Taxes in the US are mandatory and must be paid in accordance with regulatory requirements and legal provisions. Correctly completing documents and filing them on time is essential.
TM Accountant tax preparation services are available for this purpose.
Types of Specialists and Services
In the US, tax return preparation is carried out by three categories of specialists with varying levels of authority. These include:
- Certified Public Accountants (CPAs) have the broadest range of rights: they prepare returns for individuals and businesses, represent clients in IRS audits, and provide tax planning advice. Requirements for them are strict: a four-part exam, a state license, and mandatory continuing education.
- IAS Enrolled Agents (EAs) specialize exclusively in taxes and earn their status after passing a three-part exam or completing five years of IRS work. Their advantage is the right to represent clients in any state, regardless of state license. Basic tax preparers (Tax Preparers) register with the IRS by obtaining a PTIN (Preparer Tax Identification Number) without taking an exam. They can complete simple 1040 forms but are not authorized to represent clients during audits.
- Services include preparing federal and state returns (Forms 1040, 1120, 1065, 1041), calculating deductions (standard, mortgage, and education), loan processing, international tax assistance, and error correction via 1040-X amendment forms.
Service Features and Selecting a Specialist
The preparation process begins with collecting documents, including: employer income, freelance work, investments, proof of deductions, and information about cryptocurrency or foreign accounts. The specialist analyzes the information, selects the optimal strategy, completes the forms, and files the return electronically through a secure IRS channel. The filing deadline for individuals is April 15th; Late payments may incur a penalty of 5% of the unpaid amount for each month of delay.
When choosing a specialist, it’s important to check their license status through the state (for CPAs) or IRS (for EAs) database, the availability of errors and omissions insurance, and the transparency of their fees.
A reliable specialist will always sign the tax return with their PTIN, provide a copy to the client, and provide advice on any post-filing questions.
