Recent Posts

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91
How to Become a Wealthy Accountant / Re: CPA Pursuit
« Last post by ColeFord on August 30, 2018, 10:00:34 AM »
Thank you for the response.
Which firms would make sense to gain accounting experience while I'm completing my degree and preparing for the CPA license? The end goal is to operate my own firm specializing in taxation for real estate investors, accredited investors, and small business owners.
In other words, with the knowledge and experience you've gained in your career. How would you go about reaching my end goal?
92
How to Become a Wealthy Accountant / Re: CPA Pursuit
« Last post by KeithTax on August 29, 2018, 10:38:01 PM »
I'm not sure what you're asking, ColeFord. Can you elaborate?
93
Index Funds and the Stock Market / Re: Fidelity's new FZROX? 0% expense ratio
« Last post by KeithTax on August 29, 2018, 10:35:50 PM »
Maccountant, I read an article where Vanguard and Fidelity have almost no cost in running their index funds. By charging no management fee they hope to bring in more investors and sell them other services: 401(k), advisory services, et cetera.
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How to Become a Wealthy Accountant / CPA Pursuit
« Last post by ColeFord on August 29, 2018, 08:57:43 PM »
Good morning/afternoon/evening!
I'm a 35 year old single man who resides in the D.C/MD.VA area (employed at a bank; will be transitioning in a commercial real estate underwriter position). I will be going back to college to complete an accounting degree (Bachelor's/Master's accelerated program). While attending college I plan to also prepare for the CPA license (AUD --> REG --> FAR --> BEC) so I can take the exams while everything is fresh. The purpose is to establish my own accounting firm serving small business owners, real estate investors, and accredited investors. While also allocating 50%-75% of my income to multifamily properties (20+ unit complexes) and index funds. I'm willing to do what's necessary but it's wise to inquire about an efficient way to earning the CPA license and gaining the necessary experience.

Thanks in advance!
95
Index Funds and the Stock Market / Fidelity's new FZROX? 0% expense ratio
« Last post by Maccountant on August 18, 2018, 03:01:47 PM »
Has anyone researched this this new index fund offered by Fidelity? With a zero percent management fee, you have to wonder how they are making a profit? Granted Vanguard's VTSAX was 0.04% which is pretty close to zero. But at least Vanguard in charging something.

It just makes me wonder what am I missing? Where's the catch?

Does anyone have any plans on investing in the fund?

96
How to Become a Wealthy Accountant / Re: Tax Preparation Training
« Last post by KeithTax on August 09, 2018, 08:40:47 PM »
Chris, I have a preparer moving up to an EA in my office . I bought her the Fast Forward program. The EA exam isn't easy, but then again it designates you have a minimum of tax knowledge. Keep in mind if you don't take the EA exams this year they will change radically next year to incorporate H.R. 1 (Tax Cuts and Jobs Act).

For the record, I got my first formalized training at the H&R Block course over 30 years ago. It's basic, yet valuable in building basic tax skills. I've come a long ways. We all started somewhere.

As for the time requirements, you get out what you put into the program. Rather than focus on time requirements, focus on proficiency. Time needed to become proficient depends on several factors, all unique to you: current level of tax knowledge, tax aptitude and learning speed.

I recommend the EA because you can then represent clients before the IRS up to appeals. It's the most valuable designation.
97
How to Become a Wealthy Accountant / Tax Preparation Training
« Last post by Chris on August 07, 2018, 10:11:17 AM »
With the goal of launching a tax preparation & planning business next year, I'm exploring training options, certifications, and how to set myself up for success.  Other than preparing my own tax returns, I have no prior experience or knowledge in this area. There are a few routes I could go:

1. Tax Preparation Training: Through franchises such as Liberty Tax or H&R Block. Training cost is minimal. Time commitment is approximately 10-12 weeks and 40-60 hours. At the end, a participant may get a certificate for completion.

2.  Annual Filing Season Participant:  Issued by the IRS, they recognize individuals who obtain 18 hours of training and pass a tax law refresher test. This is not exactly a certification, but it's recognition from the IRS that you've continued your education in the field.  There are many private organizations out there that offer the 18 hours of training, many are under $100.

3. Enrolled Agent (EA):  Requirement to pass 3 exams.  I've heard good things about the The Fast Forward Academy training, which is $450.  Looks to include 10 hours of material, and I'd probably have to invest some additional hours studying.

Would love to hear thoughts from the group!  With the amount of hours required for options 1 and 2, I'd rather put that time towards option 3 as it gets me the best credentials. BUT, is it practical for someone with no prior experience to go straight for the EA?
98
How to Become a Wealthy Accountant / Re: How to Get Clients
« Last post by KeithTax on August 06, 2018, 01:37:23 PM »
Direct mail and newspaper advertising to promote a tax/accounting office died decades ago. Most tax offices are swamped quickly with work because demand is so high compared to people entering the field. I found the free advertising works best. Speaking to a handful of organizations the first year will start the ball rolling. It should take on a life of its own after that. I assume you will have a store front. Just a store front on a main street will drive work to you.

Additional advice: Don't do everything. Just because you can do it doesn't mean you should. I'd farm out the payroll. If you have bookkeeping clients show up you have to decide if you want to deal with it internally or farm it out, too. Tax and consulting is huge. Tax preparation is really data processing and a commodity, but consulting is where the client can get real value for their investment. A few select speaking engagements locally will probably give you more work than you can handle.
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How to Become a Wealthy Accountant / How to Get Clients
« Last post by ChinaCaptain on July 26, 2018, 12:00:09 PM »
Hello,

I am brand new to this forum, and would appreciate any candid advice.  So I am currently researching getting my EA and later CPA.  I would like to start a Tax, Payroll and Business Consulting practice on the Long Island, NY area.  I left the business consulting (International Supply Chain Management) area many years ago and enjoyed the work very much, but not the company I worked for during the late 1990’s. 

Now that I am older and hoepfully wiser, I would like to know in addition to a solid website, what other forms of advertising and marketing has worked in this area?  I noticed that our local papers and direct mail contain no accounting firms who advertise at the local level, although thousands of small businesses advertise in these papers such as roofers, pool cleaners, handyman, etc.

Any guidance would be greatly appreciated.

Thank you!

Andrew
100
I need a Tax Accountant to Help Me With ____ / Re: Roth conversion trade-off
« Last post by KeithTax on July 22, 2018, 06:09:31 PM »
The new tax law rules out any rules of thumb. I would need more info to work up the tax consequences.
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