Monday, March 19, 2012

One Obvious Red Flag That Your Paid Tax-Preparer Is a Whack Job

One Obvious Red Flag That Your Paid Tax-Preparer Is a Whack Job

Most of us are good, law-abiding citizens and therefore expect that everyone – especially those we deal with businesswise – are of the same breed. Well, as it turns out, that’s not necessarily the reality in tax preparation (or in any other business, for that matter).
According to the IRS, illegitimate tax preparers are increasingly becoming a huge problem. Just because someone claims they have a tax-filing business doesn’t make them legit. In fact, at this moment Federal courts are issuing hundreds of injunctions ordering certain individuals and/or so-called businesses to cease preparing returns, and the Department of Justice has pending complaints against many others.

While many signals can point that you are dealing with a scrupulous return preparer, this single action should serve as a very bright red flag:

Your preparer did not put his/her
information on your tax return.

In 2012, IRS rules require every paid preparer to have a “Preparer Tax Identification Number” (PTIN). And, most importantly, this PTIN must be entered on every return a preparer completes. The only thing I can think of that would keep a preparer from making sure this information was on your return would be that they’re up to something fishy.

Of course, keep in mind that a PTIN in and of itself doesn’t mean “nothing to worry about” – just that the lack of one should cause you immediate concern. Happy tax filing, if there is such a thing.

Contact a financial professional at Laser Financial Group today to schedule your confidential, complementary session. Make sure your money is working for you so that when retirement comes, they really can be golden years. or 877.656.9111.

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