October 14, 2020 at 2:13 pm #3129489henrikandersenParticipant
I currently work in corporate accounting and I want to work the upcoming tax season for individuals and small businesses. However, I have not worked in tax accounting before and I passed my REG exam several years ago so I need a refresher course or two in both income tax and small business.
How would you recommend that I go about it?
1. Study the CPA REG again
2. Study a tax prep course (Which one?)
3. Study the EA
4. Any other idea?October 14, 2020 at 3:11 pm #3129522ReckedParticipant
NATP usually offers a 2 day 1040 refresher.
This year they canceled those classes due to COVID, but they do have 3 day equivilant that's available online.
And it meets some CPE requirements.
Studying for the EA (especially with Gleim) would give you a very strong tax base.
I was working in tax for 10 years when I used the Gleim review for the EA and I learned a ton from it.
You could also moonlight with H&R or similar box chains. They all have their own educational programs that should get you up to speed pretty quickly.
What software are you going to use for your side business?
Most offer training as well, but it can be pricey depending on which provider you use, but sometimes the tips and tricks for the software itself, explaining new updates for the year, etc. makes it worth the money.
It's pretty touch to jump into tax without any experience or knowledge other than the REG exams. The real world is vastly different from the CPA exam. Make sure you think this through completely, and don't forget your E&O insurance.October 14, 2020 at 3:31 pm #3129543henrikandersenParticipant
Thanks for replying Recked. What do you mean by ‘moonlight with H&R or similar box chains'? Studying in the evenings?
I was thinking of using Drake Software. Do you know it well?
Yes, the real world is very different, which is why I am not certain which avenue would be best and provide most real world preparation 🙂
Good advice in regards to the E&O insurance indeed, thank you. Any other recommendations?October 14, 2020 at 4:01 pm #3129570ReckedParticipant
Are you keeping your day job in corporate accounting?
That was my assumption.
If you are keeping your day-job, you can work nights and weekends at H&R or similar chains, to learn the ropes of the tax game. That's what I meant by moonlighting.
I have heard of Drake, and it's cheap and probably the most popular for a sole prop.
I've never used it personally. I did check it out when I was looking for software for my own side gig, but ended up going with UT because I have used it for 15-20 years so I already know the ins and outs. Drake seemed clunky comparatively, but no one likes change so that was probably part of it as well.October 14, 2020 at 9:39 pm #3129828monikerncParticipant
Pacific Northwest Tax School has really good affordable training courses. The instructor is an EA who knows her stuff and walks you through. It is online. she has free offerings on YouTube from prior years that will help you check it out. if you are in Oregon you have to be certified and she offers a course for that. Courses like Tax Speaker are not for newbies – you should have some experience. Be sure to buy a Big Tax Book for 2020 – you can’t beat them for quick references. There are several different options – get the one that covers the types of returns you want to do. I have never used Drake but have a friend who does side gigs with it and is happy. You will need a PTIN and an EIN so get on those now. The EIN CAN take awhile. Get errors and omissions insurance and/or liability. Draft a strong engagement letter.
Don’t undercharge for the risk you are taking. Resist the urge to do low hanging fruit. Anyone under $65k (I think) can do their own online for free. Be sure to complete your due diligence requirements. Good luck!October 15, 2020 at 4:53 pm #3130455monikerncParticipant
You may also want to take the free Quickbooks online certification series – Sch c, e and f taxpayers may invite you to be their accountant to pull reports for the tax return.October 16, 2020 at 1:20 am #3130896SkynetParticipant
Clientwhys 24hr Enrolled Agent CPE Bundle is really good and thorough.
They also provides really good explanations and examples.
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