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IRS Tax Tips March 29, 2024
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Issue Number: Tax Tip 2024-24
*Selecting a tax professional as a small business taxpayer*
When a small business decides to bring in a tax professional, they should know what to expect and how to select a reputable practitioner. The IRS has information and resources to make choosing a tax professional easier.
*What a small business can expect from a tax professional
*Tax professionals are often able to advise a small business on the most effective way to structure their business. For instance, they can help a business owner decide whether their business interests would be better protected as a sole proprietorship or if another business structure [ [link removed] ], such as a partnership or S corporation, would serve them better.
Many tax professionals inspect books and records to help a business make sure that it is reporting all income. They can also make sure the business claims all the deductions and credits available to it.
A tax professional can help small business taxpayers answer other questions as well, such as whether they are subject to excise taxes or need to file employment tax returns.
A qualified tax professional may be able to represent the business if it?s contacted by the IRS regarding a tax matter.
A knowledgeable practitioner is also aware of many tax-related scams [ [link removed] ], like phishing, unclaimed refunds, ghost preparers and others described on the Tax Scams and Consumer Alerts page [ [link removed] ] of IRS.gov. ?A practitioner knows that if something sounds too good to be true, it probably is, and they can help businesses avoid and report such scams.
*Find a small business tax professional*
Taxpayers are responsible for all the information on their income tax return no matter who prepares the return, so it?s important to find a reputable preparer. The IRS offers these tips to small businesses looking for a tax professional:
* Check the?IRS Directory of Preparers [ [link removed] ]. It lists preparers who hold professional credentials recognized by the IRS or a Record of Completion in the IRS?s Annual Filing Season Program [ [link removed] ].
* Check the preparer?s history with the Better Business Bureau or verify the enrolled agent?s status [ [link removed] ] on IRS.gov.
* Ask about the practitioner?s fees up front.
* Find out if the preparer is an authorized e-file provider [ [link removed] ].
* Ensure the preparer is available throughout the year to help address any questions about the preparation of the tax return.
* Always review the business tax return before signing it.
* Ensure the preparer signs the tax return and includes their 9-digit Preparer Tax Identification Number. All paid preparers must have a PTIN to prepare tax returns.
*IRS resources for small businesses*
The IRS offers many programs to help small businesses, including the Information Return Intake System [ [link removed] ], the IRS Business Tax Account [ [link removed] ], and other IRS resources listed at Tax Information for Businesses [ [link removed] ] on IRS.gov
*More information**
*Topic No. 254, How to Choose a Tax Return Preparer [ [link removed] ]
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