August 30, 2020 at 3:04 pm #3090495Number_cruncher32Participant
I started out in tax when I first started in public accounting. Then I worked in audit at national CPA firm for a number of years and moved up to manager, but over time I have decided that I liked tax more than audit. I am currently working at a small CPA firm in which the audit department also does some tax work so I have both prepared and reviewed tax returns at my current firm. I really want to do primarily tax (although I like compilations and reviews,too;just not audit). I also like helping clients with their bookkeeping/accounting questions. Although I have tax experience, I have more audit experience so at this point I don't think my tax experience is at the same level as my audit experience. So my question is, do you think it would be worth it to get a Masters in Taxation at this point (part-time while still working full time)? I have a masters (just not specifically in tax) and I have my CPA license. I would like to eventually either be a partner in a small CPA firm or start my own firm.August 30, 2020 at 4:32 pm #3090522monikerncParticipant
I don’t think paying what it costs to get a masters is worth it for you if you are already licensed. I had an MBA and went back for undergrad accounting classes to get licensed and feel I only missed the business tax classes. You can take a biz tax class but learning from experienced preparers in the environment you are in is the best way to learn. I also participate in a tax workgroup with other sole practitioners through my state’s CPA society where we discuss issues and questions that we have and I find that so helpful. I also really like the CPE courses offered by the Pacific Northwest Tax School. The instructor is very thorough. Even her inexpensive non-CPE credit offerings are really good. Her documentation is good. You can find her pre-2017 videos for free on YouTube to see if you like it. She is a seasoned EA and quite knowledgeable.September 2, 2020 at 10:59 pm #3094202JFKGYParticipant
My answer would be NO – unless you are thinking landing on a tax job via the school's connection.
The truth is – I think you can pick up any knowledge on tax if you read enough law book & the IRS instructions (and you got the software). I don't see how getting a master will get you anywhere.
What you need is an opportunity to PROOF that you know tax and can land a tax job. Find what you are interested in tax, and take some classes to sharpen your specialty in that topic, good enough.September 10, 2020 at 5:13 pm #3100397MikeyParticipant
You could pick up your EA. It's cheap, but in my opinion is a good addition to the “arsenal.”September 13, 2020 at 3:23 pm #3102671Accounting_is_TaxingParticipant
It's pointless to get the EA if you already have a CPA license.September 14, 2020 at 12:38 pm #3103220monikerncParticipant
I think the value of acquiring the EA is the cheap training/study materials for the knowledge acquired. I think it covers a lot of areas, and in more depth than the CPA REG exam does. I have a friend who did it after his CPA and he was surprised at how much more he learned about tax filing and IRS practices.
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