5
Questions to Ask BEFORE Hiring a Tax Accountant
When you hire a tax accountant, you are trusting
him with your company's finances. For this reason, it's very important to choose
the right professional the first time around. Below are five questions to ask a
tax accountant before you hand him your paperwork.
1. How long have you been in the business?
Although an accountant who has just obtained certification may have recently studied all of the IRS' tax requirements, certain skills can only be learned through experience. Ask any prospective accountant about his educational background and experience before making a decision.
2. Are you available all year round?
Some tax accountants are only available for consultation during tax season. However, a business may have tax issues at other times during the year. For example, many businesses must file estimated tax returns each quarter. Having a tax accountant who is available all year round can be very helpful.
3. What types of clients do you typically work with?
Some businesses have special tax concerns based on the industry in which they operate. If your business has such concerns, it can be beneficial to have an accountant with experience in your niche. Try to find an accountant who has other clients involved in the same or similar industries.
4. Do you have insurance to cover any errors or omissions?
Errors or omissions on your tax return can cause your company a great deal of trouble. You may face an audit, a fine or the accumulation of interest on unpaid taxes. Make sure that any tax accountant you hire has enough insurance coverage to take care of any problems that may arise because of an unintentional inaccuracy or omission.
5. Will you represent me if the IRS audits me?
Sometimes IRS audits occur because of a red flag on your tax return, such as a large operating loss or significant charitable donations, while other audits are simply a matter of random selection. In either case, businesses can benefit from professional representation. Before you agree to work with an accountant, inquire about his audit policy.
1. How long have you been in the business?
Although an accountant who has just obtained certification may have recently studied all of the IRS' tax requirements, certain skills can only be learned through experience. Ask any prospective accountant about his educational background and experience before making a decision.
2. Are you available all year round?
Some tax accountants are only available for consultation during tax season. However, a business may have tax issues at other times during the year. For example, many businesses must file estimated tax returns each quarter. Having a tax accountant who is available all year round can be very helpful.
3. What types of clients do you typically work with?
Some businesses have special tax concerns based on the industry in which they operate. If your business has such concerns, it can be beneficial to have an accountant with experience in your niche. Try to find an accountant who has other clients involved in the same or similar industries.
4. Do you have insurance to cover any errors or omissions?
Errors or omissions on your tax return can cause your company a great deal of trouble. You may face an audit, a fine or the accumulation of interest on unpaid taxes. Make sure that any tax accountant you hire has enough insurance coverage to take care of any problems that may arise because of an unintentional inaccuracy or omission.
5. Will you represent me if the IRS audits me?
Sometimes IRS audits occur because of a red flag on your tax return, such as a large operating loss or significant charitable donations, while other audits are simply a matter of random selection. In either case, businesses can benefit from professional representation. Before you agree to work with an accountant, inquire about his audit policy.
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TAX ADVICE DISCLAIMER: In accordance with IRS
Circular 230, any tax advice included in this communication, including
attachments, is not intended or written to be used, and cannot be used by you or
any other person or entity, for the purpose of avoiding penalties that may be
imposed under the Internal Revenue Code or applicable state or local tax law
provisions, nor may any such advice be used to promote, market or recommend to
another party any transaction or matter addressed within this communication. If
you would like such advice, please contact us.
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