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Hiring a new accountant and 72t
Old 02-22-2016, 07:44 AM   #1
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Hiring a new accountant and 72t

Howdy,

Need a new accountant old one is losing it.

Got a referral from a friend. Accountant didn't now what 72t was off the top of his head. He said "refresh my memory"...."Oh yeah I've done those".

Do I need to look for another one or is it really easy?

Thanks,

Wally
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Old 02-22-2016, 07:54 AM   #2
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Tell him " you're fired". Look for one who has a 72t expertise.
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Old 02-22-2016, 08:03 AM   #3
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Doing a 72T is not that hard. Do your homework and do not put all of your trust in one accountant. It is your money and if the 72T gets screwed up, you pay the penalty not the accountant. The is plenty of information on the net regarding 72Ts.

If you have accounts with FIDO or Vanguard they can also give you some guidance.

When I did my 72T I ran the numbers, had a CPA check them and then had FIDO give me a sanity check.
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Old 02-22-2016, 08:06 AM   #4
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Although a good argument can be made for hiring a professional, doing a 72t is not really that difficult. I did my own SEPP calc and asked my sis, a CPA, to bless it. She found no problems. A good website for guidance is:

72t on the Net | SEPP, 72t, and 72q Distributions | IRC Section 72(t)
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Old 02-22-2016, 08:38 AM   #5
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I'm not sure if the accountant not knowing what a 72t is would be a disqualifier as it is very much a narrow niche within a CPA's practice.... not a lot of clients do 72ts.
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Old 02-22-2016, 10:42 AM   #6
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The way I look at this is, if I can do a 72t, and I have, anyone can do it.
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Old 02-22-2016, 10:55 AM   #7
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I have an excellent accountant and she had to brush up on an NUA. So, I wouldn't discount the accountant if they have served you well in the past. As many say on this forum, you are your own best advocate when it comes to your money. Educate yourself along with the accountant.
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Old 02-22-2016, 12:18 PM   #8
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Good point. And I forgot to mention... a good accountant may not know the details relating to a particular circumstance off the top of their head but the good ones can recognize where they need to research an issue and figure it out..... and also when they need to get a consultation from a subject matter expert if there isn't a clear answer.
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