A certified public accountant (CPA) can be a vital resource for any business, as they provide a variety of accounting and financial services. If you recently established a business, or you need help with your finances, a CPA is an excellent asset and resource. If you’re unsure what these professionals do, the frequently asked questions below provide detailed answers to help inform you further. 

Common Questions About CPAs Answered

What is a CPA?

A certified public accountant is an accountant who has reached all the experience and education requirements dictated by their state and has passed a mandatory exam. They’re trusted advisers who have the verified know-how to help both individuals and companies plan how to best use monetary tools to attain their financial objectives. They’re qualified to do virtually all types of accounting.

What kind of services do CPAs offer?

These professionals can perform tax planning and tax return preparations for individuals, businesses, trusts, and estates. They can also perform audits on businesses and provide compilation and review services. Additionally, you can hire a CPA firm to handle accounting, bookkeeping, payroll, and other financial services you may need.

Should I hire a CPA to help with tax planning?

Tax planning assistance from a CPA can help you save significant money. An experienced professional should be familiar with tax laws and the complex tax code. Therefore, they can help individuals and businesses with tax compliance, and they can also recommend tax saving strategies to maximize after-tax income. A CPA will continuously look for ways for their clients to successfully and legally reduce their tax liability all year long.

How do CPAs differ from accountants?

CPAs have special advantages over accountants who aren't CPAs. For example, for a public company to be audited, it has to be done by a CPA. Additionally, the Internal Revenue Service allows CPAs to sign tax returns in place of their clients and serve as their representation before the IRS.

If you need a certified public accountant for accounting, tax, or other financial services, contact the trusted staff at Arehart Associates, Ltd. in Waynesboro, VA. With over 40 years of experience, they’re ready to meet the accounting needs of all clients throughout the Shenandoah Valley. Call (540) 949-0124 to schedule an appointment or visit their website to learn more about their services.