Tips on Choosing The Best Tax Accountant

Well-Organized And Properly Implemented

When you are estate planning there are many key advantages to choosing carefully with regard to your accountant. Either way you may wish to consider a few simple tips for choosing the best accountant. Perhaps the two top reasons to decide upon a professional accountant carefully are to save money and to avoid any tax issues Nothing quite compares to well-organized and properly implemented accounting.

Input For A Business

An accounting professional can also provide useful input for a businesses. Most importantly, a cautiously selected skilled and knowledgeable accountant can be expected to not only keep the “numbers” in order, but to also translate for clients exactly what it all means. When choosing an accounting pro, always keep this “translation” concept in mind. When complexities are simplified into layman’s terms everyone benefits.

Logical Choice

One of the first tips for selecting the best accountant is to simply choose one that specializes in the area of your concern. For example, if the primary objective is to support an estate planning and trust effort, then a CPA with a solid background and experience in dealing with estates is obviously a logical choice. For a business, choose a pro with a proven track record in your industry or profession. If you are a doctor, for example, go with an individual or firm that has been down the path.

Real Estate Developer

This makes sense because an accountant who has routinely worked in a specific industry or profession will have already likely been exposed to many of the problems and situations unique to that field or industry. In this same respect, a real estate developer would stand to gain the most from a firm that has worked with developers for several years.

Inclusive Certification

All that said, the other issue that may arise is whether to hire a CPA or an EA. The distinction is rather clear here in that both have their own unique benefits. For example, a CPA will have a broader knowledge base and typically meet more inclusive certification related requirements. On the other hand an EA or enrolled agent will most likely have a detailed and more robust tax and IRS related background. Again, simply make a determination based on your particular needs.

Delicate Balance

Estate planners or those looking to best protect their legacy should also take into account the level of aggressiveness of an accounting pro. Maximizing tax efficiency while avoiding the dreaded tax audit is a delicate balance to say the least. Determine your own level of comfort and make a decision based on your personal attitude and belief on this matter. In short, work with a professional that shares you feelings on this subject.

Transparent And Detailed

What about outsourcing and billing? Will you be invoiced by the hour or be charged a flat rate? This is another case where your own personal situation will usually dictate what method is indeed best. As with an attorney, a CPA should offer a transparent and detailed estimate of all fees and costs. As a note, it is recommended to ensure that the bulk of accounting work will be done in-house as opposed to being outsourced. While outsourcing can be great in some cases, this is probably not one of them.

Transferring Information

Finally, it is always a smart idea to discuss with a potential accountant that you intend to hire the type of software and technology that they use. For business owners, this is a good strategy, especially in the interest of file compatibility and overall convenience. Transferring information between accounts should be easy and free of any possible errors. When everyone is using the same software or technology there is far less chance of a mix-up is mistake. At the end of the day an accountant can be an outstanding benefit to businesses and those working on the ramifications of estate taxes. Choose carefully and enjoy the rewards.

Silver Rock Partners does not provide tax advice or tax information. This information is for educational purposes only and is not intended to replace an actual tax accountant or attorney. Silver Rock specializes in estate planning and works with licensed accountants and lawyers. Contact Silver Rock Partners today to learn more.