Tax planning and tax preparation are two completely different things. You can be really good at one and have no clue how to do the other.
@JWellsCFO Really interesting take on it. Why do you think they are completely different? I feel the technical knowledge is exactly the same but the sales skills to sell the proactive nature of planning rather than prep is vastly different.
@PaulMeissner_ No, the technical knowledge is very different. Tax preparation: “It rained a lot yesterday. Here’s where the levee broke, and why the town flooded.” Tax planning: “It will probably rain a lot again. Here are three things we can do to prevent the town from flooding again…”
@JWellsCFO @PaulMeissner_ How do we as a profession show/train clients to know the difference? Most people think working with a pro to prepare their return also means tax planning!
@JWellsCFO Isn’t the knowledge about where the levee broke and why the town flooded the exact same knowledge you need to prevent the town flooding again? I might need a more accountant less weather person example.