Dr. Carter was a member of the tax education faculty at the University of Minnesota in the late 1990s. He was also the coordinator of a Volunteer Income Tax Assistance program on campus to help international students and scholars with their US tax filings. His experience with the volunteer program opened his eyes to the tremendous worldwide demand for international tax expertise, leading him to start his own online tax consulting business in the international niche.
Did you catch that word? "Niche." It is the recurring theme throughout this website and there is no better example than Gary Carter, CPA. He explains in full detail how he developed his business on a shoestring budget in his spare time and how it developed into a full-time income. Today, Carter is no longer a college professor, but is a full-time web-based tax consultant. You can visit his website.
Carter really dishes out the juicy details of exactly how he set up his practice in Chapter 8 of his book. He writes about analyzing his niche market, his competition, the technology he used to get started, setting fees, processing returns and a whole lot more.
What sets this book apart from most is Carter's ability to explain in plain English the in's and out's of the tax business and how a practitioner can find success in a complex system. He explains the difference between tax consulting and tax compliance. A return preparer starts out filling out forms--tax compliance work--and as he or she gains experience, becomes a valuable adviser to his clients--a tax consultant. Who do you think earns more?
Like me, Carter believes the tax system will only get more complex, not simpler. He took that position in 2001. As I write this in 2014 it is easy to see that he was correct, and his reasoning was right on the money.
Some of the chapter titles sound rather mundane, but they are anything but. Sure, the author talks about developing a business plan, choice of entity, keeping records, etc. But you'll really benefit from his chapters on resources for tax professionals which will introduce the novice tax return preparer to the various tax research materials available online. He offers a realistic look into how tax research is done efficiently and effectively.
The information in Chapter 7 alone is worth the price of the book to a novice tax preparer. You'll learn about using the Internal Revenue Code, Committee Reports, IRS Bulletins, Revenue Procedures, Revenue Rulings, Letter Rulings, and Court Cases and how each plays a role in finding the answer to sticky tax questions.
Just reading the chapter "Tax Research and the Tools of the Trade" will put you miles ahead of the average tax return preparer. Isn't that where you want to be?
The final chapter in Carter's book contains interviews with six successful tax consultants, how they chose their career in tax, what their work day is like, what they like about their work and what they don't, and what advice they have for aspiring tax consultants.
My only complaint about the chapter of interviews is that it focuses too heavily on tax professionals who got their start in larger firms. I'd like to have seen more on folks getting started by bootstrapping and working in smaller tax shops. But this is not a deal-killer. Still worth reading.
Don't expect this book to offer a plan on how to go out and get clients. Sure it offers a few ideas, but that's not the strong point of the book and it is not what the book promises.
Since it was published in 2001, some of the information is slightly dated, but this does not measurably detract from the usefulness of the book. I read through all of the reviews on Amazon.com and am puzzled by some of the negative reviews. Clearly those are folks who will never be successful as tax professionals. Even to a complete newbie this book offers--if not immediate action steps--a strategic vision and orientation to the profession that is second to none.
Buy Gary Carter's book: Getting Started in Tax Consulting: Comprehensive Coverage.
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