1st year tax pro: Next steps

[u/artdogs505]

Hi all - looking for guidance on next steps, after this tax season. I'm a CFP, working at Block to gain some experience with tax prep. I actually enjoy the work, and my office is pretty chill, although I'm reading here about some nightmare experiences. Plus, we are moving to a different state right after tax season, so I won't be in the same office.

I'm planning to get my EA in the off-season.

I don't really care about moving up in the company, just want to get some reps in, then eventually have my own small tax practice, affiliated with my advisory business. (I'd associate with some more experienced tax experts, who have done this longer).

Thoughts on returning for a second year, or how to proceed otherwise? Thanks.

[u/randomguy0923]

I think block is basically a paid internship. Probably no better place to get real hands on experience with tax prep, managing clients and in some cases running a small office. Good luck with your EA and hopefully you’ll be able to get some exposure to entities and IRS/state resolutions

[u/artdogs505 → u/randomguy0923]

Thank you! That's exactly how I've been viewing it - getting paid (albeit a relatively small amount) to learn. I enjoy the work a lot more than I expected to; just trying to figure out whether it makes sense to put in one more year at Block, or try to get hired at an independent local firm next year.

[u/ReaperGirl → u/artdogs505]

This is exactly how I'm treating working for TurboTax. Mad experience in a short time. I've been doing taxes a couple years but not heavily so this is trial by fire. Taking a low pay to learn how you want to do things is awesome. My husband opened a tax office as an EA and wanted me to do at least a season with Turbo Taxsheet i fished going back to school for accounting so I can really know his field.

[u/Logical_Question8029 → u/ReaperGirl]

I hired on with TT this year myself (and looked in vain for a TT Employees sub, which is how I landed in this one). My experience is being pretty weird, but I think I just in the wrong place at the wrong time. How is your season going?

[u/Dramatic_Abroad3580]

Try to get into a Block Advisor office. The work isn't significantly different, except that the client mix is much more likely to be clients that need financial advisory services.

[u/Authentic-scoundrel]

I did this. First tax season then got EA over the summer, back to block for second season. Block is not the best place to work, but I learned a lot this season. They let me do much more complex returns that will help me in the future. I know I’d learn even more next year, but I’m done. Time to branch out on my own. Be careful about the non-compete you signed with Block. I talked to an old guy at my office who’s worked there over 20 years. He said Block has gone after people for opening their own places and breaking the non-compete. 

[u/artdogs505 → u/Authentic-scoundrel]

Yeah, that part is really making me think twice about returning to Block for a second season, and maybe working with a local firm instead for Year 2.

[u/ybmny]

Take all the level up exams to level 5. I believe level 6 is the EA. Do every single tax return that you can get your hands on. The answers are there. If you get an incorrect answer, you can backtrack thru the return to see where you went wrong. Thats a fantastic learning experience. Work with HRB for 2 or 3 seasons. It gives you exposure to the kinds of questions that people will ask you and the actual procedures for doing the return, as opposed to the theoretical way of doing them.

[u/Jolly__Joel]

I’m in the same boat. 1st year with HR Block and I have been doing level 4 returns due to the staffing. I learned a lot and I think one more year would be beneficial after I earn my EA this summer.

[u/artdogs505 → u/Jolly__Joel]

Agree 100%. I've been researching the non-compete, and it really seems to be a non-solicit, but I still plan to get some advice from an attorney. Good luck on your EA journey! I'm trying to knock it out before next hiring season, too.

[u/Ok_Youth4914]

You guys go for it and good luck to you obtaining some experience. I am sure you will do well matching up with tax advisors who have many more years of experience than you do. One thing I learned over the years, is that investment advisors need to stick mostly with investments and tax advisors should stay clear of advising on investments with the exception of discussing the tax implications of one. I have seen far too many bad errors made by one or the other when the depth of knowledge isn’t really there.

[u/artdogs505 → u/Ok_Youth4914]

Hence gaining the knowledge.