If you prepare taxes on the side, tax season is a profitable time for you. And depending on your goals, your little tax business could become even more profitable if you took some of the following steps to increase your clientele and your bottom line.
1. Consider Full-Time Self Employment
Don’t quit your day job just yet. However, we would encourage you to consider whether or not you’re genuinely interested in launching your own full-time tax practice. If so, it’s important for you and your family to know that this transition won’t put you out on the street. And while it will require sacrifice, take the time necessary to ensure that you have work enough to sustain you when your business goes from being a part-time endeavor to a full-time one.
Consider how long it might take you to grow your business to the point where you’d feel comfortable quitting your job. 3 months? 6 months? One year? And don’t work blindly towards that deadline. Determine “readiness indicators,” or symptoms that your business is healthy enough to go full-time. Will you need at least 10 year-round clients? 15? 20? Look at your current client base and calculate how much money each brings in. How many more would you need in order to compensate for your current full-time income? And don’t rush yourself. Give yourself the necessary time to prepare for this most important career shift.
2. Add Tax Planning Services.
There is a notable difference between tax planning and tax preparation: THE DATE. Tax planning must occur before the year ends, and tax preparation begins after January 1st. Tax planning is an important step in reducing taxes. Throughout the year, tax professionals can discuss with clients various tax strategies that could potentially save them thousands of dollars. This also enables them to make any needed adjustments before the end of the year to effectively lower their tax liability. Universal’s Professional Tax Preparer Program will help you accomplish this.
3. Offer more services.
Last week we discussed the importance of expanding your offerings. This is sound advice because the more services you offer, the more valuable you become to current clients and potentials clients. Consider adding accounting services to your menu in order to increase your value and become that one-stop financial shop. You’ll find that people may need an accountant more than they need a tax professional, and visa versa. Only when you’re prepared to do both are you able to secure both types of clients. And for the clients who need both accounting and tax services, you’re able to increase your billable hours, and thus increase your income.
4. Fine-Tune Your Marketing Approach.
It’s difficult to grow a business no one really knows about. With just a handful of proven and effective marketing techniques, you could increase your clientele significantly. Universal Practice Builder Program, otherwise known as Marketing on Steroids, will teach you how increase your billable hours and earn the monies you deserve by leveraging your time with techniques proven to get clients. Your practice can become the premier service in your area for tax planning and preparation. Your ability to market your business and network with key community players will promote your business to those who need and appreciate it most.
If you get started now, you may find 2012 better than you could have ever imagined! But first, call Universal Accounting at 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting to see which of our programs could help you best prepare for a more profitable future!
On March 4th, the Internal Revenue Service announced the release of a list of the most common frivolous tax arguments made by individual taxpayers and groups that contest their obligation to comply with federal tax laws. The document, which includes detailed rebuttals, was created to discourage those who consider arguing the legality of their required tax obligations each year. And in case those individuals need any more incentive, in 2006 Congress increased the penalty for frivolous tax returns from $500 to $5000.The document, entitled The Truth about Frivolous Tax Arguments, describes sixteen of the most common contentions, listed below:
- A tax assessment is invalid because the taxpayer did not get a copy of the Form 23C, the Form 23C was not personally signed by the Secretary of the Treasury, or Form 23C is not a valid record of assessment
- A tax assessment is invalid because the assessment was made from a substitute for return prepared pursuant to section 6020(b), which is not a valid return.
- A statutory notice of deficiency is invalid because it was not signed by the Secretary of the Treasury or by someone with delegated authority.
- A statutory notice of deficiency is invalid because the taxpayer did not file an income tax return.
- A notice of federal tax lien is invalid because it is unsigned or not signed by the Secretary of the Treasury, or because it was filed by someone without delegated authority.
- The form or content of a notice of federal tax lien is controlled by or subject to a state or local law, and a notice of federal tax lien that does not comply in form or content with a state or local law is invalid.
- A collection due process notice (Letter 1058, LT-11 or Letter 3172) is invalid because it is not signed by the Secretary or his delegate.
- A collection due process notice is invalid because no certificate of assessment is attached.
- Verification requires the production of certain documents.
- No notice and demand, as required by I.R.C. § 6303, was ever received by taxpayer.
- A notice and demand is invalid because it is not signed, it is not on the correct form (such as Form 17), or because no certificate of assessment is attached.
- The Tax Court does not have the authority to decide legal issues.
- Revenue Officers are not authorized to seize property in satisfaction of unpaid taxes
- IRS employees lack credentials. For example, they have no pocket commission or the wrong color identification badge
- 15. Taxpayers are entitled to be represented at hearings, such as collection due process hearings, and in court, by persons without valid powers of attorney.
- 16. The Secretary has not authorized an action for the collection of taxes and penalties or the Attorney General has not directed an action be commenced for the collection of taxes and penalties.
If you or your clients would like to avoid tarnishing your reputation and wasting time and the accrual of unnecessary penalties, review this entire document at IRS.gov.Universal Accounting’s Tax Training Prepare taxes under the new regulations established by the IRS by training with Universal Accounting. Not only could you earn the Professional Tax Preparer 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.Be prepared for the changes that will impact all future tax preparers. Call 1-877-833-7909 to see how the Professional Tax Preparer Program could enhance your career now!
January 28th marked the fifth Earned Income Credit Awareness Day, and the IRS used the publicity to urge taxpayers to check their eligibility for the EITC, one of the federal government’s largest benefit programs available.
For 2010 tax returns, the maximum credit for workers with three or more qualifying children is $5666. However, the IRS iterated that workers without qualifying children may still qualify for a smaller amount. Eligibility for the credit is based on various qualifications including earnings, filing status and eligible children.
Doug Shulman, IRS commissioner, explained, “Millions of workers who did not earn high incomes claimed the EITC last year. The IRS encourages all eligible taxpayers to claim this valuable credit. Together with our partners, we can help taxpayers file their returns and get the EITC.”
In order to claim the credit, taxpayers must file a return, even if they have no filing requirement. To verify eligibility, visit the IRS’s website and type ‘EITC’ into the search box. An online EITC Assistant will walk taxpayers and/or their preparers through the process. Eligibility requirements and other information about the EITC can be found on the IRS website.
IRS2Go Smartphone Application is a Go
On January 24th, the IRS released its first smartphone application, known as IRS2Go, which informs taxpayers on the status of their tax refund while also helping them obtain tax information when necessary. By entering basic information—Social Security number (which is encrypted), filing status, and the amount of their return—taxpayers can receive up-to-date information on their return and when they’ll be receiving it.
IRS Commissioner Doug Shulman said, “This new smart phone app reflects our commitment to modernizing the agency and engaging taxpayers where they want when they want it. As technology evolves and younger taxpayers get their information in new ways, we will keep innovating to make it easy for all taxpayers to access helpful information. This phone app is a first step for us. We will look for additional ways to expand and refine our use of smartphones and other new technologies to help meet the needs of taxpayers.”
Free Nationwide Tax Assistance
If individuals cannot afford your services, chances are they qualify for free tax preparation help. Knowing where to refer them would be a valuable service to offer.
On January 28th, the IRS announced the availability of 12,000 free tax preparation sites that are open nationwide this year in efforts to provide help for low- to moderate-income and elderly taxpayers.
The IRS Volunteer Income Tax Assistance (VITA) Program provides the free service to those earning less than $49,000 and to those 60 and older. The IRS has partnered with Armed Forces Tax Council (AFTC) in order to provide tax assistance to military personnel and their families. IRS Free File will still be available to those taxpayers who want to prepare their own tax returns.
For more information on how individuals can access these services, visit the IRS website.
Become a Professional Tax Preparer
Are you prepared for new IRS tax preparer regulations? If not, it’s time you enrolled in UAC’s Professional Tax Preparer (PTP) Program. What you might spend on Universal’s training will return in spades next tax season. Not only is your potential client base huge, but the new IRS regulations are bound to decrease your competition in the future. That means many businesses and individuals will be looking for qualified professionals to prepare and file their tax returns. As a Professional Tax Preparer you could enjoy the benefits of a lucrative and rewarding practice offering tax services.
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. Call UAC to learn more at 1-877-833-7909.
In a report outlining the 21 most serious problems faced by today’s taxpayers, National Taxpayer Advocate Nina E. Olson identifies tax reform as the administration’s first priority. Olson explained, “There has been near universal agreement for years that the tax code is broken and needs to be fixed. Yet no broad-based attempt to reform the tax code has been made. This report documents the burdens the tax code imposes on taxpayers and explores why many taxpayers may nevertheless feel wedded to key aspects of the current system, undermining efforts at reform.”
Widespread tax breaks—such as the exclusion of employment contributions for health care, the exclusion for retirement plan contributions and earnings, the mortgage interest deduction, the earned income credit, child and dependent care credits, etc.—present the biggest roadblock to tax reform. Reducing the average tax liability by about $8000 per return, these tax expenditures make it impossible to significantly lower overall tax rates. “If tax rates are to be substantially lowered, many existing tax breaks will have to be eliminated immediately and others will be phased out,” Olson said. “But I believe most taxpayers will conclude this is a worthwhile trade-off. If tax reform proceeds on a revenue-neutral basis, the average taxpayer’s liability will not change, and we will end up with a tax system that is simpler, more transparent, and easier and cheaper for taxpayers to navigate.”
Olson argues that eliminating these tax breaks will simplify the tax code, alleviating the current compliance burden which, after either retaining the help of a tax preparer or purchasing tax software, costs the average taxpayer $258 per year.
Another concern expressed by Olson is the use of IRS enforcement tools, specifically tax liens, to achieve compliance. She explains, “Tax collection requires a delicate balancing of the government’s interest in collecting revenue and ensuring that all taxpayers pay their fair share of tax, on the one hand, and protecting financially struggling taxpayers from unnecessary harm, on the other. Current IRS policies do very little balancing. For example, IRS lien filing policies are all about ‘protecting the government’s interest’ and don’t consider the impact on the taxpayer.” Olson suggests collection alternatives, including offers in compromise through which taxpayers could negotiate a more realistic method and amount of payment.
An independent organization within the IRS, Taxpayer Advocate Service helps taxpayers experiencing extreme financial difficulties. Every year, the National Taxpayer Advocate submits an Annual Report to Congress noting the most serious problems taxpayers are experiencing.
Universal Accounting’s Tax Training
If you would like to become eligible to prepare taxes under the new regulations established by the IRS, consider training with Universal Accounting. Not only could you earn the Professional Tax Preparer 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.
Acquire the expertise necessary to become a Professional Tax Preparer. UAC’s Professional Tax Preparer (PTP) program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with the following:
- Step-by-step instruction in becoming a sole practitioner
- One year of follow-up support from expert tax preparers
- The opportunity to earn valuable professional certification
- Our iron-clad, risk-free guarantee
Be prepared for the changes that will impact all future tax preparers. Call 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting to enroll today, and improve your competitive advantage while securing your professional standing in the tax industry.
Resources
http://www.TaxpayerAdvocate.irs.gov – Offer suggestions regarding tax reform through this IRS website.
http://www.irs.gov/newsroom/article/0,,id=233959,00.html — Learn more about this annual report.
On December 17th the IRS released instructions that will help employers implement the 2011 cut in payroll taxes, effectively increasing the take-home pay for millions of taxpayers. This information includes 2011 income-tax withholding tables.The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 decreases Social Security tax withholding by 2 percentage points, which will return to workers in their tax-home pay. Regardless of the cut, Social Security benefits remain unchanged.These tax cuts must be implemented by January 31, 2011, although employers could begin as early as the first of the New Year. The additional month takes into account the late enactment of these changes, enabling employers to be in full compliance by the deadline with offsetting adjustments for the month of January made no later than March 31, 2010. Information on the tax tables and the lower Social Security withholding rate can be found on the IRS website.Because employers and payroll companies will manage these changes, there is no need for workers to take additional actions like completing a new W-4 withholding form.The IRS continually urges taxpayers to review their withholding every year and make changes as necessary, especially those who have multiple jobs, are having children, getting married, divorced or buying a home. Publication 919, How Do I Adjust My Tax Withholding? can provide information that helps taxpayers ensure their W-4 forms are current and adequately reflect their current financial situation. Visit the IRS for more information.
Statistics of Income Bulletin Now Available
In other IRS news, the fall 2010 issue of the Statistics of Income Bulletin has been released. It features information on over 140 million individual income tax returns filed in 2008 with a total adjusted gross income of $8.3 million. The bulletin is produced quarterly by the IRS Statistics of Income (SOI) Division and includes articles on data available from various tax and information returns filed by taxpayers. Additional articles include an analysis of partnership returns for the 2008 tax year and an analysis of information returns of nonprofit charitable organizations for the 2007 tax year. You can access this bulletin and prior SOI Bulletins on the Tax Statistic page of IRS.gov.
Enjoy a New Year of Greater Prosperity
Are you prepared for new IRS tax preparer regulations? If not, it’s time you enrolled in UAC’s Professional Tax Preparer (PTP) Program. What you might spend on Universal’s will return in spades this next tax season. Not only is your potential client base huge, but the new IRS regulations are bound to decrease your competition in 2011. That means many businesses and individuals will be looking for qualified professionals to prepare and file their tax returns. As a Professional Tax Preparer you could enjoy the benefits of a lucrative and rewarding practice offering tax services.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.
Take time over the break to 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. Buy yourself a New Year’s gift of tax training, and in so doing, create a more carefree and prosperous life. Enroll in the Professional Tax Preparer Program now.
Letters Notify Tax Preparers of Incorrect Returns
The IRS is sending out letters (approximately 10,000) to tax preparers as a reminder of the importance in submitting accurate returns for their clients. The letters are being sent to preparers who completed returns with common errors; also included is an enclosure reminding tax preparers of their responsibilities as well as the penalties for filling incorrect forms.
The IRS also plans on sending representatives to visit approximately 2,500 recipients of this letter to “further discuss their responsibilities as a return preparer and to verify their compliance with existing requirements.” These measures follow recommendations made by IRS Commissioner Doug Shulman in January after a comprehensive six-month study of the tax return preparer industry.
The IRS notes that while they recognize the majority of preparers are honest professionals, some make careless errors while others engage in illegal and fraudulent activities. This letter and the scheduled visits are intended to monitor such activity. This IRS and the Department of Justice continue to pursue civil or criminal action as appropriate.
Taxpayers should exercise discretion when choosing a preparer. Expect reputable preparers to request their receipts and ask numerous questions in order to determine which expenses qualify as deductions or warrant favorable tax treatment. Such preparers are helping their clients avoid penalties, interest or additional taxes that could result in further IRS scrutiny.
For more information, visit http://www.irs.gov/newsroom/article/0,,id=231944,00.html.
Interest Rates for 2011 First Quarter Decrease
On December 15th the IRS announced that interest rates for the calendar quarter beginning the first day of 2011 will decrease by one percentage point. According to a recent press release, the rates will be as follows:
- three (3) percent for overpayments [two (2) percent in the case of a corporation];
- three (3) percent for underpayments;
- five (5) percent for large corporate underpayments; and
- zero and one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.
For more information on the calculation of these rates, visit http://www.irs.gov/newsroom/article/0,,id=232163,00.html.
Reminder of New Registration Requirement for All Return Preparers
According to new IRS regulations, all paid tax preparers are required to obtain a Preparer Identification Number (PTIN) by the end of December, 2010. If you do not currently have a PTIN, or if you obtained one prior to September 28, 2010, you can use their new online application system to obtain one. All paid tax preparers who prepare all or substantially all of a tax return are required to use the new registration system. It costs $64.25 to secure or renew a PTIN which you can receive immediately after completing your online application. Or you can submit Form W-12 in order to mail the request, which will take 4 to 6 weeks.
For more information on the new requirements for paid tax preparers, visit Universal at http://www.hometaxbusiness.com/new-irs-tax-regulations.html.
Universal Accounting’s Tax Training
If you would like to become eligible to prepare taxes under the new regulations established by the IRS, consider training with Universal Accounting. Not only could you earn the Professional Tax Preparer 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.
Be prepared for the changes that will impact all future tax preparers. Enroll in the Professional Tax Preparer Program today, and improve your competitive advantage while securing your professional standing in the tax industry.
Recently we ran an article informing you of impending IRS tax preparer regulations. According to new information recently released by the IRS, we would like to provide you with a brief update.
Phase One (Mid-September, 2010 to January 1, 2012)
This first phase requires the pre-registration of all paid tax preparers after which they will be issued or reissued a PTIN. Our earlier understanding, based on IRS information, was that the deadline for pre-registering was December 31, 2010, and that anyone who applied after that deadline would not receive a PTIN without first passing the test. However, recent announcements posted to the IRS website indicate you can register anytime in 2011 before the competency tests are available. They will charge a $64.25 annual registration fee as well.
Regardless of this apparent extension of the original deadline provided by the IRS, we suggest you register as soon as possible.
Phase Two (Summer 2011 to June 2014)
During this phase, all paid tax preparers must pass a test demonstrating their qualifications within three years. The exam will not be available until June 2011, and you have until June 2014 to pass the exam(s), assuming that you register before the exam is made available. Once the exam is available, un-registered individuals will need to take the exam before registering. We have not yet been given any information about the costs for the competency testing, nor do we know whether or not they can be taken online, but it does appear that they will be open-book.
Phase Three (Summer 2011 and on)
Previously we stated that you would have three years to take 15 hours of continuing professional education (CPE) credits. Now we have learned that once you are a registered tax preparer, you will have minimum continuing education requirement of 15 CPE credit hours per year, including 2 hours of ethics, 3 hours of federal tax updates, and 10 hours of general federal tax law topics.
Prepare Yourself!
This is a fantastic opportunity for tax preparers who are serious about their practices, or who wish to finally begin a tax preparation career, to take a big step forward as professionals. With increased requirements will come increased respect for the tax profession and the corresponding withdrawal of questionable and dishonest tax preparers, the kind who promise a refund no matter what and/or are under-qualified, if they have any qualifications at all. Just meeting the new IRS requirements will provide a huge marketing opportunity as you grow your practice. And rest assured, Universal Accounting will be there to help you with all the great training and marketing resources we have to offer.
Universal Accounting’s Tax Training
Universal Accounting Center already offers training that could help you prepare for the IRS competency exams while earning those required CPE credits.
The Professional Tax Preparer program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with the following:
- 20 hours of valuable video instruction
- 2 instructional manuals
- Step-by-step instruction in becoming a sole practitioner
- One year of follow-up support from expert tax preparers
- The opportunity to earn valuable professional certification
- Our iron-clad, risk-free guarantee
Be prepared for the changes that will impact all future tax preparers. Enroll in the Professional Tax Preparer Program today, and be ready for impending IRS regulations for paid tax preparers.
A guest post by William Brough, MBAUniversal Accounting Tax Curriculum SpecialistAs many of you may already be aware, the Internal Revenue Service has recently announced major changes in the way they treat professional tax preparers. For years it was possible to “fly under the radar” with regard to the IRS if you were not an enrolled tax preparer (CPAs, attorneys, and EAs or enrolled agents, were considered “enrolled” by the IRS under the old system). As long as you could find willing customers, you could get paid for preparing returns, develop a tax practice, grow your clientele and make a good living without having to register with the IRS. You could even receive a PTIN (preparer tax identification number) and EFIN (electronic filing identification number). As long as you filed honest, accurate returns, the IRS basically ignored you.Of course, if you weren’t enrolled, there were limits to what you could do for your clients. Primarily, you couldn’t represent your clients before the IRS in the event of an audit or other IRS inquiry unless you were the preparer of the return in question. If you were like me, you were fine with that division of duties. But occasionally, someone who knew what you did but preferred to prepare his own returns would suddenly come to you with an IRS problem he wanted help solving, and although you might be able to offer some quick advice, there was nothing substantial you could do for him.Now, however, after several years of talk, rumors, discussion and debate, the IRS has clarified that it plans to regulate even unenrolled tax preparers, requiring them to officially register and comply with the same basic ethical regulations that already apply to enrolled preparers. This sweeping change will be implemented in three phases, beginning later this year.
Phase One
This phase is simply registration. Even if you already have a PTIN number and are an enrolled preparer, you must register with the IRS beginning mid-September 2010, and declare your intention to continue working as a professional tax preparer. Anyone who does not do so by December 31, 2011, will not be allowed to prepare paid tax returns in the 2012 calendar year. For new preparers, a PTIN will be issued at the time you register. Preparers who already have a PTIN must still register, but will be re-issued the PTIN they already have.Believe it or not, the reason for this is that the IRS does not even know how many professional tax preparers it will have to regulate. So registration is the first step, without which none of the other steps can follow. Do not ignore this important requirement. There will be no grandfathering of prior tax preparers for 2012, even if you have prepared taxes for years, and even if you are already an enrolled tax preparer.
Phase Two
Phase Two of the new regulation requires all paid tax preparers to pass a test demonstrating their qualifications within three years, although whether that three years begins when registration does, in 2010, or when the test becomes available, in 2011, is still undetermined. Since all enrolled preparers have already passed a proficiency exam, this requirement is directed only at unenrolled preparers.The test will consist of two parts: one on wage and non-business 1040 returns and one on small business (Schedule C or F) 1040 returns. Only preparers who have passed the appropriate test will be allowed to prepare paid returns of that type, but it will not be required of any preparer to pass both tests. Thus, if you only plan to prepare individual returns, you needn’t take the small business test and vice versa. It is expected that a third test for business returns (such as Forms 1065, 1120 and 1120S) will also be available soon for those who wish to include them in their practices.Testing will be administered at testing centers nationwide through Prometric, the same company that administers the EA exam. No online testing from home will be offered. Note that if you do not register with the IRS in 2011, you will have to pass the test before you will be given a PTIN. The three-year testing window only applies to those who have been issued (or re-issued) a PTIN prior to 2011.
Phase Three
During this phase, new IRS regulations require that all unenrolled preparers, who have been given a PTIN and have passed the new IRS exam, must take 15 hours of continuing professional education (CPE) credits during the three-year cycle, of which at least three hours must involve federal tax law updates and two hours must involve professional ethics. At the same time, it has been announced that even unenrolled preparers will be obliged to comply with the requirements of IRS Publication 230, which currently governs the legal and ethical obligations of enrolled preparers.While we do not yet know the cost of the competency testing, the IRS has announced that they will charge a $64.25 annual registration fee.This is a fantastic opportunity for tax preparers who are serious about their practices, or who wish to finally begin a tax preparation career, to take a big step forward as professionals. With increased requirements will come increased respect for the tax profession and the corresponding withdrawal of sleazy and dishonest tax preparers, the kind who promise a refund no matter what and/or are under-qualified, if they have any qualifications at all. Just meeting the new IRS requirements will provide a huge marketing opportunity as you grow your practice. Rest assured, Universal Accounting will be there to help you with all the great training and marketing resources we have to offer.
Universal Accounting’s Tax Training
If you would like to become eligible to prepare taxes under the new regulations established by the IRS, consider training with Universal Accounting. Not only could you earn the Professional Tax Preparer Designation, but you could also receive up to 60 CPE credits, depending on the number of modules you complete.Take time now to acquire the expertise necessary to become a Professional Tax Preparer before next tax season. UAC’s Professional Tax Preparer (PTP) program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with the following:
- 20 hours of valuable video instruction
- 2 instructional manuals
- Step-by-step instruction in becoming a sole practitioner
- One year of follow-up support from expert tax preparers
- The opportunity to earn valuable professional certification
- Our iron-clad, risk-free guarantee
Plus with this newsletter offer we will include these free gifts:
- An electronic copy of Becoming a Financial Consultant, a manual that will enable you to help clients prepare those daunting small-business loan packages.
- Red to Black in 30 Days, a book which teaches you how to apply the Universal Project Management Model in order to save failing businesses, which, unfortunately, are currently in abundance.
- 12 months of free support from our qualified staff! Never worry about having a question you can’t answer or a problem you can’t overcome, because our support staff will be readily available to ensure you succeed.
Be prepared for the changes that will impact all future tax preparers. Enroll in the Professional Tax Preparer Program today, and improve your competitive advantage while securing your professional standing in the tax industry.
It can be difficult to plan during a recession when uncertainty is often the only predictable factor. So what do you do? Bnet, a professional website offering business advice, suggests a framework for Discovery-Driven Planning, developed by Wharton professor Ian MacMillan and Columbia Business School professor Rita Gunther McGrath. Their six-step process is intended to gather the information necessary to best navigate through uncertain situations.
1. Framing
This first step requires you to ask a lot of questions regarding your business and its purpose. For example, in order to be profitable, what type of bottom-line must you achieve? How many clients do you need in order to realize that bottom-line? And is your current (or anticipated) business model able to facilitate profitability. The purpose of framing is to articulate your goals and then work backwards to see what steps are required to achieve them.
2. Competitive market reality specification
In order to make the best business decisions you must attain a realistic view of your competition. Benchmarking compares your business with competitors of equal size in order to identify areas of improvement for short and long-term action. Without this data you’re flying blind through an economic storm.
3. Specifying deliverables
This is where you articulate what you want your business to achieve. Your deliverables should not only be realistic but specific. How many clients will you add? How much income will that generate? Once you have a list of specific deliverables you can determine what’s necessary to achieve your desired results.
4. Assumption testing
Whether or not you acknowledge it, your deliverables come with certain assumptions or expectations that must be managed. As you move forward on your action plan, you must take note of these assumptions, and then prepare to test them.
5. Managing milestones
Once you determine what your assumptions or expectations are, you can plan to test them in the form of milestones. In the description of their Discover-Driving Planning process, MacMillan and McGrath explain, “A milestone is a critical, identifiable point in time at which key assumptions are tested. In discovery-driven planning, you plan in detail as far as the limits of current knowledge make sensible, then stop, revisit your assumptions, and replan at each milestone.”
6. Parsimony
As much as possible, you should keep costs down until your assumptions are tested. MacMillan and McGrath suggest that you “think of this step as spending your imagination before your money.”
In today’s uncertain economic environment, it’s important that you use as much information as is available to make strategic business decisions. In order to help you achieve that, Universal Accounting Center offers customized business assessments designed to help you compare your business with the competition, fulfilling step two of the Discovery-Driven Planning process.
UAC Provides Customized Business Assessments for Businesses
Universal Accounting Center (UAC) is in the business of seeing small businesses like yours succeed. And we know one of the ways to accomplish that is to provide you with all the valuable information of a customized business assessment. How does it work? From several of your company’s key business metrics, we will run a full analysis of your organization’s financial health. This includes a follow-up counseling session with one of our profitability coaches to help get your business on the fast track to increased profitability.
Universal’s reports will interpret and explain your industry benchmarks and provide the following customized features:
- Executive Summary highlights strengths
- Industry percentile rankings for 20 major financial ratios
- Interpretation of variances from industry norms
- Bold graphs that show comparisons
- Profit improvement “what if” financial capabilities
- “Discussion Ideas” section that provides a springboard for action
Click here to view a sample business assessment performed by Universal Accounting Center.
You owe it to your business to get a complete financial picture of how it compares to others in the industry. It’s a tool that will enable you to better navigate through the recession. Add to the detailed analysis provided in your business analysis an hour of business consulting, and you have an amazingly great value. Call UAC at 1-(800) 343-4827 for more information about getting your own customized business assessment!
Resources
Girard, Kim. “Three Tools to Manage Uncertainty.” BNETMacMillan, Ian and Rita Gunther McGrath. “Using Discovery-Driving Planning in Business Building.” October 2002 Wharton@Work
Move Forward Fearlessly
There are many who have dreamed of starting or expanding their own businesses. Some are waiting for the perfect time. Others may expect a guarantee of success or a low-risk opportunity. And others still may simply be waiting to build up the nerve to move forward. The majority of these tentative people are now cowering in the wake of the recession, certain that their entrepreneurial dreams must wait.
Many great business owners have built their empires amidst economic adversity. In fact, nothing better demonstrates the entrepreneurial spirit than a business owner moving forward regardless of the obstacles ahead.
“We know what happens to people who stay in the middle of the road. They get run over.” — Aneurin Bevan
You will have to decide whether to build your business or return to status quo. Indecision will do nothing for your dreams but promote apathy and insecurity. Once you make that decision to move forward, however, you must do so with confidence and determination. This will continue to build your confidence, motivation and belief in your own potential for success. And like attracts like-the more positive and assured you are, the greater your likelihood to become victorious and profitable.
“You can’t do today’s job with yesterday’s methods and be in business tomorrow.” – Anonymous
Accounting is the perfect service to complement tax preparation. And there are countless local businesses in need of small-business specialists. The majority of accountants today are trained in corporate accounting which makes up less than 10% of accounting opportunities. Small businesses, on the other hand, comprise more than 80% of those accounting opportunities, and their needs are different from those of big businesses. These prospective clients are looking for small-business accountants who can help their businesses achieve greater profitability.
At Universal Accounting Center, we understand the needs of the small business like nobody else. We’ve helped people like you advance their careers in small business accounting for over 25 years. Our Professional Bookkeeper (PB) Program has a curriculum designed specifically to address the needs of small business; it offers the most complete small-business accounting training anywhere. And depending on your schedule and situation, it will only take you 60 hours to complete.
The PB Program offers numerous benefits, and here are just a few:
“For every sale you miss because you’re too enthusiastic, you miss a hundred because you’re not enthusiastic enough.” – Zig Ziglar
No business can succeed unless people know about it. So unless you market your new business, it will dwindle and, eventually, collapse. In order to succeed, you need to employ effective marketing techniques designed to target your prospective client base.
In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand that most don’t know how to promote their services to this niche market of small business. We do! And not only do we know how to market those services, but we know which strategies and approaches will grow your business to the point where you will become so busy you may just have to start turning clients away – that or consider increasing your staff in order to increase your capacity (and your bottom line!).
To share this priceless information we developed the Universal Practice Builder Program, otherwise known as Marketing on Steroids. Here’s just a sampling of what you will gain from enrolling in this phenomenal program:
“Your vision will become clear only when you can look into your own heart. Who looks outside, dreams; who looks inside, awakens.”-Carl Jung
So what will you do? Will you sit by and let the recession cloud your vision for success? Or will you take advantage of the economic downturn to push your practice forward, enabling it to become the premier accounting and tax firm in your area by the time the recession is over and done? Look inside yourself and take the initiative to move forward. Enroll in the Professional Bookkeeper and Universal Practice Builder programs and ensure your likelihood for success.
If you prepare taxes on the side, tax season is a profitable time for you. And depending on your goals, your little tax business could become even more profitable if you took some of the following steps to increase your clientele and your bottom line.
