If you need help preparing your taxes or making the best moves to minimize your tax bill, consulting with an experienced tax pro will help you accomplish these goals. In your search for a professional to work with, you’ll see that there are business CPAs and general tax services.
While the two are similar, there are some key differences. Here’s what you need to know about how a business CPA differs from a general tax service.
A General Tax Firm May Not Have Licensed Tax Pros
A business CPA has passed a strict licensing exam and completed specific educational requirements to obtain their license.
Tax preparers at a general tax firm may be unlicensed and lack sufficient knowledge and experience to efficiently handle your taxes and understand the impact of changes to the tax code on your business.
Business CPAs have the skills and education necessary to handle even complex tax situations.
A Business CPA Offers More Services Than a General Tax Service
The services that a general tax service can provide are limited, especially when compared to a business CPA. A business CPA has a full suite of offerings, including auditing and accounting services. They can also prepare your financial statements.
If you’re audited, a CPA is allowed to represent you when you’re dealing with the IRS. An unlicensed general tax preparer can’t offer IRS representation during an audit.
Business CPAs are legally required to act in your best interest; you won’t have to worry about a potential conflict of interest impacting their behavior or work.
Business CPAs Can Help You Streamline Your Financial and Tax Tasks
Since CPAs are able to provide more services, it’s possible for one professional to handle a majority of your tax and financial needs. This can help you save money, and it’s often less cumbersome to consult with a single firm.
Your CPA will review your business’s entire financial picture and make recommendations that save you money and improve the efficiency of your operations.
For example, a CPA can provide guidance about the best legal structure for your business and make sure that you acquire and set up the right licenses, insurance policies, and bank accounts.
Want to learn more about how a business CPA can help your company? Contact Gurian CPA Firm today to request a meeting!
