what questions should i ask a cpa, cfp, tax attorney

Ask questions about the CPA’s approach to getting and serving clients, the role of staff, the use of technology – including computers, communications equipment and the Internet — as well as ways of keeping current, research methods, management of files and records, etc.

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What questions should I ask a CPA?

Aug 17, 2016 · A proficient CPA’s goal to save you more in taxes — it is also in his best interest that you succeed. Question #5: Do you believe I’m paying too much, too little, or just the right amount of tax? Beyond simply preparing tax forms, an accountant should be involved in business planning throughout the year.

What questions should I ask a potential tax preparer?

Oct 03, 2019 · Tax attorneys are also highly skilled at tax planning and can create ways to structure your assets and minimize your tax liability. While CPAs, EAs, and tax attorneys are all capable of providing assistance when dealing with tax authorities, the lawyer is the one you should absolutely hire when you’re in trouble with the government.

Do I need a CPA or a lawyer for my business?

Nov 02, 2020 · Also ask for their CV and review their website. Similar to your doctor, you want to feel comfortable with your CPA, not intimidated by them. Your CPA should ask questions, guide you with planning (not just tax return preparation), and be available on a timely basis to resolve your issues. How do I plan for taxes when I have a very irregular income?

How can I Ask an accountant a question online?

Ask a CPA Tax Questions. Would a blind person who is already being claimed as a dependent qualify for an additional deduction for being blind? How do I determine the capital gains on the sale of a lake house that was transferred to me due to my husband’s passing if the appraisal used for property taxes is not recent?

Can CFP give tax advice?

Financial advisors engage in a wide variety of financial areas, including tax return preparation and tax planning for their clients. ... Many financial advisors who do taxes for their clients typically hold relevant certifications, such as certified public accountant (CPA) and certified financial planner (CFP).

What are three things you should look for when hiring a tax professional?

What Should You Look For in a Tax Advisor?They're qualified and have the right certifications. ... They're available all year. ... They understand your financial goals. ... They make time to answer your tax questions. ... They're proactive in communicating with you. ... They can help you with small-business taxes.More items...•Jan 17, 2022

How do you interview a tax advisor?

Fifteen interview questions to ask your potential tax accountantHow do you charge your clients? ... What experience do you have with my industry? ... Could you help me plan for the future? ... Do you meet with clients in person, on the phone or via video calls?How often may I contact you? ... Which accounting programs do you use?More items...•Feb 9, 2020

What should you look for in a tax professional?

Ten Tips for Choosing a Tax PreparerCheck the Preparer's Qualifications. ... Check the Preparer's History. ... Ask about Service Fees. ... Ask to E-File. ... Make Sure the Preparer is Available. ... Provide Records and Receipts. ... Never Sign a Blank Return. ... Review Before Signing.More items...•Jan 4, 2018

What questions should I ask my tax advisor?

8 Questions to Ask Your Tax AdvisorWhat Does Your Tax Preparation Process Look Like? ... How Can You Help Me With My Tax Goals? ... What Information Will You Need From Me to File My Taxes? ... What Can I Do Differently to Improve My Tax Situation? ... Based on My Situation, What Other Things Should I Try and Do This Year?More items...•Jan 28, 2022

How do I know if my accountant is good?

5 Signs You Have a Great AccountantThey regularly communicate with you and return your calls quickly. ... They strategically plan throughout the year, not just for big deadlines. ... They show you how to budget. ... They are constantly learning. ... They are happy to explain things to you.

How do I interview a tax attorney?

7 Questions to Ask When You're Vetting a Tax LawyerWhat a Tax Lawyer Does. ... How to Find a Tax Lawyer Who Meets Your Needs. ... What Kind of Tax Work Do You Handle? ... How Much Experience Do You Have With My Problem? ... Where Are You Licensed to Practice? ... How Much Do You Charge? ... How Will You Keep Me Informed? ... Who Will Do the Work?More items...•Oct 1, 2021

What questions should I ask the CPA?

Our Top 13 Questions to Ask When Hiring a CPA For Your BusinessDo you have a PTIN. ... Who will actually sign my tax return? ... Are you, or is your firm, licensed in this state to practice public accounting? ... What types of clients do you work with? ... What is your tax background and/or specialty? ... How do you determine your rates?More items...•Jun 22, 2021

What should be the answer for interview questions?

27 Most Common Job Interview Questions and Answers"Tell me a little about yourself." ... "What are your biggest weaknesses?" ... "What are your biggest strengths?" ... "Where do you see yourself in five years?" ... "Out of all the candidates, why should we hire you?" ... "How did you learn about the opening?" ... "Why do you want this job?"More items...•Jun 20, 2016

What is the difference between a CPA and a tax preparer?

A CPA has to obtain a proper degree, pass a complicated exam, obtain professional experience, and face regulation by a state board. Without completing the proper degree, tax preparers will not have the basic accounting skills required to prepare business tax returns.

What are the pros and cons of professional tax preparers?

Pros of Professional Tax PreparationThe Fees may be Deductible in Some Cases. ... It will Save You Money and Time. ... You may Encounter Scams – Be Vigilant When Choosing a Tax Professional. ... It Might Cost Too Much.Mar 21, 2020

What should I expect from my tax accountant?

You expect your preparer to be skilled in tax preparation and to accurately file your income tax return. You trust him or her with your most personal information. They know about your marriage, your income, your children and your social security numbers – the details of your financial life.

What is a Tax Lawyer?

A tax lawyer is a legal professional who graduated with a law degree and specialized in the very complicated world of tax law. A tax attorney must...

What is a CPA?

A CPA, or certified public accountant, does not have a law degree, but a five-year business degree. CPA programs require at least 150 hours of lear...

Tax Attorney vs CPA: When is a Tax Lawyer the Better Choice?

Trying to decide between hiring a tax attorney or a CPA? It depends on your business’s tax situation. Keep in mind that a tax attorney can do basic...

What is a CPA?

A CPA, the highest level of accountant, is a tax adviser who has passed the rigorous CPA Exam and met work experience requirements necessary to receive licensing by the state .

Who is Ryan McInnis?

Ryan McInnis founded Picnic Tax after working for more than a decade at some of the financial services industry's leading firms. Picnic's goal is to make tax filing simpler and painless for everyday Americans.

What is an enrolled agent?

Enrolled Agents are tax practitioners who are licensed at the federal level by the IRS, which is one of the key differences that set them apart from state-licensed CPAs. These professionals are also highly trained and must pass a three-part Special Enrollment Examination which covers all aspects of the tax code. This exhaustive exam requires the agent to demonstrate proficiency in federal tax planning, individual and business tax return preparation, and representation.

2. Who will actually sign my tax return?

This is another very important question and ties into the previous question about the PTIN.

3. Are you, or is your firm, licensed in this state to practice public accounting?

Every firm that has the letters “CPA” in it is required by law to be licensed in public accounting by their state board of accountancy.

4. What types of clients do you work with?

This is a good probing question and the answer you may hear is that they work with all types of clients and industries.

8. What happens if I get audited?

This is a great question to ask because there are a lot of tax preparers out there who only prepare tax returns and will not provide ongoing support.

9. Who will actually be doing the work on my tax return?

Unfortunately, there has been a growing trend in the industry that is not as beneficial for you as it is for the firm.

10. What tax software do you use to prepare returns?

I hate that this question has to be asked, but there is a growing number of CPA’s/Firms using the consumer Do It Yourself (DIY) software platform such as Intuit’s Turbo Tax to file returns for their clients.

11. What is your typical turnaround for tax returns?

The industry standard for many small firms is 2-3 weeks from the time your documents are received during the height of tax season.

What is a CPA in accounting?

H/T to @BasonAsset and @michaelrpiper.) A certified public accountants (CPA) is certified by the state to act as a public accountant. A CPA is the only licensed qualification in accounting. To be certified, candidates are required to pass an exam.

Can you live in one state and work in another?

It can get even more complicated if you've moved from state to state during the year or if you live in one state and work in another. You may also need special guidance if you own a business or real estate in a state outside of your residency or if you are the beneficiary of a trust or estate in another state.

What is a JD and LLM?

A JD is a law degree. An LLM is a Masters in Law - it could be in taxation but other areas of the law also offer an LLM. As with a CPA, candidates are required to pass an exam, an ethics exam or course and take continuing education credits.

What is a volunteer tax preparer?

A Volunteer Income Tax Assistance (VITA) volunteer is trained by the IRS to prepare basic returns. Other accountants, bookkeepers and tax preparers may be able to demonstrate competence but may not have formal credentials. That doesn't mean you shouldn't give them a look.

What makes a good CPA?

A good CPA will have industry experience and be able to provide more than just compliance. Also, ask about their compensation model. If they operate a book of business models then you might not get the right person for your needs, but rather the "one-size-fits-all" person.

How to vet a CPA?

It can be as simple as preparing tax returns or as complicated as aiding in your estate plan. Once you have established your needs, then you can vet the CPAs by their talents and strengths. Once this is established, you can inquire as to the number of clients they serve, their years of experience and how many staff they have. - Michael Seltzer , Verite Group, LLC

What is the most important question to ask a CPA?

However, each industry has its own nuances, so the most important question to ask a CPA is if they're experienced with companies in your industry.

What is the role of a CPA in a business?

Besides tax planning and preparation, it is important for your CPA to have multiple services available to help with many financial aspects of your business such as bookkeeping, financial planning, business consulting, audits, business valuations and more. - Stacy Francis , Francis Financial, Inc.

TFD: How do I save when I still have a lot of debt to pay off?

Brook Salvini, CPA/PFS, CFP: Paying off debt is a challenging situation but with determination, patience, and a plan you will get it done.

How do I figure out which of my debts to pay off first?

It makes sense to pay off the most expensive debt first. Prepare a list of all your debts — your outstanding balance, interest rate, and minimum monthly amount due. In addition to the minimum, decide how much more you’re going to pay every month to tackle your debt. Now you have a total amount that will be spent every month paying off debt.

When should I put my money into a savings account vs. an investment account?

A savings account is for money that needs to be kept safe and sound, such as an emergency fund or for specific expenses due in the near future, like the down payment on a house or balloon payment on a loan. Savings accounts earn very little, but there is complete confidence that the full amount will be available immediately when needed.

How do I plan for taxes when I have a very irregular income?

Gig work and other self-employed situations can get complicated. In this instance, I would recommend hiring a CPA to help with the best planning strategies. You’ll likely need to schedule estimated tax payments to avoid timing penalties and the nasty April surprise of a large, unexpected tax bill.

What is tax lawyer?

A tax lawyer is a legal professional who graduated with a law degree and specialized in the very complicated world of tax law. A tax attorney must pass the bar in the state they wish to work just like any other lawyer. But what does a tax attorney do?

How many small businesses get audited every year?

The most common fear is an audit, but that does not happen as often as you would think. Only about 2.5% of small businesses in the United States get audited every year.

Is Liberty Tax a CPA?

The tax prep people you see generic chains like Liberty Tax or Block Advisors are generally not CPAs. However, they both provide similar tax services like: A CPA helps greatly with complicated business tax situations, especially when you have a lot of money coming in and going out.

What can a tax lawyer do for a business?

A tax lawyer can advise your business on major decisions like whether to switch to an S-Corp from an LLC. They can also point out the potential liabilities and any overall structure protections. Their law license then allows them to complete the legal documents needed to make things happen.

Can a CPA do everything?

Trying to decide between hiring a tax attorney or a CPA? It depends on your business’s tax situation. Keep in mind that a tax attorney can do basically everything a CPA can do. But they also have the legal background and license to address court-based matters.

Tax problems are the worst. But you can get help easily

The definition of a tax is a contribution to state revenue that the government levies on income or profits, or adds to transactions. The money gathered through taxes is then used for the public good, building infrastructure, defending the country, and funding programs.

No tax question is too difficult for Experts on JustAnswer

My 92-year-old mom has 23,628 in social security benefits. Does she have to file a tax return?