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| *Loan,banking and credit>>>tax accounting |
I am an accounting major but would liek to specialise in tax.? |
someone said to take the enrolled agent exam because it specifically is only related to tax. i would also like to do CPA in the near future. however, recently my manager says if i only do CPA, that itslef would be enough. i want to specialise in tax in future.and would like to have as many credentials/certificates possible. what is the best approach if i want to specialise in tax. should i give oth the exams or go for masters? and if i do masters, what subject would be gud.. If you become a CPA, that automatically allows you to represent clients with the IRS. Passing the enrolled agent exam does the same. If your working on your CPA, I wouldn't bother with the Enrolled agent. If you go to work for a CPA firm after college, you may be working on tax clients, but your won't be representing them before the IRS for several years. That job is usually done by the managers or partners. As to the exam or masters, it depends on what your state requires to become a CPA. Here in Texas, the state requires more hours than an undergraduate degree, so many students go ahead and get their masters in taxation or accounting. Call your state CPA board or association and talk with someone there, or as previously recommended, call a good CPA in your area. Hope this helps. Go interview other accountants to see what worked for them. The source is always the best place to go. Also, talk to your guidance counselor and professors, who should also have helpful ideas for you. good luck! If you really want to practice in the tax area you will need credentials and additional education. Getting a CPA certificate is a good idea but is not enough. If you have a CPA you do not need to pursue the Enrolled Agent route. You will need a masters. There are basically two approaches, go to law school and become a member of the bar (that takes 3 years +) and then get an LL.M in taxation (one year full time, 2-5 years part time), or you can get a masters of tax, MS in Taxation at a number of good colleges which usually will take two years full time and 3-5 full time. The key to taxation is being able to spot the issues. Once you have identified the potential problems you can call in the proper expertise. That's why you need the masters, you get courses giving the basics in most of the major areas of tax. It is time consuming and expensive to become a tax professional, and of course the risk is that you spend all that time and money and just as you get qualified the Congress changes the tax law and basically renders useless everything you know. That's why the best approach is likely to be the masters (MS) on a part-time basis while you are getting on the job training and hopefully the employer is paying for the masters. Although I don't know this from personal experience, I have been told that there is not a lot of tax questions on CPA exams. CPAs know accounting and not necessarily taxes. I have amended returns prepared incorrectly by CPAs. Enrolled Agents are required to take 72 hours continuing education in Federal Taxes every three years (24 hours a year.) CPAs need continuing education also, but not necessarily in taxes. The problem I am having now is that CPA firms want CPAs because they can do accounting during the slow periods. An MST is good too, but the MST does not allow you to represent clients before IRS. Only CPAs, Attornies and Enrolled Agents can do that. My advice is to take the Enrolled Agent exam. If you can, earn a Masters of Science in Taxation AND take the CPA exam. There is also an exam to take to allow non-attornies represent clients before federal tax court. last time I checked it was only offered every other year in Washington DC. One of my goals is to open a firm offering bookkeeping and tax services to private small businesses that do not require a CPA, but I also want to earn my MST and become a CPA 16 years as tax professional and Enrolled Agent |
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