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Four levels of professional tax services
There are four levels of professional tax services widely available to individuals and businesses: 1. Compliance. This is tax return preparation and other filing assistance. There are little or no qualification requirements for a business to offer this service. However, tax preparers must follow the prescribed legal standards when providing services. 2. Representation. This is…
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Three things your tax CPA must do
Your business relationship with a Certified Public Accountant (CPA) handling tax issues is primarily guided by the contract you make. This is often referred to as an engagement agreement. However, regardless of what is covered or not covered in an engagement agreement, a few requirements extend to all CPA tax work. 1) Maintain Privacy and…
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Post-pandemic IRS collections resume
We expect 5 to 8 million taxpayers will receive balance due notices from IRS beginning this coming week. IRS does not recommend that you immediately call them. We often see this knee-jerk reaction causing unnecessary problems later. The best thing you can do is to arrange a no-cost discussion with an experienced tax pro to…