This firm is owned and operated by an individual who is an enrolled to practice before the internal revenue service. The enrolled agent designation is given to individuals who successfully demonstrate expertise in the field of taxation by sitting for and passing the enrollment examination administered by the internal revenue service annually. So stringent is this examination, that only 1/3 o those who take it are able to pass. There are currently 30,000 enrolled agents practicing nationally. In fact, enrolled agents account for less than 10% of all individuals currently practicing in the field of taxation.
Q:
Where are you located?
A:
Chicago, Illinois
Q:
Do you offer year round service?
A:
When you engage this firm to provide you with professional and personal tax services, you can do so with the confidence that you can get help year 'round, whether it be a simple tax question, help with a government notice, or serious tax planning. This office is ready to meet your needs.
Q:
What are your office hours?
A:
We have standard business hours but are willing to be flexible to the clients needs.
Q:
Do you prepare tax returns?
A:
Yes! Our full service accounting firm prepares personal, small business, partnership, corporate, trust and estate tax returns.
Q:
Do you prepare out of state returns?
A:
Yes we do! We have prepared personal & corporate returns for our many out of state clients.
Q:
I have always prepared my own return, why do I need an accountant?
A:
There is nothing wrong with preparing your own return. But did you take all of your deductions and tax credits that were available to you? We find that many self-prepared tax returns do not maximize all of their deductions or credits due to the lack of understanding or misinterpreting ever changing tax laws.
Q:
What professional organizations do you belong to?
A:
The national society of accountants, national association of enrolled agents, independent accountants association of Illinois, American society of tax professionals.
Q:
What is an enrolled agent?
A:
An enrolled agent (ea) is an individual designation provided by the internal revenue service. The designation is acquired by passing a two-day 16-hour exam covering all aspects of federal taxation. Unlike CPAs, who may or may not provide tax services, enrolled agents specialize in taxation.
Enrolled agents, attorneys, and certified public accountants are the only groups recognized to practice before the IRS.
Out of the above group, enrolled agents are the only individuals required to take a test to achieve such status.
The enrolled agent designation is a recognized symbol of expertise in the area of taxation.
Q:
I now prepare my own tax return on my computer, why do I need an accountant?
A:
Many individuals prepare tax returns with off the shelf tax programs and are never audited to determine the accuracy of the return that is filed.
However in the event that you are audited the program cannot represent you.
Further when the tax programs are released at the beginning of the year like other programs they are not perfect and in many instances have bugs that cause improper computations and other errors. So unless after the return is prepared you have the knowledge to review the returns to determine its shortcomings you may be subject to penalties and several years of interest.
The software may seem to have interview capabilities, but the program will only be as good as the answers you provide.
Q:
I have prepared my returns in the past and the internal revenue service has always accepted them without question. Why should I hire an accountant?
A:
Many people prepare and file returns under the impression that if they don't hear from the internal revenue service that their return has been accepted.
This is not the case!
When a tax return is filed the internal revenue service simply records the return. The only time a tax return is accepted is after the internal revenue service performs an audit and notifies you that the return is accepted as filed and there are no changes.
Q:
What kind of training does the tax preparer have?
A:
Enrolled agents (eas), certified public accountants (CPAs), attorneys, commercial storefront firms and seasonal tax preparers are a few popular choices for tax preparation. Only enrolled agents, CPAs, and attorneys can represent any tax preparer before the IRS if necessary. Enrolled agents, who specialize in taxation, are the only group who obtains their authority to practice directly from the U.S. government.
Q:
What are your needs?
A:
Do you have a complex return that requires social attention? Enrolled agents can appear in place of a taxpayer before the internal revenue service if necessary. Enrolled agents prepare millions of tax returns each year. They can prepare returns for individuals, partnerships, corporations, estates and trusts or any entity with tax reporting requirements.
Q:
Does the tax preparer complete continuing professional education?
A:
Members of the national association of enrolled agents are required to complete 30 hours of continuing professional education each year in order to maintain membership. This surpasses the IRS requirement of 24 hours per year. This continuing education ensures that the eas keep abreast of changing tax laws and regulations. In addition, many eas can offer help in other areas, such as IRS representation, financial planning, estate and trust services, small business advising and more.
Q:
Does the tax preparer have any special designation?
A:
Preparers that carry certain designations, such as eas, are subject to rigorous background checks before they receive their designation.
Q:
Is the tax preparer bound by any ethical standards?
A:
Enrolled agents are required to abide by U.S. treasury department circular 230. Eas found to be in violation of the provisions contained in it might be suspended or disbarred.
Enrolled agents are an excellent resource for anyone seeking up-to-date information on tax related issues.
