Now that tax-filing season is over, ask yourself one simple question: How satisfied are you with your tax adviser?
Hopefully, your tax professional provides enough tax-saving strategies to more than pay his or her fee. But, as importantly, a good tax adviser can provide "insurance" against some of the most severe IRS penalties.
How? While the tax law typically presumes that you—not your preparer—are responsible for your return, one of the best defenses against IRS penalties is to show that you relied on the advice of a competent tax professional. (Note: As you'll see in the page 2 story, using a tax preparer won't always insulate you from penalties.)
And this issue is particularly timely as Congress is pushing legislation to revise the IRS penalty structure. (See box at right.)
4 penalties ... and how to avoid them
While small businesses face a staggering variety of potential IRS penalties, here ...(register to read more)