Accounting & Bookkeeping & Small Business Forum

[vinnit75]

I have the opportunity to increase my revenues by preparing C and S Corp taxes (for small businesses only). I have very little training in this area so I bought books from AIPB which provide basic training. While I'm able to comprehend what I'm reading, it seems like C Corp tax preparation has lots of rules that apply to special circumstances. In your opinion (anyone) is it not a good idea to get into Corp Tax without having prior experience under another accountant? I have considered developing a questionnaire for my potential customers, which would help guard against missing important information. Any comments or suggestions would be more than helpful. Thanks.

[Jennifer T]

I don't prepare corporate tax returns because I don't have the training for it. For me, there is plenty of work available without preparing corporate tax.

What I do instead is refer clients to a couple people who do prepare corporate tax: an EA and a CPA. Hopefully, the EA and CPA will eventually have the opportunity to return the favor by handing over overflow business to me (personal tax, small business bookkeeping, or QuickBooks support). But even if they don't, I still feel better knowing my corporate clients are getting their tax returns prepared correctly.

I really can't recommend preparing corporate tax without training. It's just too risky, imo.

[Richard Noot]

I agree with Jennifer 100% If you do not
understand business returns it is best to have
the client hire someone who does. The main
thing to remember is NOT to give the work to
someone who has NOT been authorized by your client
in writing. Giving privledged info to a third pary
without the express written consent of your client
is a violation IRS regulations. ALso, the engagement
can only be for the initial transaction. EX You have a
client who you do a personal return for but not their
business return. You get your clients written authorization
to disclose the personal info to a CPA you work with to allow
the CPA to do their business return. If the CPA ALso
wants to do say payroll for the client he needs BOTH the
clients approval and yours.