4. CPA doesn’t mean they are a tax expert
CPAs are auditors who review corporate financial statements. In reality, they don’t have to deal with taxes that much or with the accounting world.
Knowing this, you shouldn’t trust them with your own finances or taxes, because you might have a little surprise.
5. Your personal data may have been passed overseas
It’s very common for preparers to outsource to their fellow colleagues that are in a different region or another firm that’s in a different state.
But, in order to do that they need to tell you about it first in a disclosure letter.
6. They may not be able to get your tax bill as low as possible
Even for a tax preparer taxes can sometimes be challenging. Often, some professionals will apply general principles vs researching potentially advantageous exceptions.
The main reasons they will do this are: to cut down the odds of provoking a tax notice, to reduce the liability of the preparer in case you get audited, or they lose and try to get your funds back. And, finally, to help you contain your tax-preparation costs.
We hope these insights helped you, if you happen to know more, share them down below in the comments.
If you liked this article, you should also check this one out: Tax Receipts You Should ALWAYS Keep
