business tax classes

[Kea]

I am considering expanding my tax preparation business to include business returns. I would prefer to learn in a classroom setting, but books, DVDs are OK, too. Any recommendations?

Thanks.

[TAXBILLY]

NATP and NCPE have seminars given across the country right around now that are quite good.

taxbilly

[jainen]

>>expanding my tax preparation business to include business returns<<

That's a mighty big order. Try to break it into smaller chunks such as partnerships or S-corps, or focus on a particular industry like restaurants.

The first thing is to review or learn basic accounting so you can handle Profit & Loss statements and Balance Sheets. Your local community college probably has the best deal for that.

If you have access to H&R Block advanced courses, you won't find a better introduction to actually filling out the tax forms.

It's hard to recommend seminar courses for beginning tax theory because a classroom just doesn't have enough time. For example, the current NATP national symposium has a session called "S-corporations from A to Z." It covers "converting a corporation to an S corporation after inception, including built-in gains tax... how to track shareholder basis, AAA accounts, and shareholder loan accounts... salaries and health benefits... tax accounting years and pass-through to shareholders, loss limitation, and the taxation of distributions... preparation of the 1120S as well as the corresponding 1040 returns for the shareholders with an emphasis on basis issues, reasonable salary, health insurance deductions, and other important topics."

Plus -- you'll be finished in time for lunch! (They have another class that is just as long and only looks at the first item on that list. )

[Kea]

Thanks Jainen & Taxbilly.

I did take the H&R tax classs when I first started. I worked for them for 1 tax season, then took almost all the other classes they offered the next summer. Then I started my own business. I don't remember their offering classes in partnerships or other business entities (except, sole prop of course). Also they seemed to only be interested in teaching to H&R employees since a couple of the textbooks contained a lot of typos. But, I agree, that they gave me a good foundation.

I have had a few accounting classes, but the refreshers would be a good idea. I've been wanting to expand, and now I have a 2 sole proprietors that want to become partnerships or are looking at changing to another business entity. They already trust me and want to keep me. I want to make sure I can do right by them.

Thanks so much.

[jainen]

>>want to become partnerships or are looking at changing to another business entity<<

You have a good background so you'll do fine. Unfortunately, choice-of-entity is way up there in the super-advanced category, almost needing a license to practice law. Make sure you get help if you are the least bit involved in that decision.

[Kea]

All I've done at this point is explain that I know what the entities are, but not much else. I did share a chart out of Quickfinders that has the summaries.

[kcjenkins]

Just don't let yourself be intimidated by the fact that you are learning 'new stuff'. It helps your mental state-of-mind to remind yourself that tax law changes so often these days that everyone needs to take courses to keep up to date, and anyone who learned their tax law 5 years ago, and has not kept on studying since, now is out of date on close to half of what they think they 'know'. So while I think Jainen is right, and you should take it in small bites, rather than try to add too many new areas in one leap, it's not something to be afraid of, either. If you stay in this occupation, you will be studying, and learning new laws, every year for the rest of your working life, if you want to remain competent. Good luck.

[Kea]

I'm seldom afraid or intimidated about learning new things. I'm just trying to find a good way to do it. For updates, I'm OK with books and newsletters. For the "new stuff" I learn better in a classroom. I also have to keep in mind that my business is fairly small, so keeping costs down is especially important to me (important to all, but "affordable" for me is lower than for many).

Over the next couple of years, I will also have to learn about non-profits and expatriots. I'm hoping I get some of the non-profit info in some of the other classes (maybe). But for expatriot, I guess I'll stick to IRS publications. My clients are always moving into new areas. This is good - it makes me learn new things!

Thanks

[Lion EA]

I'm seldom afraid or intimidated about learning new things. I'm just trying to find a good way to do it. For updates, I'm OK with books and newsletters. For the "new stuff" I learn better in a classroom. I also have to keep in mind that my business is fairly small, so keeping costs down is especially important to me (important to all, but "affordable" for me is lower than for many).

Over the next couple of years, I will also have to learn about non-profits and expatriots. I'm hoping I get some of the non-profit info in some of the other classes (maybe). But for expatriot, I guess I'll stick to IRS publications. My clients are always moving into new areas. This is good - it makes me learn new things!

Thanks

H&R Block is posting over 110 courses online and still has classroom courses around the country. You can go to HRBlock.com to find a classroom near you, to register and pay for online and classroom courses, and to view the entire list of courses: Corporations, S-Corporations, Partnerships, NonProfits, and yes, even courses re US citizens with foreign income and foreign citizens with US income. The textbooks still have their share of typos, with the short time frame to write and edit and print and distribute; but you can check for course corrections online, also. Some textbooks are rewritten every two years instead of every year, so maybe they'll correct more of the errors by the second year.