[Fluffy]

Is it possible to prepare tax returns as a side job if I am working for the B4. I am currently in advisory, and work usually dies down from Jan – march for us.

Once I get my CPA (have not taken REG yet), will that prepare me in preparing tax returns for individuals? And are there any rules/policy that would prohibit me from working 2 jobs?

thankssssssssss

[Anonymous]

Rules prohibiting outside employment like you're talking about would be rules made by your employer, not by the AICPA/NASBA/etc. So, the only way to know for sure is to check with your employer – HR, employee handbook, etc. It's not uncommon in public accounting to have a prohibition against providing accounting services to clients on the side, but whether or not your B4 has such a rule I don't know, especially since I don't know which B4 you're at. The fact that you're in advisory would probably make it more likely that tax on the side would be allowed, but only way to know for sure is to review your employment documentation and/or ask HR.

REG doesn't really prepare you for doing tax returns, but if you get decent software (I enjoyed Drake, which is the only one I've used), are good at researching when you have questions, and even better if you have a tax-knowledgeable buddy to bring in for things that confuse you, you can probably make it. Just recognize that you know virtually nothing about tax when you get in to it so that you'll give it the respect its due; I'd be most worried if you were cocky and thought you knew everything, cause it takes a certain humility to research everything thoroughly until you learn by doing.

[Hhhh]

Simply NO. You can't even prepare tax return for yourself if you are working at public firm ..

[Missy]

If you're already working, you should have or have access to an employee handbook that says whether other jobs are permitted and if so what the rules are.

Hhhh?? Can't even prepare your own returns? Not sure who told you that but they were pulling your leg.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[GiniC]

@Hhhh –

That is such an obvious exaggeration!

Of course we can prepare our own tax returns, no matter WHO pays our salaries. Whether you can be a paid preparer for anyone else though, is likely subject to some clause in an employment contract and/or limited by the need to remain independent, in the case of Audit staff.

[KaliKingz]

I think it will be difficult without prior tax experience, yet not impossible. the tax partner at my firm started the firm, while he had zero tax experience.
Try volunteering with VITA to gain some experience, the start your side hustle.

[Hhhh]

Sorry guys. I didn't mean to confuse you. I'm currently working in tax at b4. People in most of public firms use the same software that they use for work (for clients) to prepare tax returns for themselves and to efile. Our firm just updated policy that we can't even use the company software to prepare tax retunr for myself. (I guess it was not legal or ethical anyways to share software that is for client purpose). Now we have to pay turbotax and file it lol. Anyways, technically, CPAs at public accounting firm can't sign on other people's tax return unless it's a client of the firm.

[Anonymous]

Please don't start preparing tax returns for compensation on your own if you have no experience. Heed that advice. You can screw something up really fast if u don't really know what ur doing. Even on simpler returns. For example what form would a partner use to report home office expenses? Is their outside basis reduced in that kind of trasaction? Turbo tax isn't going to be able to solve that one for u.

[Fluffy]

Wow, Thank you all for the helpful replies. People always made it sound like tax prep ia an easy side job for accountants but I can see why a firm would frown upon it….

But aren't big4 clients usually big companies/people who can afford their fees?

Theres is a community/niche market I have access too and would like to provide tax services to them, 1 reason to get experience, 2 to earn extra on the side, but mostly 3 to help them out by charging less than what they pay now and help them answer questions they may have. They are mostly low – mid income families.

But yes, I guess its best to consult HR, but I just wanted to see what y'all think.

Perhaps trying the VITA thing might be a good first step. Thank you!

[Author]

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