CREW CPA Crew

Muddy Waters

How are you doing?
OT Supporter
Dec 12, 2007
54,075
Southern California
@stevezissou
@MrBonus
@turbo35
@Sal Paradise
@Simple

i'm a cpa but have never got into the tax side of the profession, i've done some 1099 work for tax cpa's doing tax prep but that's as far as i've gone. looking to get into taxes a lot more now. any suggestions of a good cpe or a good class that I can really start to master the rules and taxes that I will need to get into this?

tyia
 

StuDLei

Death before Dishonor
Jul 21, 2001
13,479
Omaha, NE
Tax CPA here. I can't imagine switching if you've been in the career long. Kudos to you, but I would expect a pretty hefty salary decrease if that's the case, no?

Tax is a shitshow. Honestly, I like the work, but the tax code has become so stupidly complex that it's nearly impossible to be efficient and get client work done for a reasonable cost. The mousetrap is now gigantic. I'm only a 5 year guy, not a partner by any stretch, so others can probably shed more light. But that's my take. It got pretty stupid in 2018, and really stupid with Covid.

GL
 

stevezissou

OT Supporter
Jul 15, 2009
43,885
US
@stevezissou
@MrBonus
@turbo35
@Sal Paradise
@Simple

i'm a cpa but have never got into the tax side of the profession, i've done some 1099 work for tax cpa's doing tax prep but that's as far as i've gone. looking to get into taxes a lot more now. any suggestions of a good cpe or a good class that I can really start to master the rules and taxes that I will need to get into this?

tyia
What side of the profession are you in now? Audit or internal?
 

stevezissou

OT Supporter
Jul 15, 2009
43,885
US
I just do reviews rn
A lot of bookkeeping work also (that is done in India and reviewed by me)
You are familiar with double entry accounting so that is good.

I think it would be easier to start with C-Corps and then into s-corps and partnerships.

All three of those are double entry and have balance sheets that tie to the return and match the income statement and either retained earnings/capital accounts.
Then you can pick up the other stuff along the way since 80% of it is being able to balance the balance sheet, tie out cash, and the income statement.

Do you have anyone you know in TAX now locally that you can get started with? Maybe a local college course you can take as "non degree seeking" student in C-Corps or "taxation of flow through entities"

Cliffs: I would start with C-Corps and S-Corps/Partnerships. Individual taxation is crazy hard to learn from scratch and low margin and high competition.
 
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Muddy Waters

Muddy Waters

How are you doing?
OT Supporter
Dec 12, 2007
54,075
Southern California
You are familiar with double entry accounting so that is good.

I think it would be easier to start with C-Corps and then into s-corps and partnerships.

All three of those are double entry and have balance sheets that tie to the return and match the income statement and either retained earnings/capital accounts.
Then you can pick up the other stuff along the way since 80% of it is being able to balance the balance sheet, tie out cash, and the income statement.

Do you have anyone you know in TAX now locally that you can get started with? Maybe a local college course you can take as "non degree seeking" student in C-Corps or "taxation of flow through entities"

Cliffs: I would start with C-Corps and S-Corps/Partnerships. Individual taxation is crazy hard to learn from scratch and low margin and high competition.
Thanks for the advice, would be hard just to do a corporation and not the owners individual taxes though? I'm sure they'd want to find someone who does both

I have a CPA I'm going to do some per diem work for that I'm hoping to learn from
 
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Muddy Waters

Muddy Waters

How are you doing?
OT Supporter
Dec 12, 2007
54,075
Southern California
what state are you in?

where i'm at, we had to get audit as well as tax hours to qualify, and i thought it was the same for all states but not entirely sure. if so, do you have any contacts where you got your tax hours and see if they need help?
Cali
Just needed general hours which could be anything and audit hours. I don't remember there being a specific tax hour requirement
 

intro_vert13

∞/21M
OT Supporter
Feb 26, 2005
35,717
an offshore haven somewhere
Cali
Just needed general hours which could be anything and audit hours. I don't remember there being a specific tax hour requirement
ah ok. maybe it was a big4 thing then? either way i remember all the new junior associates always gunning for tax instead of audit, but most of them were planning on staying with the firm for the long haul.

are you at a firm in cali or you calling your own shots?
 

T_Dawgg

Escape Goat
May 6, 2001
44,037
vancity
I wrote the CFE two years ago but have been too lazy to put on my work experience reports to actually obtain my CPA as there’s no benefit to me professionally in my current org, ask me anything.
 
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Muddy Waters

Muddy Waters

How are you doing?
OT Supporter
Dec 12, 2007
54,075
Southern California
ah ok. maybe it was a big4 thing then? either way i remember all the new junior associates always gunning for tax instead of audit, but most of them were planning on staying with the firm for the long haul.

are you at a firm in cali or you calling your own shots?
Just my own thing , I've pretty much used my CPA as a side hustle/extra income for a while. Now I'm looking to do more with it
 
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Muddy Waters

Muddy Waters

How are you doing?
OT Supporter
Dec 12, 2007
54,075
Southern California
I wrote the CFE two years ago but have been too lazy to put on my work experience reports to actually obtain my CPA as there’s no benefit to me professionally in my current org, ask me anything.
Was thinking of trying to bonsai and apple tree from seed. Good idea/bad idea?
 

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