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Attention Carriers: Be Careful whit the Tax Preparator our you Choose!

Attention Carriers: Be Careful whit the Tax Preparator our you Choose!



It is important to search and be careful because anyone can call themselves a tax preparer. Below, we will explain how to find a qualified professional tax preparer. There is a staffing shortage in the accounting industry but it is not too late to hire a tax preparer for next season.

If you need someone with specialized experience, such as employee retention tax credit (RTC) or cryptocurrency taxes, it may take longer to find a qualified person. But a background investigation of the tax preparers is always important.

The IRS has recently unveiled a strategy to focus on unethical tax preparers. However, there is currently inadequate oversight and rules governing newcomers entering the field, with the fundamental prerequisite being the registration with the IRS to acquire a preparer tax identification number, known as PTIN.

In its 2022 annual report to Congress, the National Taxpayer Advocate highlights the absence of minimum standards of competence for return preparers as one of the main problems. When a preparer commits an error, it places the responsibility for the return on the filer, who could potentially encounter IRS corrective measures.

The first step to finding the right tax preparer is to understand your needs.
For example, the scope of review is different for W-2 employees compared to small business owners. There is also a big difference between preparing a tax return and providing ongoing planning throughout the year.

You can begin the process by requesting references from family, friends or colleagues and interviewing each candidate. If this person is a good advisor, he/she will also want you to be their client. It is advisable to establish and develop an ongoing relationship if you find a reliable tax preparer.

Verify tax credentials
Although individuals who hold a PTIN are authorized to handle federal tax returns, the extent of their education, experience, and proficiency can greatly differ.

Attorneys, certified public accountants, and enrolled agents are the three categories of tax professionals granted unrestricted representation privileges before the IRS. This signifies their ability to advocate on your behalf in a wide range of tax-related issues, encompassing audits, payments, collections, and appeals, as stipulated by the IRS. Moreover, these professionals are held to ethical standards and must maintain ongoing education requirements.

At the very least, they are expected to participate in the IRS´s annual filing season program, which mandates continuous education and offers them limited IRS representation rights. This demonstrates a certain level of commitment compared to individuals who merely register online to obtain a PTIN.
 


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Edic.: 196
Autor: Gustavo Nuñez
Date: 11/2023


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