New Tax Office questions

[MGC94]

Hello, 

As mentioned before my mommom passed away and I am keeping her legacy going. 

I got my EFIN (very fast)

I know I have to get my PTIN 

How do you get a CAF number?

Anything else I need? Anything else I need to do?

Does anyone on here buy any type of insurance? 

Any recommendations? 

Any good contact numbers I should have for IRS? or State?

I know about the tax practitioner number, and I also have a tax advocate number. I have my state phone numbers for practitioners. 

Any courses you recommended? / re-fresher courses? Where do you personally read up on the new laws for tax year 2022? 

Anyone part of the National Society of Accountants? 

Thank you for all your help

[Just-Lisa-Now-]

I sent in a POA before a CAF had been issued to me and that triggered the issuance of the CAF.

I always take a federal and state (CA) update course in Dec/Jan to get up to speed with all the new stuff.

[sjrcpa]

"Does anyone on here buy any type of insurance? "

Yes, professional liability insurance.

[sjrcpa]

Your state may require tax preparers to register, complete education, etc.

[MGC94]

Do you mind sharing the link for your federal course that you take? Or how do you take it? Thank you

[MGC94]

What do you use the insurance for? What company do you use? How much does it cost? Is it for Errors and Omissions? Is it for if someone falls at your office? Is it if a tax return is messed up?

[Just-Lisa-Now-]

I go through Spidell, its a virtual 2 day (4 hours each day) course...they do have some in-person seminars, which is what I prefer and usually take, but since Covid, they havent brought back anything near me yet!

https://www.caltax.com/product-category/webinars/live-upcoming-webinars/

I take the one at the top of that list each year.  They do a pretty good job.

[Just-Lisa-Now-]

This is the in person seminar list, maybe one is near you
https://www.caltax.com/product-category/seminars/?campaignid=15916265726&adgroupid=135914035081&crea...

[sjrcpa]

Professional liability is, I think, the same as errors & omissions.

We use CAMICO. If you join an association, they may have group rates.

You should also have general liability insurance for "if someone falls at your office"

[TaxGuyBill]

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@MGC94 wrote:

How do you get a CAF number?

Does anyone on here buy any type of insurance? 

Any good contact numbers I should have for IRS? or State?

Any courses you recommended? / re-fresher courses? Where do you personally read up on the new laws for tax year 2022? 

If you Form 2848 or 8821 and wrote "none" in the CAF number, they will issue you one.

If you ONLY prepare tax returns, Hiscox has good priced "Errors and Omissions" insurance.  If you do representation (you mentioned a CAF), other companies may be better (and as was mentioned above, if going through a professional tax organization may often is a good idea).

It can be rather expensive, but Cyber insurance (and similar coverage) should be considered.  At the very least, you should consult an IT person that specializes in security (I know a good one if you are interested).

Generally the best and only number you need is the Practitioner Priority Service number, which you said you already have.

It is best if you take an annual "update" class, generally in December or January.  I prefer live webinars over reading something or live in-person sessions.  Checkpoint Learning has some good classes, but I'm sure there are many other good classes as well.  I think I may be trying NATP this year.  And of course it is great to take other annual continuing education as well, in addition to the annual "update" classes.

After taking the annual "update" class, you may consider looking at the "What's New" section of some of the IRS Publications.  Hypothetically, looking at those sections would tell you all of the new things going on for the year.  In my opinion taking a class AND looking at the "What's New" sections will help imprint the new things on your mind.

[Skylane]

@sjrcpa is on target about the insurance.  Prof Liability is the same as Errors & Omissions. That is you make a mistake that you're liable for....  Like failed to report a lot of income that creates a lot of P&I....

. If you have an office you also want general liability in case one of your clients falls off a chair and sues you.  

If you have employees you'd also need workers compensation.... in case one of your employees falls off a chair.... 

Call a local independent insurance agent. They'll understand the coverages and products better than you. 

[Skylane]

I forget the CAF number.... I think they just magically appear when you start doing business w/ the IRS. Don't think there's an application.

[abctax55]

https://www.cpaacademy.org

These guys have TONS of free CPE (many are archived) and some that cost a minimal amount (not sure if those are archived).  Most are an overview of a topic; but that'll let you know if you need to dive deeper.

I would also suggest buying The Tax Book  https://www.thetaxbook.com  or QuickFinder... they are basically interchangeable IMHO) for research & for reading about various tax situations.  Buying The Tax Book also entitles you to 'xx' numbers of CPE and I think they offer a year-end update/refresher.  I know they have a tab of 'What's New' for the year.

And Intuit usually has some 'Update' or What's New webinars too - altho I think they are more geared to the software than tax law/changes.

And I'm not sure I could sleep at night without E&O Insurance.  Like Susan, I go thru Camico.  It's pricey but you can get discounts for doing some of their webinars, for doing engagement letters, etc.

[abctax55]

Re CAF - per google

How do I apply for a CAF number?

• Write “none” in the CAF number field on Form 2848 or Form 8821.
• Have your client sign the form.
• Mail or fax the signed form to the appropriate CAF unit.

(I got mine SOOOOOO long ago I couldn't remember)

[abctax55]

And @Just-Lisa-Now-   is correct that Spidell/Caltax's webinars are G R E A T.  I do the update every year in late Nov/early Dec.  I haven't done a live one in a long time, as none are really close and the weather can be a factor for me.   They are THE go-to source for all tax things CA, and at least 2 hours of the 8 hours addresses specific CA issues.  Unless you are in CA you might find that boring and/or unnecessary.  And the webinars aren't cheap, but to me they are the BMW ( 🏎 🙂 for 'update info'. 

[qbteachmt]

I recommend singing up for every enewsletter that is in a field you might come across:

https://www.irs.gov/newsroom/e-news-subscriptions

Example: my chosen topics include TE/GE (tax exempt and government entities), FS&LG (Fed, State and Local gov), payroll, tax professionals, small biz, retirement, SSA, CFPB. Sometimes the same topic comes from more than one source in that same day, because there is overlap. Today's included:

4.  Webinars for tax practitioners

Tax pros: Here are some upcoming webinars for the tax practitioner community. For more information or to register, visit IRS.gov.

• Circular 230: Practicing “Inside the Lines” throughout the Tax Engagement Lifecycle on Nov. 10 at 2 p.m. EST. Earn up to 2 CE credits.
• Quarterly Update: Program & Policy Updates from SBA, DCEO, IRS, SBAC on Dec. 15 from 10 – 11:15 a.m. EST.
• 2023 IRS/CSEA Practitioner Seminars on Jan. 18-19, 2023. Earn up to 9 hours of IRS qualified CPE (includes 2 hours of federal Ethics). Plus an additional 1 hour of California CE (no IRS credit).

[sjrcpa]

Listen to Skylane. He knows insurance.

[ljr]

I have Camico for my liability insurance and I have their cyberinsurance as well. 

You should look at joining NATP and NSTP. They both have lots of classes and webinars, ce and introduction to tax preparation classes. Sign up on IRS.gov for all their newsletters.