Are you smarter than a CPA?

“Jim” looked confused when we first met. “I think my taxes are wrong,” he said. The return looked good in its expensive binding, and it was a from well-known CPA firm, and there was an invoice for $1,340.

I started asking questions. “My CPA has never asked me any questions,” Jim related. We continued to ask questions many times over the next two weeks, as we consider the client’s financial affairs as if they were our own. Net result: legal tax savings of $14,000 (FOURTEEN THOUSAND DOLLARS), a lot of money to anyone. Our fee was substantially less than the other guys.

So, in this case, Jim was smarter than a CPA.

My profession is completely different from anyone else. For example, you go to the doctor, and he cures you, you figure he must be competent. You engage a realtor, and she sells your home, she must be talented. But, how do you know your CPA/tax preparer is really good? Unlike all other professions, unless the client were an experienced preparer themselves, they would have NO IDEA.