Getting a Tax Education
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This presentation discusses how an individual can obtain the necessary educational requirement to become a tax professional.
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Getting a Tax Education
- 1. GETTING A TAX EDUCATION Charles Davidson, Accelerated Tax Systems
- 2. This presentation discusses how an individual can obtain the basic educational requirements to become a tax professional If you have questions, please contact: Charles Davidson Accelerated Tax Systems davidson@acceleratedtaxsystems.com www.acceleratedtaxsystems.com Getting a Tax Education Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com
- 3. Self-study Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com Getting a Tax Education
- 4. Self-study VITA /TCE Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com Getting a Tax Education
- 5. Self-study VITA /TCE College course in tax preparation Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com Getting a Tax Education
- 6. Self-study VITA /TCE College course in tax preparation IRS National Tax Forums Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com Getting a Tax Education
- 7. Self-study VITA /TCE College course in tax preparation IRS National Tax Forums Tax franchise office Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com Getting a Tax Education
- 8. Self-study VITA /TCE College course in tax preparation IRS National Tax Forums Tax franchise office Private tax school Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com Getting a Tax Education
- 9. If you live in a state that requires qualifying or continuing education: Make sure your educational provider is approved by the state licensing body Find out what the initial and ongoing requirements are Don’t be afraid to go above and beyond Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com Getting a Tax Education
- 10. Accelerated Tax Systems is a full-service company that provides the products, services, and resources that help you create and grow a successful tax practice. Tax Education Training Software and Bank Products Marketing Operations Consulting Services Accelerated Tax Systems Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com
- 11. Accelerated Tax Systems Leading provider of qualifying and continuing education programs Approvals Internal Revenue Service Return Preparer Office California Tax Education Council (CTEC) Fundamentals of Income Tax Preparation Self-paced, online course $249.00 www.1040taxschool.com Accelerated Tax Systems Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com
- 12. Contact Us Charles Davidson Accelerated Tax Systems 2910 Weald Way No. 514 Sacramento, CA 95833 (916) 717-6454 davidson@acceleratedtaxsystems.com www.AcceleratedTaxSystems.com Accelerated Tax Systems Copyright 2013 Accelerated Tax Systems. All Rights Reserved. www.AcceleratedTaxSystems.com
Editor's Notes
- The first method is self-study. This simply means that you go to the IRS website and download a bunch of IRS and Treasury publications and begin reading.The main advantage here is the cost. It doesn’t cost you anything to do this. But I don’t recommend it.First of all, have you ever tried to make you way through a government publication? It’s not an easy thing to do on your own. Why do you think so many taxpayers end up using tax professionals?There’s no structure to reading IRS publications. You won’t know if what you are reading is important or if it has extra detail that you don’t need. How will you know what publications are useful? There’s no quizzes or tests to make sure you are learning what you really need to know.Now, I know a lot of people who can pick up a book and, in a short time, become an expert on a particular topic. You can learn how to prepare tax returns doing it this way. But I don’t really think it’s the most effective or efficient way to do it.A lot of tax return preparers simply hang out a shingle and say they are in business. Any time a client comes in, they start looking up answers in the government publications. But think about what it looks like if your tax preparer had to go look up an answer every time you had a question. It’s not very professional.Plus, if you live in a state like Oregon or California, you have to take a course from an approved provider, so this won’t work for you anyway.
- Did you know that you can get free training from the IRS?The IRS has two programs that help taxpayers by assisting with the preparation of tax returns: Volunteer Income Tax Assistance, or VITA, and Tax Counseling for the Elderly, or TCE. These programs are operated by volunteers and are located in almost every community around the country.The IRS has an extensive training program that allows volunteers to learn tax preparation skills. Volunteer preparers are limited in the types of tax returns they can preparer, but you will still get a good basic knowledge. You can identify and fill knowledge gaps later.VITA and TCE uses training materials created especially by the IRS for these programs. It’s very good curriculum and an exception to the rule about trying to learn from government publications. There’s no cost to use the materials or take the certification test.You don’t have to become a volunteer tax preparer if you don’t want, but it’s a great way to gain valuable experience working with clients. As a new preparer, this experience could help you land your first job.
- The next option is to take a course in tax preparation from a local community college. These classes may be offered in either the regular course catalog or through a community education program. A college course can be a great way to learn about income tax but there are a couple of things you may want to consider.Most courses are offered in the fall, right before tax season. There’s nothing wrong with this, unless you want to take it at a different time of the year.Also, you’re locked into a semester-length course, which usually means 16 weeks. This is a four to six weeks longer than many of the commercial classes offered by companies like H&R Block. So you will probably be spending a lot more time in class.Finally, the cost is relatively inexpensive. Each college has different tuition rates, but you can probably take a tax course for around $100 - $150.If your state requires a qualifying education program, make sure the college is an approved provider. Not all colleges are.
- The IRS is great about providing a lot of training for tax professionals. Each year, in the summer, they sponsor the National Tax Forms in 6 cities across the country. This three-day event allows tax preparers from all around the country to gather and learn about new tax laws and changes happening in the IRS. It’s a great opportunity to meet other tax professionals and IRS employees.The cost is around $250 per person and doesn’t include travel costs.The education you receive at a National Tax Forum is not comprehensive. In other words, you won’t learn how to prepare a tax return from start to finish, but you will learn specific techniques or how to handle certain type of tax returns or clients.
- It’s probably no secret that every year in July and August the signs in the windows of tax offices like H&R Block or Jackson Hewitt change from tax preparation to tax school.Many years ago H&R Block discovered that the best way to get qualified new employees was to conduct training classes. Students enrolled in the classes and paid the tuition. Instructors got to see the student in action over several months and, when it came time to recruit employees, the top students from the classes were tapped for an interview.The idea caught on and now all the major tax preparation firms offer basic tax classes in the fall – usually September.The format is similar to a college class with most classes meeting twice a week for 10 – 12 weeks. Each class lasts about 3 hours and many locations will offer a daytime and a night time class to allow for different work schedules.Each of these companies is careful to tell you that completing the course does not guarantee an offer of employment and no student is required to accept employment at the end of the class.The majority of beginning tax preparers enter the business though a class offered by one of these companies.Tuition is usually affordable. Not cheap but not expensive either. A 10 week class could run $199 - $350. What makes this tricky is that each state has different requirements for how tax schools can operate. In some states they must follow regulations for trade schools. In order to get around these regulations, they have come up with a number of marketing techniques. For example, schools that charge a tuition must register as a trade school and meet licensing requirements or pay hefty application fees. In order to avoid this, the company offers free tax courses. Of course, the class isn’t entirely free. You do have to pay for your books, usually the same price as tuition for a company located in another state. I’m not saying this is a bad practice, but be aware that there aren’t any schools that teach tax preparation for free, so make sure you check out the fine print before you sign any document.There’s one more point I’d like to go over. A few years ago, H&R Block was the leading company if you wanted to take a tax class. They took in any student who wanted to take a class and was willing to pay the fee.But things changes a few years ago. A ruling by the Department of Labor, meant that the company didn’t have to provide training for students who might go into competition with H&R Block. They refused to allow students in the course if you worked or planned to work for a competitor. This is still the case for many office around the country.If your goal is to work for H&R Block, then it’s worth taking a look at their school. If you want to keep your options open, then you should consider another school.This could also mean that some office will not hire you if you did not graduate from their school. If your plan is to work for a national franchise company, really look in to their educational program so there are no surprises.Otherwise, these programs are very good. Many students like to be in a class with other students. They feed off the discussion and interaction. If you like that, then these courses may be for you.
- Finally, there are private tax schools that provide quality education programs. There are a wide variety of costs, as well. Some schools charge as little as $100 and some charge $450 or more. Shop around for a program that meets your needs.More and more private schools are offering online programs which means you don’t have to attend class at all. They are self-paced, so you can work at your own speed. Do as much or as little as you need each week you are enrolled.Since classes aren’t meeting in real-time, students who are self-motivated and have a sense of purpose usually do better in these programs. On the other hand, someone with a little previous experience or education can complete an online course very quickly.Some of these schools even offer classes in travel destinations like Las Vegas or on cruise ships. If you’re looking for some travel opportunities and want to write off some business deductions, look for these seminar companies.
- OK. Let me give you some final thoughts.First of all, it’s important to realize that if you live in a state that regulates tax preparers, you must find out the requirements. If there is an education requirement, make sure you use an approved provider.Determine if you need qualifying education or continuing education or both. Find out what the minimum number of hours are required, but don’t be afraid to go above and beyond. That’s what’s going to make you a better tax preparer and will differentiate you as a professional.
- I’d like to tell you just a little bit about my company. Accelerated Education System, is a leading provider of educational programs. We have been in business for 8 years and we are approved by the Internal Revenue Service Return Preparer Office as well as the California Tax Education Council. We offer both qualifying and continuing education classes in an online, self-paced environment. You can complete your courses in as little as a few weeks or take as long as you need. We have instructors standing by who can help you with your questions. Currently our Fundamentals of Income Tax Preparation course is priced at $249 and you can enroll at www.1040taxschool.com