#CPE for enrolled agents

[mycpe]

IRS approved EA CPE providers | myCPE

Get a detailed insight and comparison of the top IRS Approved EA CPE course providers to choose the best platform for your continuing education and career advancement.

#EA CPE providers #Enrolled agent CPE #CPE for enrolled agents #enrolled agent CPE courses

[accpe]

Continuing Education | American Center for Continuing Professional Education | ACCPE

The American Center for Continuing Professional Education offers affordable self-study CPE for CPAs, enrolled agents, tax preparers and students interested in furthering their education.

#Continuing Education Texas #Continuing Education #American Center for Continuing Professional Education #ACCPE #Online CPE Courses for CPAs #Auditing Developments 2022 #GAAP Texas #Government CPE Texas #GAAP For Governments Texas #GAAPGAAS & SSARS Courses Texas #Governmental CPE Courses Texas #GAAP GAAS & SSARS Courses Texas

[azirelfallen]

One Step Forward...

Only to end up back a mile. 

It has lately felt like every time I do something, 3 or more things just blow up. 

Go doordash and make decent money in very little time? Cool get 2 more bills and a sudden recurring charge for a subscription that was cancelled over a year ago. 

I’ve applied to a bunch of jobs recently which I qualify for but that won’t be as stressful as my last job. So far its been a sea of No (except one which wanted me to pay $136 to take a CPE class)

I have an exam tomorrow, part 2 of the Enrolled Agent exam, while the hubby has a doctor’s appointment just down the street from the testing location. Hopefully he remembers while I am in my exam (I didn’t pick the date of the doctor appointment it was assigned to him and I couldn’t reschedule the test without paying more) 

Oh and his therapist informed me that they believe he has TBI - which was news to me since the VA said no he doesn’t. 

Can we stop the roller coaster yet? I think I want to get off now. 

[dreamracing8]

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#會計師事務所

[accountantsbrisbaneblog]

How Your Brisbane Accounting Firm Can Help

Benefits of hiring Roberts & Cowling

When an accounting firm helps you with several accounting processes, a cycle of tax efficiencies begins to be generated, this is because having more knowledge of your company is much easier. Find out more easily deductions to which you could apply. 

With Roberts And Cowling, you can make better tax planning, calculate quarterly tax payments more accurately and make quick and stress-free preparation and annual tax delivery.

If you are a company we invite you to read this article and reflect on the financial needs you might have and the type of accountant that could help you.

For tax cases which professionals are the best?

Your taxes could even be prepared by your neighbour, but if you want to make sure that they are well done and with high probabilities of having taken all the tax deductions to which you could apply the best thing is to have the help of an expert tax accountant. 

Tax expert is a professional who has specialised specifically in federal, state and local taxes. Its objective is to study in depth the way in which you or your company generates income and profits with the objective of estimating the taxes that you should pay, or the tax refund according to the jurisdiction of your city, state or government federal. 

What is a CPA?

A CPA is a certified accountant, who endorses it as a highly competent professional to provide accounting services to people and companies that live or operate within a particular state. Within the services that the state allows it to provide, they are the preparation of personal and corporate taxes as well as the representation of individuals and corporations.

Are all CPAs specialists in Taxes? 

Before hiring a CPA for this work, you should keep in mind that every CPA has a particular area of specialisation that it has developed during the course of its career and from the CPE continuing education courses that it must take every 2 years (for the case of the State of Florida). Therefore, if you are looking for a CPA certified accountant to help you with the accounting tax process, make sure your exercise and studies have been done on tax laws.

Accountants In Brisbane: The Best Option For Preparing Your Taxes?

In summary, if you are looking for a professional with extensive knowledge in finance, accounting and taxation law be sure to hire:

Accountants who have specialised as Enrolled Agents.

CPA who has specialised in tax laws.

Should I hire an independent tax accountant or one that is part of an accounting firm?

To answer this question, you must know if you have covered all the accounting and financial aspects of your company. A crude but very practical answer to this question is: “Unless your company is a large corporation, help will always be needed. for your accounting and finance team, or at least you should be missing an opinion for your strategy from a financial perspective. 

Accountants in Brisbane  recommends that you take your tax preparation process with an accounting firm, this is the reason: If you hire your services in preparation of taxes with an accounting firm you will have already saved time and money when you have to hire other financial support services, because they will already know the financial information of your company and will integrate much faster the new processes that you hire. 

A professional accounting firm such as Roberts And Cowling will always be willing to listen to you and even if it does not give you in-depth advice ad on all the services it provides, you can trust that they will give you one or two tips that will be very useful to you. At Roberts And Cowling, all your concerns are and will be welcome, as they are helpful information to understand your tax landscape and look for more efficiencies for your company.

#accountant #accounting brisbane #accounting firm #business accountant #business training #cloud accounting

[simandhar--education]

Step by Step Process of Enrolled Agent (EA) Course 2021

Step by Step Process of Enrolled Agent (EA) Course 2021 MARCH 10, 2021 Enrolled Agent is a designation that enhances the careers of professionals and accountants who intend to specialize in tax.

Let’s know the step-by-step process of becoming an Enrolled Agent (EA).

Understand the Enrolled Agent Designation Know the benefits of becoming an Enrolled Agent Obtain PTIN (Preparer Tax Identification Number) Schedule your test appointments Apply for enrollment Pass suitability test Understand the Enrolled Agent Designation:

The word ‘Enrolled’ is defined as to be licensed by the federal government whereas ‘Agent’ means an authorized person to appear in the place of the taxpayer before the IRS.

Hence, Enrolled Agents are known as the federally-licensed tax practitioners who can possess technical expertise in taxation.

All the 50 states in the US recognize Enrolled Agent (EA) credentials and therefore the department of treasury grants the Enrolled Agent (EA) with having unlimited representative rights.

Know the benefits of becoming an Enrolled Agent:

The EA certification has 3 benefits:

Advanced status: EAs don’t work for taxpayers. Enrolled Agents have unlimited rights to represent the taxpayers even before the Internal Revenue Service.

Confirmed tax expertise: Both the certifications of Certified Public Accountant and Enrolled Agent are licenses. The state boards grant US CPA certification whereas the federal government grants EA certification. The Enrolled Agent expertise is acknowledged at a national level.

Public Trust: When compared to EAs the CPAs charge more. Most people need the aid of a tax expert at one point of time in their lives. Hence, there is a huge demand and trust for Enrolled Agents in the public.

Enrolled agent course fees in India: $181.94 per part.

Obtain PTIN (Preparer Tax Identification Number):

Here is the process of obtaining PTIN.

Create an account: You must have to create an account by providing your name, security question information, and email address.

Apply for PTIN: You can complete the online application by giving your previous year’s tax return information, your personal information, and professional credentials.

Pay your fee: Your application will transfer to the IRS partner bank where you need to make a payment of 36 USD by debit/credit card or with eCheck.

Schedule your test appointments:

The candidate must have to visit the Special Enrollment Examination (SEE) web page in order to schedule the test appointments. Also, the candidate has to review the sample test questions, SEE candidate information bulletin, and other test preparation resources. Apply for Enrollment:

Using pay.govform23, pay the fee and apply for enrollment. Then you have to mail the complete form to the Internal Revenue Service (IRS).

Pass suitability test:

The candidate has to pass the suitability check to ensure tax compliance in filing necessary tax returns, and there is no criminal background.

Note: Certain employees are exceptional from the exam requirement because of their past technical experience.

Renewal for Active Enrolled Agents:

A person who wants to become an EA must complete 72 hours of CPE (Continuing Professional Education) every three years. Also, include 16 hours of professional conduct every year. The IRS requires at least 3 hours of CPE. EA should renew their PTIN in the period of 16th October to 31st December every year.

Enrolled Agents can be admitted to practice during the three successive enrollment years of the cycle by preceding the renewal date. A person who is not satisfied with the renewal requirements will be placed on the inactive enrolled roster. The individual will be ineligible during the time before the IRS and may not imply to represent the taxpayers.

Continuing Education Requirements:

Obtain 16 hours of professional conduct and ethics. Obtain 72 hours of CPE (based on renewal cycle). Use the IRS for the approval of a Continuing Education Provider. How long does it take to become an Enrolled Agent?

Becoming an Enrolled Agent can take 3 to 8 months depending on your taxation knowledge.

Is the Enrolled Agent exam difficult?

The EA exam consists of three different parts with 3.5 hours of testing time for each part. Each of the exam parts contains 100 Multiple Choice Questions (MCQ’s) and covers a wide spread of taxation-related topics.

The three parts of the EA exam are:

Part 1: Individuals Part 2: Businesses Part 3: Representation, Practices & Procedures EA Exam Passing Score:

The IRS sets the scaled passing score at 105, which corresponds to the minimum level of knowledge deemed acceptable by professionals practising before the IRS. Exam scores are confidential, and they are only revealed to the candidate.

Here you can watch Enrolled Agent course details by Sripal Jain(CFO of Simandhar Education)

Conclusion:

The above article helps you to know the step-by-step process of becoming an Enrolled Agent and Enrolled Agent course details. Hope this article will be helpful for you. Any Questions? Comment below or you can directly contact Simandhar Education at [phone].

#Enrolledagent #Enrolledagentexam #Enrolledagentcourse #CPA #CMA #USCPA

[taxpreparercontinuingeducat-blog]

How can you maintain your enrolled agent credentials?

In order to maintain your enrolled agent credentials you must take continuing education every year.  By doing the Enrolled Agent continuing education you can reestablish that your clients can rely and trust you completely as their chosen tax professional. This course covers topics like,

amended returns

filing and paying business tax

various forms of income

adjustments to income

various business expenses

inflation adjustments and the basis of filing

self employed taxes and dependant exemptions

gross income, capital exchanges, and property basis

ethics for tax professionals

bartering

canceled debts

proceeds from life insurance

repayments 

Royalties

Brushing up on the above topics can also help you  be better at your job! The IRS dictates that you need 72 hours of enrolled agent continuing education courses per three-year renewal cycle. But that doesn't mean you can wait until the last minute to knock out your hours. You're required to take 16 hours of enrolled agent CPE each year, and two of those hours need to focus on ethics. 

#continuing education

[belfordsamuel]

Get an overview of Delaware Statutory Trusts(DST) by attending the Free CPE credit webinar by renowned Enrolled Agent Tax Professional Mr. Jeffrey Bangerter, who will take you through the working and structuring of DST properties and it's types available in the market.

#Section 1031 Exchange 1031 Exchanges IRS 1031 tax savings Investments live webinar cpe credit

[theaman098]

How to become an Enrolled Agent?

Want to learn about Enrolled Agents?

Here's the thing.

Enrolled Agent:

A tax advisor who has the privilege in representing taxpayers before the IRS (Internal Revenue Service) is referred to as an Enrolled Agent (EA) and he is empowered by the United States Department of the treasury. EA also represents IRS issues such as collections, audits, and appeals. The status of EA is the highest credential which was awarded by the IRS. According to a survey conducted by the National Association, more than 53,000 people are practicing EAs in the US.

Let's know the steps to become an EA.

Steps to become an Enrolled Agent:

The initial step in becoming an Enrolled Agent is to obtain PTIN (Pre-paper Tax Identification Number).

Then go to the website of SEE (Special Enrollment Examination) for scheduling the test appointments and review the sample test questions.

Pay the fee and apply for the enrollment using pay.govform23. Mail the completed form to the IRS.

Then pass the suitability check to ensure tax compliance in filing necessary tax returns, and there is no criminal background.

Note: Certain employees are exceptional from the exam requirement because of their past technical experience.

Below is the renewal process for the Active EAs.

Renewal for Active Enrolled Agents:

A person who wants to become an EA must complete 72 hours of CPE (Continuing Professional Education) every three years. Also, include 16 hours of professional conduct every year. The IRS requires at least 3 hours of CPE. EA should renew their PTIN in the period of 16th October to 31st December every year.

Enrolled Agents can be admitted to practice during the three successive enrollment years of the cycle by preceding the renewal date. A person who is not satisfied with the renewal requirements will be placed on the inactive enrolled roster. The individual will be ineligible during the time before the IRS and may not imply to represent the taxpayers.

Continuing Education Requirements:

Obtain 16 hours of professional conduct and ethics.

Obtain 72 hours of CPE (based on renewal cycle).

Use the IRS for the approval of a Continuing Education Provider.

Practice before the Internal Revenue Service (IRS):

Before the IRS, the right time to practice is regulated by Federal statute. The person who is authorized in the federal statute is called "Federally Authorized Tax Practitioners (FATP)". The status of FATP is granted to CPAs, Attorneys, and EAs. These practitioners help in representing the clients on payment issues, collection actions, audits, appeals, and TAX refund matters. It's also granted with limited enrolled retirement agents, Enrolled actuaries, and return pre-papers of registered TAX. The Enrolled Agents can practice in the United States Tax Court, which is limited to the BAR members. The non-attorneys also should pass the Tax court exam in getting admission to the BAR court.

Conclusion:

Hope you got useful information about Enrolled Agents in the above article. We gave the details in "How to become an Enrolled Agent?." Still, you have any doubts please feel free to comment in the below section.

Simandhar Education:

Simandhar is the official partner of Becker and AICPA - Largest Training provider for US CPA, US CMA , IFRS and EA courses in India with offices in Bangalore, Hyderabad, Delhi, Ahmedabad, Gurgaon, Kerala, Cochin (Kochi), Trivandrum, Kottayam, Kozhikode, Malappuram, Chennai, and Mumbai.

Learn how to use Enrolled Agent, from First basics to advanced techniques, with online video tutorials taught by industry Experts. Simandhar Education is best leading EA Online Training in Hyderabad. Contact us@ 919390785925.

#enrolledagent accounting finance career

[elizabethcariasa]

Is delaying the April 15 tax deadline a good way to deal with coronavirus?

If you're freaking out about the approaching April 15 tax filing deadline, the Internal Revenue Service might have some welcome news for you.

There's talk in Washington, D.C., of postponing the regular tax filing deadline.

The reason (you guessed it) is the coronavirus that's spreading across the country.

Mass gatherings — social, political and cultural — already have been halted or dramatically limited in many places. Such actions have hit home for me. Here in Austin, we're — well, they, not really we, as I long ago quit going to the thing — in mourning over the cancellation of South by Southwest.

I get it. Avoiding masses of humans is the best way to slow the transmission of COVID-19 .

But why delay the tax deadline?

Tax interaction issues: Taxes are personal. That means that for millions, taxes already are basically filed in isolation.

Folks nowadays — more than 30.3 million as of Feb. 28, according to the running IRS filing season count; that's almost 3 percent more than at that time last year — do their returns on their own, from the privacy of their homes, using tax software. Fill out, click send and boom, your 1040 is e-filed without another human anywhere in site.

Filers who get help from tax professionals also have limited interpersonal contact.

Such professional assistance generally is just the tax preparer, the taxpayer (or taxpayers when it's couples filing jointly) and the tax pro's office staff.

That potential personnel tax pro office interaction generally is well below what most public health officials view, for now, as dangerous. (The Centers for Disease Control has no set attendance cap suggestion, but state officials seem to have settled on groups of 250 or less as the cut-off in their warnings.)

IRS tax isolation actions: So why the move, which Treasury Secretary Steven Mnuchin today told a Congressional hearing is all but set?

A couple of reasons.

One is that while millions of us take care of taxes on our own, some do seek help at more public forums, such as Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) locations nationwide.

TCE operations are particularly worrisome, as older individuals are more susceptible to the virus.

Then there's the financial impact of the coronavirus.

The Trump Administration sees the postponement of not only filing returns, but paying any due taxes as an economic lifesaver to those who are struggling financially because of the outbreak.

For individuals who've had to miss work and companies that have seen their operations disrupted by the coronavirus, an extension to file and pay essentially would be a short-term loan.

IRS authorization: The idea of tinkering with the April 15 deadline was broached on Tuesday when Democrats on the tax-writing House Ways and Means committee sent a letter on the matter to IRS Commissioner Charles Rettig.

Click image to see letter with all Ways and Means signees.

Now the IRS is seriously looking at the possibility and at just what it can and can't do.

In natural disaster situations, the IRS routinely extends deadlines. That happened most recently in the wake of the March 3rd deadly Tennessee tornadoes . Affected Volunteer State taxpayers have until July 15 to meet upcoming tax deadlines .

In such cases, the federal tax agency also has the ability to waive late filing and payment penalties. It's now reportedly exploring whether it can, without any Congressional action, also abate interest charges in extraordinary circumstances such as a national public health emergency.

Also being debated, both on Capitol Hill and internally within Treasury and the IRS, is whether other tax deadlines, such as the April 15 estimated tax due date and the almost-here March 15 deadline (now March 16 since the 15th is on Sunday) for some business filers also will be affected.

Good, bad or meh: As expected, reaction to the potential Tax Day delay has been mixed.

The National Taxpayers Union Foundation is all for the postponement.

Nicole Kaeding, an economist, NTUF vice president of policy promotion and @NKaeding on Twitter, says there are economic and logistical reasons to support the delay . She suggests a new Tax Day of June 1, with a reassessment at the end of April to determine if that extension is sufficient.

"Additionally, states should follow this lead and delay their own tax filing requirements," writes Kaeding at the NTUF website.

I consulted the collected tax wisdom of social media and here are some of the thoughts of tax professionals on Twitter and Facebook.

Enrolled Agent Phyllis Jo Kubey, aka @PKubeyEA on Twitter, also has some concerns about the interaction of and effect on state and federal filings.

Good, with misgivings. The big question is #IRS relief for payments due on 4/15. How will that be framed & implemented? And also, a major issue is how the states will respond. Many taxpayers file in multiple states. It could be interesting.

— Phyllis Jo Kubey (@PKubeyEA) March 11, 2020

Phyllis is much more tactful and polite in her choice of "interesting" that I am!

"I think extending the time to pay would be great, but extending the time to file is easily covered by extensions so why bother?" says Jan Roberg, known on Twitter as @RobergTax . Many Twitter accounts, both tax pro and private citizens, agree with her about filing at least already being covered by normal tax season extensions.

Brad Garland, a CPE who is Twitter's @TaxPoetic , also is skeptical. "I don't think it would provide any real advantage," he says. "If the IRS falls behind because the DC (and other) offices must work from home, that doesn't impact the submission and payment of taxes, just processing times. If clients need more time, that's literally what an extension is for."

But if the April 15 date is moved, he posits that June 15 would be a good date. It would provide a 60-day window, notes Garland, and aligns with the second quarter estimated tax deadline.

Melinda Nelson, another CPA on Twitter as @MelindaNCPA , is not a fan of continuing tax season, but says that "if 'social distancing' is going to be a thing, guess we all  have to do our part…" 

Adam Markowitz, another Enrolled Agent known on Twitter as @adammarkowitzEA , also is not big on pushing back April 15.

"I generally think it's a bad idea to extend the deadline universally," Markowitz says. "Even people who are contained or quarantined can still get documents to their #TaxPros. Sure, there should be exceptions to rules, but the IRS makes exceptions all the time."

And as for tax pros already dealing with what life, clients and taxes throws their way, @cpagirl1 Wendy sums it up with this Tweet:

I’m just wondering how long they would extend it. 2 weeks? Could this make a permanent change to the deadline? We always deal with other viruses during tax season and I’m sure everyone takes precautions.

— Wendy (@cpagirl1) March 11, 2020

So what do you think? Would you welcome a delay in the filing deadline? Do you think Treasury and the Administration are overreacting? Is it as much a public relations move as a practical tax consideration? Have you already filed and just don't care?

Let us know in the comments section below.

And as for current comments in this post, you've probably noticed that all the social media reactions were from the #TaxTwitterverse. A lot of the ol' blog's Facebook page followers have seen my request there for input, but so far, no takers. When any relevant comments are posted at that social media platform, I'll add them here.

You also might find these items of interest:

Why is April 15 Tax Day?

The wide range of state and local taxes

Obamacare tax forms in the time of coronavirus

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LIU’s 2019 Tax Controversy Forum 8.0 NY & NJ CLE, NY & NJ CPE Credits 4 Enrolled Agent CE Credits $185.00, includes Breakfast and Lunch (Free Tuition for Government Employees)

Thursday, August 8, 2019 9:00 AM – 5:00 PM Sign-in and breakfast at 8:15 AM LIU Post-720 Northern Blvd. Tilles Center Brookville, NY 11548

This year’s panel includes

Frank Agostino Monica Koch Christine Scala Thomas E.…

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Certified Public Accountant Not to be confused with Chartered Accountant, Certified Practising Accountant, or Chartered Professional Accountant. Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. In the United States they will have passed the Uniform Certified Public Accountant Examination and will have met additional state education and experience requirements for membership in their respective professional accounting bodies and certification as a CPA. Individuals who have passed the exam but who have lapsed their continuing professional education or have requested to be converted to inactive status are, in many states, permitted the designation "CPA Inactive" or an equivalent phrase. In most U.S. states, only CPAs are legally able to provide to the public attestation (including auditing) opinions on financial statements. Many CPAs are members of the American Institute of Certified Public Accountants or their state CPA society. In many circumstances, a CPA licensed in one state is prohibited from using the CPA designation in a second state until a license or certificate from the second state is obtained. Texas additionally prohibits the use of the designations "accountant" and "auditor" by a person not certified as a Texas CPA, unless that person is a CPA in another state, is a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners. Many other countries also use the title CPA to designate local public accountants. Services provided The primary functions performed by CPAs relate to assurance services. In assurance services, also known as financial audit services, CPAs attest to the reasonableness of disclosures, the freedom from material misstatement, and the adherence to the applicable generally accepted accounting principles (GAAP) in financial statements. CPAs can also be employed by corporations—termed "the private sector"—in finance functions such as Chief Financial Officer (CFO) or finance manager, or as CEOs subject to their full business knowledge and practice. These CPAs do not provide services directly to the public. Although some CPA firms serve as business consultants, the consulting role has been under scrutiny following the Enron scandal where Arthur Andersen simultaneously provided audit and consulting services which affected their ability to maintain independence in their audit duties. This incident resulted in many accounting firms divesting in their consulting divisions, but this trend has since reversed. In audit engagements, CPAs are (and have always been) required by professional standards and Federal and State laws to maintain independence (both in fact and in appearance) from the entity for which they are conducting an attestation (audit and review) engagement. However, most individual CPAs who work as consultants do not also work as auditors. CPAs also have a niche within the income tax return preparation industry. Many small to mid-sized firms have both a tax and an auditing department. Along with attorneys and enrolled agents, CPAs may represent taxpayers in matters before the Internal Revenue Service. Whether providing services directly to the public or employed by corporations or associations, CPAs can operate in virtually any area of finance including: Assurance and attestation services Corporate finance (merger and acquisition, initial public offerings, share and debt issuings) Corporate governance Estate planning Financial accounting Governmental accounting Financial analysis Financial planning Forensic accounting (preventing, detecting, and investigating financial frauds) Income tax Information technology, especially as applied to accounting and auditing Management consulting and performance management Tax preparation and planning Venture Capital Financial reporting Regulatory reporting CPA exam Main article: Uniform Certified Public Accountant Examination In order to become a CPA in the United States, the candidate must sit for and pass the Uniform Certified Public Accountant Examination (Uniform CPA Exam), which is set by the American Institute of Certified Public Accountants (AICPA) and administered by the National Association of State Boards of Accountancy (NASBA). The CPA designation was first established in law in New York State on April 17, 1896. Eligibility to sit for the Uniform CPA Exam is determined by individual state boards of accountancy. All states have adopted what is known as the "150 hour rule" (150 college semester units or the equivalent), which usually requires an additional year of education past a regular 4 year college degree, or a master's degree. (As such, universities commonly offer combined 5-year bachelor's/master's degree programs, allowing a student to earn both degrees while receiving the 150 hours needed for exam eligibility.) The Uniform CPA Exam tests general principles of state law such as the laws of contracts and agency (questions not tailored to the variances of any particular state) and some federal laws as well. Other licensing and certification requirements Although the CPA exam is uniform, licensing and certification requirements are imposed separately by each state's laws and therefore vary from state to state. State requirements for the CPA qualification can be summed up as the Three Es—Education, Examination and Experience. The education requirement normally must be fulfilled as part of the eligibility criteria to sit for the Uniform CPA Exam. The examination component is the Uniform CPA Exam itself. Some states have a two-tier system whereby an individual would first become certified—usually by passing the Uniform CPA Exam. That individual would then later be eligible to be licensed once a certain amount of work experience is accomplished. Other states have a one-tier system whereby an individual would be certified and licensed at the same time when both the CPA exam is passed and the work experience requirement has been met. Two-tier states include Alabama, Florida, Illinois, Montana, and Nebraska. The trend is for two-tier states to gradually move towards a one-tier system. Since 2002, the state boards of accountancy in Washington and South Dakota have ceased issuing CPA "certificates" and instead issue CPA "licenses." Illinois planned to follow suit in 2012. A number of states are two-tiered, but require work experience for the CPA certificate, such as Ohio. The experience component varies from state to state: The two-tier states generally do not require that the individual have work experience to receive a CPA certificate. (Work experience is required, however, to receive a license to practice.) Some states, such as Colorado and Massachusetts, will waive the work experience requirement for those with a higher academic qualification compared to the state's requirement to appear for the Uniform CPA. As of July 1, 2015, Colorado no longer offers the education in lieu of experience option and all new applicants must have at least one year of work experience. The majority of states still require work experience to be of a public accounting nature, namely two years audit or tax experience, or a combination of both. An increasing number of states, however, including Oregon, Virginia, Georgia and Kentucky, accept experience of a more general nature in the accounting area. This allows persons to obtain the CPA designation while working for a corporation's finance function. The majority of states require an applicant's work experience to be verified by someone who is already licensed as a CPA. This requirement can cause difficulties for applicants based outside the United States. However, some states such as Colorado and Oregon will accept work experience certified by a Chartered Accountant as well. Over 40 of the state boards now require applicants for CPA status to complete a special examination on ethics, which is effectively a fifth exam in terms of requirements to become a CPA. The majority of these will accept the AICPA self-study Professional Ethics for CPAs CPE course or another course in general professional ethics. Many states, however, require that the ethics course include a review of that state's specific rules for professional practice. Like other professionals, CPAs are required to take continuing education courses toward continuing professional development (continuing professional education [CPE]) to renew their license. Requirements vary by state (Wisconsin does not require any CPE for CPAs) but the vast majority require an average of 40 hours of CPE every year with a minimum of 20 hours per calendar year. The requirement can be fulfilled through attending live seminars, webcast seminars, or through self-study (textbooks, videos, online courses, all of which require a test to receive credit). In general, state boards accept group live and group internet-based credits for all credit requirements, while some states cap the number of credits obtained through the self-study format. All CPAs are encouraged to periodically review their state requirements. As part of the CPE requirement, most states require their CPAs to take an ethics course at some frequency (such as every or every other renewal period). Ethics requirements vary by state and the courses range from 2–8 hours. AICPA guidelines grant licensees 1 hour of CPE credit for every 50 minutes of instruction. Other accounting designations sometimes confused with CPA Many states have (or have had) a lower tier of accountant qualification below that of CPA, usually entitled "Public Accountant" or "Licensed Public Accountant" (with designatory letters "PA" or "LPA"), although other titles have included "Registered Public Accountant" (RPA), "Accounting Practitioner" (AP), and "Registered Accounting Practitioner" (RAP). Such designations were originally intended to license non-CPA accountants who were practicing public accounting before a state law was enacted which would serve to regulate the practice of public accounting in that state. The majority of states have closed the designation "Public Accountant" (PA) to new entrants, with only six states continuing to offer the designation. Many PAs belong to the National Society of Accountants. Many states prohibit the use of the designations "Public Accountant" or "Licensed Public Accountant" (or the abbreviations "PA" or "LPA") by a person who is not certified as a PA in that state. Inter-state practice An accountant is required to meet the legal requirements of any state in which they want to practice. Also, the term "practice of public accounting" and similar terms are given definitions PA status under reciprocity to a CPA licensed in another state. CPAs from other states with less stringent educational requirements may not be able to benefit from these provisions. This does not affect those CPAs who do not plan to offer services directly to the public. Moreover, most states would grant the temporary practicing rights to a CPA of another state. In recent years, practice mobility for CPAs has become a major business concern for CPAs and their clients. Practice mobility for CPAs is the general ability of a licensee in good standing from a substantially equivalent state to gain practice privilege outside of his or her home state without getting an additional license in the state where the CPA will be serving a client or an employer. In today’s digital age, many organizations requiring the professional services of CPAs conduct business on an interstate and international basis and have compliance responsibilities in multiple jurisdictions. As a result, the practice of CPAs often extends across state lines and international boundaries. Differing requirements for CPA certification, reciprocity, temporary practice and other aspects of state accountancy legislation in the 55 U.S. licensing jurisdictions (the 50 states, Puerto Rico, the District of Columbia, the U.S. Virgin Islands, Guam and the Commonwealth of the Northern Mariana Islands) make the interstate practice and mobility of CPAs more complicated. By removing boundaries to practice in the U.S., CPAs are able to more readily serve individuals and businesses in need of their expertise. At the same time, the state board of accountancy’s ability to discipline is enhanced by being based on a CPA and the CPA firm’s performance of services (either physically, electronically or otherwise within a state), rather than being based on whether a state license is held. The American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) have analyzed the current system for gaining practice privileges across state lines and have endorsed a uniform mobility system. This model approach is detailed through the substantial equivalency provision (Section 23) of the Uniform Accountancy Act (UAA). The UAA is an "evergreen" model licensing law co-developed, maintained, reviewed and updated by the AICPA and NASBA. The model provides a uniform approach to regulation of the accounting profession. Under Section 23 of the UAA, a CPA with a license in good standing from a jurisdiction with CPA licensing requirements essentially equivalent to those outlined in the UAA is deemed to be “substantially equivalent,” or a licensee who individually meets the requirements of: Obtaining 150 credit hours (150 college semester units or the equivalent) with a baccalaureate degree Minimum one year of CPA experience Passing the Uniform CPA Examination Uniform adoption of the UAA’s substantial equivalency provision creates a system similar to the nation’s driver’s license program by providing CPAs with mobility while retaining and strengthening state boards’ ability to protect the public interest. The system enables consumers to receive timely services from the CPA best suited to the job, regardless of location, and without the hindrances of unnecessary filings, forms and increased costs that do not protect the public interest. As of October 2012, a total of 49 out of the 50 states and the District of Columbia have passed mobility laws and are now in the implementation and navigation phases. Only the Commonwealth of the Northern Mariana Islands, the Virgin Islands, Hawaii, Puerto Rico and Guam have not passed mobility laws. On September 20, California Governor Jerry Brown signed legislation that permits cross-border mobility for CPAs. The law went into effect July 1, 2013. The District of Columbia passed mobility laws that went into effect on October 1, 2012. AICPA membership The CPA designation is granted by individual state boards, not the American Institute of Certified Public Accountants (AICPA). Membership in the AICPA is not obligatory for CPAs, although some CPAs do join. To become a full member of AICPA, the applicant must hold a valid CPA certificate or license from at least one of the fifty-five U.S. state/territory boards of accountancy; some additional requirements apply. AICPA members approved a proposed bylaw amendment to make eligible for voting membership individuals who previously held a CPA certificate/license or have met all the requirements for CPA certification in accordance with the Uniform Accountancy Act (UAA). The AICPA announced its plan to accept applications from individuals meeting these criteria, beginning no later than January 1, 2011. State CPA association membership CPAs may also choose to become members of their local state association or society (also optional). Benefits of membership in a state CPA association range from deep discounts on seminars that qualify for continuing education credits to protecting the public and profession's interests by tracking and lobbying legislative issues that affect local state tax and financial planning issues. CPAs who maintain state CPA society memberships are required to follow a society professional code of conduct (in addition to any code enforced by the state regulatory authority), further reassuring clients that the CPA is an ethical business professional conducting a legitimate business who can be trusted to handle confidential personal and business financial matters. State CPA associations also serve the community by providing information and resources about the CPA profession and welcome inquiries from students, business professionals and the public-at-large. CPAs are not normally restricted to membership in the state CPA society in which they reside or hold a license or certificate. Many CPAs who live near state borders or who hold CPA status in more than one state may join more than one state CPA society. State Associations Florida Institute of Certified Public Accountants (FICPA) source - Wikipedia Because the study material is quite expensive, not all can buy it. The RBbox does the same small cache of the same information and study material to reach you for free. You also help in making this case successful by cooperating. You also have some information that you can send to others as a post or article. We will publish it with your name and picture. www.rbbox.in https://ift.tt/2pTxCTP

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7 states that regulate paid tax preparers

The role of Supreme Court nominee Brett Kavanaugh in preventing the Internal Revenue Service from aggressively regulating tax preparers has prompted some questions about such oversight.

Currently, the IRS uses a voluntary tax professional oversight system, but is expected to continue to push for Congressional authority to implement more stringent tax preparer regulations.

Those who agree with the IRS (like the agency's National Taxpayer Advocate) argue that regulating tax pros is necessary in order to protect taxpaying clients. It also, they contend, would lead to more accurate tax returns and ensure a fairer and more efficient tax system

Opponents of such regulation, however, fire back that, among other things, that the market already takes care of bad tax preparers. Federal and state authorities have done a good job catching dishonest preparers, they say. Plus, regulation doesn't automatically guarantee a tax professional's competence or ethics.

Handful of state preparer regs: Meanwhile, as the tax pro regulation debate rages on at the federal level, some states have stepped in to overs the tax pros who operate within their jurisdictions.

Four states — California, Maryland, New York and Oregon — were at the forefront of tax preparer regulation. For years these states have been requiring their tax professionals to be licensed.

Slowly, and with varying degrees of oversight, other states have also boarded the tax preparer regulatory train.

The latest to require some extra steps of tax pros are Connecticut, Illinois and Nevada. (If I've missed any, I fully expect to hear from you dear readers so that I can add them to this post.)

Here's a look at the regulations these seven states impose upon paid tax preparers.

California: Tax preparers in the Golden State must take a state-approved 60-hour course, purchase a $5,000 tax preparer bond, obtain a Preparer Tax Identification Number (PTIN) from the IRS and register (at a cost of $33) with the state. Twenty hours of continuing professional education (CPE) also is required: 10 hours on federal tax law, three hours of updated federal tax law information, two hours of ethics and five hours regarding state tax law. A tax preparer who is an attorney, certified public accountant (CPA) or enrolled agent (EA) is exempt.

Connecticut: Since Oct. 1, 2017, all tax preparers in the state have been required to adhere to specified standards of conduct or face a civil penalty of $500 for each of 13 possible violations. Effective Oct. 1, 2018, Connecticut will require preparers to sign a disclosure agreement to prevent identity theft and to protect taxpayers from overpaying for services. On Jan. 1, 2019, tax preparers in the Nutmeg State must obtain a bi-annual (that's every two years for those of y'all who get as confused as I do at "bi" time frames) permit. The permit costs $100. To apply for it, state preparers also must be ach individual applying for a permit must be at least 18 years old, have earned a high school diploma and must have an IRS PTIN. The however, offers a variety of exemptions that go beyond the usual lawyer, CPA and EA credential standards.

Illinois: The Prairie State's law regulating tax return preparers took effect on Jan. 1, 2017. Officials now require paid tax return preparers within the state to place their federal PTIN on Illinois tax returns. The law also requires the Illinois Department of Revenue to develop rules for barring and fining tax preparers for good cause and to enter into an agreement with the IRS to share PTIN information. CPAs, attorneys and EAs who follow their professional accreditation rules are exempt. The legislation was created with input from the Illinois CPA Society, which says it provides taxpayer protections "without imposing additional regulatory burdens and marketplace confusions that would create barriers to doing business in Illinois."

Maryland: The Old Line state requires tax preparers to have a high school diploma or GED certificate, complete 80 hours of tax law education and pass a state exam with at least https://www.crosslinktax.com/tax-updates/State-Requirements-for-Preparers-Which-Offer-Tax-Refund-Loan-Products.asp#.W0ZV_NJKi00a 70 percent grade to obtain a professional license. The fee for the exam is $65 and must be completed every two years. Before taking the exam or renewing, a tax preparer must complete at least 16 hours of CPE. A PTIN from the IRS also is required. CPAs, EAs and attorneys, as well as state, local and federal government employees who perform tax return services in accordance with their official duties, are exempt from Maryland's licensing requirements.

Nevada: The Silver State last year enacted a series of new registration requirements for document preparation services within its borders. The law that did so also expanded the definition of such service to include tax preparers. However, it does exempt CPAs, certain attorneys and financial planners. Since July 1, 2017, Nevada tax preparers have had to register with the state and renew their registration every year. The initial fee is $50; renewal is $25 per year. Tax preparers then will be issued a state certificate of registration. In addition, the registration process requires the tax pro to obtain a $50,000 surety bond or cash bond to be filed with the Secretary of State.

New York: The Empire State requires its paid tax preparers to be 18 years of age or older and have a high school diploma or equivalent. Individuals who prepared 10 or more New York state personal tax returns or reports must complete four hours of continuing education each year (after having previously completed more substantial courses). As in other states, certain credentialed professionals are exempt from the N.Y. registration requirements.

Oregon: The Beaver State's tax preparer requirements demand applicants have a high school diploma or GED certificate, complete 80 hours of tax law education and pass an examination with at least a 75 percent grade. But before a preparer goes through that licensing process, he/she also must obtain a PTIN from the IRS. All state tax preparer licenses expire every year on Sept. 30. Certain individuals are exempt from licensure by the Oregon Board of Tax Practitioners, including attorneys, fiduciaries, CPAs and public accountants who hold a permit from the Oregon Board of Accountancy and employees of those entities.

In addition, 20 states have regulations for tax preparers who offer tax refund-related products, such as refund anticipation loans (RALs) or refund anticipation checks (RACs).

Essentially, these states require these tax professionals to register and/or provide clients with disclosures about the full costs of the loans.

You also might find these items of interest:

Checking out your tax professional

Tax refund loans, checks still cost taxpayers lots of money

IRS loses lawsuit challenging tax preparer registration, testing

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from Tax News By Christopher http://www.dontmesswithtaxes.com/2018/07/7-states-that-regulate-paid-tax-preparers.html

[lisarprahl]

Non-CPA Controllers Offer Perspective on Choosing a Certification

Three years ago, Anne Bronchetti, CMA, had an accounting intern from a local university who had never heard of the Certified Management Accountant designation until she told him about it.

“He knew he wanted to pursue a career in accounting but wasn’t at all sure what path to follow or where he should focus,” said Bronchetti, controller at Velocity in Albany, N.Y. “He also wanted to continue learning—to pursue additional education in order to broaden his knowledge. The option of becoming a CMA was news to him. Within a few days, he had thoroughly researched the Institute of Management Accountants online and came by my office with lots of questions. In that short time, he had even told some other students about the CMA.”

When Bronchetti was in graduate school, she knew she liked accounting, but the job duties of a CPA in public accounting weren’t at all appealing to her. What was appealing was the interaction between the finance function and other functional areas within a business, Bronchetti said.

“I then decided to pursue the CMA, as I realized this would be the perfect complement to my growing interest in corporate accounting,” she said.

Bronchetti is one of seven corporate controllers I spoke to recently who opted for a different professional certification instead of a CPA: three are CMAs, two are Certified Fraud Examiners, one is an enrolled agent, and one is planning to take the CMA exam in the future.

I asked them what advice they would give to a budding accountant who’s considering an alternative to the CPA. Here’s what they told me:

Figure out what’s best for you

Soon-to-be-accounting graduates should take their time to figure out which areas of accounting they prefer, and pursue a certification that’s in line with those particular areas, said Tracy Gale, EA, controller at Quality Plastics in Sparks, Nev.

“Being a CPA has a very broad meaning. A CPA can specialize in one thing or another, but it doesn’t make them qualified in all areas,” she said. “Internships are valuable to make the determination. It’s all about experience. If someone is interested in audit specifically, a CPA is really the only way to go and a great option. However, if an individual is interested in tax, I believe an EA is the way to go. Because the focus is on tax, the experience becomes tax and nothing else.”

Eric Vahle, CFE, controller at Rocklin, Calif.-based Riebes Auto Parts, said in hindsight, the two- or three-year grind of working in public accounting and then taking the CPA exam may not have been a bad way to start his career. But he decided to become a CFE instead of a CPA.

“If you really want a CPA license and there’s zero question that it’s the most requested applicant asset, then go directly to public accounting. It’ll undoubtedly be a grind, but firms offer their employees time to study for the exams, unlike most private industry positions,” he said.

Network and ask questions

If you’re still not sure which certification is right for you, don’t be afraid to reach out to credentialed accounting and finance professionals and ask them questions to get a feel for which certification would best suit you, said Joel Konts, CFE, controller at Global Plastics LP in Manchester, N.H.

“LinkedIn is a great tool for this, and there are many people who wouldn’t mind sharing their opinions and thoughts,” he added.

For those considering either the CMA or the CPA designations, Bronchetti recommended contacting or meeting with members of their local chapter of the IMA, their state CPA association, or the American Institute of CPAs to gain their perspectives.

“Ask them how they made their decision to become a CPA or CMA, where has that led them, and what are the pros and cons as they see them?” she said.

And it’s also OK to want both credentials, Bronchetti added. As of March 31, 2018, there are 5,091 accounting and finance professionals in the Americas region who are both CMAs and CPAs, according to data provided by the IMA. Globally, there are 5,865 professionals with both credentials.

“I have a friend who’d worked in the banking industry for nearly all of his career. He obtained the CMA credential several years ago and soon after decided to also obtain his CPA,” Bronchetti said. “He said the CMA exam was much harder!”

Have the will to learn, and be humble

Knowledge is key to successfully moving through your accounting career path without a CPA license, Konts said.

“Be willing to gain the understanding of real-world accounting practices and how to apply them to actual circumstances. Ask questions, no matter how little you think they are,” he added. “If you don’t understand why a certain entry is being made or why a certain accounting procedure is being done, ask why. No one knows—not even a CPA—everything there is to know about GAAP or IFRS, especially right out of school. Take the time to process what you’re doing in the workplace and fully understand it.”

Wayne Ledbetter, CMA, CFM, controller at Furniture Services Inc., said he is a firm believer in lifelong learning, and whether through a pursuit of one or many certifications or by attending CPE courses, it’s your responsibility to keep current.

“Business and accounting have changed dramatically during my career, as I’ve seen us move from paper documents to fully integrated systems. Certifications and training are a necessity to demonstrate to employers that they will be getting an employee who’s updated on the latest techniques and pronouncements affecting how you do your job,” he added.

Melissa Adams, CMA, controller at Gray, La.-based Danos, also recommended taking advantage of the many years of experience and knowledge that your mentors have to offer.

“They provide insight and valuable experience that you won’t learn in a textbook. Be a humble employee and student, and always remember you have a lot to learn,” said Adams, who also recommended reading books and articles and attending seminars as ways to continue your accounting education.

Look at any and all opportunities

Even though the logical path is to get your CPA and start your career in public accounting, it’s not the only path out there, Adams said. Be open to whatever opportunities are in front of you.

“Make sure you focus on your interests and what drives you to succeed,” she said.

In addition, you should never settle working for a company just because it offered you a position before anyone else did, Konts said.

“I truly believe if I had settled and didn’t look around for the opportunities that were right for me, I wouldn’t have had the same path I’ve been on,” he added. “It’s OK to look around and negotiate. Make sure the people you’re about to work for care about you succeeding. I can’t emphasize that enough—you don’t want to work for someone who doesn’t care about your growth.”

Be prepared for change

As new accounting graduates enter the workforce, they must understand that the only constant in business these days is change, Ledbetter said.

“One of the major topics around today is innovation. Business continues to innovate and evolve at what seems to be a faster pace,” he added. “Sometimes in your career that means you’ll be caught up in downsizing or you’ll make a mistake that’ll result in you losing a job. This is what we call ‘experience.’ Be prepared to accept it and use the network that you’ve developed during your career to land on your feet. The days of working for one company from the time that you graduate until you retire have passed. You must be prepared for change, and certifications and lifelong learning are two of the best means of being prepared.”

Get an MBA

Given that four of the seven controllers I spoke to have an MBA, they feel very strongly about this.

“I obtained my MBA with an emphasis in finance because I felt it would give me the higher-level tools I would need to excel in my chosen career,” Adams said.

“There’s no reason you can’t get this degree while working, and whether you go for a CMA, CPA, or [professional accounting] certificate, having this in your back pocket is key,” added Nicole Walters, controller and head of HR for Riviera Bronze Inc. in Ventura, Calif., whose goal is to become a CMA. “An employer that sees this knows you did a little extra and made an effort when you didn’t need to, and that’s a very hirable trait.”

Image: iStock/Jorgenmac

The post Non-CPA Controllers Offer Perspective on Choosing a Certification appeared first on Going Concern.

from Accounting News http://goingconcern.com/non-cpa-controllers-certification-tips-inchan/