By and large, every business irrespective of size requires a financial and tax advisor. And when talking of a financial and or tax advisor, the best to avail for your business is a CPA and not just an ordinary accountant. So who are CPAs anyway and what sets them apart from accountants?
Note the fact that an accountant is a general term used for the reference of any financial or tax advisor or professional who follows the general accountancy and tax rules that are set forth by the Financial Accounting Standards Board. Talking of CPAs, these are however an accountant who has gone for further training, professionally, and as such has been thoroughly trained and drilled on the accounting and tax principles that happen to be so applicable particularly to the concerned state. Thus it may be well saying that all CPAs are accountants but not all accountants are CPAs.
In a number of the business set ups, there is always the use of the services of the accountants and ideally, these happen to be as competent at least to some extent. However looking at the specifics in training and licensure that is there for the CPAs, there is a lot of sense why it would be so advisable for you to avail them for your business set up. Read on and see some of the reasons and benefits that make so much sense for the hiring of the services of the CPAs for your business.
First and foremost, there is the benefit of the use of the CPAs looking at the fact that they have such a superior knowledge of the tax laws as compared to that possessed by the accountants. By and large, CPAs are thoroughly and specifically trained in the country’s or state’s tax laws and as such they tend to have a fairer know of the applicable laws when it comes to tax preparation for your business. This is one of the units that they have to take and pass for them to be licensed as certified public accountants. An accountant with no CPA qualification will not be able to represent you before the IRS even if they were the ones who signed your tax returns.