On April 6th the IRS announced that it is accepting nominations for the Electronic Tax Administration Advisory Committee (ETAAC). The deadline for submitting applications is May 24.
The ETAAC was established as part of the Internal Revenue Service Restructuring and Reform Act of 1998 and serves as a public forum used to discuss issues and recommendations for improved electronic tax administration.
The application package includes a nomination (by letter from a professional associate), the completed ETAAC application, a resume and a short statement of interest. The application should detail the nominated member’s qualifications, experience and past and current dealings in electronic tax administration. A recent IRS notice published in the Federal Register on April 4, 2012 includes more information.
The Treasury Secretary will select and approve new ETAAC members who serve three-year terms, the next of which begins this fall.
Members are required to pass the IRS tax compliance check and Federal Bureau of Investigation (FBI) background investigation. They also cannot be federally registered lobbyists.
This is a great opportunity for tax preparers who want to effect change while building upon their current professional experience.
Questions about the nomination process can be sent to etaac@irs.gov.
Enhance Your Expertise and Expand Your Service Offerings
Universal Accounting offers a number of training programs that will enhance your practice while increasing your revenue. Consider how the following three courses could benefit your business:
Professional Tax Preparer Program
Many financial professionals make the majority of their income preparing taxes. Practically every adult U.S. citizen must submit a tax return each year, and because many of them are intimated by the complexity of tax law, they continually seek professional help.
The Professional Tax Preparer program will not only train you in the preparation of individual and business returns, a lucrative market, but it will also enable you to hone your skills and comply with the new IRS tax preparer regulations. Not only could you earn a professional designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete.
Professional Bookkeeper Program
Many tax professionals can make a living on their tax services alone, but in order to become a full-service financial provider and ensure business year-round, you need to offer accounting services as well.
The Professional Bookkeeper program will instruct you in small-business accounting, an industry that comprises the majority of accounting opportunities. From accounts payable to year end and invoicing to job costing, you’ll learn everything you need to know to setup and maintain a business’s accounts. Not to mention, this course comes complete with a module that will instruct you in building a successful accounting practice, including marketing strategies that will help you secure qualified prospective clients.
QuickBooks Mastery
But why stop there? In mastering QuickBooks software you will continue to grow your practice by offering QuickBooks setup, help and consultation services. Countless small business owners manage their accounting using this software; occasionally they need a QuickBooks Specialist to help them establish their accounts and/or resolve problems they encounter.
The Professional Bookkeeper’s Guide (PBG) to QuickBooks will enable you to pay bills quickly, write checks with one single click, create invoices effortlessly, access reader-friendly reports and much, much more. By learning all the features and shortcuts this software program offers, you will increase your efficiency, making more money in less time.
These three programs will help you build and maintain a thriving financial practice. The time is now right to prepare to launch your startup. Call Universal at 1-877-833-7909 to order now!
Price is what you pay; value is what you get. – Warren Buffett
In an article we ran at the end of last year, we announced that a survey discovered that accountants were raising their prices. At the start of a New Year, you may want to follow suit but are uncertain how to do so. In a recent Entrepreneur.com article entitled “Five Painless Ways to Raise Prices This Year,” author Carol Tice offers her advice. We share three of her five tips here:
1. Phase it in. Change can be difficult for anyone to accept, even for (and maybe especially for) your clients. That’s why it can help to phase in your price increases. Tice recommends warning your clients about the price hike at least 6 weeks in advice, giving them adequate time to get used to the idea.
2. Revamp or repackage old products or services. Look for creative ways to bundle or pair service offerings. Tice explains, “Freshen it up, and you’ve added value—or at least created the appearance of added value—and can command a better price for it.”
3. Introduce new products and/or services. When you add complementary services to your offerings, you immediately increase your value to current and prospective clients. And as a tax preparer, adding accounting and QuickBooks services to your menu will not only increase your revenue but also your clientele, enabling you to enjoy a thriving financial practice year-round and not just during tax season.
While the idea of raising your prices can be daunting, you will run your small business into the ground if your pricing doesn’t reflect inflation and the changing economy. You want your prices to be competitive, but if you set them too low, prospective clients may assume your services as just as cheap as your billable rate. Trust that your offerings are valuable and price them accordingly, using the tips suggested here.
Universal Accounting (UA) Can Help You Earn Make More Money!
Universal can help you increase your service offerings in just a matter of weeks! If you were wondering how, exactly, we might benefit you and your business, visit our website and take a tour. You’ll learn more about our programs, our products, and other services we offer. Don’t wait to find out how UAC could change your professional future. Visit our corporate website or take a virtual tour today!
Resource
Tice, Carol. “Five Painless Ways to Raise Prices This Year.” 19 January 2010 Entrepreneur.com
Time is in short supply, and with so many things vying for our attention, it’s important that we learn to communicate quickly and efficiently, especially when it comes to one’s business. If you don’t learn to tell contacts what you do in less time than it takes them to ride to the top floor in an elevator (also called an Elevator Speech), you’re likely to lose their interest and their prospective business.
In a recent article posted to Entrepreneur.com, author and communications coach Carmine Gallo explains “How to Tell Your Business Story in 60 Seconds or Less.” She explains, “Unfortunately, many small-business owners don’t think enough about their company’s story and how it comes across.” That’s why she’s developed four questions designed to enable business owners to develop an effective 60-second sales pitch.
- What do you do?
- What problems do you solve?
- How is your product or service different?
- Why should I care?
Your answers should be quick and to-the-point. The following is an industry-specific example:
My name’s Sharon West and I enjoy doing what most people don’t: I file taxes, helping individuals and small business owners maximize their returns. I’m a professional tax preparer [what your business does and what problems it solves]. You see, many paid tax preparers haven’t received any formal training in filing taxes and working with individuals on their tax planning. That’s what I do and I’ve been trained to do it [how it’s different]. And if business owners are concerned that my fees will eat up their profits, I can guarantee that what I charge will come back to them at least 100% in tax savings. Now how many tax professionals do you know of that come with that kind of guarantee? [why you should care]. Here’s my business card. If you know of individuals or small business owners who could use a trusted tax professional, please refer them to me.
Practice your delivery so that it doesn’t sound canned or monotonous. It should be exciting and engaging, communicating your passion for what you do and how well you do it. And it’s important that you not drone on and on; that’s why it should be no longer than 60 seconds. In fact, you may consider having two versions of your 60-second sales pitch: the 30-second version and the one minute version.
Ultimately, the 60-second sales pitch is designed for any networking situation where you can introduce yourself and your business to potential clients. This may be at a convention, a conference, the grocery store, or the dentist’s office. Remember that anyone can be a potential client or can refer you to a potential client. And with your 60-second sales pitch on the tip of your tongue, you’re ready to sell yourself in any given situation with comfort and ease.
What’s your 60-second sales pitch?
If you’re interested in learning more about securing and retaining new clients, watch our free video on marketing. It will forever change your business approach!
Resource
Gallo, Carmine. “How to Tell Your Business Story in 60 Seconds or Less.” 19 December 2011 Entrepreneur.com
The tax season is officially upon us, which means only one thing: you’re about to be sucked into the black hole of tax preparation!
Okay, so it’s not that bad, but it will consume the majority of your time for the next few months. So why not ensure that you’re making the most of that time?
A 2005 Microsoft survey found that professionals only average about three productive workdays every week. When you’re paid by the hour, that reduces your income by 40%. That’s a painful statistic for the self-employed.
But it doesn’t have be that way. When you apply effective time management techniques, you use the workday to your advantage, maximizing your income by using less time to accomplish more work-related tasks. Here are 6 tips we strongly recommend:
Delegate and outsource when possible. In a Small Business Review article, author John Egan lists this as his number one time management tip. In his article he references Dave Durand, a time management expert who says small business owners should never engage in “minimum-wage work.” He suggests handing those tasks off to someone else so the small-business owner can keep their “eye on the horizon.” Sometimes it just doesn’t make sense to do everything yourself. It’s wise to delegate and outsource some of those tasks that are too time-consuming for you, whether you partner with another professional to do them, or whether you assign the responsibility to someone within your organization.
Avoid time traps. No profession is immune to time leaks—interruptions, distractions, tangents that lead you off-task and make it difficult to be productive. And it is impossible to plug those time leaks unless you know what they are. Take a week or so to log interruptions, noting all those things that distract you from your core work tasks, specifically billable hours. Once you have the information, you can evaluate it. Which interruptions could have been avoided? Which were of no value? Perhaps someone regularly calls you for information that you could teach them to find themselves? While the teaching moment may cost you an hour now, it may save you hours in the end.
Avoid multitasking. Most time management experts agree that splitting your attention amongst a slew of tasks can lessen productivity while generating more errors. Focusing your attention on one task is the best way to accomplish more in less time and with greater accuracy.
Use “50% of your time engaged in the thoughts, activities and conversations that produce most of your results.” This tip comes recommended by authors Joe Mathews, Don Debolt and Deb Percival in an Entrepreneur.com article entitled “10 Time Management Tips That Work.” It makes sense to focus your energy on those tasks that bring in the bacon. However, often what we focus on isn’t necessarily what produces results. Shifting your perspective on how you prioritize your time may be all it takes to put this principle into effect.
Plan each day. Mathews, Debolt and Percival recommend you take 30 minutes each morning to schedule your workday. Determine which tasks are most important and timely. That way you ensure that you’re not only productive but responsible, completing those jobs that need your attention first. Then, referring to that list of tasks, make a to-do list (and don’t forget, 50% of your day should be dedicated to those activities that produce the most results).
Plan for the big picture. While it’s important to plan your daily schedule, you should also look ahead and make plans for how you’d like to accomplish your vision. This includes the big picture on where you see your business going, taking steps that will ensure you get there.
UAC’s QuickBooks Training Program
The Professional Bookkeeper’s Guide (PBG) to QuickBooks is designed to help you master all the software’s features and shortcuts, enabling you to work much more efficiently. With 16 instructional CDs that contain 15 hours of training and an 800-page full-color instruction manual, you will have access to all you need in order to address your every client’s needs.
Upon completing the program you will be able to do the following:
- Pay bills quickly so that you and your clients never incur late penalties
- Be reminded when bills are due
- Write checks with one single click
- Create invoices quickly and effortlessly
- Become more organize by streamlining the process of tracking customers and vendors
- Keep on top of incoming and outgoing payments
- Access easy-to-read financial reports NOW
- Earn valuable certification as a QuickBooks Specialist
UAC’s Professional Bookkeeper’s Guide to QuickBooks (PBG) will enable you to master this accounting software, saving yourself time and energy as you work with your own and/or your clients’ accounts. To become more efficient by learning all the time-saving features QuickBooks offers, call Universal at 1-877-833-7909 to enroll in the PBG Program today!
Resources
–. “Survey Finds Workers Average Only Three Productive Days per Week.” 15 March 2005. Microsoft.com
Egan, John. “Time Management Tips.” SmallBusinessReview.com
Mathews, Joe, Don Debolt and Deb Percival. “10 Time Management Tips That Work.” Entrepreneur.com
Starting and maintaining a successful partnership can be tricky business. Entrepreneur.com writer Toddi Gutner explores what makes some partnerships work while others flounder. Whittling down to the most common characteristics, Gutner asked members of one partnership what made them successful: the CEO and the executive vice president of the Campbell Soup Company. Here’s what they said has enabled them to maintain a thriving partnership against the odds:
1. Trust
Executive vice president Denise Morrison describes the importance of trust as followings: “Trust implies that both parties participate in the relationship [where] both ‘gives’ and ‘gets.’ The attitude of giving a full commitment to the partnership will usually result in getting the same commitment in return.”
2. Mutual Respect
It’s important that partners bring complementary strengths to the table. When that happens, it becomes easier to respect each individual’s contribution to the practice. Recognizing that all contributions are not necessarily equal, it becomes easier to focus on how you’re building the business together rather than keep score on what each of you is contributing.
3. Shared Vision and Values
All partners must have a clear understanding of where they want their practice to go, including the type of clientele they’re trying to establish and the service suite they wish to offer. Assistant professor at NYU’s School of Continuing and Professional Students, Lee H. Igel, PhD explains, “What cripples famous partnerships to a point of failure is when, after achieving success, the partners have the interest and opportunity to take on new projects. New project can require new missions and objectives that take partners in different directions, and so the elements of the relationship that made them successful ends up frittering away.”
4. Honest and Open Communication
Unless you’re able to discuss pertinent issues openly and honestly, your partnership will fail. Doug Conant, CEO of Campbell Soup Company explains, “It’s extremely important that you let people know where you stand—what motivates you, how you operate, what your expectations are, et cetera. I make it a practice to meet with everyone on my team very early on and tell them everything they need to know about me. At the end of the meeting, I encourage them to tell me what I need to know about them. It makes for a more productive partnership.”
Whether you’re interested in launching a business with a partner or adding a partner to your current business, it’s good to establish some standards for operation, including those ground rules that will best ensure your success. Hopefully, this list has given you something to consider.
Universal’s Training Will Help You Build a Solid Tax Practice
Tax professionals charge 100 + an hour providing planning and preparation services to clients. In the course of one tax season, many tax preparers earn what others take an entire year to bring in. Universal’s income tax training, the Professional Tax Preparer (PTP) Program, will enable you to help your clients save enough money in taxes to more than cover your fees. And what you earn in one tax season will more than cover the registration fee for this course.
Become a Professional Tax Preparer (PTP) before next tax season. Universal’s online tax course will not only give you hands-on training in completing full individual (1040) and business returns, but it will also enable you to be in compliance with new IRS regulations. Invest in training that will enable you to increase your knowledge and skills while building your home-based tax business. Call 1-877-833-7909 and enroll in the Professional Tax Preparer program now!
Resource
Gutner, Toddi. “Building a Business Partnership That Lasts.” 16 August 2011 Entrepreneur.com
Recognizing Four Different Thinking Styles Can Help You Be a Better Manager
The question is not what you think, but how you think it. In a recent BNET.com article, Kimberly Weisul, author of the column Leadership Lab, suggests that knowing the thinking styles used by yourself and those you work with can help you run a better business.
According to Thunderbird professor Denis Leclerc, the fact that individuals use different thinking styles can be problematic, especially when it results in poor communication and sometimes even hostility. Recognizing these thinking styles and being able to anticipate the questions from different thinkers can, according to Leclerc, save your sanity. So what are they?
Deductive Thinkers
Apparently Sherlock Holmes is classified as a deductive thinker, always questioning why before plowing forward. In fact, deductive thinkers are the least likely to follow a boss’ orders without question. They need to understand the logic underlying the tasks they’ve been asked to complete. Questions they are likely to ask: Why are we doing this? Why is this project more important than others? Why should I care?
Inductive Thinkers
These thinkers are most likely to ask “how” rather than “why.” They like to work with lots of specific information in order to create general knowledge. For example, Charles Darwin, a famous inductive thinker, gathered an incredible amount of information regarding the finches of Galapagos in order to create his more general theory of natural selection. Questions they are likely to ask: How did we make this decision? How will we change? How did we do this last time?
Linear Thinkers
While you may think your lectures about vision inspire everyone in the office, you’re missing the mark with these thinkers who simply want to know how they’re going to get from A to B to C which means they want detailed instructions on how to accomplish assigned tasks. Questions they are likely to ask: When is it due? What needs to happen first? Who does what?
Systemic Thinkers
These thinkers don’t ask many questions simply because they’ve got their eye on the prize with little concern on what it’s going to take to get there. Steve Jobs is a good example of a systemic thinker. Apparently when he instructed his team on creating the first iPod, his vision of the end product was all he provided. He told them he wanted something that 1) didn’t use any screws, 2) could be controlled with the thumb and 3) changed the way people listened to music forever.
Recognizing the thinking style used by colleagues, clients and employees can help you engage in more meaningful discussion about goals, tasks and even prospective problems. What kind of thinker are you?
Unassuming topics like this can help you better manage your business and advance your career. Consider how Universal can help you sift out what will and won’t help you become a better professional. Join our free accounting and tax forums, follow us on Twitter and like us on FaceBook. You’ll be surprised at how community encourages creativity and career enhancement.
We welcome your feedback in our comments!
Resource
Leclerc, Denis. “Embrace Four Thinking Styles to Save Your Sanity.” 25 July 2011 Thunderbird Knowledge Network
Weisul, Kimberly. “Four Styles of Thinking, and Why You Need to Know Them.” 11 August 2011 BNET.com
We agree with the old adage, money can’t buy happiness. However, we’re inclined to believe that wealth does afford you some incredible opportunities that you may not have access to otherwise, and, in determining how to spend your money, you may find that some choices are much more rewarding than others.
In a recent Entrepreneur.com article entitled “Money, Happiness and the Secret to a Rich Life,” author J.D. Roth opens with the premise that rich people are far happier than poor people. However, in breaking down the elements that contribute to an individual’s happiness (including biology, personal choice and age, race and gender), finances have a marginal impact. While he agrees that money can’t buy happiness, he does contend that “some financial habits bring greater satisfaction than others.” Referencing an article published in the 2005 issue of the Review of General Psychology written by Lyubomirsky, Sheldon and Schkade, Roth shares 5 such habits, of which we note below:
1. Purchase more experiences, fewer things. When referring to material positions, you may have said, at one time or another, ‘You can’t take it with you.” And as Roth argues, all our material positions depreciate. However, memories are indestructible and generally grow fonder with time.
2. Use your money for the greater good. When we donate money to charity or give it to a good cause, positive feelings are generated that don’t quickly fade.
3. Buy more small pleasures instead of fewer big ones. To quote Lyubomirsky, Sheldon and Schkade, people find greater happiness in “frequent does of lovely things rather than infrequent doses of lovelier things.”
When determining how to spend one’s earnings, it’s important to realize that you don’t have to grace the cover of Forbes Magazine in order to practice these three habits. Take the time to examine your spending to see if there may be a way that you could enjoy greater happiness without a huge payout.
We encourage you to post spending habits that help you achieve greater satisfaction and happiness.
Secure More Clients with the Universal Practice Builder Program
If you’re looking for training to help you market your practice effectively and generate more income, the Universal Practice Builder (UPB) Program is the course for you. Also called Marketing on Steroids, this course was designed by our own growth specialists who know not only how to market your specialized financial services, but how to market them effectively to qualified, prospective clients.
The UPB program provides the following:
Flexibility. You complete the course on your own time and at your own pace. And the engaging DVDs enable you to review key concepts and instruction as necessary.
Complete education. This comprehensive training program will give you everything you need to build a thriving practice.
A qualified professional to answer questions. For six months you will have access to our professional coaches for personal, professional guidance via phone or email.
The Universal Practice Builder Program will equip you with all the tools you need to grow your business. If you find yourself lacking the intuitive salesperson personality, call Universal at 1-877-833-7909 to register for this phenomenal program now!!
Resource
Roth, J.D. “Money, Happiness and the Secret to a Rich Life.” July 2011 Entrepreneur.com
Over the last several years, the IRS has been updating their back-end systems and processes in an effort to move to a more efficient and modernized platform. As we all know, to get from point A to B can often take a lot of time and effort.
The IRS has used the ‘Legacy’ platform since 1985 to e-file individual returns. In 2004 they introduced ‘CADE’ (Customer Account Data Engine) to process 1040EZ returns, with other forms and schedules added in a three-phase process. The MeF (Modernized eFile) model was implemented in 2007 for business returns. In 2010 individual returns were included, but on a limited forms and schedules basis. In 2012 the IRS plans to adopt all individual forms and schedules to the MeF platform, however, this could be delayed.
So, what are the differences between these e-file platforms?
The Legacy platform has been used to process individual federal and state returns for years, and allows the majority of the individual forms and schedules to be e-filed. Legacy has set drain times, and refunds are released on a weekly basis, taking 8-15 days.
CADE is a database that processes a limited number of individual federal forms and schedules. Returns processed through CADE have a refund cycle of five business days, compared to the Legacy weekly cycle which takes 8-15 days. Returns processed through CADE are selected on the IRS side. As a preparer, no information is passed back to you regarding the returns filed through this system.
The MeF platform has been used to process business returns since 2007. In 2010 individual returns were added. The MeF platform handles a limited number of individual federal forms and schedules. Drain cycles are omitted in the MeF platform, returning near-real-time acknowledgements. Like the Legacy platform, individual refunds are released on a weekly basis taking 8-15 days, unless selected to flow through CADE which could be received in five business days. MeF also allows e-filing for two prior years, supporting a total of three tax seasons.
What does the future hold?
Moving forward, the IRS and states will move individual returns to the MeF platform, and the Legacy platform will be retired. The CADE system will allow IRS Customer Service representatives access to accurate and up-to-date information. The CADE database will enhance the use of both e-file and paper return data across the IRS, improving services and reducing costs.
1040Works professional tax software has the ability to e-file on all platforms. Get a free trial of 1040Works by visiting http://www.1040works.com/free_demo.aspx.
We welcome your feedback in our comments section.
If your actions inspire others to dream more, learn more, do more and become more, you are a leader.—John Quincy Adams
On May 18th, 2011, IRS Commissioner Doug Shulman spoke for the Leaders & Legends Series at Johns Hopkins Carey Business School in Baltimore where he advised listeners to measure success by “looking down the road farther, seeing around the corners sooner, taking on big challenges, creating a positive vision and [making] a difference in people’s lives.”
The series, as described by the Johns Hopkins website, features “today’s most influential business minds addressing topics of global issues and importance.” Shulman’s message was entitled “Leading around Corners: Meeting Today’s Challenges while Positioning for Tomorrow.”
While Shulman is best known as IRS Commissioner, he has also worked as a private equity investor as well as a securities industry service provider and regulator. And while the IRS’ primary function is to collect the revenue to run the government, Shulman sees his key role as setting the organization’s strategic direction and ensuring they get there.
In order to successfully lead any organization to success, Shulman believes in the necessity of three key ‘ingredients.’ First, you must have organizational support. Second, you must clearly communicate your vision and how it will be accomplished. And third, “you need a relentless and myopic focus on your priorities.”
Shulman believe his work with the IRS thus far demonstrates the necessary balance of all these ingredients. He cites advances in combating offshore tax evasion, ensuring the competency of paid tax preparers and more and better use of data as just a few examples of this organization’s exemplary work.
The Commissioner emphasized the importance of innovation as the IRS moves forward, noting their attempts to provide taxpayers with advance technology like IRS2Go, their first smartphone application allowing taxpayers to track refund status with their Android or iPhone.
In conclusion, Shullman said, “I called this speech, ‘leading around the corners’ because so much of my job is not just meeting today’s challenges but positioning the agency for the next 10 to 20 years and being ready for what lies around the corner and leading this great organization and its dedicated public servants into the future.” He encouraged those listening to “take on the mantle of leadership; whether it’s in business, education and I hope, government service. Your own future brims with opportunity and promise, and I wish you all the best.”
Universal Accounting Helps Tax Preparers Succeed
Like Shulman, we at Universal believe it’s important to prepare for the future, and we’re interested in seeing your future succeed as a tax preparer. Our Professional Tax Preparer Program is designed to help professionals like you master tax preparation, becoming efficient in the completion of individual and business returns. If you would like to learn more, visit Universal for a free video today!
We welcome your feedback on this article! Please post your comments below.
Resources
–. “Prepared Remarks of IRS Commissioner Doug Shulman to the Leaders & Legends Series, Johns Hopkins Carey Business School, Baltimore.” 18 May 2011 IRS.gov
–. “Leaders + Legends.” Johns Hopkins Carey Business School
Beginning in 2011, the Affordable Care Act requires employers to report the cost of insurance coverage they provide their employees; the information is to be noted on each employee’s annual W-2 Form. On March 29, 2011, the IRS released interim guidance intended to help employer’s successfully fulfill this requirement. They are also seeking voluntary comments on this 19-page document they have issued.The IRS is emphasizing that the reporting is for informational purposes only, to account to employees the cost of their health coverage which will remain excludable from the employee’s taxable income. Amounts contributed to any Archers MSAs, Health Savings Accounts or flexible spending arrangements are not to be included in these calculations.Notice 2010-69 was issued last fall and makes the requirement optional for all employees for the 2011 W-2 Forms; this optional requirement will be extended to smaller employers (those filing fewer than 250 W-2s) through 2012 as well. Regardless, employers are welcome to voluntarily comply for both 2011 and 2012.Interim guidance is intended for those choosing to voluntary report on the 2011 tax year using forms that will be distributed to employees in January, 2012. It also is intended for those who will be required to report on the 2012 tax year using forms distributed in January, 2013.For more information on employer health coverage reporting, visiting the IRS.gov.
Universal’s Tax Training Will Prepare You for the 2011 Tax Year
Tax professionals charge 100 + an hour providing planning and preparation services to clients. In the course of one tax season, many tax preparers earn what others take an entire year to bring in. Universal’s PTP Program will enable you to help your clients save enough money in taxes to more than cover your fees. And what you earn in one tax season will more than cover the registration fee for this course. The modules in this course include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. In Module 3, we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Module 4 was designed to give you a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
Become a Professional Tax Preparer (PTP) before next tax season. Universal’s PTP program will not only give you hands-on training in completing full individual (1040) and business returns, but it will also enable you to be in compliance with new IRS regulations. We’re guessing that when it comes to your family and their future, you care enough to give to give the very best. Celebrate the end of tax season by investing in training that will enable you to increase your knowledge and skills. Call 1-877-833-7909 and enroll in the Professional Tax Preparer program now!
On April 6th the IRS announced that it is accepting nominations for the Electronic Tax Administration Advisory Committee (ETAAC). The deadline for submitting applications is May 24.
