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CPA · Tax · Advisory
Most entrepreneurs and business owners do not have extensive knowledge on managing finances or dealing with taxes that makes having a CPA worth the price. Apart from the typical duties of an accountant, there are many other actions that a CPA can perform that fall under business services. Spring Hill business owners might want to know that a CPA and an accountant are not exactly the same thing. CPAs hold professional licenses and must meet their jurisdiction’s requirements. Ask about a professional’s qualifications, relevant experience, and the services they are authorized to provide.
One of the biggest tasks of a CPA or an accountant for a small business is to make sure that a business owner is prepared for tax returns and help send out their information to the IRS as one of their business services. CPAs, enrolled agents, and attorneys have unlimited representation rights before the IRS. Other tax preparers may have limited representation rights or none, depending on their qualifications.
One of the most common types of business services Spring Hill accountants offer to small business owners is bookkeeping. Bookkeeping is a great way for a business to monitor their expenditures as well as an input of business income, but this is not the same as performing a financial analysis of a company like a CPA may perform. These licensed individuals are able to do more detailed and more thorough analysis of a business as well as provide information on taxes. Because a CPA is a licensed individual, they are usually more versed in taxable deductions and are comfortable putting their certification on the line to represent their business.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*
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