these programs can often do the job at a lower initial cost! Throw in industry research proving that taxpayers are not concerned about the tax return being right, just close, only exacerbates the issue. Surprisingly, the government seems to agree. Want proof? Look at the garbage that gets brought to us by potential clients and the government never asks a question.
In their book, The Trusted Advisor, authors David Maister, Charles Green and Robert Galford, explain the process of advancing your business from being a subject matter expert to becoming a trusted advisor. As a trusted advisor, you bring more value to your client relationships by helping them address many more of their needs. As a trusted advisor, you can shift the conversation away from price and focus more on the value proposition you bring to the table. Clients are willing to pay as long as they understand the value you bring to the table. It is this transition to a being a trusted advisor that will help your business overcome the limitations of being transactional oriented.
How do you uncover your clients’ needs? You simply ask. CSTC member Justin Peek of Edward Jones explains one way to better understanding your clients’ needs is to ask the question “Do you know how much you need to retire?” He explains that frequently a client will return the question with a bewildered look, having really never been asked to answer the question. This is where being a trusted advisor comes into play.
Having found a need, we must be able to direct the client to the answer. This means having our own network of trusted advisors to back your business. This is where CSTC can play an important role. By building upon the interpersonal relationships we establish within CSTC, we can develop our own network of trusted advisors to help us take our businesses to the next level.
As another example of how to become a trusted advisor, Chelsea Prazma, the ADP representative for the CSTC/ADP partnership, and I met recently to review what ADP brings to the table in our partnership. She explained that ADP’s motto is, “You do more than accounting, we do more than payroll.” As she laid out the meaning of this mantra, it occurred to me that as a CSTC member, ADP fits perfectly into the bucket of trusted advisors. While I don’t have enough room in the column to fully explain everything in our conversation, I can tell you that if you have not already explored the CSTC/ADP partnership, it really makes sense in light of our need to add more value to our client relationships.
The time to transition from being transactional oriented to a trusted advisor is now. There are multiple resources available to help you in the process, and the programs offered by CSTC should be included in your arsenal.
You can do this. I believe you will find your job to be more rewarding when you complete the transition. Let’s compare notes when we next meet.
In Memoriam
It is with great sadness that we inform you of the passing of Clinton Wayne Andersen. Clinton was the lifeblood of our LA Chapter and he will be greatly missed.
There will be a memorial service for Clinton on September 22, 2018 at Fellowship in the Pass Church.
Location: 650 Oak Valley Parkway, Beaumont, CA.
The time of the service has not yet been set.
Register Now For The 2018 Fall Tax and Accounting Forum!
Topic: Partnerships & LLC’s
Dates: Friday & Saturday, September 21-22, 2018
Location: The Grand - Catalina Room, 4101 E. Willow StreetLong Beach, CA 90815
Our experts guide you from accounting entries to financial statements to tax returns using multiple examples and a comprehensive case study.
These topics and many more will be covered in our two-day program:
· Add or Remove Partners
· Record Distributions
· Special Allocations and Elections
· At-Risk and Passive Limitations
Also featuring presentations by representatives from Taxing Authorities.
Don’t miss this unique opportunity to learn about Partnerships and LLCs and put your new knowledge to the test with practical demonstrations
REGISTRATION
| Registration Type |
Cost
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| Members |
$225 |
| Staff of CSTC Members |
$250 |
| Non-members |
$285 |
Welcome New CSTC Members!
Please help us in joining our newest CSTC Members!
Tami Brennan
San Diego-North County Chapter
Denys Crain-Gully, Sr.
San Francisco Bay Chapter
Marcelito Edralin
San Diego Chapter
Guadalupe Hernandez
San Diego-North County Chapter
Mika Iden
San Diego-North County Chapter
Julie Lin
San Jose Chapter
Mohammed Afroz Lokhandwala
Orange County Chapter
Kathleen Mahacek
San Francisco Bay Chapter
Victor Morel
Temecula Valley Chapter
Diane Moss
Orange County- South Chapter
Alex Paiz
Orange County Chapter
Harprit Partal
Central Valley Chapter
Hikaru Poole
San Diego-North County Chapter
Lovepreet Sohal
Central Valley Chapter
Katie Tae
Greater Long Beach Chapter
Upcoming VeriFyle Demos
CSTC and VeriFyle have partnered to offer all CSTC members access to VeriFyle ProTM, VeriFyle’s premium secure online document sharing and messaging service at no cost to CSTC members.
VeriFyle is an extremely simple-to-use cloud storage and sharing tool that offers the most powerful encryption technology available on the web (Cellucrypt®), using six unique encryption keys for each individual item stored or shared in VeriFyle.
Not only does VeriFyle help to keep your communications private and secure, it also provides a polished and professional way to present yourself to existing and prospective clients.
Upcoming VeriFyle Demos:
September 5, 2018
3:00 PM to 4:00 PM PDT
September 18, 2018
1:30 PM to 2:30 PM PDT
*More information will be sent to the membership about these calls
In-Person 60 Hour QE Course
Basic skills for preparation of individual income tax returns will focus on beginners who want to become tax preparers, classroom presentation, homework and exams combine to ensure you will be able to handle most commonly encountered tax situations.
Start Date: September 6, 2018
End Date: November 19, 2018
Time: 6:00 pm to 9:00 pm - Monday and Thursday Evenings
Location:
South Coast College
2011 W Chapman Ave
Orange, CA 92868
Cost (Books Included):
Member: $410.00
Non-Member: $460.00
Refund Policy: Full fee less $25 will be refunded if reservation is cancelled prior to the first class meeting. NO REFUNDS after the first class.
Instructor:
David Eastis has been teaching classes and conducting seminars for CSTC since he joined CSTC in 2003. He obtained his accounting degree from Indiana University, South Bend, specializing in taxes and not-for-profit organizations.
September Chapter Events
September 4, 2018
Topic: Non-Qualified Retirement Plans & California Update
2 California Hours
East County San Diego Chapter Meeting
September 5, 2018
Topic: Overview of the 2017 Tax Cuts and Jobs Act
2 Federal Update Hours
Temecula Valley Chapter
September 6, 2018
Topic: Tax Cuts & Job Acts Update
2 Federal Update Hours
North County San Diego Chapter Seminar
Topic: Partnerships
2 Federal Law Hours
San Gabriel Valley Chapter Meeting
Start of In-Person 60 Hour QE Course
Start Date: September 6, 2018
End Date: November 19, 2018
Time: 6:00 pm to 9:00 pm - Monday and Thursday Evenings
September 12, 2018
Topic: Orange County Chapter Meeting
Hours TBA
Orange County Chapter Meeting
September 18, 2018
Topic: Tax Cuts & Job Acts Tipcs, Trategies and Tricks, Section 199A
1 California Hour
1 Federal Update Hour
Los Angeles County Chapter Meeting
September 19, 2018
Topic: FTB Taxpayers' Rights Advocate's Office California Tax Updates
2 California Hours
San Jose Chatper Meeting
Topic: Basic demonstration of how to get started using VeriFyle using secured information
1 Hour Federal Tax Law Hours
1 Hour Federal Update Hours
San Jose Chapter Meeting
Topic: Business Entities - Updated for Tax Reform
2 Federal Law Hours
Inland Empire Chapter
September 20, 2018
Topic: Marijuana and Taxes
2 Federal Law Hours
North County San Diego Chapter Meeting
Topic: Tax Cuts & Jobs Act of 2017: Tips, Strategies & Tricks
1 California Hour
1 Federal Update Hour
San Diego Chapter Meeting
September 24, 2018
Virtual Board of Directors Meeting
September 25, 2018
Topic: Shannon's Hall of Tax Curiosities - Two Parts
Part One - 4 Federal Tax Law Hours
Part Two - 1 California Hour, 1 Federal Law Hour
Central Valley Chapter Meeting
Topic: Ethics Update & Review
2 Ethics Hours
Orange County South Chapter
September 26, 2018
Topic: California Update
2 California Hours
Greater Long Beach Chapter
Click here to view the CSTC calendar.
Join the California Society of Tax Consultants!
Click here to fill out an online application.
CSTC advances professionalism within the tax industry by:
- Providing quality education
- Creating networking opportunities
- Advocating professional standards
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