Why would a CPA not want you to know about incentive money recovery? My theory is as human beings we don’t like to look bad. It is easier to say “no” or “condemn something” than to admit we just don’t understand. Some CPAs will actually make up some fear based reasons using scary words like “audit” or “seizure”. Practically anything that would keep their client from seeing them in a bad light.
I have been selling for over 30 years and I have witnessed this human behavior many times by a prospect. They speak ill of your product or company, they admittedly know nothing about in order to avoid saying “I like it, but I can’t afford it” hoping we as sales people are too dumb to know the real reason. Pride is a very strong emotion.
Even Forbes magazine wrote an article about the 8 myths of applying for incentive money. All of which a CPA repeats out of fear to their client. Reality is there are millions of IRS codes and no one CPA or accounting firm can know them all. There is no shame in that. Sometimes you need a specialist to take advantage of programs your CPA will miss. Doesn’t mean they are ignorant or uninformed, just means they are human and possibly afraid of you thinking bad about them. The fear of losing business is very real to your CPA, they are not usually sales people and can easily replace you.
As a business owner and employer, you need to explore every program that helps you save or receive incentive money. This entails hiring a third party administrator to look at programs outside of your CPA’s knowledge. Just as you would not use your general doctor for open heart surgery, sometimes you need a specialist.
It is a government fact that 95% of employers do not file for their federal, state and local incentive money. The largest 5% of companies do file and receive their incentive money annually. All businesses are protected by these same laws. Just because your CPA doesn’t want you to know about incentive money doesn’t mean you are not entitled to it. Stop overpaying the government today and recover your incentive money. Time is ticking and you need a specialist.
“What worries me is that many of you here – business owners and accountants -too often think that these tax incentives … that these just happen to be for big corporations. And I want to impress upon you that nothing could be further from the truth!”— Senator Chuck Grassley
Image by Stuart Miles at www.freedigitalphotos.net
Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, grandfather of 2, entrepreneur, insurance agent, life insurance broker, employee benefit specialist, salesman, sales trainer, recruiter, public speaker, blogger, author and team leader with over 31 years of experience in sales and marketing in the insurance and beverage industries.