10 Essential Questions to Ask Your CPA

by | Oct 2, 2023

In today’s intricate financial world, having a reliable Certified Public Accountant (CPA) is increasingly vital. But how can you be sure that your CPA is not only well-informed but also in tune with your financial aspirations? Here are ten crucial questions you should pose to your CPA, accompanied by the ideal responses, to guarantee you’re receiving the most effective tax counsel.


Questions to Consider


What is your objective for each client?

Every CPA might have varying methods, but the main aim should always be to offer the finest financial recommendations and tactics customized to each client’s distinct circumstances.

Do you give precedence to reducing taxes or lowering the risk of an audit?

Both are important, but understanding your CPA’s stance can provide a glimpse into their strategy.

Which is preferable, paying $1M in taxes or $100k in taxes?

This may appear to be a deceptive question, but it’s about viewpoint. A tax payment of $1M might suggest that you’ve garnered a lot more, which could be seen as a good thing.


What is your plan for each client?

The answer should be to boost productivity. A CPA should consistently seek ways to improve your fiscal productivity, ensuring every cent is to your advantage.


Is your CPA liaising with any members of my team without my knowledge?

If your CPA is communicating without your awareness, it’s vital to set boundaries and insist on transparency.


How do you keep abreast of new tax laws and opportunities for your clientele?

Tax regulations are in constant flux. Your CPA should be forward-thinking in staying informed to offer the best guidance.


Do you collaborate with tax lawyers or cost segregation specialists?

The ideal answer is yes. Teaming up with professionals in related sectors can provide a more all-encompassing financial strategy.


How frequently do you suggest we convene?

The best response is more than once and not just during tax season. Periodic meetings can preemptively tackle potential issues.


Is your approach cautious, or will you exploit tax legislation to our utmost benefit?

They should harness the tax code to lawfully minimize taxes as much as feasible without being recklessly aggressive or overly cautious.


Can you share some unique tax-saving strategies you’ve introduced to other clients?

This query can shed light on their inventiveness and commitment to delivering value.


Additional Questions

  • What’s the most effective tax shelter? The ideal answer is earning another dollar.
  • Would you opt to pay 1 million or 10 million in tax? The best response is 10 million, as it indicates you earned a higher income.
  • What’s your stance on postponing tax, and when is it prudent to delay taxes? The best response is that postponing tax is the least beneficial method to “save” on tax since taxes are probably escalating.
  • When’s the right time to begin tax planning for my business exit? The best answer is immediately.
  • What are the potential pitfalls of IRAs or defined benefit schemes?


To wrap up, posing the correct queries can significantly impact your financial trajectory. It’s essential that your CPA is not just knowledgeable but also proactive in offering the best strategies tailored to your requirements.


Stay connected to our blog for more financial insights and advice. You can follow us on LinkedIn or learn more by visiting our features page to see how Reach Reporting is changing lives for business owners, CPAs, advisors, bookkeepers and financial managers.

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