Practical and Helpful Tips: Businesses

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Finding the Right Tax Accountant When hiring a tax accountant, you need someone who has experience in tax situations similar to yours. For example, if you’re being audited, don’t get someone who’s never taken an audit before. Below are tips that can help you look for the right professional: > Remember that you are still ultimately responsible for your tax return, not the accountant.
A Simple Plan: Services
> Personal recommendations or referrals are the best way to find a tax accountant. > Careful with anyone who tells you everything can be deducted and promises to get you a large refund.
The Ultimate Guide to Accountants
> Retail tax franchises have competent tax accountants who can file relatively simple tax returns. Tax preparers differ in terms of experience, and there may also be Enrolled Agents and CPAs working in such offices. > Local, independent tax firms typically focus on small business and individual tax accounting around the area. See if they are experienced in handling your tax situation. > Enrolled agents are tax professionals who have passed the IRS’ written test and background check. EA’s usually focus on complicated tax situations. > Certified Public Accountants (CPA’s) are accountants who are licensed by the state after passing the CPA Exam. CPA’s focus on a particular area related to accounting. Although some of them are tax accounting experts, not all CPA’s handle tax cases. CPA’s may also represent clients when they are audited by the IRS or during collections. > Tax attorneys are lawyers whose specialty lies in tax law. > Aside from the required juris doctor degree, tax attorneys have a master of laws degree in taxation. Attorneys are, of course, the best to hire when your tax situation involves complicated legal issues, such as estate tax return preparation, taking your case to the US Tax Court, and the rest. What You Should Ask a Tax Accountant The tax industry never ceases to evolve, and tax professionals are government by several state and federal regulations. The following are some questions you should ask your potential tax accountant: > What are the licenses or designations that you have? > How long has your experience been in tax accounting? > What tax issues are you a specialist in? > Do you possess the knowledge and experience needed to handle my tax situation? > What fees do I pay? > Do you outsource any part of the job? Do you do the job personally? If not, who’s handling the review process and whose signature appears on the returns? > Approximately how long will you take to complete my taxes? > What is your policy on privacy? Once you’re done with the interview, conduct a quick background check on the tax accountant you’re considering. Contact the board of accountancy in your state to learn if the CPA you’re eying has been or is currently the subject of a disciplinary action, or to know the status of the licensee. As for enrolled agents, check with the IRS Office of Professional Responsibility to check for disciplinary action that the EA may have been subject to disciplinary action.

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