SFA Posted January 17, 2017 Report Posted January 17, 2017 Does anyone actually offer "Protection Plus" to your tax clients? I've always turned this off and relied on my professional liability policy to cover anything big, but now I am rethinking that decision. New clients that have come here from HRBlock are used to their "Peace of Mind" program and would like to have something similar from us. Can anybody tell their story on Protection Plus? Quote
BulldogTom Posted January 17, 2017 Report Posted January 17, 2017 Nope. I stand behind my work and if I make a mistake I will correct it. I pay for penalties if it comes to that. That is my guarantee. Tom Newark, CA 5 Quote
Lynn EA USTCP in Louisiana Posted January 18, 2017 Report Posted January 18, 2017 I agree with Tom. 1 Quote
Catherine Posted January 18, 2017 Report Posted January 18, 2017 I offered it one year and got exactly zero interest in it and never bothered since. Yes, I stand behind my work as well but there are always the nervous nellies who might "feel better" with such a plan. None of mine, though. Quote
jklcpa Posted January 18, 2017 Report Posted January 18, 2017 I've never offered it as my clients wouldn't go for an add-on such as that. Quote
Max W Posted January 18, 2017 Report Posted January 18, 2017 It's been a long time since I dealt with HRB's Peace of Mind program. As I recall it worked best with people who had prior audits and persons with Schedule C's. The one feature that stood out was that in case of an audit, HRB would represent you free of charge. In order to promote the program, an incentive was offered to the preparer, but I don't quite recall what it was - $5, maybe. Quote
SFA Posted January 18, 2017 Author Report Posted January 18, 2017 A story I heard from a former HRB preparer was a situation where a mistake on the return was found after it was filed. The client owed several thousand more in tax. The "Peace of Mind" paid the tax as well as the P&I. My professional liability policy is not designed to pay a tax deficiency. I know it is a "nothing burger" to offer the Protection Plus, but like Max said, some clients feel better to know that they had the option. If they don't elect to purchase, then they are on notice if something goes wrong, it was their choice to decline the extra service. Otherwise, we do charge to hand hold our clients if they are audited. We do not pay tax. We will pay P&I only if the client allows us to dispute the penalty with the IRS. I am leaning toward offering the Protection Plus and having each client pro-actively deciding to "opt out." At this point, I don't know what, if any, commission is paid to us if we actually sell one of these policies. 1 Quote
Richcpaman Posted January 23, 2017 Report Posted January 23, 2017 Develop your own "Protection Plus" For $50, you will protect them in case of an audit by the IRS or State, free of charge. It's like free money. If 10% buy it, and only 1% may ever get it... You are way ahead. Rich 2 Quote
ILLMAS Posted January 23, 2017 Report Posted January 23, 2017 3 minutes ago, ILLMAS said: How does now disable it? Here is how to disable it: Quote
Margaret CPA in OH Posted January 24, 2017 Report Posted January 24, 2017 Not sure if this was ever answered. Go to the Master 1040 Efile form and put an X in the No box, save the form. I love being able to change some of these things in the Master Forms. 1 Quote
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