Selig and Associates: You think too much when it comes to filing the return or in case of paying any tax. You all have come across this type of situation where calculating your taxes and filing return seems to be a daunting tax, due to an endless series of tax forms and changing tax laws. To avoid the confusion, you can take help to prepare your taxes and return. It is common nowadays to hire a professional to solve your tax related issues. You have to be very careful while choosing the tax professional because you are only responsible for the information on your return, no matter who helps you to fill it out. A Tax professional is the person you trusted out with your most personal information, about your income, finances, social security number. So it becomes more crucial to find a right tax professional with whom you can share your all financial life. Here are some points to take into consideration while hiring a tax professional.
Step 1: Pick the best Tax professional according to your requirement:
According to National Consumer Law Center, there is no federal minimum education, competency & requirements for becoming a tax professional. There are different tax professionals have different expertise and educational requirements.
i) Certified Public Accountants:
To represent you in front of the IRS in the case of an audit, appeal or payment and collection issue CPA must pass a state specialized qualifying test and meet other state permitting criteria. You have to ask a CPA before preparing a return, as not All CPA make an individual return.
ii) Enrolled Agents:
These agents are licensed by the IRS and must pass the comprehensive exam covering federal tax formulating, individual and corporation tax return preparation and representation.
iii) Tax Attorneys:
These are the highest paid tax accountants and you should consult these lawyers in case of any tax dispute.
iv) Annual Filing Season Program Participants:
These types of tax preparers are not professional attorneys, enrolled agents and certified Public Accountants. They can’t represent you in front of the IRS. They can only prepare your return and tax as they have undergone an 18 hours course of tax preparation in a specific year.
v) PTIN Holders:
These types of tax professionals do not have the professional license, however, contains the Prepare Tax Identification Number from IRS to prepare the taxes.
Step 2: Check out Your Tax Preparer
Now when you select which type of tax professional is suited to your requirement. Use the IRS’s Director of Federal Tax Return Preparers with Credentials and Select Qualifications to locate a Preparer in your area. You have to check whether he or she has up to date PTIN. You should check the disciplinary actions and status of a credential Preparer license. A good tax professional asks you for every detail about your finances, records and receipts.
Step 3: Ask About Fees
Do not forget to ask about the fee, your tax professional is going to charge you for preparing a return for you. A fair tax Preparer must elaborate his fee structure for you i.e. hourly, weekly or flat pay.
Step 4: Review Your Return
At the end, review your return carefully before signing and submitting, as you will be legally responsible for your return, no matter who helps you to fill it. Do not have blind faith on your tax professional. Paid tax advisors must sign on the return along with the PTIN number. Take a copy of your return.
Selig and Associates is the leading Tax representation and advocacy firm of New York, who helps people with tax problems. You can consider taking their services to resolve your tax issues and preparing your return.