Four levels of professional tax services

coaching, solutions, tax

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 limited to Enrolled Agents and Certified Public Accountants, as a practical matter, who work under a power of attorney on tax matters to resolve an issue with a tax authority.

3. Advisory. This includes tax planning and others who consider tax in relations to business strategy, financial planning, life goals. There are no formal requirements, but a career background and certifications (like mine) including professional training as an adviser, financial planner, in tax law and executive coaching.

4. Attorney. Whenever the possibility of criminal prosecution exists, a tax attorney should be involved. There are other circumstances where a tax attorney is the best choice. In this case, often one of the other levels of tax service prover is hired by the attorney to provide you with maximum protection and privacy.

This topic will be covered in today’s ‘Daily Tax Minute’ show.

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coaching, solutions, tax

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