What Knowledge and Skills Should a Tax Preparer Have?

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What Knowledge and Skills Should a Tax Preparer
Have?
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• Since 2001, tax preparers have been required to
  undergo a federal tax law examination to prove
  their technical skills and knowledge by the IRS.
  While there are no educational or experience
  requirements necessary to become a tax preparer,
  the more successful ones will have the following
  knowledge and skills to help businesses file
  their tax returns, along with having passed the
  exam set by the IRS
• Critical thinking skills
• Determining whether a client qualifies for
  deductions and credits is not always obvious, and
  requires the tax preparer to possess strong
  analytical skills and

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• reasoning. Categorizing incomes and losses, is
  not easy either, and deductive reasoning and a
  sharp mind are required, as well as sound
  judgement in establishing the advantages and
  disadvantages of taking a certain course of tax
  action.
• Economics and accounting
• Sound knowledge of the principles pertaining to
  economics and accounting, financial markets and
  banking is required, along with the analysis and
  reporting of financial data.

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• Customer service skills
• Often underrated, this is an important element of
  a tax preparers role, and a good tax preparer
  must accurately assess their customers needs,
  meet the quality standards for the service they
  are providing, and be able to evaluate customer
  satisfaction.
• Communication skills
• Active listening techniques are essential for any
  good tax preparer to have mastered, particularly
  as they often deal with private and sensitive
  information. The ability to talk about tax laws
  that can be complicated and convoluted, in a way
  that clients can understand, is essential.

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• Clerical skills
• Word processing, managing files and records,
  stenography and transcription, and designing
  forms are all administrative and clerical
  procedures that a qualified tax preparer should
  have mastered.
• Knowledge of law and government
• As we all know, laws and regulations relating to
  taxes can be complex and long winded, and are
  often prone to change, meaning that for a tax
  preparer to be any good at his profession, he or
  she must keep up to date with laws and government
  goings on at all times.

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• Attention to detail
• Tax regulations can easily be misinterpreted, and
  mistakes when calculating taxes can be made, too,
  so its imperative that a good tax preparer takes
  the time to enter numbers correctly and make
  sense of tax regulations. The tiniest of errors
  can cost clients dearly, not to mention get them
  into hot water with the IRS, so tax preparers
  should thoroughly check their work before
  submitting returns, and eliminate any errors or
  inaccuracies.

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• Mathematical skills
• Numbers naturally play a critical role in tax
  preparation, so if your tax preparer doesnt have
  a good head for numbers and mathematics, you
  should probably look elsewhere. The basics of
  arithmetic must all be covered, and good
  knowledge of algebra is often required.
• So, as you can see from the list above, a tax
  preparer worth their salt can be expected to
  possess a wide range of skills and have an
  extensive knowledge base. If your tax preparer
  falls short in any of the above areas, then it
  might be time to start looking elsewhere for
  someone to prepare your taxes.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax preparation service
  Coral Gables. If you are looking for tax
  preparation service in Miami, Heyer Associates
  would be a right option.