Evan Vitale

Accounting Professional

Evan Vitale – Finding A Tax Preparer (Part III)

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By Evan Vitale

In our final blog post on Finding A Tax Preparer, here are some questions you can use during your own searching process. The answers you receive will help you in finding the right fit for your business.

  • Ask your tax preparer if they have any experience in your industry? Tax laws are different and specific for different businesses, so your tax preparer should be familiar with the tax laws that impact you and your firm.
  • Who will be working on your returns? Sometimes, medium and larger firms have staff or associates repair the returns. If so, what is their level of expertise?
  • What is the firm’s tax return review process? Will your returned be reviewed for accuracy, but will it also be reviewed for missed opportunities in helping you to reduce your taxes?
  • Will your tax preparer look at your past returns? If so, what will they do (or recommend) in having something different done with your current returns? Most tax preparers can suggest a least one idea of something that could have been done (and can be done) to help reduce your taxes.
  • How much can your tax preparer save you in taxes? It will be difficult to give an accurate, on-the-spot answer, but they should have a general idea after spending some time discussing your business; your financials, and looking at past returns.
  • What are the deadlines that you need to meet in order to get the proper paperwork and information to your tax preparer? Can you, as the business owner, meet this deadline?
  • Are there any tax law changes that you should be made aware of? Your tax preparer should be on top of current changes and any upcoming changes that could impact your taxes.

Be selective! And feel 100% comfortable with the tax preparer that you choose for your business. Finding the right tax preparer can make a big difference!

Evan Vitale – Finding A Tax Preparer (Part II)

by

By Evan Vitale

You should feel absolutely 100% comfortable with the tax preparer you hire for your business.

During the search and interview process, make sure your tax preparer:

  • Knows the tax law extremely well.
  • Knows how to be creative legally (no, your tax preparer isn’t going to cheat on tax returns for you).
  • Asks you many questions about your business situation, so they can better understand your financials and goals. Don’t be afraid to offer valuable information as this will only help your tax preparer in offering the best tax advice.
  • Has a review process in which at least one other person in their office also reviews the final tax returns to make sure everything is correct before the returns are signed.

Ask your potential tax preparer candidate how many times their clients have been audited by the Internal Revenue Service. What was the outcome of such audits? Were additional taxes assessed by the IRS or were there no charges? Does the tax preparer offer an audit defense plan?

In Part III, we’ll offer some other prepared questions you can use when interviewing a potential tax preparer for your company.

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Evan Vitale is a multifaceted finance and accounting professional who provides Audit, Accounting, Tax, Due Diligence and Advisory services to Venture Capital Funds, Hedge Funds, Private Equity Funds, Family Offices, Small Business Investment Companies (SBICs), Funds of Funds, Other Investment Groups and their management companies. 

Today’s market has made it extremely difficult to predict what the next day will bring.  For Funds and Other Investment Vehicles, the expectations remain to balance the different opportunities with a continued focus on value creation in existing portfolios.  The key to any successful organization is building and maintaining the trust of your investors. Evan has the expertise to help you shine in your investor’s eyes and stand apart from the competition.

Connect and network with Evan Vitale on LinkedIn.