The IRS just suspended rules requiring tax preparers to be IRS approved. What exactly does this mean for companies and individuals using tax preparers, and for tax preparers themselves?
Taxes are an important aspect of running a small business and the last thing any company, or individual, wants is to be audited. So, if the IRS is no longer monitoring this, what should you do to protect yourself?
Just because the IRS is no longer requiring credentials doesn’t mean you should drop this requirement as well. Credentials are a key way for tax preparers to certify that they have the necessary skills to manage your taxes. On top of this, you’ll be well served to check that they also have professional liability insurance in case any problems arise with your tax submission.
You shouldn’t take unnecessary risks in any part of your business, and tax preparation is an area where you really don’t need to. Make sure your tax preparer has the certifications and liability insurance to reduce the chances of anything going wrong with your return, and protect you in case it still does.