Accountant / Tax Professional
Description of Services
CPAs are accountants that have been licensed by the respective agency responsible
for professional licensing in their state. CPAs, in general, are better qualified
than accountants or bookkeepers that are not CPAs because of the requirements for
the CPA examination, experience, and continuing education. The services that a typical
CPA firm may offer are listed below. For additional detail on CPA requirements,
standards and practices you should view the website at
www.cpadirectory.com.
- Tax preparation-Individual, corporate, other: The tax specialist uses expertise in the tax laws to help clients plan strategies that will provide the most advantageous
results when preparing tax returns for the individual and businesses.
- Audits- Companies other than Public; or SEC audits: The auditor performs examinations
of financial statements in accordance with generally accepted auditing standards.
Lenders and regulatory agencies often require these examiners.
- Business assurance-Compilation and reviews: The CPA is able to perform various levels
of financial statement reporting services, depending on the client's need. The compilation
provides a minimal service at the lowest fee level, while the review involves additional
procedures at a higher fee level. Business Consultants: The CPA is uniquely qualified
to serve as a business advisor. From performing accounting services, the CPA becomes
familiar with various aspects of the business, and can offer assistance for improving
operations.
- Appraisal services-Business: Some accountants specialize in business valuation services,
whereby they are able to draw upon their experience working with various businesses
and the factors that are pertinent to establishing value.
- Personal Financial Planning-PFS designation: The CPA brings into play knowledge
in tax law and financial matters, coupled with an understanding of the client's
personal situation to develop a comprehensive financial plan. See more detail in
the section on financial planners.
What to Expect from a CPA
A CPA practicing with a biblical world view should act with integrity and never
recommend a strategy that is in violation of the law. (Proverbs 12:17 and Proverbs
15:6) A CFPN certified CPA would be expected to follow this process:
1. Obtain an understanding of the client's needs, and clarify what the client is
expecting.
2. Before beginning work, provide an estimate of the cost and when the work should
be finished.
3. Contact the client while performing the work to clarify information already provided,
and obtain additional needed information.
4. Notify the client if the estimated cost to do the work changes, and if the time
to complete is delayed.
5. If a client is engaging in activities that are illegal, the CPA should notify
the client of the nature of the violation and how the client can become compliant.
If a client is unwilling to become compliant, the CPA would be expected to discontinue
the engagement and return all documents to the client.
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Enrolled Agents
An Enrolled Agent (EA) practicing with a biblical world view should act with integrity
and never recommend a strategy that is in violation of the law. (Proverbs 12:17
and Proverbs 15:6) A CFPN certified EA would be expected to follow this process:
1. Obtain an understanding of the client's needs, and clarify what the client is
expecting.
2. Before beginning work, provide an estimate of the cost and when the work should
be finished.
3. Contact the client while performing the work to clarify information already provided,
and obtain additional needed information.
4. Notify the client if the estimated cost to do the work changes, and if the time
to complete is delayed.
5. If a client is engaging in activities that are illegal, the EA should notify
the client of the nature of the violation and how the client can become compliant.
If a client is unwilling to become compliant, the EA would be expected to discontinue
the engagement and return all documents to the client.
Description of Services
An Enrolled Agent (EA) is an individual who
has demonstrated technical competence in the field of taxation. Enrolled Agents,
or EAs, can represent taxpayers before all administrative levels of the Internal
Revenue Service.
The meaning of the term "Enrolled Agent." "Enrolled" means EAs
are licensed by the federal government. "Agent" means EAs are authorized to appear
in place of the taxpayer at the Internal Revenue Service. Only EAs, attorneys and
CPAs may represent taxpayers before the IRS.
The differences between EAs and other
tax professionals. Only Enrolled Agents are required to demonstrate to the Internal
Revenue Service their competence in matters of taxation before they may represent
a taxpayer before the IRS. Unlike attorneys and CPAs, who may or may not choose
to specialize in taxes, all EAs specialize in taxation. EAs are the only taxpayer
representatives who receive their right to practice from the United States government.
(CPAs and attorneys are licensed by the states.)
What to Expect from an Enrolled Agent
An Enrolled Agent (EA) practicing with a biblical world view should act with integrity
and never recommend a strategy that is in violation of the law. (Proverbs 12:17
and Proverbs 15:6) A CFPN certified EA would be expected to follow this process:
1. Obtain an understanding of the client's needs, and clarify what the client is
expecting.
2. Before beginning work, provide an estimate of the cost and when the work should
be finished.
3. Contact the client while performing the work to clarify information already provided,
and obtain additional needed information.
4. Notify the client if the estimated cost to do the work changes, and if the time
to complete is delayed.
5. If a client is engaging in activities that are illegal, the EA should notify
the client of the nature of the violation and how the client can become compliant.
If a client is unwilling to become compliant, the EA would be expected to discontinue
the engagement and return all documents to the client.
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