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Almost every organization, business, and person get affected by tax. Every taxpayer wants to comply with the tax laws while saving some money on their tax bills. And that’s exactly where tax accountants come in.
According to the U.S. BLS, 96,000 new jobs are projected to be created for accountants and auditors during the period from 2020 to 2030. While the annual median pay (as of 2020) for these professionals stood at $73,560, several factors influence individual earnings.
These factors commonly include skill sets, knowledge, experience, and location. Though you cannot fully control the last two factors, you can surely improve your knowledge and skills by taking tax CPA courses.
If you’re looking to develop a solid understanding of tax CPE, you’ve come to the right place. This article will focus on every essential aspect of tax courses for CPAs so that you can confidently start your journey toward becoming an expert tax accountant.
Let’s get started.
Whether you take offline or online tax CPA courses, you should be able to carry out the following responsibilities efficiently.
· Examining financial statements
You can get a clear view of your clients’ overall financial situations by examining all of their relevant financial statements. You can also ensure that all these materials align with tax rules and regulations.
· Computing taxes
You can efficiently compute the taxes your clients need to pay to the IRS. While preparing their tax returns, you let the clients know of any balance owed or refund and ensure they don’t need to pay penalties for missed deadlines.
· Devising budget plans
One of the key responsibilities of tax accountants is to help their clients save money while sticking to a realistic budget. Using your knowledge gained from tax CPA courses, you can help your clients improve profitability and increase income. You can also successfully explain how changes in income impact their tax returns.
· Inspecting accounting systems
You’ll also learn how to successfully review your accounting systems to ensure they’re as effective and efficient as possible. You can rectify any errors or issues by doing this.
· Organizing financial records
Apart from preparing their tax return documents, you’ll be able to help your clients keep their financial records organized. This will help both you and your clients access those records whenever required.
In the above block, we discussed the actual responsibilities you can master by taking tax CPE courses. Now, let’s see the skills you can acquire from these courses.
· Knowledge of tax rules
Regardless of the type of industry or organization you work in, how efficiently you can discharge your duties will depend on your knowledge of tax rules and regulations. By taking in-person or online tax CPE courses, you can gain a robust understanding of federal, state, and local tax laws.
· Understanding of accounting best practices
Tax accountants must be able to determine the right, ethical paths for their clients based on accounting best practices. These typically cover areas such as income and payroll taxation, account analysis, auditing, and financial reporting – all of which you can master by pursuing tax CPE.
· Knowledge of asset management
Organizations and individuals rely on tax accountants for guidance on how to lower their tax burdens. Tax courses for CPAs can let you learn how strategic asset management helps your clients achieve this goal.
· Skills in accounting software
Today’s tax experts need to leverage the power of cloud-based tech tools and specialized software to deliver their responsibilities efficiently. By taking relevant tax CPA courses, you can master both tax-specific and general accounting software.
Tax accountants need to be proficient in both of the two parts of the tax domain: compliance and planning. Let’s try to understand what each of these involves.
· Tax compliance
Compliance is about doing the essential tax-related paperwork. Your key responsibility will be to compute the tax returns of your clients according to the present tax laws and regulations and file them on time. At the beginning of their careers, many tax accountants focus on compliance while they acquire more knowledge and skills.
· Tax planning
You can think of planning as the problem-solving aspect of the tax domain. As a tax planner, you’ll help your clients ensure that their finances are tax-efficient. In other words, you’ll help minimize their tax burdens while adhering to the rules and regulations. This essentially means you must have a thorough understanding of all types of tax regulations together with available tax breaks and tax structures.
Fortunately, by choosing the right tax CPE courses, you can master both of these aspects and strengthen your position in the industry.
As a CPA, you already have a solid understanding of different areas of the accounting field. However, in-person or online tax CPA courses can help you pursue further specialization in your career. Not only will this broaden your skills, but it will improve your professional profile as well.
Here’re two fields of specialization that many accountants choose from after pursuing tax CPE.
Auditors are divided into two categories: internal and external. Internal auditors generally work for companies and businesses and review their financial activities while looking for areas where performance can be improved. These professionals also assess company accounting processes and ensure appropriate financial reporting.
External auditors generally work for government organizations and accounting firms. These professionals usually examine financial records to identify tax evasion or other tax-related crimes.
· Tax advisors
While general accountants can provide their clients with guidance on tax-related matters, tax advisors use tried and true ways to help their clients legally lower their tax burdens. These people generally have mastery in local, state, and federal tax regulations and strategic planning.
They also understand the way asset management can improve taxation outcomes and the way financial choices impact taxation.
In addition to these, many accountants choose to become enrolled agents (EAs). These are certified tax accounting experts and can deliver expanded responsibilities for their clients. They can argue cases in front of government tax authorities and represent their clients in negotiations related to dispute resolutions.
As you can see, tax is a complex and vast field, and gaining mastery in it requires you to join a good sponsor of tax CPA courses. Here, we’ve outlined three crucial factors that you must keep in mind when searching for a sponsor.
· Credibility of authors
The credibility and expertise of the authors of online tax CPE courses play a huge role in determining the quality of the courses. Therefore, it’s a must to join a provider that has a large, in-house team of experienced authors.
For instance, at CPEThink.com, many of our authors come with years of experience working as tax advisors and tax experts. And as these professionals develop our tax CPE courses, you can rest assured of being able to learn only the best and latest content in the tax landscape.
· Proper accreditation
Proper accreditation from relevant authorities is another key factor you need to consider when finalizing a provider for tax courses. If your sponsor doesn’t have this, you may not be able to earn any credits for the courses you take.
CPEThink.com is approved by both NASBA and IRS, which means all our tax CPA courses are recognized in all U.S. territories, states, and Canada.
· A large number of tax courses
Since tax accountants can hold different roles with different responsibilities, it’s important to join a sponsor that offers a diverse range of tax courses for CPAs. This will help you pursue a specialization according to your requirements and preferences.
At present, we offer 192 self-study tax CPA courses to meet the needs of all kinds of tax accountants. No matter if you’re a CPA or EA, you’ll find the right courses in our library to accelerate your professional growth.
· Cost-effective courses
Tax CPE is one vital part of your entire CPE requirements. Therefore, if you take online tax CPA courses from an expensive sponsor, it’ll significantly increase the total cost of your CPE.
The key here is to find a sponsor that strikes a balance between quality and cost-effectiveness. Our tax CPE courses start from only $14.95, meaning you won’t have to think about exceeding your overall CPE budget.
Now that you know the key factors to consider when searching for a sponsor of tax CPA courses, it’s time to find the right one. To help save your effort and time, we’ve carried out a comparative analysis of six popular providers of tax CPE.
The parameters we’ve considered for this analysis include the starting price of the courses, CPE credits available with them, and the availability of a money-back guarantee.
At AICPA, the prices of tax courses for CPAs start from $39.20, offering 1.5 CPE credits. Note that this price is only for NFP Section members. For AICPA members, the price is $49, and for nonmembers, it’s $59. You may receive a refund for non-subscription CPE products if you raise the refund request within 30 days of making the purchase. However, all PDF or downloadable products are non-refundable.
Tax CPA courses at Becker start from $29 and offer 1 or 1.5 credits. If you want to get a refund, you’ve to raise the refund request within 10 business days from the date of making the purchase. You’ll get the refund after deducting any completed course fee or any non-refundable fees.
· Sequoia CPE
With Sequoia CPE, the inability to buy online tax CPE courses separately could be a major deterrent for many CPAs. You’ve to purchase their unlimited annual membership (excluding ethics) for $149 to take any of the available tax courses. You need to make the refund request within the initial 45 days of your membership to get a full refund.
While the nano courses on tax-related subjects start from $9 (0.2 credit) at CCHCPELink.com, the general tax courses start from $49, offering 1 credit. To get a full refund for a web-based self-study course, you must make the refund request within 30 days of purchase and without completing the course and receiving a certificate of completion. For PDF self-study courses, you can get a full refund if you cancel the course within 30 days of purchase without completing it.
· Western CPE
Online tax CPA courses at Western CPE start from $58 (2 credits). Here, you cannot get a refund. Instead, you’ll get store credits that can be used to make future purchases from them. If you purchase a course but don’t complete it within one year, you can choose store credit or use the amount to purchase another course of less or similar value.
At CPEThink.com, the costs of self-study tax CPA courses start from $14.95, offering 1 CPE credit. If you want to cancel a course for whatever reason, you only need to raise the refund request within 100 days of making the purchase to get a full refund.
In their effort to earn their license, CPAs need to undergo thorough training, and hence, they typically hold good knowledge in various tax-related subjects. However, to get a competitive edge in today’s rapidly changing professional world, continuous and more in-depth training is essential.
Tax CPA courses bring you the opportunity to expand your knowledge and skills to a great extent. With our large and expanding collection of tax courses for CPAs on many different topics, you can easily find the courses you want to take according to your requirements and preferences.
If you want to start right away, you can browse our tax CPE course library. If you want to learn more about our offerings, reach out to us today, and we will be happy to answer your queries.
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