Monday CPA Question: Why can’t you do my tax return while we wait? A CPA does more than just collect tax forms, enter numbers into a computer, then deliver a tax return. CPAs typically start by comparing the current year’s information to the prior year returns and, for new clients, looking over several prior returns to get a good understanding of the client’s situation. Many follow up with additional questions based on information revealed during an initial client meeting or after a detailed review of the draft returns is complete. These questions form the basis for recommendations to “fix” an error or issue based on prior year filings or planning strategies that could save taxes in the future. The CPA may go through one round of Q&As or several — as many questions as it takes to feel satisfied that everything relevant for that tax year is covered. In some cases, answers to questions during the initial round raise additional opportunities or concerns that need to be addressed before the return can be completed.
Posted on: Mon, 07 Apr 2014 14:04:11 +0000
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