When you choose a tax advisor, you are not just choosing a contractor or service provider, you are placing all or part of your company in another professional’s hands. Here are some top tax advisor qualities to look for. They Work from Your Perspective As much as we’d all love for taxes to be more straightforward, they’re just not. And a good tax advisor will work to understand and create a tax prep strategy that takes your specific industry and business needs into account throughout the tax prep process. Since most tax laws are written to explain how you can reduce your taxes, having someone who understands these laws and how they can benefit your own taxes is a must-have trait when it comes to choosing the right tax advisor for you. One of the best ways to tell if a tax advisor is going to dive in eagerly and be committed to seeing the tax world from your business’s point of view is to ask them about their approach. If they want to know everything about you and your business, the ins and outs of your products, services, and operations, they are definitely off to the right start! They Want to Share Their Knowledge Gatekeeping may be a way to separate the experts from the amateurs, but this should not be a practice your tax advisor puts a lot of stock in. The eagerness to understand your situation is one-half of a coin that also includes an eagerness to educate. Your tax advisor should feel very comfortable sharing their expertise with you. This does two things: it helps you better understand what they are doing and what your taxes will look like, and it helps the tax advisor understand where you are at from a comprehension standpoint. Why does comprehension matter? If your tax advisor can help teach you how your taxes work, it will create opportunities throughout the year for you to implement initiatives that improve your tax outlook for the future. Availability, Availability, Availability A phenomenal tax advisor isn’t worth much to you if you …
I Received a CP01H Notice, Now What?
Have you received a CP01H Notice? In this article, we’ll discuss what that means and how to fix it. What is a CP01H Notice? If you receive a CPo1H notice, it means the IRS wasn’t able to process your tax return and they’ve placed a lock on your account because the Social Security Number of the primary or secondary taxpayer you provided on your tax return belongs to someone who was deceased before the current tax year. Here’s what that means for you and how you can fix it if the notice has been sent due to an error. Why Did I Receive a CP01H Notice? The CP01H Notice is generated after the SSN you submitted was compared to the records the Social Security Administration has for you. Once the IRS has determined the SSN on your tax forms is incorrect, they send you the notice and lock your account. This is done to prevent identity theft. This may be a simple keying error, where someone (you or your tax preparer) entered an incorrect Social Security Number for you or your spouse (if you are filing jointly) Find out more about 1099 filing penalties here. Next Steps: Correcting an Error If you think the IRS received records in error, the first step you should take is to contact the Social Security Administration to correct the information. Once the Social Security Administration has corrected the information, you’ll need to follow the instructions on your CP01H notice to file your tax return. Next Steps: Unlocking Your Account Your account is automatically locked when the IRS sends the CP01H Notice, which means you’ll have to take some steps to have it unlocked. Here is a list of all the things you will need to send to the same address of the IRS campus where you filed your return in order to unlock your account, according to the IRS itself: A copy of your CP01H Notice letter A written request to unlock the account A photocopy of any one of the following items: Passport Driver’s license Social Security Card Other valid …
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