Although you are legally allowed to represent yourself before the tax authorities, this can be a risky route if you are not familiar with tax laws or IRS. For the less informed taxpayer, a tax resolution expert is invaluable. They can help you find tax solutions you didn’t know existed, spot and take advantage of the IRS’ mistakes, get the best possible results in tax negotiations, and stay up-to-date with the latest changes in tax laws and regulations.
Nevertheless, it’s essential to know that tax resolution specialists can vary considerably in their experience, knowledge and effectiveness. As there are so many tax firms and tax professionals out there, it can be challenging to find one that truly suits your needs. Before you decide to hire a tax professional, make sure they meet the following criteria:
Qualifications and Credentials
To ensure that you’re well-represented, you must choose a tax resolution specialist who meets specific academic and certification qualifications. Firstly, they must have at least a Bachelor’s degree in accounting or law. In some states, a tax specialist must have a university degree or take some degree-level courses.
Moreover, you should only hire a tax professional who is a Certified Tax Resolution Specialist (CTRS). CTRS is a designation given by the American Society of Tax Problem Solvers (ASTPS) to tax professionals who have passed the uniform CTRS exam. An aspiring tax professional must have at least one year of professional experience before taking the CTRS qualification exam. Specific continuing education requirements must be met to keep the CTRS qualification.
Another thing to consider when looking for a tax resolution specialist is experience. An experienced tax specialist will be familiar with the workings of the tax administration, know the ins and outs of tax rules and have an extensive network of contacts that can be useful in your case. In addition, they should have well-established methods of dealing with tax problems, which can speed up the tax resolution process.
You will need to find out how long the tax resolution specialist has been in business and how successful they have been in resolving your tax problem. It is also very important to know if the tax professional is involved in any ongoing professional development activities. Tax laws and procedures are constantly changing and an inexperienced tax professional may not be able to adapt to changes.
Tax issues and the methods of dealing with them can vary widely. Tax resolution experts with an excellent track record in helping individuals and families solve their tax problems may not be as competent in fixing business tax issues. Similarly, someone with experience of dealing with domestic tax problems may not be familiar with international tax law.
While some tax practitioners work in many different areas of tax law, others focus on just one or two niches. It is usually better to hire a tax specialist who specializes in a particular area, as they usually offer more value. Such a tax specialist will have a deeper understanding of your particular tax problem and will be able to develop more possible solutions. You should therefore choose a tax professional who either specializes in solving your type of tax problem or has extensive experience in this area.
When it comes to employing a tax resolution specialist, you generally get what you pay for. While it can be tempting to hire the cheapest tax specialist, you should prioritize quality. A specialist who charges a low rate may cut corners and overlook important issues, which can result in mistakes that lead to costly consequences. On the other hand, a quality tax professional will invest more time and effort to understand your case and develop an effective solution. In many cases, hiring competent tax resolution professionals has resulted in more affordable tax plans and lower penalties.
If you need a Tax Resolution Specialist, we recommend NEXGEN ACCOUNTANTS. Their accountants with over ten years of experience will make sure to cater to your needs. If you are in the region of Jacksonville, Saint Augustine or St. Johns, check them out.