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Waterloo Certified Public Accountants FAQ
Waterloo Certified Public Accountants
QUESTIONS ANSWERED...
Should I hire a CPA?
Answer...
Taxes can seem overwhelming when you've got a complex financial situation and need to understand the ins and outs of the tax code. Fortunately, you don't need to navigate this problem alone: Qualified tax professionals are available to help when you need it.
Certified public accountants, better known as CPAs, can assist you with preparing your personal tax documentation, work with you for making informed financial decisions, help you complete your business accounting and taxes, and much more.
What does a CPA do?
CPAs assist with several areas of accounting, including taxes, financial accounting and reporting, tax and accounting audits, and financial planning. Here are some of the most common ways a CPA can help with your taxes and financial needs.
They can liaise with IRS personnel, including navigating audits on your behalf. CPAs understand the questions the IRS might ask of you and know how to provide the information requested. In the event of an audit, it can be helpful to hire a tax professional to handle your correspondence. If you hire a CPA from the outset, they'll know which red flags might trigger an IRS audit and how best to avoid them.
How to Find the Best C.P.A. or Tax Accountant Near You
Answer...
If you recoil at the thought of preparing your own tax return and wonder how you can find a good certified public accountant (C.P.A.) or tax accountant, you’re not alone. According to the I.R.S., of the more than 138 million tax returns e-filed through November 22, 2019 (for the 2018 tax year), a tax professional prepared about 58 percent.
Hiring a C.P.A. or tax pro can take the time-consuming and often frustrating task of deciphering I.R.S. rules and forms off your shoulders. However, hiring the wrong person can do more harm than good.
Why you need to be careful when choosing a C.P.A.
Each year, the I.R.S. compiles a “Dirty Dozen” list of tax scams. Although the scams are wide-ranging, many of them include actions taken by shady tax preparers, such as promising inflated refunds, falsely claiming deductions and credits, or encouraging clients to avoid their tax obligations.
Unfortunately, just about anyone can become a paid tax preparer. Most states have few to no requirements for certification, training, or even competency testing.
So how do you find someone you can trust? Let us walk you through a three-step process to find a qualified C.P.A. or tax accountant near you.
Step 1: Compile a list of potential C.P.A.s and tax accountants
Like with most service providers, a great way to find a C.P.A. or accountant is to ask for a referral. But don’t just go with the first name you get — compile a list of three or four potential accountants. Here’s how:
Ask friends, family, and co-workers for referrals.
C.P.A.s and accountants tend to focus on particular niches or specialties, such as small-business owners, high-net-worth individuals, or clients who work in certain industries. As a result, Mr. Henn recommends asking people you know with similar needs.
Search the I.R.S. directory.
The one qualification every paid tax preparer must have is a preparer tax identification number, or P.T.I.N. Anyone can apply for a P.T.I.N. online for free, so a P.T.I.N. alone isn’t indicative of the person’s skill or experience. Search the directory by ZIP code to find a C.P.A. or credentialed tax professional near you.
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When should you hire a tax pro?
One reason so many people do their own taxes is that hiring a professional can be expensive.
If you go with a certified public accountant (CPA) or other tax professional, the cost of the return could jump to over $1,000. (A registered tax preparer can do your return but only has limited ability to represent a taxpayer if complications come up, and while CPAs can represent you before the IRS, only the highest tax experts, Enrolled Agents, can actually represent you in tax court. EA’s that aren’t lawyers though have to pass a test administered by the court before they can do so.)
Here’s a list of the scenarios when you might be better off seeking a professional:
1. You’re rich: If you’re single and making more than $250,000 — or married and making more than $300,000 jointly — it’s probably time to bring in a tax pro.
2. You’re retired: If you’re within a few years of retirement, it’s worth consulting a CPA or a tax professional to maximize retirement funding and evaluate how long your retirement and other funds will last. Retirement to another state or to a foreign country needs to be looked at carefully since there are often numerous state and federal issues, such as mandatory minimum distributions taxability of pensions and other qualified plans, taxability of a home sale, and cost of living and medical issues.
3. You’re Elon Musk: Checking with a tax pro when you plan to buy or sell a business often ensures that the company being sold is tidied up and the business can be sold in a tax-efficient manner. A CPA or other tax guru can recommend the most efficient tax structure for the sale of a business or the formation of a business, when assets may need to be removed, when it’s necessary to cut costs, and when employee contracts should be reviewed and updated.
4. You’re moving: Whether it involves an intra-state or inter-state move, you’ll probably need the help of an accountant to take advantage of every tax break.
5. You do business in foreign countries: If you are a U.S. citizen or resident, you must report all of your foreign income, even if you’re allowed to exclude all or most of your foreign earned income or you would qualify for a foreign tax credit. Earned income, as well as investment income, have many complex federal and state treatments and planning opportunities, including deducting or claiming a credit for taxes paid in other countries.
