“Abracadabra, thus we learn the more you create, the less you
earn. The less you earn, the more you’re given, the less you lead,
the more you’re driven, the more destroyed, the more they feed,
the more you pay, the more they need, the more you earn, the
less you keep, And now I lay me down to sleep. I pray the Lord
my soul to take, if the tax-collector hasn’t got it before I wake.”
Ogden Nash

The many issues facing businesses today is the extreme intricacies of the tax industry.  Einstein once said "The hardest thing in the world to understand, is the income tax."   This is quite comical if it were not so true.  It is estimated that there is over 100 billion dollars in corporate revenue lost every year to inadequate tax preparation and missed corporate deductions and exclusions.  To top it off, your tax preparer usually has but one place to go to get their questions asked, the IRS. Let's see how well they do.

The Wall Street Journal article dated 5.15.2001 says it best.

WASHINGTON—Internal Revenue Service employees
charged with helping taxpayers at walk in sites around the U.S.
provided incorrect or insufficient answers 73% of the time during
a recent survey period, according to a report released last week by
the Treasury Inspector General for Tax Administration…The IRS
also, anonymously checked 544 centers, half before and half during
the first half of the 2001-filing season, and found only 50% of
tax-law questions were answered correctly. Moreover, service was
less than courteous during one out of every five visits, the agency
discovered…Moreover, some agency employees failed to properly
identify themselves, or even provided false identification to taxpayers, thereby breaking the law, the report said.

Wow, does it feel better to know you cannot even go to the source and get the proper information.  This is why there are specialists, people who has but one main focus, not a general practitioner.

Finding adequate tax preparation is much more difficult than you would ever believe. Most business owners have a bookkeeper and tax preparer, larger businesses have a financial department headed by a qualified accountant or CFO.  However, when it comes to preparing our taxes we truly never know if they are qualified or not. Think about this: a small business owner gets referred to an accountant; they schedule an appointment and talk. If the business owners like the accountant, they hire them, with absolutely no clue to his tax preparation effectiveness. Even his resume, work history, client list, or anything else for that matter will tell you absolutely nothing about the effectiveness of a tax preparer.

It is sad that our tax preparation professionals are not that
much better. According to one of our nations leading financial
magazines, great tax pros are scarce. It’s estimated that the tax
preparation industry pays damages of over one hundred million
dollars a year.

Allow a specialist to review your tax filings, it could be worth millions.