Student Internship Information
Goals
Obtain experience as a tax professional:
- Apply tax school course learning to real-world tax situations and internalize knowledge
- Hours can be used to help satisfy the CTP® experience requirement to be awarded the CTP® professional designation
Develop a new career:
- Obtain permanent employment with the intern employer
- Build a resume as a tax professional with impressive experience and credentials
Increase earnings:
- Obtain employment as a well-paid tax professional
- Qualify for greater earnings as tax knowledge and experience increases
Continue professional education:
- Consider completing the CTP® certificate program
- Consider taking the Enrolled Agent review course and IRS EA exam to become an EA
Benefits
Practical experience:
- Opportunity to apply tax course learning to internalize knowledge
- Hours earned help satisfy CTP® experience requirement
- Gain confidence in applying new skills as a tax professional
Career opportunity:
- Connection with prospective employer
- Career growth path as tax professional
Earnings Potential:
- Potential paid internship (internships may be paid or unpaid)
- Potential greater earnings as tax knowledge and experience increases
Student Requirements
We encourage all of our Interns to maintain a journal and submit weekly reports to their Internship Program Manager who will monitor student’s progress to ensure that goals of internship (described above) are being attained. At the end of the program, the Intern must complete an evaluation of the internship.
The Income Tax School Students will be eligible to sign up after successfully completing at least the Basic Income Tax Course. Students are screened for suitability to meet IRS tax practitioner requirements.
Students in Oregon and California must complete the Qualifying Course required to be licensed in those states. Requirements are described on The Income Tax School website at the following links:
Register Here as an Intern and you will be notified when there is an opportunity available in your community.
Student Evaluation of Internship Experience
Student Internship Journal Information
Qualifications of Interns from The Income Tax School
Graduates of courses in The Income Tax School have learned how to correctly prepare federal income tax returns (and, state tax returns in states that regulate tax preparers). The types of tax returns the student is qualified to prepare are listed below based on level of tax courses completed. Most interns will have completed the Basic or Comprehensive Income Tax Course and those enrolled in the Chartered Tax Professional-CTP® certificate program will be moving on to the advanced individual and small business courses indicated below (complete course descriptions can be found here).
- Basic Income Tax Course: Qualified to prepare all tax returns that can be filed on Form 1040A (and 1040EZ), plus basic Form 1040 tax returns including Schedule A (Itemized Deductions, Schedule B (Interest & Dividends) and Form 2441 (Child Care). The Basic Course also covers IRS e-filing, Due Diligence and client interviewing.
- Intermediate Income Tax Course: Prerequisite: Basic Income Tax Course or equivalent knowledge demonstrated by an exam. Basic and Intermediate combined constitute the Comprehensive Course (described below). Qualified to prepare returns at the entry level for individual taxpayers filing Form 1040 and all schedules and statements related to Form 1040, including basic Schedules A, B, C, D & E and all related Schedules and Statements.
- Comprehensive Income Tax Course (Basic and Intermediate Courses combined): Qualified to prepare returns at the entry level for individual taxpayers filing Form 1040 and all schedules and statements related to Form 1040, including basic Schedules A, B, C, D & E and all related Schedules and Statements.
- Advanced Level I Income Tax Course: Qualified to prepare more complex individual income tax returns.
- Advanced Level II Income Tax Course: Qualified to prepare the most complex individual income tax returns, including Form 1040NR (Nonresident Alien) returns that are typically prepared by CPAs and EAs.
- Small Business Level I Income Tax Course: Qualified to prepare more complex Schedule C sole proprietorships and basic small business returns filed on Form 1120 Corporation and Form 1065 Partnership.
- Small Business Level II Income Tax Course: Qualified to prepare Schedule F Farm Returns and more complex small business returns filed on Form 1120 Corporations and Form 1065 Partnerships typically prepared by CPAs and EAs.
How Tax School Interns Should Be Used
The purpose of the internship is for the employer and the intern to develop a win-win relationship in which the intern has the opportunity to gain experience in tax preparation by applying his or her tax knowledge learned in the course(s), and the employer has the opportunity to screen and develop a potentially valuable future employee. Interns should not be limited to performing menial duties.
Recommended Tax School Intern Duties
- Check tax returns prepared by experienced tax pros. (good way to learn)
- Compile taxpayer information necessary to prepare tax returns.
- Enter clients’ tax return data into tax software program.
- Prepare tax returns for review by experienced tax professionals.
- Sit in on meetings with tax preparation clients. (learning experience)
- Prepare state income tax returns. (local and out-of-state)
- Conduct tax research.
- Study the tax or accounting firm’s policies & procedures.
- Answer basic tax questions for taxpayers who call the office.
- Conduct tax client interviews after gaining experience and confidence.
