Among the most important things a company can do to protect its wealth is to find a good tax consultant. Though most only meet their consultants annually or bi-annually, others maintain constant strategy meetings over the entire year. These are advisors who are sincere in their desire to help shape a bright financial future for their clients.
The following are tips that can help you in your search for a tax consultant for your company:
First off, be familiar with the consultant’s background in the tax industry. They should have wide experience – and the right acronyms besides their name. A CPA, or certified public accountant, is certified to provide professional services as a public accountant.
An enrolled agent, or EA – the highest credential a tax professional can have – is a practitioner who is federally authorized to represent taxpayers during IRS audits, collections, and appeals. Only EA’s, CPA’s, and lawyers fill this role.
Tax consultants can charge in many ways, such as by the hour, according to the complexity of the case, etc. You won’t know how much you’ll end up paying until the bill comes in, but it’s good to establish the context of the cost so you can avoid surprises.
Certainly, availability is a critical issue, not just in terms of day to day business but the whole year round. You should know their typical response time, especially in the heat of tax season. They should be available for your questions and other concerns, and you shouldn’t have to wait too long for them to return your communications. This becomes particularly important when you get questioned by the IRS after tax season. Definitely, your consultant must be around during this time.
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.
People are all unique, even their taxes. It is thus important to choose a consultant who is an expert in your particular industry. A restaurateur’s needs will clearly be different from those of a jewelry shop owner. You get the picture.
Lastly, it is common knowledge that communication with tax consultants (and other professionals) has become unbelievably quick and convenient these days. There is no excuse for your consultant to fail in this department.
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.