[Anonymous]

Finished with the exam and just got hired at a tiny public firm. I have zero work experience in accounting and the firm that hired me has zero in the way of new-hire training. Come January they’re going to hand me a stack of 1040s and say “OK, kid, get these done as fast as you can. And don’t screw up!”

I’ve had one (very thin) tax course in college and I did pretty well on REG–neither of which prepared me to *actually do* tax returns for a living. So….

Any recommendations on self-study courses that can get me up to speed on my own?

[Tncincy]

I don't know if this still exist, but I learned how to do taxes with VITA (volunteer income tax assistant) program with the IRS. A rep came to our college and I took the course for extra credit and that's where I fell in love with tax (25 years ago). So I would check the vita location website or the IRS website to find out when the vita training will begin. Another choice would be the H&R block course. They will want to recruit you to work for them if you do well In the course. I am not a fan of H&R but you might be able to cover the basics quickly considering the time at hand. Then there is the online tax schools, that offer basic tax courses and continued ed. online. These courses are priced reasonable and easy to learn. You want to get the basics down quickly before that stack of 1040's land on your desk. I also recommend the Ernest and Young Tax Guide you can get it from Wal-Mart or your local bookstore. I use the E&Y tax guide every year as a good reference tool.

Hope this helps, Good luck.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

I don't know if this still exist, but I learned how to do taxes with VITA (volunteer income tax assistant) program with the IRS. A rep came to our college and I took the course for extra credit and that's where I fell in love with tax (25 years ago). So I would check the vita location website or the IRS website to find out when the vita training will begin. Another choice would be the H&R block course. They will want to recruit you to work for them if you do well In the course. I am not a fan of H&R but you might be able to cover the basics quickly considering the time at hand. Then there is the online tax schools, that offer basic tax courses and continued ed. online. These courses are priced reasonable and easy to learn. You want to get the basics down quickly before that stack of 1040's land on your desk. I also recommend the Ernest and Young Tax Guide you can get it from Wal-Mart or your local bookstore. I use the E&Y tax guide every year as a good reference tool.

Hope this helps, Good luck.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Anonymous]

tncincy:

Good suggestions–thanks! I'll look into the on-line schools and the EY guide.

[Anonymous]

tncincy:

Good suggestions–thanks! I'll look into the on-line schools and the EY guide.

[Anonymous]

I learned a lot from the Wiley “Registered Tax Return Preparer” book. Beyond that, see if you can play around in the software – re-do your prior year returns, create fictitious returns, etc., just to run into problems and learn from that.

[Anonymous]

I learned a lot from the Wiley “Registered Tax Return Preparer” book. Beyond that, see if you can play around in the software – re-do your prior year returns, create fictitious returns, etc., just to run into problems and learn from that.

[Anonymous]

Lilla: did that book help for REG?

[Anonymous]

Lilla: did that book help for REG?

[Anonymous]

I agree with tncincy, VITA is a good idea. I looked into doing VITA a few years ago and the training course was on the IRS website that I had to complete prior to volunteering, I think it was here: https://apps.irs.gov/app/vita/ Pretty good resource to keep up with what's going on.

[Anonymous]

I agree with tncincy, VITA is a good idea. I looked into doing VITA a few years ago and the training course was on the IRS website that I had to complete prior to volunteering, I think it was here: https://apps.irs.gov/app/vita/ Pretty good resource to keep up with what's going on.

[Anonymous]

@derf It helped me a lot with understanding the basics of tax returns, so probably did contribute to REG. I read the RTRP book last fall when I was preparing for the RTRP test (my boss wasn't a CPA, so in order to do returns, I had to be an RTRP), and then did tax returns for a season, and then took REG just a couple months ago. So, I can't say for sure how directly the RTRP book would have helped with REG, because there was the year gap between the two, but the RTRP book is definitely where I learned the basics of tax preparation, so it couldn't hurt! It focuses more on personal returns than corporate, whereas REG is the opposite.

[Anonymous]

@derf It helped me a lot with understanding the basics of tax returns, so probably did contribute to REG. I read the RTRP book last fall when I was preparing for the RTRP test (my boss wasn't a CPA, so in order to do returns, I had to be an RTRP), and then did tax returns for a season, and then took REG just a couple months ago. So, I can't say for sure how directly the RTRP book would have helped with REG, because there was the year gap between the two, but the RTRP book is definitely where I learned the basics of tax preparation, so it couldn't hurt! It focuses more on personal returns than corporate, whereas REG is the opposite.

[mhueycpa]

As previously suggested, I was first introduced to tax preparation (outside of doing my own) via volunteering at the VITA program through my college. I too work at a small firm with a “heres the file, do the return kid, attitude”. My suggestions:

1) What tax preparation software does your firm use, if any? I use Prosystem Fx, expensive but good. The program has built in help features, as well as input sheets that match the actual forms client give you (W-2s, 1099misc, etc.).

2) Get a US Master Tax Guide, its the Bible of our profession. I get it through our ADP rep every year, not sure where you can purchase at though.

3) What type of clients does your firm work with? We deal with self employed commodity traders, day traders, etc. I ask because the 1040 is really just a summary page of various schedules which you would need to know depending on the type of clients your firm has. If there mostly W-2s, then those are pretty easy to prepare.

4) What I do when preparing a return, is go down the 1040 line by line, ask yourself “Did the client move, should they take a relocation deduction?” Is the client getting a W-2 from a school? If so, should he/she get the educator expense deduction?

Thats how I've managed to survive for the past 5yrs. Hope this helps.

THE 300 CLUB WILL DO JUST FINE!

[mhueycpa]

As previously suggested, I was first introduced to tax preparation (outside of doing my own) via volunteering at the VITA program through my college. I too work at a small firm with a “heres the file, do the return kid, attitude”. My suggestions:

1) What tax preparation software does your firm use, if any? I use Prosystem Fx, expensive but good. The program has built in help features, as well as input sheets that match the actual forms client give you (W-2s, 1099misc, etc.).

2) Get a US Master Tax Guide, its the Bible of our profession. I get it through our ADP rep every year, not sure where you can purchase at though.

3) What type of clients does your firm work with? We deal with self employed commodity traders, day traders, etc. I ask because the 1040 is really just a summary page of various schedules which you would need to know depending on the type of clients your firm has. If there mostly W-2s, then those are pretty easy to prepare.

4) What I do when preparing a return, is go down the 1040 line by line, ask yourself “Did the client move, should they take a relocation deduction?” Is the client getting a W-2 from a school? If so, should he/she get the educator expense deduction?

Thats how I've managed to survive for the past 5yrs. Hope this helps.

THE 300 CLUB WILL DO JUST FINE!

[I'm, Ron Burgundy?]

What software are they using? I highly doubt they are expecting you to do this long-hand the old fashioned way. I would start by finding that out and move forward from there. I've personally used, Ultra-Tax, Pro-Series, Turbo-Tax, SaxTax, etc. I also knew nothing of these programs prior to starting at the firms that used them. All of the programs are similar in one way or another. But you could probably find some tutorials online via YouTube, etc.

If you know your accounting and can reconcile out a Trial Balance to a consistent Balance Sheet/Income Statement and know how to reconcile items to an M-1 you should be fine.

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[Author]

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