It is important to choose the proper CPA for you and or your business. Not just any accountant will do. Anyone can calculate numbers, but it takes a creative individual to sit back and do a useful analysis that can assist you in running your business more profitably.
When looking for a CPA (Certified Public Accountant) you can check his references using the California Board of Accountancy at http://www.dca.ca.gov/cba/lookup.shtml . It is also wise to interview the accountant and ask for references in industries related to yours.
A good accountant is not only knowledgeable with tax preparation and tax planning, but keeps up on tax matters. Some current items that may be useful are: For Federal tax work. For instance there is an amnesty program for reporting information related to owning a foreign corporations or Trusts. Failure to report this can result in severe penalties. A CPA has access to the proper forms and filing requirements. Dealing with the IRS or Department of the Treasury is an art that develops after years of experience. In an audit, the goal of your CPA should be to try to settle things with the auditor rather than go on to an expensive appeal, if possible.
A knowledgeable CPA can also assist with a California amnesty period that exists from August 1 until December 31, 2011 for filing information related to listed transactions. A review of credentials and experiences is helpful. A CPA with personal experience in owing real estate, stocks, businesses and other investments can give you more relative feedback as compared with someone who has only learned of them from a textbook.
When using an established CPA your information for Individual tax returns is kept on file for many years. Also, the CPA is available year round when you tax questions or correspondence from the IRS or State. It takes commitment and stability to be available to you year after year.
With today’s communications it is not absolutely necessary that your accountant be located nearby. Data files can be transferred electronically and discussion can take place over the telephone. E-mails can be used for limited exchange of data, however, telephone calls or meetings tend to be more effective and conversations may lead to different important directions whereas e-mails tend to deal with only responding to specific questions. For best use of a CPA one should write out questions ahead of time, organize your data and question the CPA about specific areas of concern.
Wynkoop & Associates is an Irvine CPA firm located by John Wayne Airport and within a mile of both the 73 and 405 freeways. We offer 30 years of experience providing residents from all over Orange County with premium tax and accounting services.