Hiring a tax accountant is something that many businesses don't think
twice about. There are lots of tax accountants in New York, and business owners
typically hire the first one they find or whichever one a friend recommends.
However, the capabilities of different tax accounting firms can vary greatly,
and those differences can add up to major advantages for your business as time
goes on. That's why it's important to choose a firm with a wide range of
accounting experience and services, so that the accountant you know and trust
best will be able to serve you in a variety of ways as your business needs
change.
- Auditing – There will be many occasions when you might end up needing a professional auditing service. These could include checking the financials of a partner organization or performing due diligence before buying out another business. These kinds of auditing are routine, but invaluable, and your ability to make a sound business decisions depends on the accuracy of the information you're given.
- Audit defense – If your business is audited by the IRS, you will want your tax accountant to be intimately familiar with the process. They will need to serve as your go-between with the government and, if they are talented, can help make the process go smoothly and take as little time as possible. They can also advise you on what documents you'll need to provide and what to expect.
- Litigation support – It's unfortunate, but most businesses will end up in litigation at some point or another. You will be more successful if your accountant knows what the lawyers need and can provide numbers in a form that will be compelling to a jury.
- Forensic accounting – What happens if money goes missing, or if you suspect a company you work with is cooking their books? That's when you need forensic accountants. They act as investigators and uncover the paper trail that will explain what happened to missing or imaginary money. This is one of the most valuable services a tax accounting firm can offer, but most firms have little experience doing it.
This is just the tip of the iceberg in terms of what you should expect
from a good business tax accountant in New York. Ask your
accountant detailed questions and make sure they are capable of providing
everything you need—today and in the future.
