How To Start a Tax Firm From Scratch

[@brendanm87]

Good video. Also want to mention applying to obtain your EFIN number. I totally missed this. Had my onboarding meeting with Thomson Reuters to set up UltraTax software and they asked for my EFIN number. I was like ughhhh what? It took 5 weeks to get. Luckily I applied for it on 12/30 and had it first week of Feb.

[@danielstacielater8641]

Same thing happened to me. EFIN, it isn’t talked about enough.

[@DreamFirms]

Wow! I can't believe I didn't mention this!!! Thank you.

[@DreamFirms]

Yeah same thing happened to a team member of mine when I was running my firm. I just assumed every accountant had one assigned at birth 😂😂😂

[@rbandhoneyberry]

I'm working on starting my own firm on the side right now. You only need a PTIN to do returns but if you want to help clients with tax problems to need a license. The Enrolled Agent license is enough and is a lot easier to get than a CPA. Oh, and PTIN stands for Paid Taxpreparer Identification Number.

[@DreamFirms]

great points! Good luck on the new firm!