Even more important for the wealthy is to look for certain red flags when choosing a tax preparer.
“A preparer who’s unresponsive to communication, unwilling to get on a phone call or generally out of touch is a sign that things might be off to a poor start,” Minott said. “Look for a tax preparer who values your client relationship and takes the time to communicate with you accordingly.”
“Preparers need to prepare returns all year to maintain and stay on top of the changing tax laws,” Kadrlik said. “You need a resource to contact anytime during the year to address situations that arise. These issues don’t always occur during [the] January-to-April preparation season.”
Rosen says a preparer should be a CPA or hold the enrolled agent designation. “These credentials assure you of their training and that they fulfil annual continued education requirements,” she said.
Tax preparers who don’t have current credentials should also be avoided—not only because they may not be educated on the latest tax changes but because “perhaps [they’re] not even authorized by the IRS to prepare a return on your behalf,” Minott said.