The Value of Tax Practice Peer Reviews

BY LEONARD WEITZ

I believe fellow tax practitioners need to take a close look at their own practices and that all CPAs should take to heart “Tax Practice Reviews” ( JofA , Dec.00, page 88 ).

The article pointed out some important benefits of the tax practice review but did not highlight the biggest and best: A tax practice review by talented reviewers could reap significant future revenues for the firm.

The reviewers could provide an honest evaluation of your tax practice, recommend quality control and procedures improvements and offer ideas to expand it. In my opinion, an effective client service plan could increase tax practice revenues by 50%, but as practitioners we may need an experienced CPA to guide us.

The accounting and auditing practices have been peer reviewed for years, but tax peer reviews are voluntary. I urge fellow practitioners to sign up for them. The valuable ideas derived from a review will significantly outweigh the costs!

Leonard Weitz, CPA
Managing Partner
Mann Weitz & Associates LLC
Deerfield, Illinois

SPONSORED QUIZ

How well do you know small business?

There are over 30 million small businesses in the U.S., and many of them are optimistic in their outlook. Are you familiar with the obstacles and opportunities they are facing? Test your small business acumen with this quiz sponsored by Chase Ink®.

SPONSORED REPORT

In focus: Payroll

Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.