Hiring a good tax consultant ranks high on the list vital steps any company should take in terms of wealth management. Although most would would only talk to their consultants twice annually at most, others keep strategic meetings ongoing throughout the year. These are advisors who are sincere in their desire to help shape a bright financial future for their clients.
If you’re looking for a tax consultant to partner with for your business, keep the following in mind as you review the candidates:
First and foremost, know the background of the consultant you’re considering. You want them to be experienced – and have the right acronyms too. A CPA, or certified public accountant, is certified to provide professional services as a public accountant.
Enrolled agents, or EA’s, are the highest ranking tax professionals who have federal authorization to represent taxpayers when they audited or during appeals and collections. Besides EA’s, CPA’s and lawyers, no other tax professionals can perform this role.
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 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 is particularly crucial when you have to answer queries from the IRS following the tax season. Definitely, your consultant must be around during this time.
On top of that, keep in mind that taxes are but one spot in your total financial picture. Therefore, look for a consultant who will be there for you the whole year through.
People are all unique, even their taxes. It makes perfect sense to hire a consultant whose expertise lies in your specific industry. Your needs as a restaurant owner will be different if you were a software developer. You get the picture.
Finally, we all know that communication with tax consultants (and other professionals) has become incredibly easy nowadays. There is no excuse for your consultant not to meet your expectations concerning this issue.
Lastly, it is common knowledge that communication with tax consultants (and other professionals) has become unbelievably quick and convenient these days. There is absolutely no reason for your consultant not to meet your needs in this area.