(1)
I
have decided to revive my series of interviews with TAX BLOGOSPHERE BUDDIES as
a regular Friday feature for the next several weeks.
First
up in this new series is Enrolled Agent Jamaal Soloman, owner and CEO of the
Brooklyn NY based J.S. Tax Corporation, and author of THE TAX FACTOR blog.
I
first learned of Jamaal in a post by Trish McIntire of OUR TAXING TIMES, who was
interviewed in the first TBB series (click here).
Each
post at THE TAX FACTOR begins with a music video appropriate to the topic of
discussion.
I
was especially interested in Jamaal’s comments about his classes at “a tax
franchise”.
(2)
(3) How did you become
interested/involved in preparing tax returns?
I
graduated 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 getting
a 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 tax
franchise about how to prepare taxes. I felt that the company was only teaching
us how to type our clients’ response in their program. You didn’t need to know
about taxes because the computer program told you everything. I felt that the
computer program was a disservice to their clients. I never worked for the
company but I became fascinated with taxes. Half way through the lessons, I got
a job with a small accounting firm. The firm allowed me to continue the class.
How were you
educated/trained in preparing tax returns?
I
started my tax career with a small accounting firm with only one
owner/accountant. The owner taught me everything he knew about taxes. I learned
how 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 never
received this direct experience with a large corporation. This experience encouraged
me to obtain a Master’s degree in Taxation from CUNY Baruch College and get
licensed as an Enrolled Agent.
Currently,
I own an accounting company called J.S. Tax Corporation. I’m small now but
watch out for my company in five years!
When and why did you
decide to write a blog on tax issues?
The
idea popped in my head after I obtained my Master’s in 2009. The only thing I
learned from my Master’s program was how to save millionaires and billionaires
money on their taxes. I wanted to write posts for the average American
taxpayer. However after about four posts, I became bored with the blog and
decided to stop.
Fast
forward three years later; I felt the need to write tax blog posts again. Too
much people in my community are scared to talk about taxes. However, this time
around to keep myself motivated I decided to make it a different tax blog. I
decided to make it unique by adding music to most of my posts. I absolutely
love music and can’t write creatively without it. On my posts, you could find songs
from artists like Johnny Cash, the Beatles, Jay-Z, James Brown, etc.
How has blogging
helped your business?
My blog is still new so I haven’t
seen any benefits to my business. However, a lot of people have told me that
they enjoy reading my posts.
What do you consider
the “best tax advice” you can give anyone?
"Don't
Let 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 the
fancy things they got.
'Cause if you do you'll find it sure, you're
gonna 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.”
In
other words, don’t worry about what tax refund other people received. Everybody
situation is unique when it comes to tax returns. Seeking huge tax refunds tend to get people
in trouble.
Do you think the
regulation of tax return preparers is a good thing?
Yes,
because I believe there are too many fraudulent tax preparers taking advantage
of their clients. I tell my clients all the time that “I’m too skinny to go to
jail.” Some of these clients are used to tax preparers making magical numbers
so they can get a refund.
Do you think CPAs and attorneys
should be exempt from testing and required CPEs in taxation?
Just because someone is a CPA or
attorney doesn’t mean that they know about taxes. People need to respect how
difficult it is to be a good tax return preparer. It is not all about entering
a W-2. A lot of people think all CPAs are tax experts. However, some CPAs only
dealt with taxes when they studied for their CPA exam. At minimum, CPAs and
attorneys should be required to take annual CPEs in taxation.
Do you think experienced tax
preparers 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 piece
of cake. Some so-called experienced tax preparers don’t know what they are
doing. It is time to prove that you can correctly prepare a tax return. I don’t
want to hear about the “new technology” excuse. Paper tax returns will be
extinct in about five years. I don’t want to seem harsh but I have seen may
people get hurt by corrupt or incapable tax preparers. This is one of the
reasons why every week I create a “Tax Preparers’ Hall of Shame” post on my
blog.
How would you reform/rewrite the Tax
Code?
Life
is too short for me to think about ways to improve the Tax Code. The Tax Code
is so complex, long, corrupt and unfair. Politicians and lobbyists make the Tax
Code unbearable for the little guys. Most people direct their angry towards the
IRS. 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 then
thinking about how to improve the code is useless.
What is your favorite Broadway
musical – and why?
It
is crazy that I love all types of music expect musical movies and plays. Broadway
musicals are too long for me. My mind starts wandering and next thing you know
I’m thinking about taxes in the middle of the play.
TTFN
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