Finding Professional Tax Assistance in Your Area

No matter your location, finding a trusted tax professional to handle your tax return can alleviate much of the stress associated with the complex task. This article will guide you through the often arduous process of finding local tax help, focusing on the specifics of the Global Intangible Low-Taxed Income (GILTI) tax, as well as other aspects of taxation.

Determining Your Tax Needs

Before you start this search, take stock of your tax situation. If you have a straightforward tax situation, many online tax preparation services can provide an easy solution. But if your situation is more complex – for instance, if you own a business, have foreign income, or need to comply with the GILTI tax – you may need in-person assistance.

Finding a Local Tax Professional

Start by exploring your options in your community. Look for Certified Public Accountants (CPAs) or Enrolled Agents (EAs). Both are well-versed in tax code and can prepare tax returns. However, while a CPA can offer broad financial advice, an EA specializes strictly in taxation.

Look for Implementation of Modern Tax Laws

Ensure that the professional you choose is familiar with recently passed tax laws, including the Tax Cuts and Jobs Act’s implementation of the GILTI tax. This law significantly impacts Americans with foreign assets or income.

Verify Credentials and Experience

Regardless of whom you choose, you’re trusting this person with your confidentiality and finances, ensure their certifications are current, and they have relevant experience. You can usually verify a tax professional’s credentials through your state’s board of accountancy for CPAs, and the IRS for EAs.

Understand the Cost

Cost can vary widely among tax professionals. Some charge by the hour, while others have a fixed rate for certain services. Before you decide, make sure you understand the cost and the scope of services provided. No matter what you pay, the peace of mind you gain from a professionally prepared return is priceless if you’re in a complex tax situation.

Familiarity with GILTI Tax

Since the Tax Cuts and Jobs Act, the GILTI tax has become a significantly important issue for US taxpayers with international business interests. The professional you choose should have a deep understanding of this tax and be able to advise you on the best ways to manage your foreign earned income.

In closing, finding a reliable professional tax preparer in your area can bring significant relief during tax season. Especially if your tax situation includes complex issues like the GILTI tax. Remember to check for credentials, experience, and a good understanding of current tax laws. Do not hesitate to ask questions until you’re comfortable with the person handling your taxes.