Quote:
Originally Posted by CoachKandSportsguy
Tax and tax law is a specialty, auditors are just box checkers, they know how all the account boxes work together. Corporate tax is a bit different than individual tax specialties, and the specialty knows how to minimize taxes within the huge set of exception rules.
remember that tax accountants are just paperwork completers and cost minimization experts with the use of tax exceptions. .
and nobody picked upon the CPA firm I know who would agree to representing fraudulent paperwork?
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I'm a CPA specializing in small businesses.
You commented that most tax preparers are just paperwork completers. Probably true of H & R Blocks preparers and similar firms. BUT a good tax preparer knows the rules and regulations and laws that can benefit S Corp owners. The IRS is constantly updating their regs and interpretations of the laws. Seen too many returns self-prepared that are incomplete or leave off valuable tax deductions. And it goes beyond just the income tax law - recently in reviewing the "sales tax paid" by a client discovered he was paying too much sales tax by $1,000. Like they say you get what you pay for and paying a qualified and knowledgable tax preparer may save you money.
Medical insurance, home office expenses, pension plans (simple, SEP, IRA, 401 (k)) , mileage, etc - does the average self-preparer have any idea of all the deductions available?