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Archive for November, 2010

DOR One-Day Session

Filed under: Policy
November 30, 2010

We recently attended the annual IPT Institute for Professionals in Taxation (click here) One-Day Georgia Tax Seminar.

Appearing most likely for the last time as Commissioner, Bart Graham welcomed attendees and also honored Deputy Commissioner Ed Many on his retirement.  We learned about current tax cases from Warren Calvert of the Attorney General’s office and also heard presentations on property taxes, income taxes, and the new Streamlined Sales Tax program.

A.D. Frazier, chairman of The Special Council on Tax Reform and Fairness for Georgians, discussed his group’s efforts and plans to present their recommendations to the 2011 legislature in January.  He was entertaining but basically didn’t reveal anything new.

Since there were not many tax law changes in 2010, the seminar was fairy ho-hum.  But with the looming budget crisis, the Special Council fallout, and who-knows-what-else from the 2011 legislative session, next year’s IPT seminar could be a different story!

DaleSig

Take the 100-Hour Challenge!

Filed under: Policy
November 30, 2010

What is the best way to utilize 100 hours of your time over the next 2 months: billable hours – OR – business development?

Scott Bradbary, of The Rainmaker Academy (click here) posed this question to the audience at the recent GSCPA – Firm Practice Management Conference at the Ritz Carlton Reynolds Plantation.   Alpharesults helped sponsor the event, attended by 34 partners from CPA firms across Georgia.

Scott’s audience survey found an average billable rate of $200/hour and average new client revenue of $30,000 in the first year.  Based on CPA industry averages, he said that a new client will provide 50% of revenue in subsequent years and stay with the firm 6 more years = $120,000 ($30,000 + ($30,000 x 50% x 6 years)).

And, each new client should provide an additional 4 new referral clients.  For that 100 hours of business development, you could get $600,000 (5 clients x $120,000)!

Which had you rather have, $20,000 now ($200/hr x 100 hours) or $600,000 over the next seven years?

Scott challenged the audience to take this 100-Hour Challenge, and I think it’s a great challenge for you! So get out there and spend 100 hours over the next two months developing business. Network with bankers, lawyers, insurance agents, economic developers, and even tax credit consultants ;-) .

Another thing — go ahead and make plans to attend the conference next November! It’s a great conference in a beautiful, relaxing setting. Hope to see you there!

JimSig