Starting your Own CPA Firm

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    Topic
  • #192760
    jrosen92770
    Participant

    Any advice for starting your own CPA firm? Which tax program would you recommend?

    BEC - 5/26/2013 75
    REG - 8/31/2013 82
    AUD - 11/24/2013 74, 2/9/2014 92
    FAR - 5/25/2014 85

    NY CPA

Viewing 13 replies - 1 through 13 (of 13 total)
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  • #657383
    nika_cpa
    Member

    I love pro systems cch we use in our firm, but it is costly. I heard they have smaller version. My firm has very massive version, but it worth it. Great program and works great wth cch engagement software.

    Becker self-study, Wiley Test Bank and books, Becker final review. NINJA MCQ bank and NINJA notes for BEC only!

    AUD - PASSED!
    FAR - PASSED!
    REG - PASSED!
    BEC - PASSED!

    #657384
    Gatorbates
    Participant

    This is my first tax season solo with my own company … I went with Drake. Affordable, easy to use, takes a small amount of time to learn where to input info. Also, MAKE SURE YOU SIGN UP FOR E-FILE SERVICES WITH THE IRS. It's about a 45 day process. If you don't do that on time, you could be screwed when you need to file, and will have to do everything manually (mailing in the returns, certified, etc). That was a mistake I made, but luckily just got my e-file capabilities last week.

    Licensed Florida CPA:
    B: 71, 73, 79
    A: 83
    R: 78 (expired), 77
    F: 74, 74, 80

    It's finally freaking over.

    #657385
    Lion_of_the_Rock
    Participant

    Good luck @gator with the first solo run. Make some dough.

    Hope McElwain keeps the Muschamp mojo going this season.

    BEC - 78
    AUD - 75
    REG - 74, 79
    FAR - 75

    You have to buy a ticket to win the raffle.

    #657386
    san4596
    Member

    I have only used Ultra Tax, and hear it is a little pricey. It works well with CSA and is relatively easy to learn.

    CPA EXAM: DONE!!!!
    Ethics Course: Passed
    Application Mailed: 3/16/15
    Professional Conduct Exam: 97
    Certification Date: 4/2/15!!!

    #657387
    Anonymous
    Inactive

    I use CCH Small Firm Services Suite. I bought Client Write Up, Payroll (not just ATF that comes with CWU), Fixed Asset Manager and ATX. I got it all for $1,800. It didn't take 45 days to get my EFIN like the IRS website says it does. CPA's, Attorney's and Enrolled Agents don't have to be fingerprinted so I'm sure that is what made the process faster. Now if I could just get a firm permit, I could use it all!!! If anyone is starting their own firm, the best advice I never got is to check with your state board before you do anything. The firm permit has taken twice as long as the EFIN and I still don't have it yet. But they were moving their offices, so maybe that is the holdup. I AM SO FREAKING BORED!!!

    #657388
    san4596
    Member

    Kricket – I do not know if things have changed, but I had to get fingerprinted to apply for my license. :/ However, that may just be a new thing with the Texas State Board.

    CPA EXAM: DONE!!!!
    Ethics Course: Passed
    Application Mailed: 3/16/15
    Professional Conduct Exam: 97
    Certification Date: 4/2/15!!!

    #657389
    Anonymous
    Inactive

    That must be a Texas thing. Louisiana doesn't require a fingerprint clearance for a license. The IRS used to require everyone to get fingerprinted in order to become an ERO, but not anymore.

    #657390
    stoleway
    Participant

    I just set up an SMLLC to do taxes, irs representation and minor bookkeeping on the side. I got PTIN the same day I applied and then I heard of EFIN which allows you to efile, it took me about 3 weeks to get EFIN#.

    CPAs, EA and attorneys are exempted from fingerprinting but IRS really do an extensive background check before they issue EFIN#.

    IMO,you don't need to contact your state board for permit if your main business is to prepare taxes and do bookkeeping, however,you need a permit if you're going to be doing Audits, compilations and reviews. Also do not brand your firm as a CPA firm until you've registered with the state board. You can have a business card with a CPA after your name.

    Goodluck Jro!

    REG -63│ 84!!
    BEC- 59│70│ 71 │78!
    AUD- 75!
    FAR- 87!

    Mass-CPA

    #657391
    Kimboroni
    Member

    Every state is a little different on what activities require a firm CPA permit. Always check with your state board!

    AUD 84 (1/9/14-Wiley books/TB + free materials)
    FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
    REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
    BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

    Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

    #657392
    Anonymous
    Inactive

    Checking with your state board is the first thing I wish I had done. Every state has different requirements and in LA you have to have a firm permit to do ANYTHING. I knew I couldn't issue FS, audit or provide any attest/assurance services. I did not know that I couldn't file a tax return of any kind. I'm not allowed to put myself out as a CPA or infer that I am providing CPA services until I get a firm permit. A business card with my name and CPA after it could cost me my license. Remember that the AICPA creates the exam, NASBA schedules the exam, Prometric administers the exam, but it's the State Boards the issue the licenses. The State Boards have final say on just about everything. Those that giveth can taketh away!

    #657393
    jrosen92770
    Participant

    Thanks everyone for giving me your feedback. Good luck Gatorbates.

    BEC - 5/26/2013 75
    REG - 8/31/2013 82
    AUD - 11/24/2013 74, 2/9/2014 92
    FAR - 5/25/2014 85

    NY CPA

    #657394
    Gatorbates
    Participant

    Thanks … I have a “real gig” at a Fortune 20 company. I started my side business for a little extra money, and just to see where it goes. I don't have the time to handle a whole slew of clients, so I only have a handful … if I can make 5-10k during tax season and forget about the $, I'll be ecstatic. Halfway there …… but corp season just ended.

    Licensed Florida CPA:
    B: 71, 73, 79
    A: 83
    R: 78 (expired), 77
    F: 74, 74, 80

    It's finally freaking over.

    #2749365
    NoName
    Participant

    Very good info! For those located in California, what is your understanding of restrictions from starting your own practice? Here is my take from my research:

    1. Must practice as your certificate (license) name (eg. John Smith, CPA). If you plan to use a fictitious name (corporation) it must be registered with the California Board. The same goes for general partnerships or or LLP. Basically, using anything other than your given human name is a no no unless you have done additional paperwork with the board.
    2. For those without the right to attest (general license), you would not be able to sign attest reports
    3. When attempting to practice in another state you had better do your homework on what rules apply to you (even if you physically remain in your state of licensure)

    I have an opportunity to do some side work so I am have been refreshing myself on the laws that apply to practicing public accountancy.

    What is an option for a low cost tool that will provide access to the ASC, EITF, plus engagement letter templates? I don't need any tax research software at this point. I looked in CCH but it is cost prohibitive at this point.

    REG - 93 90% Gleim MCQ/book + 10% Wiley MCQ

    BEC - 79 100% Wiley MCQ/book

    FAR - 88 100% Gleim MCQ/book + Ninja Audios

    AUD - 85 100% Wiley MCQ/book + Ninja Audios

    Licensed CPA as of 2019

    CMA Pt 1  400  100% Gleim MCQ/book

    CMA Pt 2  Pending Score

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