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#1
Posts:
117
Joined:
20-Sep-2020 2:59pm
Location:
US
Hey guys,

Wanted to make sure I wasn’t missing anything for a new tax practice:

Entity
EIN
Firm license with state board
State unemployment number
State withholding number
FIRE for 1099s
Social security administration for w2s
ERO for tax returns
8655 for each client I do tax deposits for
EFTPS login for the above

Anything else that I am missing?
 

#2
Posts:
4140
Joined:
4-Mar-2018 9:03pm
Location:
The Office
Not sure if you mean EFIN by "ERO" but that's a pretty big necessity.

PTINs as well for those who will be signing returns, but you probably already have that covered.

CAF number. If you don't have one, they'll issue one after you send in your first POA.
 

#3
Posts:
1849
Joined:
21-May-2018 7:50am
Location:
A Foot Shaped Island
What state are you in? Some states have very good portals that practitioners can use to gain access to client records, notices, etc. South Carolina has one of the best I have ever seen for both the Department of Revenue and Department of Employment and Workforce. You'll want to look into what options exist for the state(s) you will be working with. Some do not require a POA to gain access (you just need verifying information to identify you work with the entity) while others do require a POA.

If you file in some states and are not a CPA or hold another exempt credential, you will need to register. NY is an example.

And word of advice, go paperless. Scan all docs and buy Tic Tie Calculate to work with tax documents in Adobe Acrobat.
 

#4
Posts:
2127
Joined:
24-Apr-2014 7:54am
Location:
Wisconsin
You might not need to set up FIRE for 1099s. I use an online filing system (Track1099, but there are plenty of other ones out there) which take care of the filing without you needing to worry about it.
 

#5
Posts:
1164
Joined:
24-Jan-2019 2:16pm
Location:
Honolulu
Tax Software, possibly on a network

Cloud storage / portal / means of delivering sensitive docs

E&O/Professional Liability Insurance

General liability if you are renting space

appointment system, or just Google calendar

Covid related protective items and procedures, if this is something you believe in (or out of concerned for employees)

website

e-signature service with KBA

written security policy
 


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