 gmakerley
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Posted: Tue Jan 12, 2010 1:09 pm Post subject: Choosing a tax preparer
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When mid-January rolls around every year, we all feel bad for the people in the South who are experiencing frigid weather that we Northerners are so accustomed to, but we also begin to think about preparing our tax returns. After all, if there's a refund on the way, we want it right away!
Many of us are not comfortable doing our own returns, so we seek out a professional to assist us. As we know, of course, H&R Block and Jackson & Hewitt, among others, are practically on every street corner, beckoning us to come in.
Most tax preparers are competent, honest and professional, offering good service to their clients. Nonetheless, it is imperative that we do our homework when selecting a preparer. When you file a tax return with the IRS, you are legally responsible for what appears on it, no matter who prepared it. Any underpayment of taxes will result in interest and penalties, and the IRS is serious about its collections.
If you are thinking of hiring someone to help with your taxes this year, these are some of the things you need to watch out for:
A paid preparer must sign the return and input the appropriate identifying number.
If a preparer claims to be able to get you a larger refund than others, beware. A properly filed return should be the same no matter who the preparer.
Be wary of any preparer who guarantees results or who bases fees on a percentage of the amount of the refund.
You should always choose a preparer who will be available to you for questions. If they close their doors on April 15, avoid them - you may have questions throughout the year.
Do take advantage of non-profit agencies, the IRS itself and volunteers who will help you with your returns. If your tax return is a basic one without "frills," there's no need to spend large sums to get the job done.
Run from anyone who tries to pressure you to take out a loan in anticipation of your refund. Interest rates on these loans range from 36% to over 500%, according to government data.
The IRS recently announced that they plan to require any paid tax preparer to register, be tested for competency and take continuing education classes.
Remember that only certified pubic accountants, enrolled agents and attorneys are authorized to represent taxpayers before the IRS in all matters, including audits, collection actions and appeals.
Bookmark IRS.gov on your computer and monitor the site for news on scams and other tax schemes.
And if you desire, it the National Association of Tax Professionals is offering a free brochure, "Finding the Right Tax Preparer." It's available at natptax.com.
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George M. Akerley
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