Knowing the Right Time to Hire a CPA
When Should You Hire a CPA?
For many people, the question of when to hire a CPA often comes up during tax season. But according to Larry Martin, a Hantzmon Wiebel Consultant, the better answer is often much earlier.
“When life changes,” Larry explains, that is usually a good time to consider bringing in a CPA. That might mean getting married, getting divorced, having children, buying or selling a business, making a major investment, or entering into a transaction you do not fully understand.
In other words, a CPA can be most valuable before decisions are final, not after the deal is done and the paperwork is complete.
A CPA Can Help Before Decisions Are Final
Tax compliance, or filing a tax return, is mostly a “history book.” It records what already happened. While there can still be value in preparing a return correctly and making available tax elections, the most meaningful planning generally happens before a transaction occurs.
That is especially true when buying or selling a business. A CPA can help evaluate the economics of the deal, support due diligence, and provide the most tax-efficient structure for the transaction. In some cases, that guidance may even help someone decide not to move forward. Sometimes, advising someone what not to do can be just as important as advising them what to do.
How Much CPA Support Do You Need?
Not every person needs the same level of CPA support. Someone with strong financial knowledge and tax experience may only need a CPA when the situation becomes complex. For someone without that background, it makes sense to involve a CPA earlier.
Here is a simple way to think about it: the less familiar you are with a financial or tax situation, the more important it may be to get help before making a major decision. That can apply to life changes, business decisions, investments, estate planning, or any situation where the financial consequences are significant.
CPAs and Attorneys Play Different Roles
Some people wonder why they need a CPA if they already have an attorney. CPAs and attorneys have different, complementary skill sets.
An attorney is typically responsible for legal documents and agreements. A CPA can help evaluate the economic and tax consequences of those decisions. In a business transaction, for example, the attorney handles the legal structure and documents and helps control the legal risks, while the CPA analyzes the financial impact, controls the economic risks, provides the tax structure, and determines how much of the transaction may ultimately go to taxes.
For most significant transactions, having both perspectives is important.
The Right Fit May Change Over Time
A sole practitioner CPA can be an excellent fit for a relatively straightforward situation, especially when that CPA understands their own areas of expertise and limitations.
However, the tax and financial world can become complex quickly. Businesses may face multi-state taxation, depreciation questions, or valuation needs, while their owners navigate estate and trust issues and other specialized matters. In those cases, a CPA firm may be able to bring multiple areas of expertise to the table while still giving the client one main point of contact.
Business owners may also outgrow their current CPA. A CPA who was a good fit for a simpler stage of life or business may not have the expertise needed for a more complex transaction, such as growing their business, selling a business, or developing an exit strategy.
Planning Can Change the Outcome
CPAs often look for planning opportunities around deferral, conversion, and in limited circumstances the elimination of tax. That can mean a structure that defers tax, converts income from one type to another, or eliminates some taxable income entirely. For example, donating appreciated securities directly to charity avoids capital gains tax while still providing a charitable deduction.
The key is that these opportunities generally need to be identified before the transaction occurs. Once the year is over and the tax return is being prepared, the planning options will be more limited.
What to Look For in a CPA
If you are in the market for a CPA, start by considering whether the CPA has experience in the areas you need. If you have international tax issues, multi-state commerce, business sale planning, valuation needs, or estate and trust concerns, you will want someone with relevant expertise or access to that expertise in their firm.
Communication and comfort level matter, too. A CPA may need to know details about your life, business, and finances that you may not realize are tax-related. Responsiveness is also important. Good CPAs are generally busy, but they should still be reasonably available to support your needs.
Start with a Solid Plan and Even Better Advice
Hiring a CPA is not only about filing a tax return. It is about getting advice before major decisions are made, especially when life changes bring financial questions involving business transactions, investments, or long-term planning opportunities.
As the leading independent accounting and professional services firm in Central Virginia, our team at Hantzmon Wiebel helps you navigate these questions thoughtfully so you can understand your options, plan ahead, and make decisions with greater confidence. If you are wondering whether now is the right time to involve a CPA, connect with our tax or advisory teams to start the conversation.
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Disclaimer of Liability
Our firm provides the information in this article for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this blog are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability and fitness for a particular purpose.
