Aspiring and new tax firm owners are likely accustomed to having tax research resources provided by their former employer. They’re accustomed to walking down a hall or texting with a colleague or boss who has experience and expertise.
2/x
2/x
At least this was the case for me when I started working for myself.
3/x
3/x
Now that you’re on your own, where do you turn to for technical tax knowledge? Particularly if you’re on a budget?
Fortunately, there are TONS of great resources out there.
4/x
Fortunately, there are TONS of great resources out there.
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In this thread, I share the “tax technical stack” that I’ve accumulated over the last decade of solo work. I suspect others will chime in with their own resources and we’ll all learn.
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5/x
From the cumulative list, you’ll end up with numerous platforms, subscriptions, books, etc. to begin building your own tax technical stack.
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I’ll start with free resources. This is your go-to when you (may) initially have more time than money. I’ll then list paid resources that I’ve found to be worth the $$. Consider layering these or similar ones in as you have more money than time.
7/x
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Which will likely be fairly quickly.
Because you’re awesome.
8/x
Because you’re awesome.
8/x
1. #taxtwitter is THE place for the latest & greatest in all things tax. In all seriousness, I cannot believe this site is free. The CARES Act was decoded in real time. Crypto tax experts debate how IRS guidance might apply to rapidly-changing technology.
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We problem solve with each other daily. We support each other publicly and behind the scenes. #taxtwitter wants you to succeed. Be here, stay here, participate – you will find help with your client’s tax problems, tax prep software issues, new tax law, etc.
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Use twitter’s search and bookmark features to find old conversations that can help get you kick started on your research projects.
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11/x
2. Other free public & private tax-pro platforms.
On Reddit it’s r/taxpros and the lesser used r/technical tax. Don’t get sucked into r/tax – you’ve been warned.
On Discord, there’s a private server for tax pros. Ask around for an invite.
12/x
On Reddit it’s r/taxpros and the lesser used r/technical tax. Don’t get sucked into r/tax – you’ve been warned.
On Discord, there’s a private server for tax pros. Ask around for an invite.
12/x
On LinkedIn, it’s “CPA Sole Practitioners and CPA Small Firms – USA” and “AICPA Tax Practitioners”.
Also try the TaxProTalk website forum.
13/x
Also try the TaxProTalk website forum.
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3. Moving along to free newsletters/blogs with current tax information.
The IRS has numerous newsletters you can sign up for here irs.gov/newsroom/e-new….
14/x
The IRS has numerous newsletters you can sign up for here irs.gov/newsroom/e-new….
14/x
9 times out of 10 the content is crap like “did you make estimates”, but that 1 other time it’s letting you know efiling or eservices has a scheduled outage, announcing annual reports from TIGTA, TAS, publishing internal info such as annual compliance focuses & stats, etc.
15/x
15/x
While you’re at it, sign up IRS Taxpayer Advocate Service newsletters taxpayeradvocate.irs.gov/contact-us/sub…
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16/x
The AICPA Tax Adviser is an solid, free resource for lengthier content on a variety of tax topics. thetaxadviser.com. (It looks like their email signup is down rn, but you can access via their website.)
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17/x
procedurallytaxing.com is mostly attorneys talking about IRS procedure and administration. I got nostalgic when I see posts by Nina Olson, the previous Taxpayer Advocate. #teamnina
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18/x
Ed Zollar’s take on current developments, e.g., tax court decisions currentfederaltaxdevelopments.com.
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20/x
4. These sites have either paid-only content or a combination of free & paid content, sometimes including CPE/CE offerings. It’s a little hard for me to pull those apart, so I’ll list all the ones I like here. Subscriptions typically run a few hundred $$ per year.
22/x
22/x
kitces.com An excellent source of tax info + high quality continuing ed available for EAs, CPAs, CFPs, and IARs. Always relevant for individual tax, sometimes relevant for small biz tax.
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23/x
5. As your budget allows, consider joining closed groups for accountants, tax pros, etc. Here folks post the stuff they don’t want to post in public forums.
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(Sidebar: These platforms typically have other offerings, as well. You’re likely paying for more than just asking tax questions, it’s just the other stuff isn’t what this particular thread is about.)
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Fees range from a couple of hundred dollars to a couple of thousand dollars per year. Paid platforms could be its own thread, so I’ll just say here to know that a lot of tax questions get answered here and shop around for 1 or more groups that are a good fit for you.
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6. Now you have more money than time. Kudos!
Keep up with the free and less expensive options. You’ll still want the good ones. But now you can also add in pricier options such as a general tax research platform, specialized tax books/publications, etc.
34/x
Keep up with the free and less expensive options. You’ll still want the good ones. But now you can also add in pricier options such as a general tax research platform, specialized tax books/publications, etc.
34/x
I am not the best at tax research (shocker, right?), so any help I can get here is so appreciated.
As of this year, my main research platform is BNA pro.bloombergtax.com/research/.
35/x
As of this year, my main research platform is BNA pro.bloombergtax.com/research/.
35/x
It’s awesome. Many great features such as setting up keyword alerts that will aggregate & send you related info at your chosen frequency. My FAV feature, is the lovely folks at BNA will actually pull the initial research for you if you tell them what you’re looking for.
36/x
36/x
They are prompt, kind, and helpful. My cost is $7,500/year. YMMV.
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37/x
Also new to me as of this year are PPC Deskbooks by Thomson Reuters store.tax.thomsonreuters.com/accounting/Pra…
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38/x
I think I have pretty much all the trust & estate deskbooks in paper copy on my bookshelf and they are excellent. If you are developing an expertise in a specific area or even if you already have that expertise, these books are fantastic.
39/x
39/x
They are several hundred $$ per book. Super in the weeds stuff that solos need – concepts explained in depth, where to put what on tax returns, etc. Print and digital options are available.
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40/x
Honorable mention #1: Also by TR - Quickfinders for 1040s, business returns, and so on. They’re inexpensive and are great for quickly locating inflation adjusted numbers, jogging your memory on wtf to do with accrued interest – that sort of thing. store.tax.thomsonreuters.com/accounting/Pra…
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Honorable mention #2: Whether you’re working with SMBs or HNWs, most newbie firm owners can’t get away from advising on retirement plans, particularly IRAs. And the rules are numerous. nxtbook.com/nxtbooks/pmc/i… I think it’s worth it to have a go-to reference just on this.
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Honorable mention #3: If you deal at all with equity comp issues on the employee side you NEED Managing Concentrated Stock Wealth by Tim Kochis. Perhaps still a good read if you do just the employer side.
goodreads.com/book/show/2891…
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goodreads.com/book/show/2891…
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Last, by not least, you need to organize all your resources. It’s so easy to forget where and what your go-to resources are. I use Notion, but an Excel spreadsheet is FINE.
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I hope this is a helpful start to building your own tax technical resources as you go out on your own. Feel free to ask any questions.
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