(1) Ihave decided to revive my series of interviews with TAX BLOGOSPHERE BUDDIES asa regular Friday feature for the next several weeks.
Firstup in this new series is Enrolled Agent Jamaal Soloman, owner and CEO of theBrooklyn NY based J.S. Tax Corporation, and author of THE TAX FACTOR blog.
Ifirst learned of Jamaal in a post by Trish McIntire of OUR TAXING TIMES, who wasinterviewed in the first TBB series (click here).
Eachpost at THE TAX FACTOR begins with a music video appropriate to the topic ofdiscussion.
Iwas especially interested in Jamaal’s comments about his classes at “a taxfranchise”. (2) (3) How did you becomeinterested/involved in preparing tax returns?
Igraduated from college with BS in Business Management, a semester after 9/11,so the job market was horrible for new graduates. My original plan was gettinga job to become a store manager. Doing taxes was the last thing on my mind.However, two years after graduation I found myself taking classes at a taxfranchise about how to prepare taxes. I felt that the company was only teachingus how to type our clients’ response in their program. You didn’t need to knowabout taxes because the computer program told you everything. I felt that thecomputer program was a disservice to their clients. I never worked for thecompany but I became fascinated with taxes. Half way through the lessons, I gota job with a small accounting firm. The firm allowed me to continue the class.
How were youeducated/trained in preparing tax returns?
Istarted my tax career with a small accounting firm with only oneowner/accountant. The owner taught me everything he knew about taxes. I learnedhow to complete Forms 1040, 1120, 1065, 990, 1041, 1023, 990 and payroll taxes.Plus, I learned how to communicate with clients and the IRS. I would have neverreceived this direct experience with a large corporation. This experience encouragedme to obtain a Master’s degree in Taxation from CUNY Baruch College and getlicensed as an Enrolled Agent.
Currently,I own an accounting company called J.S. Tax Corporation. I’m small now butwatch out for my company in five years!
When and why did youdecide to write a blog on tax issues?
Theidea popped in my head after I obtained my Master’s in 2009. The only thing Ilearned from my Master’s program was how to save millionaires and billionairesmoney on their taxes. I wanted to write posts for the average Americantaxpayer. However after about four posts, I became bored with the blog anddecided to stop.
Fastforward three years later; I felt the need to write tax blog posts again. Toomuch people in my community are scared to talk about taxes. However, this timearound to keep myself motivated I decided to make it a different tax blog. Idecided to make it unique by adding music to most of my posts. I absolutelylove music and can’t write creatively without it. On my posts, you could find songsfrom artists like Johnny Cash, the Beatles, Jay-Z, James Brown, etc.
How has blogginghelped your business?
My blog is still new so I haven’tseen any benefits to my business. However, a lot of people have told me thatthey enjoy reading my posts.
What do you considerthe “best tax advice” you can give anyone?
"Don'tLet The Joneses Get You Down" by The Temptations
“Ow,people gather round me, it's whom it may concern.
I'm not trying to run your life.
But you're never too old to learn, huh.
Stop worrying about your neighbors and thefancy things they got.
'Cause if you do you'll find it sure, you'regonna wind up on the spot.
Don't let the Jones
Don't let the Jones
Don't let the Joneses
Get you down, oh down.”
Inother words, don’t worry about what tax refund other people received. Everybodysituation is unique when it comes to tax returns. Seeking huge tax refunds tend to get peoplein trouble.
Do you think theregulation of tax return preparers is a good thing?
Yes,because I believe there are too many fraudulent tax preparers taking advantageof their clients. I tell my clients all the time that “I’m too skinny to go tojail.” Some of these clients are used to tax preparers making magical numbersso they can get a refund.
Do you think CPAs and attorneysshould be exempt from testing and required CPEs in taxation?
Just because someone is a CPA orattorney doesn’t mean that they know about taxes. People need to respect howdifficult it is to be a good tax return preparer. It is not all about enteringa W-2. A lot of people think all CPAs are tax experts. However, some CPAs onlydealt with taxes when they studied for their CPA exam. At minimum, CPAs andattorneys should be required to take annual CPEs in taxation.
Do you think experienced taxpreparers should be exempt from the initial RTRP competency test under“grandfathering”?
No,because if you are an experienced tax preparer then the exam should be a pieceof cake. Some so-called experienced tax preparers don’t know what they aredoing. It is time to prove that you can correctly prepare a tax return. I don’twant to hear about the “new technology” excuse. Paper tax returns will beextinct in about five years. I don’t want to seem harsh but I have seen maypeople get hurt by corrupt or incapable tax preparers. This is one of thereasons why every week I create a “Tax Preparers’ Hall of Shame” post on myblog.
How would you reform/rewrite the TaxCode?
Lifeis too short for me to think about ways to improve the Tax Code. The Tax Codeis so complex, long, corrupt and unfair. Politicians and lobbyists make the TaxCode unbearable for the little guys. Most people direct their angry towards theIRS. However, it is Congress that makes the tax laws. To change the Tax Code,voters must stand up to their elected officials. If voters don’t stand up thenthinking about how to improve the code is useless.
What is your favorite Broadwaymusical – and why?
Itis crazy that I love all types of music expect musical movies and plays. Broadwaymusicals are too long for me. My mind starts wandering and next thing you knowI’m thinking about taxes in the middle of the play.
TTFN
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