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Case Study

Tax Planning Software Helps Tax Preparer Become a Tax Planner

Goals Goals

  • Increase profitability and reduce problem clients
  • Learn how to do more than just tax prep
  • Have accountability to grow the firm

Key Benefits Experienced Key Benefits Experienced

  • Changed firm’s business model to prioritize tax planning
  • Increased revenue and profit margin
  • New processes implemented for optimizing firm efficiency

“I wasn’t trying to go to Mars, I was trying to do something that other people have already done— build a million dollar firm.”


James Rainwater is a CPA helping businesses and individuals reduce taxes and build wealth. He first opened his firm in 2012 after years of working for large accounting firms along with private companies as a Controller and CFO. His goal is to bring his experience and expertise to clients in a valuable way, which is why he initially invested in the 7 Figure Firms coaching program. Here is his story about how he went from laboring on $50 1040s to becoming an in-demand tax planner while using the latest tax planning software.

Small Beginnings for Tax Firm

James Rainwater’s first year in business of owning his tax firm netted him around $25,000. He worked hard giving clients accurate tax returns, but never saved any of these clients money on their taxes. He charged $50 for a 1040 and struggled to get to $100 per hour for his time. Completely dependent on tax preparation work, he was also stuck in a seasonal business leading up to April’s tax deadline. 

Mr. Rainwater had been in the industry for many years, but didn’t think he could charge more money because he didn’t think he could price higher than other CPAs. So, he kept his prices cheap and therefore, his profits low. By 2016, he managed to get to 6-figures in revenue for the year through a lot of hard work. 

Growth and Profitability After Switching to Tax Planning

In 2016, Mr. Rainwater had a revelation after joining the 7 Figure Firms coaching program. He decided to offer tax planning in addition to doing tax returns, “I’ve always had a bit of a disconnect between knowing something and doing it. This is the first program that held me accountable and pushed me to actually do what I was learning. By listening to the recordings and doing the sales calls, I took action, which is difficult for an introvert like me,” said Mr. Rainwater. He credits the 7 Figure Firms coaching for turning around his business model from a low-margin tax prep firm to a high-margin tax planning firm. 

We still do tax prep, but only after we sell a client on tax planning,” Mr. Rainwater explained. “Many programs make you feel good about knowing a lot of things. This program was different because it made me do things. Thanks to that, my pricing today matches my value.” 

Each time he would veer from the program over the ensuing years, his stats would begin to fall. Now, he doesn’t improvise, he sticks with what is taught inside 7 Figure Firms because he knows from experience it works without changing things.

I wasn’t trying to go to Mars, I was trying to do something that other people have already done— build a million dollar firm. The most valuable thing is getting outsourced thinking that is specific for your situation. For example, when I was at $200,000 annual revenue, there was specific advice on how to go to $500,000 from that level. With the 7 Figure Firms program consisting of accounting and tax firms of all sizes, they know exactly how to grow from each level of revenue.”

Improved Processes and Tax Client Experience Using Software for Accountants

As Mr. Rainwater’s firm has matured, he’s implemented Corvee Software, which helps accountants and tax professionals run their business more efficiently. “We use Corvee Tax Planning to send and receive documents from clients,” Mr. Rainwater said. “The clients like it because it’s simple.” 

He went on to explain how Corvee software has enabled his staff to eliminate unnecessary software because it handles everything in one place. He now also uses the software for engagement letter signing and payment processing. “Other tools we’ve used have been difficult for clients to get access to in order to get their documents from us. Certain products make you verify yourself every time you log in which is restrictive for clients. For example, many clients aren’t accessing their tax returns often, so when they need to access, it’s been awhile, and they have to reverify. This is a pain. Corvee Tax Planning software just makes things simple.” 

Corvee Software has reduced what Mr. Rainwater has to do in regards to unnecessary interaction with clients. The software for accountants is simple enough his admin can handle it, and it’s saved him at minimum 10-15 hours a week, because he’s not the middle man anymore for so many small tasks such as sending and receiving engagement letters.

My main concern was how my clients would adopt it, but it’s been great…not a lot of comments, which is good because it tells me it’s easy— nobody is complaining.”

In addition, Mr. Rainwater is using Corvee Tax Planning software to create finalized tax plans for his clients.  

All in all, Mr. Rainwater’s firm is set up well moving into the future thanks to 7 Figure Firms coaching, which taught him how to scale and become profitable, and Corvee Tax Planning software, which is helping him improve his firm’s processes. “Between the coaching and the accounting software, it’s really an all in one solution to growing your firm.”

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