Tips for Choosing a Tax Consultant
Among the most important things a company can do to protect its wealth is to find a good tax consultant. While most would only meet with their consultants once or twice annually, others engage in continuing strategy meetings the whole year round. These are advisors who are passionate about tax laws and helping their clients.
If you’re searching for a tax consultant for your business, be guided by these tips:
Professional Background
First of all, find out the consultant’s background in the field. You want them to be experienced – and have the right acronyms too. An accountant who is certified to offer professional public accounting services is known as a CPA or certified public accountant.
Enrolled agents, or EA’s, hold the highest credentials for tax professionals and are empowered by the Department of Treasury to represent their clients in IRS collections, audits and appeals. Only EA’s, CPA’s, and lawyers fill this role.
Payment
A tax consultant can have any fee model – they can charge by the hour, by the complexity of the case, through a portion of the complete refund, and so on. You may never know exactly how much you’ll be spending until you get the bill, but to be safe, make sure you understand the context of your costs so you’re not surprised down the road.
Business Time
Of course, availability is crucial, not just during a working day but the entire year. You should know their typical response time, especially in the heat of tax season. You need them to be there when there are issues that you need to straighten out – and they should be there upon need. This becomes particularly important when you get questioned by the IRS after tax season. Needless to say, your consultant should make themselves available.
Moreover, take note that taxes are a mere portion of your overall financial circumstances. You have to find a consultant who can work with you throughout the year.
Specialty
People are all unique, even their taxes. It makes perfect sense to hire a consultant whose expertise lies in your specific industry. A restaurateur’s needs will clearly be different from those of a jewelry shop owner. The concept is pretty easy to grasp.
Communication Style
Finally, we are all aware of the fact that communication with tax consultants (and other professionals) is now phenomenally easier compared to decades past. There is no excuse for your consultant to fail in this department.
Communication Approach
Finally, we are all aware of the fact that communication with tax consultants (and other professionals) is now phenomenally easier compared to decades past. There is absolutely no reason for your consultant not to meet your needs in this area.