Tax Preparer For Truckers: What Should you Look For
FAS CPA & Consultants
Only accountants enjoy doing taxes. Truckers certainly prefer to get on with business. So the sooner you appoint an accountant who understands trucking, the sooner you can go about your business without tax problems. Unfortunately, finding the right candidate becomes ever harder as we approach Tax Day.
Considerations
Client Security
Tax practitioners must protect your information from security breaches. First, determine whether you are satisfied with a prospective tax preparer’s measure. You should expect a sophisticated security system, failing which you might be better off elsewhere.
Credentials and Ethics
It would be best if you had an accountant who understands the trucking business and is up to date with the intricacies of trucking taxation.
⇒ Enrolled Agents [EAs] and certified public accountants are highly trained professionals who have completed many hours of continued professional education to maintain their qualifications.
⇒ Employing one of these professionals will provide unlimited representation in front of the IRS.
⇒ In addition, they are the product of a highly regulated environment, making verifying their credentials and reputation very easy. All it takes is a call to the IRS Office for Enrollment or the state board of accountancy.
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Fee Determination
Instead of asking a potential accounting firm what their fees are, request an explanation of how their prices are determined.
⇒ Complex tax returns require a variety of forms to be filed.
⇒ If your taxes require various forms (1040, 1065, the 1120S, 1120), select a firm that charges a set fee for this type of return rather than a firm that charges by form. This can save you much money.
Preparer Availability
The IRS never sleeps. They can send letters of inquiry any time during the year. Therefore, working with a tax preparer who maintains office hours throughout the year is imperative.
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PTINS and e-filing
⇒ Ensure that your tax preparer has a Preparer Tax Identification Number [PTIN]. Any preparer with more than ten clients he files electronically must have a PTIN.
⇒ In the signature area of form 1040, your copy of the tax return must show the preparer’s name and PTIN.
⇒ Never appoint a tax preparer who is hesitant to disclose his PTIN or refuses to provide you with a copy of your tax return.
Records and Documentation
Be wary of any tax preparer who seems content to e-file your returns using paystubs.
⇒ IRS rules and regulations insist that a tax preparer has access to all your W-2, 1099, and 1098 forms and all other records and receipts required to verify your income, expenses, and credits.
Signing the Tax Return
The IRS punishes mistakes – it costs money to correct errors. Prudent tax practitioners use a double-check system.
⇒ A tax accountant prepares the tax returns.
⇒ A senior tax accountant will thoroughly review the returns before signing off.
⇒ The senior accountant will discuss the returns with the client and explain all the numbers.
⇒ Once the client is satisfied with every item, he will be required to sign his return.
⇒ Avoid any practitioner who wants you to sign a blank tax return, fails to discuss the numbers, or bypasses the double-check.
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