Building an active tax practice is easy when you’re an enrolled agent reaching out to the many individuals who haven’t filed prior year tax returns. These people don’t need to panic but they should obtain help right away. They benefit most from being informed about the skills of enrolled agents.Helping people who are delinquent in filing for past years requires an action plan in addition to the technical tax return preparation knowledge you possess from completing your enrolled agent course. The first measure to take is remembering that taxpayers who failed to file returns when due are fearful of the consequences. They have a hopeless feeling with the passage of every year that completion of their tax returns can never happen.That’s why they need a tax specialist like you to put together the information required for an accurate tax return. They come to you when they discover the extensive tax training possessed by enrolled agents. In addition, enrolled agents have the authority to negotiate with the IRS on behalf of taxpayers. A paper copy of the delinquent tax return for each year is sent separately to the IRS. Be sure to use the right address for taxpayers with a past year that is in a distinctive IRS office for collections or Substitute for Return. A good recommendation you can give taxpayers is to include some amount of payment for any tax due. After the IRS processes a delinquent tax return, you can represent the taxpayer in negotiating a plan with the IRS for payment of the tax balance.
Tax preparation is a relatively easy career field to enter. All you need is a certificate, which is usually obtained through formal via one of the many online training schools or provided by the tax preparation firms themselves.It should be noted that there are some important benefits in choosing a tax preparation school over training with a tax preparation firm. Most of the programs offered by training schools are conducted online so that you can review the coursework and complete assignments from the comfort of your own home and at a time which is most convenient to you. In addition, by participating in an online program you will have a greater choice of where to work, such as CPA firms, government agencies, as well as private and nonprofit organizations. Most of the tax preparation firms will be training you to work for their own office.
Many entrepreneurial-minded people use tax preparation services as one revenue stream of a financial service business. Building a business with multiple revenue streams is especially important when one of your services is seasonally-based since you will want to ensure a steady cash flow throughout the year. Types of services you can add on include payroll and bookkeeping. In addition, if you have at least an associate’s degree in accounting, you can also perform accounts receivable and accounts payable for small business clients.
Before setting up the business be sure to check with the offices of the secretary of state to determine what, if any, licenses are needed to operate. In addition, if the business will be operated from a home-based office you will also want to contact your local zoning board to learn of any ordinances which could affect you.
Few things are more nerve-wracking for the owner of a small business than the sight of idle or under-utilized employees. And it’s tough on staff, too, who find it disconcerting at best, demoralizing at worst, to have their routines up-ended, to just fill time while they worry about the business and their own livelihood. Training staff while it’s slow is a great way to keep staff engaged and improve the workings of your business. It can be all done online so you can keep employees on the premises and avoid travel costs, and the additional good news is that there are free or low-cost resources available to you. The Innovators Forum, aimed at small business, isn’t endorsing any of these outfits and I can’t attest to the content, but here are some very interesting opportunities to engage and improve your staff.
Tips for Making the Training Count:
When you’re considering offering training to your staff, keep these tips in mind:
* Think carefully about the skills that your business needs now and in the future and prioritize those.
* Plan a growth path for your employees and train your next set of managers in leadership and time management
* Consider whether providing personal growth training for problem employees could increase productivity
* Assess whether training an internal employee could reduce your dependence or expenses for outside consultants or service providers
* Be sure to look at your veteran employees and consider a knowledge transfer to less experienced workers. This can bolster the morale of the veteran, build team connections, and reduce your dependence on individuals if it’s handled well.