The Best Tax Resources to Accelerate Growth and Expertise

Defining the “Best” Tax Resources

There are two kinds of "best" resources for tax professionals. The first are those that are comprehensive, accurate, and up-to-date. The challenge with these resources is they can be overwhelming in terms of their complexity and the time commitment to master them. This article covers the second category of "best" resources, those that help you learn foundational technical subject matter faster so that you can better understand and apply more advanced concepts.

"Corporate and Partnership Taxation (Black Letter Outlines)"

There isn't a better book for learning the fundamentals of C corporation taxation (including mergers and acquisitions). In addition, this book covers S corporation and partnership taxation as well. It's written in plain English (my favorite style) with many examples (my favorite learning method). It also frequently cites the Code and regs. That means when you need to review the actual tax rules for a project or assignment, you can do so armed with better context and understanding.

For perspective, I've done the math, and an average reader could read this book 25 times before completing the Internal Revenue Code once. So, use this book to master the fundamentals of C corporate taxation and to guide you to those parts of the Internal Revenue Code (and the regs) you need to know to support your work.

Click here to review the book.

Practical Guide to U.S. Taxation of International Transactions

This book is similar to my previous recommendation, except the focus is on U.S. corporations with overseas operations ("outbound") and non-U.S. companies doing business in the United States ("inbound"). This is my most expensive recommendation, but it's 100% worth it if you practice in this area (or aspire to).

Click here to review the book.

The Missing Tax Accounting Guide - A Plain English Introduction to ASC 740 Tax Provisions

This book teaches the fundamentals of tax accounting step-by-step in a logical progression, starting with the basics and building from there. As the title implies, it's written in clear language with many examples, including sample tax provision workpapers and journal entries. This book aims to teach you the fundamentals so you can:

• Know what you're doing while working on tax provisions and
• Better and more quickly interpret and understand the ASC 740 guides produced by the large firms (and ASC 740 itself).

As a disclaimer, I'm the author of this book, so take that into account when considering this recommendation. But I've heard from numerous tax professionals from large corporations, the big firms, and academics, and the feedback on this book has been very positive.

Click here to find it on Amazon.

Microsoft Excel

I've been proficient with Excel for so long that I don't have a good starter recommendation, so please let others know in the comments if you have a suggestion. But I will say this: after you achieve a certain level of proficiency, knowing *how* to use Excel is far more important in creating polished work products than *how much* Excel you know.

Alteryx for Accounting, Tax and Finance Professionals

I'm once again waving the disclaimer flag because I'm the author of this book. I was inspired to write it because I couldn't find anything like it when I needed to learn Alteryx to build customized workflows for Fortune 500 tax projects. To be clear, I don't spend any time in the book on Alteryx certification, so look elsewhere if that's your primary interest.  

My approach to Alteryx goes something like this. The software has roughly 275 tools, so which of those do I need to master (and in what order) to complete tax, finance, and accounting projects? For context, I have 20 tools on my "Favorites" bar in Altyerx, and those are the ones I use 95% of the time to complete actual projects based on the kind of work we do as CPAs. Those tools, and the methods and strategies for effectively using them, are my book's primary focus.

Click here to find it on Amazon.  

ChatGPT

Now, on to some resources that aren't considered part of a "traditional" corporate tax library but are extremely important. The first is ChatGPT. This free A.I. engine is a *freakishly powerful* professional resource. Details for how to use it effectively are beyond the scope of this article, but the short version is you can conversationally ask it almost any technical tax or accounting question. Even if you don't get "the answer," you'll almost always get enough useful information to determine how to find it. In short, if you're stuck and there is no one immediately available to help (or even if there is), don't hesitate to ask your question to ChatGPT.

Get ChatGPT for free by clicking here and creating an account.

A Mentor

There is no faster way to learn than by having someone who is part friend and part expert take the time to explain and show you how to do something. This type of person meets you without judgment where you are and helps you to get to where you need to be. This process has the added benefit of creating a strong, enriching bond for both parties.

We talk a lot about mental health and diversity, equity, and inclusion these days, but action is even more important. So, do you want to do something to include someone in a meaningful way? Do you really want to boost their confidence, help them have a better work (and life) experience, and succeed? Then show it by taking the time to invest in their professional development. Teach them; help them; be their mentor.

Meaningful Projects and Assignments

All of my previous suggestions build up to this one. The best way to gain expertise is by applying what you've learned on actual assignments. In addition, completing projects enables you to add value. That success, and the experience that comes with it, will make you top-of-mind when more challenging opportunities and assignments arise. This allows you to build your expertise further, and the virtuous cycle continues.

In summary, no matter how much you study and learn, seeking opportunities to apply your knowledge to meaningful projects and assignments is critical to growing professionally. The best way to do this is to cultivate positive relationships with leaders and then do everything in your power to complete the assignments entrusted to you with all the excellence you can muster.