Three Ways a CPA Can Benefit Your Business

Regardless of the size of the enterprise, business ownership is rife with regulations, rules, and of course, taxes. Enlisting in the services of a CPA firm is a smart investment. A CPA firm can provide you with tax audit services, provide full-service accounting and reporting, and business tax filing services.

Audit Representation

Business tax preparation is more complex than personal tax preparation. Look for a CPA firm that is well-versed in business tax and audit services. The IRS can audit any business tax returns that have been filed within the past three years. The IRS can also collect on any taxes owed for up to 10 years.

In some cases, a CPA can represent your business in a tax audit. When researching prospective CPA firms, make sure they are experienced in tax audit representation. Should your business ever end up facing tax court, your CPA can work in conjunction with your tax attorney in resolving the matter. Hiring an experienced CPA is imperative to ensure the long-term financial health of your business.

Full-Service Accounting

Your CPA firm can also manage the day-to-day business accounting such as Accounts Payable, Accounts Receivable, year-end 1099 filing for your independent contractors, budget forecasting, budget forecasting, and financial records management, for example. Your CPA can also work in conjunction with your in-house bookkeeping department to ensure accuracy of all financial reports.

Business Tax Return Preparation and Filing

A CPA can file the necessary state, local and federal quarterly and annual tax forms on behalf of your business. The CPA will retain all necessary tax records for the required length of time as established by the tax agencies. Should any questions arise regarding your business’s tax status, your CPA will able to produce the records from the year(s) in question.

Hiring a CPA firm is a necessity to ensure your business’s long-term financial outlook. By proving tax audit representation, full-service accounting services and tax return preparation and filing services, a qualified CPA can assist you in keeping your business on track and in compliance with all local, state and federal tax codes. Your CPA can also work in conjunction with your business’s in-house financial department to ensure accurate record-keeping and reporting.