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Well-known duties include: notifying creditors of the decedent's death; settling outstanding creditor accounts; procuring property appraisals for estate and inheritance tax purposes; and filing a last tax return.

While the services they feature can overlap at times, the three types of tax advisors that have standing to appear instead of a taxpayer before the Internal Revenue Service are enrolled agents, certified public accountants, and tax attorneys.

Probably the least recognized of the three, enrolled agents are federally licensed and authorized by the U. S. Department of Treasury to represent taxpayers before the IRS in alot of pertinent tax issues, including audits, collections, and appeals. To get the title of enrolled agent, an individual must successfully pass a comprehensive exam given by the IRS covering all aspects of the tax code. Enrolled agents are also required to complete at the least 16 hours of continuing education each year and adhere to your strict code of IRS ethics. Many enrolled agents limit their work to a specific tax area, though, so if you consult this version of practitioner, be sure to inquire about his or her area of expertise. You can learn more about enrolled agents by visiting the web page of the National Association of Enrolled Agents at naea. org.

Certified public accountants or CPAs will be the second category of tax professionals with the credentials to appear on the taxpayer's behalf before the IRS. Licensed and regulated by your states, a CPA must pass a state's qualifying accounting assessment, earn continuing education credits, and periodically renew his or her state license to be able to in active practice. Considering their expertise in accounting and bookkeeping solutions, CPAs are usually recommended to prepare tax returns and may offer the best guidance in regards to record keeping and the complex financial situations caused by lifestyle changes such as divorce, retirement, and closing a business. Not just about all CPAs are skilled in taxation matters, however, so remember to examine each practitioner's experience and knowledge when seeking a tax suggest. The Web site of the American Institute of Certified General public Accountants, aicpa. org, is a good resource for additional info.

The last of the practitioners with standing prior to the IRS, but certainly not the least, is the tax attorney. As the name implies, a tax attorney is a lawyer who focuses on taxes. Armed with advanced degrees and the backing of state bar associations, tax attorneys come with a higher fee but they can prepare sophisticated personal and business tax returns as well as provide a far more in-depth understanding of intricate tax laws and regulations. In particularly complex legal areas of taxation, such as structuring a company, tax settlement negotiations , or criminal tax matters, that deeper level of advice can be critical. And, as the only type associated with tax advisor empowered with attorney-client privilege, a tax attorney can supply an extra layer of security for your personal and business tax matters. To get a list of reputable tax attorneys in your area, check with the local chapter of your state bar connection.

Whether your tax issues are state or national, personal or business, they should never be taken lightly. Neither should your available choice of a tax professional. So don't make a decision until you've executed your homework.