Individuals and small business owners sometimes fall behind with filing their tax returns. Years can go by until these taxpayers are contacted by the IRS to file their late tax returns. Tax laws change from year to year and it is important to contact a CPA or accountant to assist you in preparing your unfiled and late filed tax returns. CPAs are aware of the frequently changing tax laws and can assist you with multiple years of tax preparation.
Consult with a CPA
Find a CPA firm that is trustworthy and has experience filing late tax returns. This is important because the IRS may require the returns be filed within a short time frame. A CPA who is familiar with the IRS procedures will understand the importance of filing late tax return within the deadline.
Why a CPA?
A CPA or Certified Public Accountant is generally well versed in filing income tax returns for individuals and small businesses. Also, a CPA will have a good understanding in the accounting processes. This will ensure that your CPA will get you all possible deductions for your small business.
They are the professionals who are certified after passing tests related to accounting and tax which are offered by IRS or the Internal Revenue Service. To verify their position and qualification one can ask for their PTIN (Preparer Tax Identification Number) which they have to apply for before preparing a federal tax return. Under the new law one has to apply for a PTIN even if they have one from the previous service.
Choose the Best CPA
To choose the correct CPA or accountant is important when preparing your late taxes. Your CPA should be an expert in tax. Make sure your CPA is familiar with unfiled late tax returns. Even after the tax returns have been filed, make sure your CPA or Tax Return Preparer is still available whenever tax related problems arise. You will likely receive letters from the IRS that can be intimidating. Having an available CPA for a quick question or to review IRS correspondence can be invaluable when filing multiple late tax returns. Choosing the right tax preparer or CPA is equivalent in choosing the right doctor or lawyer which is always crucial in one’s life.
