Factors to Contemplate When Hiring a Tax Professional
Hiring a tax preparer is an important decision as it will help you save more money in the long run and avoid issues with IRS. The following are some things that you should consider when choosing a tax preparer for your business.
The first and most important thing is to ensure that the tax preparer has a Preparer Tax Identification Number (PTIN). If your tax preparer does not have a current PTIN, you are unlikely to get an excellent tax work. The other thing to consider when choosing a tax preparer for your small business is their certifications. For CPAs, it is crucial that they are licensed and regulated by the state’s board of accountancy. If you are considering a tax attorney, ensure that they have a special tax law degree or a tax specialization certificate.
Word-of-mouth especially from other businesses is a great tool when you are seeking for tax preparation services for your business. Professional association such as the CPA society are also great sources for finding reputable tax preparers. Also you can get names of tax preparers in sources like newspapers and trade journals.
Experience is a key consideration when selecting a tax preparer for your small business. You can gauge their level of experience by inquiring how many tax returns they are able to handle yearly. The prepare should be handling a total of 100 returns at least in an year or more depending how complicated a single return is. Besides, it would be a great choice if they have worked with other businesses that are similar to as they will use their know-how of the industry to meet your needs. Besides, the tax laws keep changing; hence an experienced professional like william s sefton will be familiar with the current tax codes in order to handle your returns effectively.
Another tip is to check the availability of the tax prepare before you decide to hire them. This will help you weed out firms that close after April 15 and only open during the tax season. They should be easily reachable in case IRS requires some answers about your tax returns or when some amendments needs to be done.
Take your time to get to know their services before making your decision. Decide whether you will need other services such as tax planning and auditing in order to help you choose the right preparer for your business.
Finally, consider the fees of the services and ensure that it goes well with your budgetary needs. In most cases, the fees for preparing tax returns will depend on how complex the situation is. Some of the tax preparers charge a flat fee rate while others charge by hour in order to prepare your return.