What should I look for in a Professional Tax Preparation Service?
In a word, credentials. Credentials are what you are looking should look for. In a country where nearly anyone can prepare a tax return, it is the best method of judging the person’s skill level and I’d say that it is a must. Another thing you will look for in a Professional Tax Preparation Service is a good reputation. Look for good reviews or ask friends and family who does their taxes.
The following are the most important tax professional credentials offered in the United States and their definitions:
What is an Enrolled Agent?
Enrolled Agent (or EA) is a type of tax advisor who is federally authorized by the IRS. Enrolled Agents represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections, and appeals. Credit: Wikipedia EA’s are considered America’s Tax Experts. Not all CPA’s specialize in income tax but you can be assured that all EA’s are income tax specialists as they are required to pass three exams covering the subject so you’ll be in good hands by seeking a Professional Tax Preparation from an EA.
What is a CPA?
A certified public accountant, or CPA, is a person who has passed the very difficult CPA Exam and has been licensed by one of the 50 U.S. states (or one of five other jurisdictions). The CPA’s license is renewed if the state’s requirements continue to be met including continuing professional education credits. Credit: Accounting Coach If you decide to seek professional tax preparation from a CPA you will need to ask for their experience and referrals. As previously said, not all CPA’s specialize in taxation. Some specialize in accounting and are not competent in the subject of income tax.
What is a Tax Attorney?
Tax attorneys are specialists in federal, state, and municipal rules and policies pertaining to tax liability and the process of taxation as it relates to estate transfers, material and intellectual property acquisitions, income from all sources, and business transactions of all kinds. Credit: accountingedu.org Tax Attorney’s may be overkill for professional tax preparation but if you have an extremely complex tax return or if you are Donald Trump, they might be your best option.
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