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| Linda H. Blackburn, CPA QuickBooks Trainer  |
From one small business owner to another.
With two decades of change
in telecommunications and computer technology, the
small business owner can
now effectively run a
successful business from
the very confines of their
home. It would seem that
the opportunities to be successful and independent
are endless. Unfortunately, many business owners find themselves
reliant on underutilized financial software or costly- and sometimes
untimely- professional services. With the rising cost of employee
labor and business services, isn't it to time put yourself back
in the driver's seat?
Choosing the Right Tax Professional
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In an age of increasing identify theft and unscrupulous tax preparers, a business owner should exercise caution when choosing a tax professional. I can't tell you how many times I have heard the statement "my accountant is great; I get a refund every year". Regardless of the outcome, the basic role of a tax professional is to remain abreast of changing tax laws in order to navigate a small business owner through the tax planning process. An unqualified or inexperienced tax preparer can overlook legitimate business deductions or tax credits that may cause the business owner to incur penalties and interest. In some cases, an owner may even face stiff fines or civil actions if the reported tax information is proven to be inaccurate or fictitious. Recent news reports are further proof that even the wealthiest client can fall prey to "bad advice".
Things to Consider When Hiring a Tax Professional:
- Request a consultation with a tax professional to discuss your accounting and tax needs. Ask the tax preparer how many small business clients they currently serve and how often they meet during the year to discuss the current status of the business. A tax professional who meets once a year to collect information for the preparation of income tax returns may not be looking out for the best interest of the small business owner.
- Beware of tax preparers who promise large tax refunds or who refuse to sign the prepared tax returns. Beware also of tax preparers who do not request to any financial documents. Any reputable tax professional knows that it is necessary to review receipts or ask questions concerning your expenses for deductibility to avoid penalties and interest in case of an IRS examination. Any tax professional should always be concerned about their credibility, you, and your business.
- Choose a tax professional that is accessible; someone you can contact on an ongoing basis to discuss your business needs. In today’s business environment, a business owner cannot afford to wait weeks because an issue comes about during “the crunch session”.
- Find out if the tax professional is required to take continuing education in the areas of taxation, reporting and accounting code
of ethics. If possible, contact other small business owners to get a reputable referral.
- Inquire if the tax professional has a Privacy Disclosure document stating their commitment to keep non-public financial information confidential.
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