[mgnyc]

I’m thinking of doing taxes on my own for clients.

If I form an LLC for clients to pay me, does that mean I’ve created a CPA firm? Which then necessitates peer review etc?

Aud 73, 79
Reg 70, 60, 67, 76
Far 70, 66, 72, 87
Bec 77

[Gatorbates]

I think you only have to do it if a member of AICPA (and audit services) … I just started my own S Corp for taxes … I'm not planning on any peer reviews.

Licensed Florida CPA:
B: 71, 73, 79
A: 83
R: 78 (expired), 77
F: 74, 74, 80

It's finally freaking over.

[TAXMAN710]

In South Carolina, you have to register your firm if you are a CPA. At least in SC you will not need any peer review unless you do and A&A work. No need for peer review for a tax only firm.

REG-July 12
BEC-May 12
FAR-July 12
AUD-October 12

[Anonymous]

Good news: tax prep does not equal CPA firm. You can own an H&R Block, prepare taxes, and do bookkeeping and accounting in most states without “holding yourself out as a CPA”. The only difference is that you cannot prepare compilations anymore as a CPA without peer review. As a non CPA in Maryland (and in most states), I can do compilations. When I get my license, I have to stop. Just to be sure, check with your accounting board.

[taxwave8, EA, CPA]

You probably want to do it as an LLC or LC depending on state. If you do it as a S-Corporation you'll be subject to the grater than 2% ownership rule and have only limited deductions when it comes to deductions for CPE and other education expenses.

[Mary 2496]

Actually, I believe it's 5%. The 2% would apply to health expense deductions.

[Author]

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