New beginnings at JWellsTax!
Here’s what I’ve been working on and what you can look forward to!
Welcome to this issue of JWellsTax! From productivity to pricing, I empower tax professionals by helping them build thriving firms. Thank you to the 620 of you who have subscribed, especially those 17 who have a paid subscription!
I hope you can forgive the quiet around here over the past few months. This tax season presented some unusual and unique challenges. I've been so excited to share what I've experienced and learned with you. I appreciate that you've stuck around, and I plan to make it worth it!
Merger
I’ve been running my solo firm since early 2018. For the first two years, I worked closely with my mentor. As I grew more independent, that relationship—while still exceptionally helpful to this day—became less intense. I relied less on my mentor’s guidance for day-to-day decision-making.
About two years ago, I began considering moving away from running a solo firm. I started feeling overwhelmed on my own. I added staff, but then I felt stretched too thin between managing them and managing customer relationships.
One day, about a year ago, I noticed a tweet from Andrea MacDonald, CPA. She also seemed to be considering taking on a partner. I reached out, letting her know I was thinking similarly and that we should discuss it. Over the course of several months, we not only helped each other clarify what we were looking for in partners, but we also came to realize we complimented each other quite well.
So this past January, we decided to merge our firms. As of February 6, 2024, my firm—JWellsCFO—became part of Andrea’s firm, Steadfast Bookkeeping. Since then, I’ve filled in as head of tax, leading a staff of three (two preparers and one admin who will train to be a preparer starting this summer). Next month, I’ll also start taking on the responsibilities of chief operating officer (COO). My ultimate goal is to work with Andrea, running the day-to-day operations, building an incredible tax and accounting firm helping small businesses and their owners.
Speaking
In the meantime, I’m still pursuing speaking opportunities in the tax and accounting professions. (Andrea also enjoys speaking, so that’s an added bonus to our partnership.)
I’m currently slated to teach eight hours of continuing education at the New Hampshire–Maine Chapter of the National Association of Tax Professionals (NATP) this October. I’m teaching two hours on each of the following:
Accepting and Pricing Tax Work
Fringe Benefits & Accountable Plans
Generative AI for Tax professionals
The Corporate Transparency Act
I’m working to line up a few more speaking opportunities this year. I still have availability, so if you know of an organization or conference looking for a speaker, I’m happy to provide a list of topics.
Conferences
As for non-speaking travel, I have two conferences on my calendar this year:
FL NATP Annual Conference, May 5–7 in Daytona Beach, FL
NAEA Tax Summit, July 14–17 in Orlando, FL
NATP Taxposium, July 22–24 in Orlando, FL
If you’re attending any of these events, let me know! I’d love to meet up for coffee, lunch, or dinner.
Depending on speaking opportunities and travel budgets, I’ll probably add a few more later in the year. Again, if you know an event or organization looking for a speaker, let me know!
JWellsTax
I’m planning future content around three main pillars:
Building and growing a small firm
Doing and presenting tax research
Using technology effectively and securely in the modern firm
Let me know if you have any questions about those pillars you’d like to see covered!
Thanks again for reading!
Regarding the pillar of building and growing a small firm. I’d love if you went over your hiring process and how to build and manage a team underneath you. I’m currently struggling in that area. Thank you!