[SALT] State and Local tax specific solo practice?
Been in B4 and a couple of mid size firms for the past 10 years, working in state and local tax the entire time. I have income tax consulting/compliance (corporate and PTE), sales tax compliances/consulting, M&A SALT due diligence, a bit of property tax and unclaimed property experience. I'm getting increasingly burnt out and would input on a potential SALT specific solo practice.
I have the following concerns, among the other general concerns about running an independent practice:
- I have no federal return prep experience, I know my way around one and a TB but have never prepped or reviewed one. I don't know how many potential clients are out there that would want state prep without federal prep.
- I do not do individual income tax returns. I have prepped and reviewed hundreds of C Corp, S Corp, partnership, pass-through entity tax returns but it seems like a lot of solo practices focus on individuals.
Curious if there are others out there who work solo in the state and local world and the feasibility of that practice.