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Infographic Top Question You Should Ask Before Hiring a Tax Preparer

10 QUESTIONS TO ASK WHEN HIRING A TAX PREPARER It is a wrong assumption that only big companies need the services of a tax preparer. Even small and medium-sized businesses (SMBS) need the expertise of tax professionals to prepare tax returns efficiently. Getting the help of a tax professional for your tax preparation saves time and improves accuracy. Additionally, working on tax preparation software always requires some experience and assistance that is only possessed by a tax preparer. Hiring a tax preparer is a smart move for your business because they help to see the big picture of your business finances. Here is a list of questions you should ask before hiring a tax preparer. 1 What is your expertise and industry knowledge of my business? It's important to take into consideration- what certifications and specialization they hold, what tax training and tests they have passed, and for how long they have been in the tax industry. 2 Do you have a PTIN (Preparer Tax Identification Number)? PTIN is a number issued by IRS to the tax preparer, which is used in the Paid Preparer section of a tax return. Anyone who prepares tax returns should have a valid 2019 PTIN. 3 How do you determine your fees? Understand in detail how the tax preparer typically bills for the client. Some may charge based on the task, some charge flat fees, and some charge on an hourly basis. 4 How much of your time can we reasonably expect? You need to know how quickly you can expect to hear back from the preparer in case of any question and what communication platform he/sheis available- phone, chat, or face to face meeting. What services other than taxes, do you offer? Ask for the list of services the preparer offers regarding the tax preparation process. Also inquire what extra services they can deliver for your business, including like financial planning, investment consulting, etc. 6. Can you file my tax returns electronically? Around 138,217,000 tax returns were e-filed till December 2019. It ensures faster tax returns and also decreases the chances of a mathematical error. So, be sure that the preparer files taxes electronically. 7 Where will my refund be deposited? You should make it clear that the tax refund amount will be deposited in your account. The tax preparer should not deposit the refund amount to his/her account. 8. When will I get a copy of my return? Never leave the tax preparer's office without a copy of your completed return. You may require that copy of all your records next year or during the audit. 9. When will you finish my return? You should have prior notice when the tax preparer finishes your return because sometimes, due to many clients, the tax preparer can forget to file your return before the deadline. 10 What happens if I get audited? You need to ask your tax preparer that how he/she will handle audits or examinations from the IRS. In case of any issue, can they represent you in front of the IRS or Tax Court? This list of questions is long but worth asking because choosing a good tax preparer requires proper research and effort. A good tax preparer would not mind answering these questions. The answers will determine if he/she is worthy enough for your business. Sources: Ace Cloud Hosting 1) Income Tax Return - 2) How To Choose A Reliable And Trustworthy Tax Preparer? - Ace Cloud Hosting

Infographic Top Question You Should Ask Before Hiring a Tax Preparer

shared by aditi90 on Jun 22
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You should consider asking these questions before hiring tax professionals so that you get the skill level for the price you are paying.


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