mcb39 Posted November 6, 2007 Report Share Posted November 6, 2007 Dear ATXer, Now there’s a fast and easy way to deduct your professional fees from your clients’ refunds and have the money deposited directly to your bank account. It’s called FeeCollect, and it lets you avoid time-consuming and costly efforts to collect your fees. All you do is get the client's permission and then e-file the return. We do the rest. FeeCollect is NOT a refund loan. In fact, it is only available to tax professionals who do not offer bank products or refund loans. And FeeCollect is free to the taxpayer. You pay the modest $15 service charge…not your client. Here's how you enroll to offer FeeCollect: Sign up for FeeCollect at the MyATX web site by clicking on FeeCollect under the Enrollment Center links on the left side of the page. Complete the brief application form, then read and accept the agreement with Santa Barbara Bank & Trust (the bank administering FeeCollect). When you receive and load your ATX software, click the Preferences toolbar button, then click the “1040 E-file” tab, and select the FeeCollect option. In the Bank Manager, on the Enroll menu, select “Enroll for FeeCollect”. Click the Receive Acks button in that dialog to download your online enrollment status. When your status is “Enrolled”, you're done. That's it. When you select FeeCollect for any client getting a refund, your ATX software will print the authorization form for your client(s) to sign. You can then e-file that return. When the bank receives the refund (usually in 10-14 days), the bank will deduct your designated professional fees and then immediately deposit the rest of the refund directly to your client's bank account. The bank will then deposit your professional fees directly to your bank account after deducting the $15 service fee. If there's a state tax refund or refunds, those funds will be deposited to your client's bank account as soon as the bank receives them. Collecting your fees has never been easier. FeeCollect makes the process fast and automatic for you…and for your client. If you have questions about FeeCollect, please call us at 800-638-8291. Sincerely, Your Total Satisfaction Team © 2007 CCH Small Firm Services. All rights reserved. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted November 6, 2007 Report Share Posted November 6, 2007 Whether it is worth the fee depends on the client, in most cases. Some of my clients pay when they get their returns, some I allow to wait and pay me when they get the refund. If they have been slow in the past to 'remember' to pay me, I may ask for a 'hold check', or, I might go for the FeeCollect method, so that I do not have to do anything about holding a check, and deciding when to deposit it, etc. And I might just add the $15 to their fee, if I think it's justified. The nice thing is to have the option, because you can use it on as many or as few as you want. Quote Link to comment Share on other sites More sharing options...
taxxcpa Posted November 6, 2007 Report Share Posted November 6, 2007 Whether it is worth the fee depends on the client, in most cases. Some of my clients pay when they get their returns, some I allow to wait and pay me when they get the refund. If they have been slow in the past to 'remember' to pay me, I may ask for a 'hold check', or, I might go for the FeeCollect method, so that I do not have to do anything about holding a check, and deciding when to deposit it, etc. And I might just add the $15 to their fee, if I think it's justified. The nice thing is to have the option, because you can use it on as many or as few as you want. My clients all pay promptly or I drop them as clients. If they can't afford to pay promptly I always recommend that they go to HRB and get a RAL. Quote Link to comment Share on other sites More sharing options...
Karen Lee Posted November 7, 2007 Report Share Posted November 7, 2007 Just found out that HRB is moving in 1 block away from me. I think I will offer everything this year including Fee Collect. I am somewhat worried about this coming tax season but next tax season I am sure I will have old business back and new business from people that used HRB. My advertising budget has just been increased substantially. Karen Quote Link to comment Share on other sites More sharing options...
jainen Posted November 7, 2007 Report Share Posted November 7, 2007 >>I am somewhat worried about this coming tax season<< How many of your clients walk down the street and just turn in at the first tax office they come to? You'll get the ones walking north and HRB will get the ones walking south? Hey, Karen. Every one of your clients is already perfectly aware of HRB, and every one of them has already rejected their services. On the other hand, a whole lot of HRB customers don't know about you (yet!) so you can look forward to a modest increase in business as a result of your neighbor's advertising! Quote Link to comment Share on other sites More sharing options...
Eli Posted November 7, 2007 Report Share Posted November 7, 2007 >>I am somewhat worried about this coming tax season<< How many of your clients walk down the street and just turn in at the first tax office they come to? You'll get the ones walking north and HRB will get the ones walking south? Hey, Karen. Every one of your clients is already perfectly aware of HRB, and every one of them has already rejected their services. On the other hand, a whole lot of HRB customers don't know about you (yet!) so you can look forward to a modest increase in business as a result of your neighbor's advertising! I have to agree with Jainen. Your business will increase significantly this season. Eli Quote Link to comment Share on other sites More sharing options...
Jake Posted November 7, 2007 Report Share Posted November 7, 2007 I signed up for this feature last year and used it two or three times and probably should have used it another time or two. Once a client requested to have her fees deducted from her refund and I passed the fee on to her. The other times I used it was when I felt that collection would be a signicant issue. Again I passed the cost onto the clients. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted November 9, 2007 Author Report Share Posted November 9, 2007 Just found out that HRB is moving in 1 block away from me. I think I will offer everything this year including Fee Collect. I am somewhat worried about this coming tax season but next tax season I am sure I will have old business back and new business from people that used HRB. My advertising budget has just been increased substantially. Karen Karen, I agree with the others who feel that your business will increase. I think that we are more of a threat to HRB than they are to us. I have been approached by both HRB and Liberty Tax this year to consider consolidating or selling out to them. I see NOTHING in either option for me and considered neither for a second. I could never do that to my faithful clients. Over the years, I have had many clients come to me FROM the franchises and know of none who left me for them. Keep up the good work and your clients will stay with you. Quote Link to comment Share on other sites More sharing options...
Karen Lee Posted November 9, 2007 Report Share Posted November 9, 2007 Thanks for the encouragement. Really appreciate it. Karen Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted November 9, 2007 Report Share Posted November 9, 2007 I think you'll do just fine this coming tax season! taxbilly Quote Link to comment Share on other sites More sharing options...
Karen Lee Posted November 9, 2007 Report Share Posted November 9, 2007 Well no Fee Collect for me. Can't do Fee Collect and Bank Products. RALs are the biggest reason for my clients to go to HRB in the first place. I have offered RALs in the past but never "sold" them because the fees are ridiculous. Of course a couple of those people who used HRB for the RAL had to come to me to have their returns amended and then told them that I had the same service available...So this season I will promote the bank products. Karen Quote Link to comment Share on other sites More sharing options...
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