A recent report published in CPA Trendlines reveals that women are unhappy in their finance and accounting careers. In a survey conducted over the past two years, only 11-12% of women surveyed indicated they are very satisfied in their career progression compared to 20-22% of their male counterparts. 19-25% of women are somewhat dissatisfied.
The survey also indicated that women find challenge a key factor in career satisfaction while men seek compensation.
Other findings include the following:
- 73% of women feel they face a different set of career challenges than their male counterparts
- 66-70% of women feel that the accounting profession allows women to balance their personal and professional lives
- Half of women feel that finance and accounting are mainly male professions
- 50-61% of men and women believe greater promotion of finance and accounting professions are the way to encourage more young women to enter the field
While the survey isn’t a completely positive reflection on women and the finance industry, it does indicate that change is necessary. One reader, Elizabeth A. Brown, commented, “I’ve been in public accounting since 1979, got licenses in 1991 after returning to college in 1989. I’ve always believed that the field was a great equalizer between men and women. I have found that women are better off, and sometimes better paid, if they own or are majority partners in their own firm. In the rest of the accounting world, the old boys’ network predominately reigns.”
One thing worth considering is the option for women to launch their own accounting and tax practices; in this, they enjoy more control over their environment, compensation and job satisfaction. And it’s not as difficult as one might imagine.
Become a Professional Tax Preparer
Tax preparation is a viable and lucrative career path. Universal’s tax training will help you acquire the expertise you need. UA’s Professional Tax Preparer (PTP) program 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. The four models 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. Here 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. Get 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.
UAC’s PTP income tax training 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 step-by-step instruction in becoming a sole practitioner, one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee. Consider launching a home-based tax business using Universal’s online tax courses.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 to enroll today.
We want to know what you think! Please post feedback.
Resource
–. “Women Report Growing Career Dismay.” 15 November 2011 CPATrendlines.com
On November 8th, IRS Commissioner Doug Shulman spoke at the AICPA (the American Institute of Certified Public Accountants) fall meeting in Washington DC. There he addressed some key issues that offer insight into the evolution and fine-tuning of the paid tax payer requirements.
First, Shulman revealed some interesting facts regarding paid tax preparers. For example, 740,000 individuals have registered and secured their PTIN, or Preparer Tax Identification Number, in the past year, joining the IRS’s growing database. Those individuals are encouraged to renew their PTINs, an annual requirement the IRS will strictly enforce. 60% of those individuals with current PTINs are not attorneys, CPAs, or enrolled agents.
The next phase in this program includes the competency testing and continuing education requirements. In addition, the IRS is also considering proposals that would require the performance of background checks.
Shulman also announced four key points:
- The creation of a ‘supervised preparer’ category among paid tax preparers which will apply to CPAs, attorneys, and enrolled agents who must secure and renew a PTIN but are exempt from the competency tests and continuing education requirements.
- A disclaimer statement to be used by Registered Tax Return Preparers which will clarify, in all promotional materials, “the IRS does not endorse any particular individual tax return preparer.”
- A clarification on the level of review the IRS will conduct before approving continuing education providers.
- A current hold on a previously announced requirement of background checks and fingerprinting.
Shulman also acknowledged plans to deal with tax preparers who have demonstrated significant noncompliance in the accuracy and integrity of submitted returns.
Finally, the commissioner talked about what he calls the “real-time tax system.” He explains as follows:
“…let me cast an eye toward the future and a potential new structure that would fundamentally change the way taxpayers and tax practitioners prepare and file individual returns…and one that leverages technological innovations. We’ve initially come to call this vision the real-time tax system because it would deal in real time and avoid audits that may take place years after a return is filed. We’re moving away from the after-the-fact, or “look-back” model – where we chased after taxpayers who had to hunt for, or recreate records and documentation – to one where we’re reducing burden. Under the vision of a real time tax system, the IRS could embed third-party information into its pre-screening filters, and could provide the opportunity for taxpayers to fix the return before we accept it, if it contains data that does not match our records. This is a tectonic shift.”
Shulman anticipates that such a change would generate more accurate returns with fewer problems upon return acceptance and less time spent auditing.
The IRS is making some significant changes of which all financial professionals must be aware. Visit the IRS.gov for more information.
Universal Accounting’s Tax Training
UA’s Professional Tax Preparer program will help you comply with the new tax preparer regulations established by the IRS. 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 tax courses 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 in compliance with the IRS’s strict new requirements regarding paid tax preparers. We now offer online tax courses and tax training. Call 1-877-833-7909 to enroll today, and improve your competitive advantage while securing your professional standing in the tax industry.
Resource
–. “Prepared Remarks of IRS Commissioner Doug Shulman at the AICPA Fall Meeting in Washington, D.C. on November 8, 2011.” 8 November 2011 IRS.gov
eFile Requirement for Paid Tax Preparers
For the January 2011 tax calendar, many paid tax preparers will be required, by law, to e-file federal income tax returns for individuals, trusts, and estates.
The IRS will be phasing in this new requirement over a two-year period, and, depending on their status, preparers must adhere to the following dates:
- January 1, 2011— for preparers who anticipate filing 100 or more Forms 1040, 1040A, 1040EZ and 1041 during the year; or
- January 1, 2012— for preparers who anticipate filing 11 or more 1040, 1040A, 1040EZ and 1041 during the year.
The first date applies to everyone in a firm that reasonably expects to file 100 or more forms, whether or not individual preparers will prepare and file that amount. However, if clients so choose, they can independently submit paper forms.
The IRS reminds preparers that they must become an authorized e-file provider in order to comply with these requirements, a process that can take 45 days or more. If you haven’t yet done so, you should begin the process now in order to be ready to e-file during the upcoming tax season.
Required Due Diligence Checklists
On October 6, 2011, the IRS announced that it is issuing proposed regulations requiring paid tax preparers to file Form 8867, a due diligence checklist, beginning in 2012. The checklist must be submitted with any federal return claiming the Earned Income Tax Credit (EITC), a form the IRS currently requires all tax preparers to complete and keep in their personal records.
Over ten years ago, Congress initiated the requirement to reduce errors on forms claiming the EITC; of forms submitted claiming the credit, over 66 percent are filed by paid tax preparers. The checklist enables tax prepares to gather all the qualifying information from clients. In the past, the IRS has simply required preparers to keep copies of the forms with their records in the event that they ever requested a review. However, this new regulation requires that the form be submitted with returns beginning in January, 2012.
The Earned Income Tax Credit enables low and moderate-income working families to receive tax benefits dependent upon income, family size and filing status. The maximum credit is $5,751.
What do you think of the new requirements? Post your comments here!
Increase Your Options and Your Earning Potential
Becoming a tax preparer enables you to increase your competitive advantage and your earning potential! And the tax training necessary to become a preparer isn’t as long and painful as you might expect. Universal Accounting Center has made it easy with our online tax course.
Our Professional Tax Preparer program includes the following:
- Informative video instruction
- Full 1040 training
- Full business return (1065, 1120, 1120S) training
- One year follow-up Support from expert tax preparers
Many programs will lecture you on tax law and preparation practices, but Universal’s program is much more effective because it provides you with the hands-on practice that will perfect your skills. Theory is taught as guiding principles, but the focus is on actually doing taxes to gain proficiency.
UAC’s Professional Tax Preparer program will enable you to become proficient in tax preparation while helping you comply with new IRS regulations. Wouldn’t you like to have your own home-based tax business?
You’re just in time for next tax season. Call Universal at 1-877-833-7909 to enroll today!
Resources
–. “IRS Issues Proposed Regulations That Would Require Tax Preparers to File Due Diligence Checklist with All EITC Claims Submitted in 2012.” 6 Oct. 2011 IRS.gov
–. “Many Tax Return Preparers Must Use IRS e-file Beginning in 2011.” 29 Jan. 2011 IRS.gov
On September 21st, the IRS released more information for those looking to renew their PTINs (preparer tax identification numbers) and prepare for new suitability testing and continuing education requirements.
Notice 2011-80 informs tax professionals that PTINs must be renewed each calendar year using the online application or paper Form W-12. The required fee will be $64.25. All this is part of the return preparer initiative which enables the IRS to better monitor paid tax preparers and their compliance with federal tax laws. In addition to these requirements, some preparers also must pass a competency exam. All those who satisfactorily comply will be designated as a Registered Tax Return Preparer, meaning they are authorized to receive compensation for preparing tax returns for their clients.
The notice also clarifies the following:
- The IRS will continue to issue provisional PTINs through April 8, 2012 when they will be prepared to issue competency tests or suitability requirements to individuals so required.
- The 15-hour continuing education requirement for certain tax preparers will take effect in 2012. And individuals required to pass the competency exam before December 31, 2013 must complete their continuing education requirements for 2013 and on.
- Preparers who pass the suitability check must also provide their fingerprints which will be run through the FBI database.
- Those participating in the PTIN, acceptance agent or authorized e-file provider programs, yet residing outside the US, will not have to provide fingerprints. However, they must still comply with other suitability check requirements and meet any other requirements of the program in which they are participating.
- Attorneys, CPAs, enrolled agents, enrolled retirement plan agents and enrolled actuaries are, for now, also exempt from the fingerprinting requirement; they must still, however, answer the suitability questions on the PTIN application.
The IRS will be working with third-party vendors who will collect and process the fingerprints. In additional to any fees these vendors charge for their services, the IRS will also charge $33 for fingerprinting and $27 for testing. For more information, visit www.IRS.gov/ptin
Universal Helps Tax Preparers be in Compliance
Consider Universal your source in preparing for the new IRS mandatory testing and continued tax education requirements.
Our online tax course, the Professional Tax Preparer program, is designed to help and includes the following:
- Informative video instruction
- Full 1040 training
- Full business return (1065, 1120, 1120S) training
- 6 months of follow-up support from expert tax preparers
Many programs will lecture you on tax law and preparation practices, but Universal’s tax training is much more effective because it provides you with the hands-on practice that will perfect your skills. Theory is taught as guiding principles, but the focus is on actually doing taxes to gain proficiency.
Ensure that your home-based tax business is in compliance with the new IRS tax preparer regulations. Improve your competitive advantage while securing your professional standing in the tax industry now. Call Universal at 1-877-833-7909 today and enroll in the Professional Tax Preparer Program.
Please leave us with your feedback and comments.
IRS Requests Public Comment on Proposed Affordability Safe Harbor for Employers
In a September press release, the Treasury Department of the IRS asked for public comment on the proposed affordability safe harbor for employers under the shared responsibility provisions of the Affordable Care Act.
The act, which will apply to various employers come 2014, will require business owners that do not offer reasonable health insurance to 50 or more full-time employees to make a “shared responsibility payment.” According to the press release, the proposed safe harbor has been “designed to make it easier for employers to determine whether the health coverage they offer is affordable.” The shared responsibility provision will not impact the employee’s eligibility for health insurance premium tax credits.
The IRS hopes that their request for feedback enables them to receive input from numerous stakeholders of various backgrounds. They are interested in determining how to best establish the shared responsibility provision so that it is “administrable, allows flexibility, and minimizes burden.” If you or any of your clients will be impacted by this provision, the IRS requests feedback.
IRS has indicated the follow three methods for submitting comments:
- E-mail to: Notice.Comments@irscounsel.treas.gov. Include “Notice 2011-73” in the subject line.
- Mail to: Internal Revenue Service, CC:PA:LPD:PR (Notice 2011-73), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.
- Hand deliver to: CC:PA:LPD:PR (Notice 2011-73), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC, between 8 a.m. and 4 p.m., Monday through Friday.
The deadline for comments is December 13, 2011.
For more information, visit the IRS website.
More Information on Form 8939, Designed to Offer Tax Relief to Large Estates
The IRS is releasing more information on tax requirements for large estates of individuals who died in 2010. These estates will have until next year to file required returns and pay necessary taxes. Certain beneficiaries will also be able to claim penalty relief (on estates totaling more than $5 million) on their 2010 federal income tax returns. Revised estate tax forms have been made available on IRS.gov.
The IRS detailed the relief that will be provided:
- Large estates, opting out of the estate tax, now will have until Tuesday, Jan. 17, 2012, to file Form 8939. This special carryover basis form, required of estates making this choice, was previously due on Nov. 15, 2011.
- 2010 estates that request an extension on Form 4768 will have until March 2012 to file their estate tax returns and pay any estate tax due. Normally, a six-month filing extension is automatically granted to estates filing this form, but extensions of time to pay are granted only for good cause… No late-filing or late-payment penalties will be due, though interest still will be charged on any estate tax paid after the original due date.
- Special penalty relief is provided to many individuals, estates and trusts that already filed a 2010 federal income tax return, or obtained an extension and plan to file by the Oct. 17, 2011 extended due date. Late-payment and negligence penalty relief applies to persons inheriting property from a decedent dying in 2010, who then sells the property in 2010 but improperly reports gain or loss because they did not know whether the estate made the carryover basis election.
For more information, visit the IRS website.
Join Universal’s Tax and Accounting Forums to Discuss Topics with Your Peers
Being able to understand tax law changes is vital in managing a successful tax practice. 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 to interact with peers on this and other important tax issues. You’ll be surprised at how community encourages creativity and career enhancement.
We welcome your feedback in our comments!
On September 6th, the IRS released specifications regarding the new competency test required for individuals desiring to become Registered Tax Return Preparers.
The test will be available this fall, and the specifications, which can be found in PDF format on the IRS website, indicate which topics will be covered. Those who have obtained a provisional tax preparer identification number (PTIN) will have until December 31, 2013 to pass the exam, although they can also take it as soon as it becomes available.
The test, which will be administered by Prometric, Inc., will have about 120 multiple-choice and true-false weighted questions. Individuals will receive a pass or fail score, and those who fail the exam will also be given diagnostic feedback. The IRS expects to provide individuals with a test limit somewhere between two to three hours. The exam can be taken at one of Prometric’s 260 nationwide facilities.
The IRS has recommended the following study materials:
Some reference materials will be available to individuals when they are taking the test, and Prometric will provide individuals with Publication 17, Form 1040 and Form 1040 instructions as well.
The fee for the test has not been finalized but is expected to run somewhere between $100 and $125, which is separate from the PTIN user fee. The IRS has not yet set a limit on the times the test can be retaken; however, the fee is required each time. The exam only needs be passed once.
Certain individuals are not required to take the exam due to current professional requirements considered more rigorous than the new IRS requirements: Attorneys, Certified Public Accountants and Enrolled Agents (EAs).
So far about 730,000 return preparers have registered and received PTINs; more than 60% do not have professional credentials. The IRS will provide those required to take the exam with more details. When the test becomes available, individuals with online accounts can use them to select a test time and a Prometric testing site.
For more information, visit IRS.gov.
Universal Accounting’s Tax Training
Our income tax training, the Professional Tax Preparer course, will help you comply with the new tax preparer regulations established by the IRS. 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:
- 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 impacting paid tax preparers. Improve your competitive advantage while securing your professional standing in the tax industry. Register for our online tax course by calling 1-877-833-7909 and build your home-based tax business.
Please post your comments and thoughts regarding the new IRS regulations.
Resource
–. “IRS Releases Specifications for Registered Tax Return Preparer Test.” 6 Sept 2011 IRS.gov
The IRS Requests Your Submission of Tax Issues for the IIR Program
In a recent press release, the IRS asked that business taxpayers, associations, tax preparers and similarly interested parties submit tax issues to the Industry Issue Resolution (IIR) Program which attempts to resolve problems, controversies, disputes or unnecessary burdens common to many taxpayers. The IRS explains, “In past years, issues have been submitted by associations and others representing both small and large business taxpayers, resulting in tax guidance that has affected thousands of taxpayers.”
The IRS selects issues they wish to focus on and creates a team of IRS and Treasury personnel to research the issues and gather pertinent information from taxpayers or other individuals similarly impacted by those issues. They then attempt to recommend potential resolutions, thus benefiting both taxpayers and the IRS.
To review issue criteria, refer to Revenue Procedure 2003-36. The IRS receives submissions anytime throughout the year and reviews them semi-annually. To see the results of previous resolutions, visit IRS.gov and review guidance published in April of this year.
Interest Rates Decline Once Again
In a press release published on August 18, the IRS declared the following changes in interest rates for the fourth quarter of 2011:
- 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.
The interest rate is determined quarterly, per the Internal Revenue Code and took effect August 1, 2011.
For more information, visit IRS.gov.
Universal Accounting Will Help You Master Tax Preparation
If you find your skills and knowledge regarding tax laws and IRS regulations lacking, Universal’s tax training will help you acquire the expertise you need. UA’s Professional Tax Preparer (PTP) program will not only help you master tax preparation, 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. The four models 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. Here 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. Get 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.
UAC’s 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 step-by-step instruction in becoming a sole practitioner, one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 to enroll today.
We want to know what you think! Please post your feedback.
Resource
–. “IRS Statement: IRS Seeks New Issues for the Industry Issue Resolution Program.” 17 August 2011 IRS.gov
–. “Interest Rates Decrease for the Fourth Quarter of 2011.” 18 August 2011 IRS.gov
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
Whether you’re older or younger than prospective clients, you have a prospective problem, but it doesn’t have to stay that way. Recognizing the potential gap is half the battle; closing it is the other half.
In a recent Entrepreneur.com article entitled “How Young Entrepreneurs Can Bridge the Generation Gap,” author Matthew Toren suggests three remedies to this problem, especially for those who may appear young and inexperienced to a more ‘mature’ clientele:
1. Know what you’re talking about.
The truth is, if you’re a true industry professional, your knowledge about tax preparation is all you need to demonstrate your expertise. When you try to wing it, you’re perceived at a flippant upstart, and that won’t get you anywhere. If you need training, get it. If you lack knowledge, acquire it. Once you do, it becomes much easier to talk the talk and walk the walk.
2. Admit that you don’t know everything.
Only God is omniscient. No one else can be expected to know everything. Once you admit that to yourself, it becomes easier to admit it to your clients. Toren explains, “Most young entrepreneurs try to overcompensate for inexperience by talking as though they’ve got it all figured out. The only thing worse than not knowing all you should know is not knowing, and then acting like you do.” He suggests finding a mentor to help walk you through those trouble spots you encounter; that way, instead of telling clients you don’t know something, you can instead say, with confidence, “I can find the answer to that for you.”
3. Clean up.
Regardless of what you think is trendy, the truth is that current and prospective clients will judge you, and possibly your professionalism, by the way you present yourself. While this may not be fair, it’s expected. So if you want to be taken seriously, you’re going to have to dress the part.
You may think the age gap won’t impact your ability to perform well for clients, and you would be right. But their perception that it will is where your problem resides. Following these three simple tips will help you eliminate those concerns.
Universal Accounting Will Help You Walk the Talk
If you find your skills and knowledge lacking, Universal’s tax training will help you acquire the expertise you need. UA’s Professional Tax Preparer (PTP) program will also enable you to hone your skills and comply with the new IRS tax preparer regulations while establishing your home-based tax business. 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. The four models 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. Here 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. Get 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.
UAC’s income tax training 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 step-by-step instruction in becoming a sole practitioner, one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 to enroll today.
We want to know what you think! Please post feedback.
Resource
Toren, Matthew. “How Young Entrepreneurs Can Bridge the Generation Gap.” 5 August 2011 Entrepreneur.com
Form 8939
On August 5th, the IRS released guidelines for treating estates of taxpayers who died in 2010. The information is designed to help executors opt out of estate tax in order to apply carryover rules. These individuals are to use Form 8939 which is due on November 15, 2010.
The recent press release declares that executors must file Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, in order to avoid the estate tax so that the new carryover basis rules apply. Form 8939 and all corresponding instructions will be released early this fall.
According to the IRS press release, “Under the Economic Growth and Tax Relief Reconciliation Act of 2001, the estate tax was repealed for persons who died in 2010. However, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 reinstated the estate tax for persons who died in 2010. This recent law allows executors of the estates of decedents who died in 2010 to opt out of the estate tax, and instead elect to be governed by the repealed carry-over basis provisions of the 2001 Act. This choice is to be made by filing Form 8939.”
Offshore Account Reporting
The 2011 Offshore Voluntary Disclosure Initiative (OVDI), designed to help taxpayers hiding income in offshore accounts make their taxes current with the IRS, will expire on August 31, 2011. Taxpayers coming forward voluntarily will experience a less stringent penalty than those who wait for the IRS to discover their undisclosed accounts and income. With new reporting requirements being initiated over the next few years, taxpayers will find it increasingly more difficult to hide income in offshore accounts.
IRS Commissioner Doug Shulman explained, “The time has come to get back into compliance with the U.S. tax system, because the risks of hiding money offshore keeps going up. Our goal is to get people back into the system. The second voluntary initiative gives people a fair way to resolve their tax problems.”
Originally announced on February 8th, the 2011 OVDI Offshore Disclosure Program (OVDP) is similar to the one initiated in 2009, offering benefits that encourage taxpayers to disclose their offshore accounts and incomes rather than face higher penalties and possible criminal charges. In the 2011 initiative, taxpayers will have to pay a 25% penalty on the amount hidden in foreign accounts in the year with “the highest aggregate account balance covering the 2003 to 2010 time period.” Penalties may be lower for eligible taxpayers.
Those who choose to comply must also pay back-taxes and interest for up to eight years and well as other possible penalties. In order to be eligible for OVDI, original and amended returns must be filed by August 31, 2011.
For more information, refer to a previous post on this site, or visit IRS.gov.
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If you would like to become eligible to prepare taxes under the new regulations established by the IRS, consider enrolling in Universal’s online tax training. 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 recent changes that are impacting all paid tax preparers. Call UAC at 1-877-833-7909 to enroll our online tax training today and improve your competitive advantage and secure your professional standing in the tax industry while building a strong home-based tax business.
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