As a tax return becomes more complex, the advantages of hiring a Certified Public Accountant, or CPA, become more apparent. CPAs may work independently or for larger companies and are qualified to handle any tax or accounting scenario. Therefore, for many individuals, tax preparation with a CPA can save time and frustration.
Planning
A CPA can help an individual or business address their current financial state and create a plan for the future. Whether it is working out a payment plan to pay tax debt or identifying opportunities to save money or invest, a CPA can be a valuable asset. Many businesses use CPAs to help them make decisions regarding mergers and acquisitions, sales, inventory, restructuring and investments.
Avoiding Fraud
The IRS frequently reviews the auditing and accounting skills of CPAs and has the power to disbar accountants who fail to do due diligence when preparing a tax return. CPAs are obligated to present taxpayers with every viable tax option, and the commission of fraud results in jail time and loss of license to practice. Furthermore, CPAs are trained to identify fraud and embezzlement and are often hired by organizations to do so.
Facing an IRS Audit
No taxpayer desires an IRS audit. In the event that an audit notice is received, CPAs are qualified to address the situation on the taxpayer’s behalf. One major benefit of hiring a CPA to address an IRS audit is the experience they have in dealing with the IRS and tax lawyers. Therefore, CPAs are typically able to relay information to the IRS on their client’s behalf, which can go far in easing the fear, intimidation and stress many people experience when they are audited. CPAs can also help their clients get organized to prepare for an audit and file an appeal if necessary.
As a licensed CPA, Gary Kaplan has a thorough understanding of tax returns and IRS audits. He and his staff are qualified to help people and businesses of all types. To learn more about tax preparation with a CPA, visit online at www.gkaplancpa.com.
