MD Tax Preparer Exam

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#21
makbo  
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y10nbaum wrote: I'm just wondering if when measuring the risk vs. the benefit if it's really worth the price.

First, it seems this thread really belongs in the Business Operations sub-forum, perhaps you could flag a moderator to move it for you. (use the little triangle symbol at the upper right corner of your post).

Second, regarding E&O insurance -- you are basically paying for legal services. When I was an employee and preparing a few returns on the side (with my employer's blessing) I did not have it, but as soon as I went on my own, I got a policy.

I think you will find that your first year premium is quite reasonable, maybe just $300. This is not only because your practice is presumably starting small, but you also have no prior years to cover. Remember that a claim is more likely to arise several years after the return is prepared, and your insurance coverage won't cover that if you weren't already on the policy at the time the return was prepared. So if nothing else, you want to start your E&O coverage from day one to get that prior year coverage when you need it.
 

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