8 Questions to Ask When Interviewing a CPA

By
Diane Zing, CSA
May 18, 2018
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Some people believe that one of the most frustrating words in the financial world is the word “taxes”. But it doesn’t have to be…and it actually shouldn’t be. Understanding the world of taxation takes enormous amounts of education, understanding and application. The average person doesn’t necessarily want to become an expert on taxes, but they certainly don’t want to pay more than they have to, either. Hence the reason many people and businesses reach out for help. Finding a tax professional can be complicated; hoping to find the right kind of tax professional for the services needed tends to be the number one challenge.

When starting a search to find the right tax professional, there are basically two major things to consider. Firstly, it’s important to understand the differences between the types of tax professionals. Secondly, it’s important to ask the right kind of questions to help discern if a working relationship with a particular tax professional is a good fit.

Start with having a basic understanding of a few different types of tax professionals.

TYPES OF TAX PROFESSIONALS:

Tax Preparer – A tax preparer can help individuals, families, and businesses prepare tax returns. They cannot represent clients during an audit. Their role is limited to tax preparation. A large percentage of the general population might find that a Tax Preparer is a match for their filing needs.

EA – An Enrolled Agent (EA) has passed an IRS examination that puts them in a position to not only help clients prepare tax returns, but they can also represent their clients in the event of an audit. Generally speaking, EA’s may tend to have more thorough knowledge and understanding in regards to tax preparation than that of a Tax Preparer. Individuals, families, and business owners might find that an EA is helpful due to the complexities that their tax preparation needs may entail.

Tax Attorneys – Tax Attorneys can not only prepare tax filings, but they can also represent their clients during an audit, as well as represent clients in court proceedings. Tax attorneys play a significant role in helping their clients through complications with tax liabilities, responsibilities, and other issues that may arise.

CPA – Certified Public Accountants are tax professionals who have a degree in accounting or a related field. They have passed the state CPA exam, and are able to perform a myriad of services for their clients. They can prepare tax filings, represent clients during audits, prepare and certify audit statements. They cannot, however, represent their clients in court.

There are additional types of tax professionals, but the above mentioned tend to be the most widely sought after by individuals, families, business owners, non-profit entities, and others.

Secondly, it’s important to ask questions that are relevant for finding a professional that might be best suited for the specific needs at hand. Here are a few questions to consider when interviewing a tax professional:

QUESTIONS TO ASK:

  1. What is your designation, or professional title?
  2. What industries or types of clients do you have?
  3. How many years of experience do you have?
  4. How many people do you have in your organization, and what are their roles?
  5. Do you help clients with tax planning strategies, as well as tax preparation?
  6. Do you work in collaboration with financial planners and other professionals?
  7. What kind of ongoing service model do you have?
  8. What is your fee structure?

When discerning which tax professional to work with, having a basic knowledge of the types of tax professionals might go a long way with helping to build a productive relationship, and subsequently, possibly more favorable tax solutions. Taxes are a major part of life, and having a strategy around how finances are built, managed, and maintained could possibly help significantly. It’s important to be responsible with taxes, and having a professional that can help discern taxation with efficiencies could have significant importance to overall financial planning.

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By
David McDonough
September 12, 2023

No one really wants to think about life insurance. But if someone depends on you financially, it’s a topic you shouldn’t avoid. Are any of these reasons stopping you from getting the life insurance coverage you need? If so, read on!

1. My family can rely on loans or other family members.

We know we can rely on our families for support as we navigate life. However, if you were to die, your family’s world would shift on its axis—emotionally and financially. A time of grief is not the time to crowdsource funeral funds or make phone calls for money every month when bills come due. Life insurance means there can be an affordable solution in place so that doesn’t need to happen.

2. Money is tight. I just can’t afford life insurance.

Bills, rent or mortgage, car payments, childcare, food, gas … and the list grows as your family does. So what would happen to them financially if you died? If you’re gone, so is your income, but their bills and expenses will stay the same. If money is tight, you can’t afford not to have life insurance. It picks up the financial burden for your family when you are no longer there to do it.

3. Life insurance will be a free ride for my kids.

Your parents taught you hard work, and it’s what you’re teaching your children. But life insurance isn’t about leaving your kids a financial windfall. It’s about practicing—and teaching—the principles of personal financial responsibility. Preparing for the future with life insurance is a lesson in goal-setting, budgeting and discipline that ensures your loved ones will be OK financially, which is a valuable lesson to pass on.

Don’t let these myths stand in the way of getting life insurance—or more of it.

Download this comprehensive blog as a concise one-page here: 3 Myths About Life Insurance

By
Jeff Motske, CFP®
April 13, 2018

Many people accept that humility is a virtue, one that contributes to an individual’s success or legacy. Treating others respectfully and as equals is a courteous thing to do, as is recognizing everyone’s individual value and innate strengths. This is what I teach my children and the value that I integrate into how I run my business as well as my life.

This extends far beyond an altruistic ideal, though. Humility is not simply being self-depreciating or passive. In fact, it’s less about our relationship with other people and more reflective of the relationship we have with ourselves. Humility is about being fully aware of your humanity and your interdependence with others. It allows us to be self-aware and recognize where we may have gaps in our knowledge or in our control. This is a proven value that can have concrete and positive ramifications in our everyday life, specifically in our investments. Trust me, it’s not that big of a leap.

  1. Humility is understanding that I do not know everything. This means that I can make mistakes. It also reinforces that there are others who may have more knowledge or a different perspective that may provide value to the decisions I make. Whether you’re talking about a doctor, a lawyer, a tax accountant or in my case, a financial planner, there are folks who have the knowledge and passion to help you.
  2. Humility is understanding that I do not control everything. This means that things will happen that I have no power over, that I could not predict, and that may cause a few bumps in the road. In those moments, it’s good to refrain from acting impulsively or emotionally. Preparation and flexibility are also key. It’s best to plan for emergencies, fluctuations in the market, and other surprising events to understand what to expect, stay focused on the bigger picture and be prepared for not necessarily doing things “as usual”.

Once we accept these points, we can recognize where we may need assistance and be open to advice from expert counsel. When we do that, we do it for our own personal benefit, arming ourselves with the resources for monetary and overall success. Michael McGrath sums it up nicely in his article, “Humility in Investing: Why It’s Important”,

“Overconfidence tells you that it must be the other thing that was wrong—I see it all the time in my work. But humility allows you to say, “I’m not perfect, was there something that I might have been able to do better?”1

The Advisors at Trilogy Financial are here to be your resource on the road to doing things better. Our accomplishments are measured by your success and ability to achieve your financial freedom.

1 http://moneyinc.com/humility-investing-important/

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