Discussion:Just gettin' started

I am CPA/JD. I have about 20 years experience in auditing/financial analysis. I worked a couple of seasons at H&R Block. I am currently employed in the public sector, regulating financial industry companies. Every time I think I should go the path of least resistance (continue to get more education and training in regulation of the financial sector) my heart leads me back to getting my EA license and starting my own practice.

Having said this - I would like to hear from tax professionals on:

1. Which EA exam course to take (I want to do self study). 2. What I should expect in starting my own tax practice (I still live in my home town) 3. How much I will enjoy a small tax practice (based on your experiences)

Any and all input will be very appreciated.

Thanks in advance!

Highcard

Congratulations on deciding to follow your heart. Personally, I LOVE being an accountant and firmly believe that following my heart makes all aspects of my life better.

1. I studied for the EA exam by using the course materials the IRS sent to me, and followed that with a two-day live course given by the National Association of Tax Practioners (NATP). The NATP offers the course materials for self-study, but I do so much better when I get to interact with an instructor.

2. When starting your own practice, expect a little chaos. Think carefully about your systems and procedures from getting the data from your clients efficiently, and getting returns completed, reviewed, processed, and out the door as quickly as possible. H&R Block is a little unique, because many of the offices (not all) make money based on the quantity of returns they prepare. It is nearly impossible to be a sole practitioner and compete with the efficiency of an H&R Block, so you have to differentiate yourself. Have you considered what you do that will differentiate your services and client relationships from what is being offered by other professionals? I am sure you are used to thinking on your feet, so be prepared to roll with the punches. Use great tax checklists (AICPA members have access to especially good tax preparation checklists). Set client boundaries (Example: If your data is not in by 3/31 your return will be extended). Keep your costs as modest as possible. Plan for your "off-season".

3. I LOVE my practice! I wake up every day excited about what I do. I make sure to have a personal life, but I don't mind working weekends when I need to.

Best of luck to you!