Hiring Your First Employee
If only you could clone yourself, right? You would have twice as many clients and the capacity to bill for countless hours. But there’s still a way for you to expand your business without enlisting mad-scientist help: you can hire a part-time or full-time employee.
In just about every small business, there comes a time when the owner must decide whether or not to expand and hire employees to help them accomplish more; you can assign simple and tedious tasks to a trainee while leaving the more difficult tasks to yourself. While you’re still paying this employee, it is less than what you charge, enabling you to increase your clientele and your bottom line.
Chances are you’ll need to hire someone who needs a little training; you couldn’t afford to hire another you! So where do you look for a potential apprentice? Here are 5 places you might find the perfect employee.
1. Your Children. Maybe your children don’t even mow the lawn when you ask them to, but money is an amazing motivator. Let’s say you charge $40 an hour, and you hire your teenage at $10 an hour. That’s a great deal for your child who would earn minimum wage at the nearest fast-food restaurant; and you would still be making $30 an hour for ever hour your child works doing basic tax preparation tasks. You’re teaching your children valuable skills, providing them with great experience, and expanding your business all at the same time. And there are some tax benefits for keeping this business in the family as well!
2. Referrals from Family and Friends. This could be a little tricky; the last thing you need is a guilt trip to hire unemployed Cousin Joey. So have a game plan when you approach family and friends for referrals; clearly define the type of individual you’re looking for. You’re willing to train but unwilling to hire someone and all their baggage as a favor.
3. College Campuses.If you live by a technical school, community college or university you have a great pool of students to hire from. You need to remember that you’re providing individuals with a great opportunity to learn new skills and gain the experience they need to advance in a profession. Contact their academic finance departments to see if they could post the position for you; if you talk to the right person you just might find them referring a few of their top students your way.
4. Temporary and Permanent Employment Agencies. A temp agency provides a good opportunity to find someone with specific skills to work on a trial basis. There’s no obligation to hire the individual permanently, so you can test-drive their performance in order to see if the individual is a good match. The only downside is that if you choose to hire someone from a temp agency, you’ll have to pay the agency a finder’s fee.
You’ll also have to pay a fee if you hire someone from a permanent employment agency. The nice thing about this route is the agency can do the screening for you, enabling you to meet only the best applicants whose references have already been checked.
5. Want Ads (the good old fashioned way). Or you could post an ad in the paper or online. Be sure to ask for resumes and references so that you can screen all applicants before you begin interviewing.
At any point in this process it’s important to remember that you want to find the best applicants you can so that you won’t have to go through it again anytime soon. And remember that while you may have to train your employee upfront, if you find the right person he/she will save you lots of time and money in the end.
UAC’s Training Programs Will Help You Gain That Competitive Edge
Universal Accounting Center offers the best accounting, bookkeeping and tax training available. Consider growing your tax preparation business by offering additional services to potential clients, like accounting.
Most of your competitors don’t offer specialized small-business accounting services. But after completing the Professional Bookkeeper (PB) program, you can! Consider a training program that is catered to your needs and busy schedule—one that will enable you to earn a professional designation after just 60 hours of your valuable time.
When you enroll in the Professional Bookkeeper Program you receive to the following:
- Flexible training you complete on your own schedule
- Rich and engaging training DVDs you can view again and again
- Hands-on instruction and practice sets through which you gain much-needed experience
- Training in building and marketing your new practice
- 6 months of valuable follow-up support
- The opportunity to earn professional certification
- Our iron-clad risk-free guarantee
Expand your service offerings by enrolling in UAC’s valuable training programs. Call 1-877-833-7909 to enroll today!
Businessweek.com author Karen Klein reported that startup rates increased nearly 60% in 2011, according to a survey performed by Global Entrepreneurship Monitor. She explained, “More than 12 percent of US adults reported starting a business or running a new business last year.” This is a 50% increase in entrepreneurial activity from what was seen in 2010, demonstrating that the recession has not prevented individuals from launching their own businesses.
Some entrepreneurs may be scared off by the recession, but reports like these demonstrate that startups can succeed even in the worst economic markets. In fact, for those interested in starting a financial practice, there’s no time like the present; the recession may be the best time to get your accounting and tax practice up and running.
While there are many benefits to launching your startup now, here are just five for you to consider:
1. Tax benefits. You’ll enjoy the tax benefits associated with owning and operating your own business. Some of your expenses will be recouped, and if you participate in year-round tax planning, you can increase those benefits.
2. Supplies come cheap. If there’s one thing about a recessive market, it’s decreased costs. Whether you’re looking for office supplies, office furniture, or computer equipment, you can find good deals if you just look long enough. Also, you can get much of what you need through auctions for failing businesses.
3. Good marketing angle. People respect individuals who buck tradition and go against the grain. Entrepreneur.com author Brad Sugars said, “The media loves aberrations… That means you can generate some great PR by demonstrating your ‘alternative’ view of the market.” Starting a business during a recession is an act of confidence which can inspire confidence in prospective clients as well. You can use this angle to market your services, indicating that you are so confident in the value of your services even a recession won’t deter you.
4. Hiring pool is saturated. If you would like to start your business with a support staff, now is a good time to hire. The pool of potential applicants is saturated with talented and skilled individuals who would be grateful for a steady job.
5. Your full-time job may be in jeopardy. While unemployment rates are currently on the decline, the recession is still in full force indicating that those rates are unlikely to stabilize anytime soon. If you currently work full-time, you may be worried that your job is at risk. One way to prepare for job loss is to start a home business.
You can take advantage of the recession by starting your own accounting and tax practice. With a little incentive, training, and drive, you can weather the economic storm as an entrepreneur, changing the forecast of your future.
Start Small by Mastering QuickBooks
More than 80% of small businesses use QuickBooks to manage their accounting. Becoming a QuickBooks Specialist would provide you with numerous ways to bring in more business, increase your income, and make your job easier. You can start small by offering QuickBooks set-up and consultation services for $65-$95 per hour. You’ll find companies who want to do their accounting tasks themselves, but need help configuring QuickBooks to meet their needs. With QuickBooks expertise, YOU can provide that help.
Universal Accounting Center’s self-paced program enables you to complete the parts that interest you and skip over the parts that don’t. Even if you have used the software for years, this program teaches you shortcuts and methods you may not have previously known. You will be impressed by the simple flow and completeness of UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks. For a small price you can purchase the QuickBooks software and the PBG, enabling you to become a QuickBooks Specialist. Take advantage of the recession and prepare to become a financial professional. Call Universal at 1-877-833-7909 to enroll in the PBG Program today!
Resources
Klein, Karen E. “Startup Rates Surge in the US and Abroad.” 19 January 2012 Businessweek.ccom
Sugars, Brad. “Top 10 Reasons to Start a Business in a Recession.” 25 February 2009 Entrepreneur.com
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
Extended Tax Deadline
Because April 15th is on a Sunday this year and is followed by Emancipation Day on Monday (a District of Columbia holiday), the IRS has extended the tax deadline to Tuesday, April 17th, 2012. They continue to encourage taxpayers to e-file their returns in order to ensure greater accuracy and quicker refund receipt.
To make the filing process more taxpayer-friendly, the IRS has added a number of improvements which include new navigational features on the official website as well as interactive videos designed to help users with certain tax issues.
IRS Commissioner Doug Shulman explains, “At the IRS, we’re working hard to make the process of filing your taxes as quick and easy as possible. Providing quality service is one of our top priorities. It not only reduces the burden on taxpayers, but also helps in filing an accurate return right from the start.”
The IRS also reminds paid tax return preparers they must have and include a Preparer Tax Identification Number (PTIN) on all returns they complete. All PTINs must be renewed for the 2011 tax year.
For more information on the extended deadline, visit the IRS website.
Innocent Spouses Relief
On January 5th, the IRS released new proposed deadlines extending relief to innocent spouses from income tax liability. The Notice revises threshold requirements as well as the factors used in evaluating these requests.
The press release explains, “The factors have been revised to ensure that requests for innocent spouse relief are granted under section 6015(f) when the facts and circumstances warrant and that, when appropriate, requests are granted in the initial stage of the administrative process.”
In July, 2011 the IRS made their first major change to the innocent spouse program in which the two-year time limits for requesting equitable relief were eliminated.
The IRS invites public comment on the proposed revenue procedure. The deadline for submitting feedback is February 21, 2012. For more information visit the IRS website.
National Taxpayer Advocate’s Annual Report
Nina Olson, National Taxpayer Advocate, released her annual report to Congress on January 11th. There she identified the most serious problems taxpayers face: the combination of the IRS’s expanding workload and declining resources which she claims results in “inadequate taxpayer service, erosion of taxpayer rights, and reduced tax compliance.” Olson also expressed concern that the IRS’s use of automated systems is harming taxpayers and suggested that Congress enact a comprehensive Taxpayer Bill of Rights.
For detailed information about the report, visit http://www.irs.gov/newsroom/article/0,,id=252284,00.html.
The Universal Practice Builder Program
Now is as good a time as any to grow your clientele.
In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand how to best market your services. Our Universal Practice Builder Program will provide you with 12 marketing strategies that will enable you to secure 15 to 25 qualified leaders per month, a guarantee of $30,000 in new annualized billings in only 12 months, three months of master coaching, and access to a proven plan that will help you retain clients. Again, you can complete this amazing program on your time and at your own pace.
When you order this program now, you will receive a second valuable program, QuickBooks Made Profitable, for free! Designed to help you attract even more clients using your QuickBooks expertise, this course will enable you to start and maintain an even more lucrative practice.
80% of small businesses use Intuit’s QuickBooks software. Learning QuickBooks will help you keep more efficient records, enabling you to teach your clients how to use the software so that you can get the information you need which will make your job much easier. In addition, this program will teach you how to attract more clients using your QuickBooks setup, help, and consulting services.
Take advantage of this marvelous opportunity to stay the course and thrive the current economic recession. Call Universal at 1-877-833-7909 to order now!
Resources
–. “IRS Kicks Off 2012 Tax Season with Deadline Extended to April 17.” 4 January 2012 IRS.gov
–. “More Innocent Spouses Qualify for Relief Under New IRS Guidelines.” 5 January 2012 IRS.gov
–. “National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on IRS Funding and Taxpayer Rights.” 11 January 2012 IRS.gov
In a recent newsletter intended for small businesses, the IRS shared key points informing taxpayers of specific credits and news releases that apply to the self-employed. Consider whether or not any of the following might impact you and/or any of your small-business clients:
Work Opportunity Credit
The work opportunity credit has been expanded in order to encourage employers to hire certain unemployed veterans. On November 21, 2011, President Obama signed the VOW to Hire Heroes Act of 2011, providing businesses and tax-exempt organizations with an expanded work opportunity tax credit when they hire unemployed veterans (after 11/21/2011 and before 1/1/2013). For more information, visit www.IRS.gov/form8850.
Federal Unemployment Tax Credit Reduction
Employers in the 21 credit-reduction states are required to adjust the FUTA tax on their 2011 Form 940. The adjustment must comply with the table indicating the reduction rates as dictated by the Department of Labor and found on Schedule A (Form 940–which must be attached to Form 940). For more information, refer to Instructions for Form 940 on the IRS website. According to the press release, “if employers pay wages that are subject to the unemployment tax laws of a credit reduction state, the employers must pay additional FUTA tax. Employers must include liabilities owed for credit reduction in calculating their fourth quarter deposit.”
The SSA/IRS Winter 2011 Report
The SSA/IRS Reporter is a quarterly online publication for employers and other organizations that deal with payroll and employee issues. New editions are posted in March, June, September and December. To access the December issue, visit the IRS website.
Offer in Compromise
The IRS has recently redesigned their website providing OIC guidance. An offer in compromise allows individuals and businesses to settle a tax debt for less than the amount owed. This site enables visitors to determine whether or not they are eligible and how to submit their OIC. The newly designed website and an instructional video are now available.
Revisions to FBAR and Form 8300 Explained
Businesses that have already filed certain Bank Secrecy Act paper forms but need to correct an error can follow a simpler process, as outlined by the IRS.
To correct the error, file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, or TD F 90-22.1, Report of Foreign Bank and Financial Accounts. The IRS gives detailed instructions on their website.
Secure More Clients with the Universal Practice Builder Program
It can be difficult to keep up with changing tax laws and procedures while also marketing your business. If you’re looking for help promoting your practice more effectively in order to increase revenue, consider the Universal Practice Builder (UPB) Program. 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 struggle to market your practice, call Universal at 1-877-833-7909 to register for this phenomenal program now!!
New in 2012: Due Diligence Checklist Filing Requirement
On December 20, 2011, the IRS released regulations requiring paid tax preparers to file due diligence checklists with every return claiming the Earned Income Tax Credit (EITC). The Paid Preparer’s Earned Income Credit Checklist, Form 8867, was previously required of tax preparers to complete and retain in their own personal records; it was intended to help them acquire the necessary eligibility information from their clients.
The IRS press release explains, “The regulations also reflect recent congressional action to increase the penalty for noncompliance with the due diligence requirement from $100 to $500.”
For more information on these final regulations, refer to the Treasury Decision 9570 published in the Federal Register.
Extended Deadline for Various Tax-Exempt Organizations
On December 16th, 2011, the IRS announced that it had extended the January and February filing deadlines for tax-exempt organizations until March 30, 2012. Due to portions of the IRS’s e-filing system being offline during January and February of this year, the IRS has granted the extension. The rest of the system will be fully operational and all businesses and individuals are expected to file accurate and timely returns.
The extension applies to all those tax-exempt organizations whose normal filing deadline is either January 17th or February 15th of this year; this includes those organizations that had an extension deadline for these same dates. The majority of tax-exempt organizations have a May 15th filing deadline and will be unaffected by this extension.
For more information, refer to Notice 2012-4 posted on IRS.gov.
Payroll Tax Cut Extended into 2012
The reduced payroll tax rate effective in 2011 has been temporarily extended into 2012, benefiting nearly 160 million workers. The cut, which reduced the Social Security tax withholding rate from 6.2 percent to 4.2 percent, will continue to be in effect through February 29th, 2012 and will have no effect on employees’ future Social Security benefits.
Employers are expected to implement the new tax rate as soon as possible in 2012 but no later than January 31, 2012. Any Social Security tax over-withheld in January should be compensated in an offsetting adjustment in employee pay as soon as possible and no later than March 31, 2012. Employers and payroll companies must manage the withholding changes; employers are not required to take any action.
The press release explains, “The IRS will issue additional guidance as needed to implement the provisions of this new two-month extension, including revised employment tax forms and instructions and information for employees who may be subject to the new “recapture” provision. For most employers, the quarterly employment tax return for the quarter ending March 31, 2012, is due April 30, 2012.”
Earning a Professional Designation is Good for Your Professional Reputation
Whether it’s enhancing your skill-set with a current employer or distinguishing yourself by building credibility with your own clients, the QS designation will stand as proof of your expertise. To earn this QuickBooks designation you must complete the Professional Bookkeeper’s Guide to QuickBooks (PBG) and pass the final exam with a score of 90% or higher. And just like that you receive professional certification!
Additional Benefits
In addition to the skills you acquire in completing the PBG, you will also receive the following:
- Thorough and complete training on the latest and greatest version of QuickBooks Pro
- 6 months’ worth of access to our experienced, qualified QuickBooks professional accountants and CPAs to answer your questions
- Accounting 101 Review
- 30 hours of Continuing Professional Education (CPE) in most states
- A 100% money-back guarantee
- A valuable addition to your reference library
The PBG offers the most competitive QuickBooks training on the market. Master QuickBooks and become the premier QuickBooks consultant in your area. Call Universal at 1-877-833-7909 and enroll in the Professional Bookkeeper’s Guide to QuickBooks today!
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
Standard Mileage Rates Remain the Same
On December 9th, the IRS announced the 2012 optional standard mileage rates which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car will be:
- 55.5 cents per mile for business miles driven
- 23 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.
More information on calculating mileage rates, refer to the IRS website at Rev. Proc. 2010-51.
US and Dual Citizens Living outside the States
Because some taxpayers are dual citizens of the US who sometimes fail to meet the filing deadline for income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs), the IRS is helping them achieve compliance by issuing a fact sheet summarizing information about their filing requirements.
Penalties will not be imposed in all cases of noncompliance. In fact, those taxpayers who owe no U.S. tax (e.g., due to the application of the foreign earned income exclusion or foreign tax credits) will owe no failure to file or failure to pay penalties.
This fact sheet is provided for information purposes only and covers the following topics:
- US income tax filing requirement
- Penalties imposed for failure to file income tax returns or to pay tax
- Possible additional penalties that may apply in particular cases
- FBAR filing requirement
- How to file an FBAR
- Possible penalties for failure to file FBAR
- New reporting requirement for foreign financial assets
For more information, visit the IRS website.
Foreign Financial Asset Reporting
The IRS has released a new information reporting form that taxpayers will use this coming tax filing season to report specified foreign financial assets for tax year 2011.
The new form, 8938 (Statement of Specified Foreign Financial Assets), will be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts. You must determine if your clients are subject to this new requirement because failing to comply will result in significant penalties.
This filing requirement is the result of a new effort by the IRS to improve tax compliance by U.S. taxpayers with offshore financial accounts. Those who may be required to file Form 8938 include U.S. citizens and residents, nonresidents who elect to file a joint income tax return and certain nonresidents who live in a U.S. territory.
Form 8938 is required when the total value of specified foreign assets exceeds certain thresholds. For more information on the new form and the specific thresholds, visit FATCA page of irs.gov.
UAC’s Training Programs Will Help You Gain That Competitive Edge
Universal Accounting Center offers the best accounting, bookkeeping and tax training available. Consider growing your tax preparation business by offering additional services to potential clients, like accounting.
Most of your competitors don’t offer specialized small-business accounting services. But after completing the Professional Bookkeeper (PB) program, you can! Consider a training program that is catered to your needs and busy schedule—one that will enable you to earn a professional designation after just 60 hours of your valuable time.
When you enroll in the Professional Bookkeeper Program you receive to the following:
- Flexible training you complete on your own schedule
- Rich and engaging training DVDs you can view again and again
- Hands-on instruction and practice sets through which you gain much-needed experience
- Training in building and marketing your new practice
- 6 months of valuable follow-up support
- The opportunity to earn professional certification
- Our iron-clad risk-free guarantee
Expand your service offerings by enrolling in UAC’s valuable training programs. Call 1-877-833-7909 to enroll today!
Resource
–. “Information for US Citizens or Dual Citizens Residing Outside the US.” Dec. 2011 IRS.gov
–. “IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July.” 9 Dec. 2011 IRS.gov
–. “IRS Releases Guidance on Foreign Financial Asset Reporting.” 14 Dec. 2011 IRS.gov
On December 6th 2011, the IRS announced the standards they will use to approve Continuing Education (CE) Providers and IRS CE Accrediting organizations. This enables the IRS to move forward with the new CE requirements where registered tax preparers must earn 15 hours of continuing professional education (CPE) credits each year, including 2 hours of ethics, 3 hours of federal tax updates, and 10 hours of general federal tax law topics. This in addition to the requirement that tax preparers register with the IRS, secure a PTIN and pass a competency exam.
Preparers who must take the Registered Tax Return Preparer competency exam by the end of 2013 must also complete their CE courses in 2012. These courses must be taken by IRS-approved providers.
According to the press release, the IRS requires organizations be one of the following in order to qualify as a provider:
- An accredited educational institution,
- Recognized for continuing education purposes by the licensing body of any state or U.S. territory,
- Approved by a qualifying organization as a provider of CE on subject matters designed for registered tax return preparers, enrolled agents, and enrolled retirement plan agents (such qualifying organizations will be known as accrediting organizations), or
- Any other professional organization, society or business recognized by the IRS as a provider of CE on subject matters designed for registered tax return preparers, enrolled agents, and enrolled retirement plan agents.
In order to become an accrediting organization, the required documentation—as outlined in section 4 of Revenue Procedure 2012-12—must be submitted to the address provided. When approved, the organizations will be publicized by the IRS.
All approved organizations must obtain an IRS CE provider number which can be secured through an online application process. An annual fee will also be required to cover third-party vendor costs for administering the CE provider application and renewal processes. The fee includes the cost to be included on a public listing of all approved providers and to collect course collection information from providers; this enables the IRS to identify those individuals (via PTIN) who have completed a program. Qualifying organizations must renew their status with the IRS every three years.
For more information, visit the IRS at www.irs.gov/taxpros/ce.
Universal’s IRS-Approved Tax Training Will Help Meet IRS Regulations
Universal Accounting recently announced its approval as an IRS Continuing Education Provider, enabling individuals desiring to become Registered Tax Return Preparers to fulfill their CE requirements through Universal’s self-study and online tax courses.
The IRS oversees the approval of all CE providers. Because Universal’s tax training was already recognized as a sponsor of Quality Assurance Service (QAS) self-study courses, after meeting the National Association of State Boards of Accountancy’s (NASBA) rigorous standards, the Professional Tax Preparer program was easily adopted by the IRS. Universal is happy to join the ranks of IRS-approved Continuing Education Providers and is confident that their tax training will enable countless graduates to advance their careers in the finance industry.
If you would like to learn how the Professional Tax Program can enhance your career, call Universal Accounting at 1-877-833-7909.
Resource
–. “IRS Announces Standards for Continuing Education Providers and Accrediting Organizations.” 6 Dec 2011 IRS.gov
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.
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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
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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
