Having a Tax Agent is a great way to keep your taxes on track. This is especially important if you have a business and have to make sure you pay all the taxes due for the year. The right Tax Agent will have a good understanding of tax laws and will be able to help you file your taxes. They can also help you with audits, liens, and other issues related to your taxes.
Enrolled agents
Whether you are an individual, business, or trust, enrolled agents can help you with all of your tax-related needs. They can provide you with advice, research tools, and even answer questions that you may not know to ask. They can also represent you before the IRS, help you with tax audits, and negotiate complex solutions to your IRS issues.
Enrolled agents are federally licensed professionals who specialize in all aspects of taxation. They can help you with tax planning, business advising, rental income returns, and even bookkeeping. You can find enrolled agents online or at your local businesses. Ask local business owners for recommendations.
Enrolled agents must follow the code of ethics set out by the Department of Treasury Circular 230. This code is published by the US Treasury Department and outlines the rules that govern practice before the IRS. In addition to this code, agents must also take continuing education to stay current on changes in tax laws. Each year, enrolled agents must complete at least 16 hours of continuing education. They also must submit renewal applications to the IRS.
CPAs
Whether you’re a small business owner, executive, or just looking to reduce your tax liability, a CPA can help you meet your financial goals. CPAs are tax experts and provide a variety of services, from financial planning to auditing. They can help you avoid IRS audits and make the most of your deductions.
Typically, CPAs are employed by public accounting firms of all sizes. They may also work for tax preparation companies, estate planning attorneys, or any other entity that has tax reporting requirements. While both professionals are skilled at navigating the IRS, there are some key differences between CPAs and Enrolled Agents.
While a CPA may have more general expertise in taxes, EAs have a much deeper understanding of the IRS. EAs may also specialize in other areas, such as offer-in-compromise or tax compliance.
Those who have ignored NYS tax notices are likely to receive a call from a NYS Tax Compliance Agent. These agents are tasked with collecting back taxes from individuals or businesses. They are usually aggressive in their approach. Sometimes they padlock a taxpayer’s door or remove merchandise from a taxpayer’s home. They may also take action against a
Fee structure
Having a reputable fee structure is a key component to maintaining a healthy bottom line. As such, a tax professional should take a stab at reviewing and updating his or her fee structure at least once per year. This should include a thorough review of the more involved services. Likewise, the aforementioned tax preparation functions should be broken out into individual charges.
Of course, there’s always the tax preparation fee, which can be anything from the minimum fee to a fixed fee that’s based on the complexity of the return. As with all types of fees, a tax professional should be sure to include a profit margin in the budget. The best part is that the fee can be structured in a way that benefits the tax professional as well as the client.
Make hiring proactive, profitable & sustainable tax accountants for your business a priority.