To Do List

Front Office Forms

Online Tax Class

Marketing Materials

1. EFIN - Without this six digit number you cannot E-file tax returns.
   
   The EFIN is an Electronic Filing Identification Number which permits the owner to transmit electronic returns direct to the IRS.
   
   http://www.irs.gov/Tax-Professionals/e-services---Online-Tools-for-Tax-Professionals
   
   The IRS states the time to acquire an EFIN is 45 days. It can be faster - generally around four weeks if you follow these five steps.
   
   Step 1. Register for IRS E-Services. The IRS will mail you a confirmation letter with a code within 14 days after you have successfully registered.
   
   Step 2. Once registered, you will need to have two (2) sets of fingerprints taken (police station) and then have them mailed overnight to:
    
   Internal Revenue Service 
   Andover Campus 
   Attn: EFU Acceptance 
   Testing Stop 983 
   310 Lowell Street
   Andover, MA 05501-0001
   
   You can purchase the FD258 Fingerprint Cards from here:

   The Social Security Number you entered on the fingerprint cards will be matched with the Social Security Number you entered in your E-Services application. So they have to be from the same person.

   Step 3. Login in to E-Services and enter the confirmation code from the letter you received via mail.

   Step 4. Click "Apply for EFIN" from the  menu list.
   
   Step 5. Check every day until the status of your EFIN application changes from "Pending" to "Active". It will  then provide the six digit EFIN for you to use.
    

2. PTIN - Each of your tax preparers must acquire an PTIN Preparer Tax Identification Numberin order to prepare taxes.
   The charge is $64.25 paid generally by each prepaprer. Must be completed before December 31st of each prior tax year and takes about 15 minutes to complete.
   https://rpr.irs.gov/datamart/mainMenuUSIRS.do;jsessionid=1A21FB8C7462A351DB29712AB94AC6BC.bm9kZTQ
    
3. BUSINESS and EIN - Register a  a business name. Any name DBA Rushmore Tax Service. Determine your legal structure: LLC, Corporation or Sole Proprietorship. To file an S-Corporation we generally recommend incorporate.com
   They are only $284-384 and it includes your EIN (Employer Identification Number) and registering with the New York Secretary of State.
   The preparation of taxes does not require acquiring a sales tax permit in New York.
    
4. INSURANCE - Both your landlord and we require that you insure your business with liability insurance. The cost is generally $400-500 with at least a million dollar coverage.
    
5. FIND A RETAIL LOCATION - Ideally, your new office will located with 100 yards of an H & R Block Tax office, Jackson Hewitt or Liberty Tax (in that order). 400sqft (min) - 1000 sqft (max). Lease signed by no later than Dec. 1 with one month free. First month due January 1st. 2013. No more than a three year lease with a kick out clause indicating that you must prepare a minimum 500 tax returns. Our company's minimum. Say you expect to prepare 600-1000 to avoid issues. If the rent is low then ignore that. 
    
6. STATE TAXES - Software includes State Filing. Refer to your own City for City filing requirements
    
7. OFFICE SET UP. 
   Reception desk - 1
   Preparer desks (min) - 3   (Each desk can prepare 400 returns during tax season)
   Reception wait chairs - 4-6
   Client chairs at preparer desks - 6
   Reception chair - 1
   Preparer chairs - 3-4
   Main Processing Computer - 1
   Work Station Computers - 2-3
   Return printer - 2
   Check printer - 1
   Fax - 1
   Phone set - 1 main and two cordless.
   Staplers - 4 (3 up to 40 sheets and one up to 65 sheets)
   Miscellaneous office supplies - Copy paper, Business Card Holders, Pens, Notepads, Highlighters, Paper Clips, DL Envelopes, Large Envelopes, Reception Desk Calendar, Appointments book, childrens play toys, coffee, urn, 6' fold out table from Lowes. Polystyrene cups from dollar store (coffee too - one dollar per jar), water dispenser, sugar etc...
    
8. We suggest sourcing much of your furniture from Craigslist. 
    
9. CABLE - Contact local cable company. They will install two phone lines and one separate fax/credit card machine. (which I recommend - https://squareup.com/) but you may wish to use another company.
    
10. UTILITIES - Change utilities to your business name.
     
11. MARKETING - We will provide you the designs for your marketing postcards, business cards, posters and folders/envelopes.
     
12. STOREFRONT SIGNAGE - If desired, we will design your storefront fascia sign.
     
13. NOTARY PUBLIC - Notary Public are useful when notarizing ID's especially for foreign workers when applying for an ITIN (Individual Tax identification Number) Generally $10 per signature. And this income is non-taxable.
     
14. OPEN SIGN - LED Open Signs available from Costco for ~$100
     
15. SOFTWARE - Once your computers have been set up and networked, we provide the software link to be downloaded and set up and configured with your printers. We recommend using Drake Software.
     
16. BANKING PARTNER - After installing Drake Software you will need to make an application to a partner to offer banking services. This includes fee intercept services, debit card, check and direct deposit services for your clients. Drake Software works directly with EPS Financial (E-Collect).
     
17. PAYROLL - To set up your payroll we recommend ADP. They will process your bi-weekly payroll which you can enter online through runlogin,adp.com  They also provide your quarterly reporting number for both state revenue reporting and other reports required by your state.