Written by Alverta “Sandy” Steinwedel
With the ever-changing tax environment, a business owner would be doing themselves and their business a disservice not to have a tax accountant / professional.
Here are a few reasons why:
- Business owners need assistance with the overwhelming regulatory compliance as promulgated by the Internal Revenue Service and State tax authorities especially when the business has a footprint in multiple jurisdictions.
- Business owners should focus on their business versus understanding and working with the regulatory issues and tax compliance.
- The governmental branches who oversee compliance of tax laws work within specific guidelines. The tax accountant/professional who deals with the governmental bodies, in many cases daily, can save the taxpayer time because their understanding of the guidelines and what needs to be done to resolve issues and address questions.
- Every business owner opens a business to be successful; a tax accountant/professional can assist the owner with a business plan and analyze the data on the performance of the business. With better forecasts, the business owner can make better decisions.
- Even with their best efforts, business owners may receive correspondence from a tax authority about an issue, clarification, additional information or audit. It is important to have a tax accountant/professional assist you with your response and resolution.
- Many business owners focus on state and federal taxes, but the scope of tax liability is beyond a federal and state issue. Business owners may have a trade license, employees, retirements, human resource issues, entity issues or sales and use tax. How can a business owner understand the complexity of the various tax compliance issues? The benefit of a tax accountant/professional provides the business owner the insurance that every tax situation can be addressed with the business growth.
- Businesses often suffer a slowdown at some point within their first few years. During this slump hiring a tax accountant/professional can help a company restructure its debt with a refined strategy in the hopes to move the business back into a growth mode.
- The life of a business may include acquisitions, merge, sell, and closure. Each of these situations will require a review of your financial records, verification of assets and an valuation of your business. It is very important to have a tax accountant/professional for any of these events.
As you can see there are many benefits to having a tax accountant/professional and most tax accountants/professionals provide honest, quality service, but you must choose wisely when selecting a tax accountant/professional.
Remember, taxpayers are ultimately responsible for all information on their tax returns, regardless of who prepares the return. When you begin the process of choosing a tax accountant/professional, review this IRS page; “Choosing a Tax Professional”.
A good tax accountant/professional can provide the business owner good financial advice, knowledge, support and guidance so they can concentrate on running their business.
