. Cranberries; : the national cranberry magazine. Cranberries. GraAng your tax preparer By JOSEPH ARKIN, CPA, MBA Business owners invariably have their personal tax returns prepared by their firm's accountant. THIS is a good policy for this person knows best your individual situation and is acquainted with credits and deductions and carry-overs to which you are entitled. He will use the K-1 form he prepared for a partnership or S corpor- ation, whereas a different tax preparer might have misgivings because of the penalty provisions enacted as part of the Tax Equity and Fiscal Responsibihty Act
. Cranberries; : the national cranberry magazine. Cranberries. GraAng your tax preparer By JOSEPH ARKIN, CPA, MBA Business owners invariably have their personal tax returns prepared by their firm's accountant. THIS is a good policy for this person knows best your individual situation and is acquainted with credits and deductions and carry-overs to which you are entitled. He will use the K-1 form he prepared for a partnership or S corpor- ation, whereas a different tax preparer might have misgivings because of the penalty provisions enacted as part of the Tax Equity and Fiscal Responsibihty Act (TEFRA) of 1982. Also, he'll know if you should report some miscellaneous income for the partial use of company owned assets, a portion of company owned car expenses that went for personal use. During the course of an audit. Revenue Agents are impressed favorably where it is shown that due care and diligence were used in the preparation of the return, albeit only the picking up of such an insignificant item as personal use of a company owned asset. You wouldn't ordinarily keep your accountant to handle your firm's books unless you had confidence in his abilities. However, a clever auditor or statement preparer is not necessarily well versed in tax law. If you use the services of a "Big 8" accounting firm, or a large local CPA firm, you'll likely have your personal return handled by a member of the firm's tax department, rather than by the same individual who handles your firm's regular work. FOR the majority who use the services of a one man or woman CPA practitioner, or of a relatively small firm, it becomes 18 important to estabhsh some guidelines in deciding just who is going to prepare your form 1040. Here are the things to look for: 1-Is the preparer well versed in tax law? You'll get some idea of this by asking questions as to what he is doing to keep current on the many changes in the law. Does he have a good tax Ubrary, ^ CORP. *^ CRANBERRIES BOUGHT &am
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