bookkeeping near me

Bookkeeping Near Me: What is Bookkeeping and Why You Need It

Bookkeeping Near Me

Bookkeeping Near Me | Bookkeeping forms the basis of an accounting system. It helps you organize the accounting records and make informed financial decisions. If done properly, bookkeeping will let you make consistent and strong investment, financial, and operating decisions for your business.

Bookkeeping Near Me starts with the inception of the business and continues as long as the business is running. It provides several benefits throughout the business lifecycle.

What is Bookkeeping?

Bookkeeping Near Me is the process of recording, processing, and organizing the financial records of a business. These records include income and expense entries, account receivables and payables, invoices, payroll, tax preparation, and preparation of business accounts to name a few.

Importance

Many businesses look for a bookkeeper to outsource the bookkeeping function. However, you shouldn’t rely only on the “bookkeeping near me” search. Finding a professional bookkeeping service for your business would provide long-term benefits.

Let us discuss some key benefits of outsourcing a professional bookkeeping service.

Compliance with Regulatory Laws

Bookkeeping is the process of maintaining accounting records. These records are maintained in accordance with the regulatory laws. Thus, when you follow the principles, you comply with regulatory laws.

Many businesses make the mistake of not investing in proper bookkeeping near me at first. The costs incurred on outsourcing a bookkeeping function would easily outweigh the costs of non-compliance with the laws. You’d recover every penny spent on bookkeeping in the long run.

Accurate Record Management

Bookkeeping helps you maintain accurate and organized accounting records. These records then form the basis of key accounting and financial data. For instance, these records the journal entries for revenue and expense accounts. These accounts are then summarized to present a summary of income and expense accounts in the income statement.

One of the key benefits of outsourcing bookkeeping to a professional is the consistency of records. It means your accounting records will provide accurate figures throughout the accounting cycle.

Better Financial Planning and Decision Making

In short, a complex business environment, the value of financial data is of utmost importance. This sets the foundation of a strong finance function. That in turn helps you in better financial planning and decision making.

As a business owner, you’ll need accurate financial data to make informed decisions on key financial issues such as the pricing strategy, sale discounts, invoicing, debt costs, and so on.

Focus on Business Planning

Bookkeeping Near Me lets you meet the short-term and long-term financial goals of your business. Thus, you can focus more on business planning than spending time on number-crunching activities.

As a business owner, you’ll be able to benchmark your strategic planning by using the key data metrics through the  records. It will help you improve the strategic financial decisions and eventually the business planning.

Cash Flow Management

Cash flow management is critical for any business. Bookkeeping and accounting records help you make better decisions on cash flow management as well. As accurately records the cash flow entries, you can assess the cash flow cycle to make informed decisions.

In addition, businesses often struggle with working capital management due to liquidity issues. For this reason, one of the key challenges they face is the lack of accurate data on cash flows. Thus, these records provide important data on the cash flow.

Tax Planning and Preparation

Tax planning and filing is an important task for every business. Many businesses need to file estimated taxes on a monthly or quarterly basis. Bookkeeping near me lets you maintain accurate income and expense records to file the tax returns consistently.

This also helps your business to manage tax liability. In other words, you can plan ahead of time and manage cash for tax return filing by the year-end.

Financial Analysis

Today’s competitive business environment means you’ll need comprehensive financial analysis to succeed. Without accurate financial data, financial analysis cannot exist. For instance, this offers the basis of comprehensive financial data for any business.

As a business owner, you can utilize these financial records to perform financial analysis. Thus, that will help you in benchmarking the financial performance of the business against historic or industry trends.

Satisfies the Needs of All Stakeholders

If your business’s account books are in order, they will satisfy all stakeholders. Accurate financial records satisfy the needs of investors, creditors, business managers, auditors, and regulators alike. Thus, bookkeeping near me is pivotal in satisfying the needs of all business stakeholders.

Learn more with Ash CPA. New clients are welcome. Call (617) 462-6651 or book online.

cpa near me

CPA Near Me: Difference Between an Accountant and a Bookkeeper

CPA Near Me

CPA Near Me | Accounting and bookkeeping are fundamental functions of any business. The tasks associated with these two functions are often used interchangeably. Hence, many businesses cannot decide between choosing an accountant or a bookkeeper to work with.

Once you have a clear idea of the role of an accountant (CPA Near Me) and a bookkeeper, you’ll be able to work smoothly with both of these professionals. In summary, a bookkeeper sets the foundation for the work of an accountant, which in turn builds the finance function of a business.

What is a bookkeeper?

Bookkeeping is the process of recording every financial transaction of a business. Hence, a bookkeeper maintains the financial records by recording every financial transaction of a business.

The financial records maintained by a bookkeeper include:

  • Income and Expense entries
  • Account receivables and payables
  • Invoices, payments, and cash receipts
  • Payroll
  • Tax records

Moreover, the list of a bookkeeper’s tasks can be stretched depending on the nature and complexity of the business. In short, a bookkeeper’s tasks include every transaction that affects the financials of a business in any way.

What is an Accountant?

Accounting is the process of organizing, interpreting, and utilization of financial information of a business. Thus, an accountant organizes, interprets, and presents the financial information of a business.

Thus, an accountant, or CPA Near Me,  records, classifies, and presents the data into an information form for the business managers. In other words, an accountant turns the financial data provided by a bookkeeper into useful financial information.

Services offered by a Bookkeeper for a Business

As we discussed above, a bookkeeper sets the foundation of the finance function of your business. Thus, it’s important to work with a qualified bookkeeper to take full advantage of the time and money spent. Also, it will create a strong finance function for your business.

Bookkeeping is the process of documentation of all financial transactions of a business. Consequently, these transactions start before launching the business activities and would end after closing the business formally. Thus, a bookkeeper would maintain a comprehensive financial record of your business from start to finish.

Consequently, in most jurisdictions, a double-entry accounting format is used. However, a bookkeeper can use a single-entry accounting method as well. For this reason, and IRS tax compliance, a double-entry accounting method is advised.

Services offered by an Accountant for a Business

An accountant, or CPA Near Me, builds on the work of a bookkeeper. The primary role of an accountant is to turn bookkeeping records into valuable accounting information. Therefore, this information can be in the form of summarized accounts, reports, or documents.

In addition, bookkeeping remains a pivotal part of the accounting function. Thus, an accountant covers the financial function of a business comprehensively including the bookkeeping records.

Some of the top services offered by an accountant include:

  • Preparation of trial balances
  • Preparation of financial statements
  • Close-out reviews and reconciliation
  • Payroll management
  • Tax preparation and filing returns
  • Analysis of accounting records
  • Forecasting, budgeting, and cash flow analysis
  • Accounting and auditing services for a business

In other words, the services offered by an accountant would also depend on the qualification and experience of the professional. For instance, if you work with a CPA Near Me, you’ll receive comprehensive services including audit representation, financial planning, and business consultation.

What are the Key Differences and Similarities?

In short, many of the basic services offered by an accountant and a bookkeeper are similar. For instance, both professionals offer record-keeping, accounting entries, payroll, cash flow entries, bank reconciliation, and so on.

Lastly, let us summarize the key differences between an accountant and a bookkeeper’s role for you.

Bookkeeper Accountant
Recording, measuring, and maintaining the financial records Classifying, categorizing, and interpreting the accounting records
Provides data for accounting records Builds on the bookkeeping data
Bookkeeping records are in the form of data Accounting records are in the form of summarized financial information
Assists in accounting records Assists in financial decisions making process
Concerned with the fundamentals of finances for a business Concerned with complex financial needs of a business

Learn more about accounting and bookkeeping with Ash CPA, your CPA Near Me. Call (617) 462-6651 or schedule a call here.

 

public accounting services group

What Are Public Accounting Services?

Public Accounting Services

Accounting firms provide accounting and auditing services to businesses. Likewise, public accounting services include several other services. However, only qualified firms with a public accounting certificate can offer these services.

Large entities can have dedicated in-house audit and compliance functions. Whereas, small and medium-sized businesses, outsourcing these key public accounting services remains a viable choice.

What is Public Accounting?

In short, public accounting is offering third-party accounting and auditing services to individuals and businesses. These services can range from auditing, assurance, taxation, business planning, and so on.

Moreover, public accounting services can only be offered by qualified accounting firms. In addition, these firms hold a public accounting certificate such as a CPA license.

What are the Top Services

Public accounting services include a wide range of business services. For this reason, the role of modern public accounting services has evolved a lot in the past few years. As a result, these services are now more concerned about the strategic and value addition for their clients.

Here are a few key public accounting services.

Audit and Assurance

Auditing is the process of offering a fair point of view on a business’s financial statements. Auditors provide an opinion after auditing the financial statements and other business documents of the business.

Alternatively, assurance is the process of ensuring the implantation of internal controls in an organization. Thus, audit and assurance services are closely linked.

Audit and assurance services include:

  • Financial and accounting reporting
  • Compliance with tax laws
  • Reporting and internal controls
  • Corporate governance
  • Employee payroll and taxes
  • Financial statement reviews

Bookkeeping

In short, bookkeeping provides a foundation for the strong financial function of any business. Importantly. bookkeeping services from a public accounting firm include:

  • Record-keeping and accounting set up
  • Maintaining key accounting records for sales, invoices, payroll, and taxes
  • Reconciliation of accounting entries with bank statements
  • Creating journal and ledger entries for financial statements
  • Budgets, cash flow forecasts, and cash flow statements

Financial Planning and Reporting

Financial reporting refers to building on the bookkeeping records. In other words, it is the process of shaping data into valuable information. Whereas, financial planning refers to the strategic financial process to ensure effective results.

Key financial reporting and planning activities include:

  • Preparation of financial statements
  • Compliance with accounting standards
  • Selection of accounting method
  • Advice on financial policies such as insurance, debt planning, estate planning, etc.
  • Employee payrolls and retirement planning

Business Consultation and Planning

The role of public accounting firms has evolved in recent times. Businesses are more concerned with the strategic advice from public accountants than compliance and auditing functions.

Business consultation and planning start with advice on the right entity structure. It includes financial planning, tax planning, regulatory compliance, and specific issues such as digital transformation.

Tax Planning and Reporting

Tax planning remains the most sought-after service offered by public accounting firms. Even as businesses look for advice on business consultation and financial planning, tax reporting and compliance remains a key outsourced function.

Key tax reporting and planning services offered by public accounting firms include:

  • Reporting and compliance with tax regulations
  • Tax preparation and filing
  • Dispute representation
  • Payroll taxes
  • Indirect taxes
  • Advice on tax management and liability reduction

Forensics

Forensic audit services are special audit procedures performed by public accountants. These forensic services have become popular in recent times. Consequently, business operations have become complex with automation. Thus, businesses require specialty services to detect fraud, misconduct, theft, errors, and reporting errors to avoid any litigation actions.

Furthermore, forensic auditing services can be offered for financial and non-financial functions. For example, a forensic audit can be conducted to verify the effective implementation of physical security controls devised for an inventory management system.

Business Valuation Services

Modern accounting services also include business valuation. As a result, CPAs have evolved into business evaluators. For instance, business valuation services can be sought for various purposes such as for a sale transaction, bank loan, or restructuring a business.

Also, business valuation services can be obtained for a segment of a business such as a branch or a subsidiary.

Transaction Accounting Services

Transaction accounting takes the business valuation services to the next level. Moreover, these services start from the business valuation process and can lead up to the sale transaction and beyond.

Learn More

Contact Ash CPA to learn more about public accounting services. Our firm has been assisting businesses for over 20 years. New clients are always welcome.

local tax consultant

Why You Should Hire a Local Tax Consultant

Local Tax Consultant

Local Tax Consultant | Modern accounting technologies such as cloud accounting has made it easier to work with professionals remotely. You can now work with a tax specialist from anywhere in the world. However, not all tax consultants follow the tax regulation and law changes in your locality.

There are several options to overcome the geographical boundary hurdles. You can work with a firm that has local representation. However, your best option is always to work with a local tax consultant. Availability and access are key factors to consider.

Who Needs a Local Tax Consultant?

Many businesses are indifferent between choosing an outsourcing service or hiring an in-house tax preparer. Every business comes with unique needs for accounting and tax services. A small business in the early days may be able to cope with all requirements in-house. A growing business may find it difficult to cope with the increasing burden of tax compliance and accounting needs.

Consider hiring one if you are a:

  • growing business with complex accounting and tax needs
  • business with annual returns in excess of $ 500,000 or more
  • An individual who requires wealth, estate, and retirement planning
  • local business filing state and federal taxes
  • business with a complex structure such as local transfer pricing needs

How to Find a Local Tax Consultant?

If you are searching for something online, you’ll immediately turn to Google. However, finding the right professional cannot come through a simple internet search. There are several ways to consider.

Before you begin the search, decide which type of tax professional you need. Are you looking for a seasonal tax preparer? Do you need a CPA tax specialist or an Attorney?

Once you decide the type of tax professional you need, it will be easier to find one. Moreover, decide clearly on finding a professional. There are several advantages of working with one (discussed below).

Search the IRS Directory

All professional tax preparers and consultants are registered with the IRS. Thus, you should begin searching for a local tax specialist through the IRS Directory. You should understand the difference between the credentials and qualifications of different professionals to easily find the best match in your local area.

Search Professional Organizations’ Directories

Professional bodies award the licenses and memberships to qualified professionals. These bodies include the public accountants that are associated with different professional organizations. For instance, you can search for a CPA with the AICPA directory to find an ideal local tax consultant.

 Internet Directories and Forums

You can then move on to internet searches and directories. For instance, you directly search for local tax consultants with internet searches that match local search results. Online directories and forums are other useful sources to find a local tax consultant.

Ask for Referrals

Perhaps the best way to find a local tax consultant is to ask for referrals in your professional network. The advice will always come with hands-on experience of working with someone. You’ll be able to receive the right advice with evidence of track record instantly.

Why You Should Hire a Local Tax Consultant?

Before you search for a local consultant, you should consider the benefits that come with hiring one. Once you clearly understand the benefits, you’ll be prompted to find one immediately.

Awareness with Local Laws

It’s hard to say but local tax consultants can come with up-dated knowledge of local tax laws than remote tax firms. Many businesses need to file for local taxes, license and permit fees, and indirect taxes that apply to specific jurisdictions. Working with a local tax consultant giving you peace of mind in that sense.

Easy Track Record Verification

Once you find a local tax consultant, you can verify the track record easily. The professional would’ve likely worked with local businesses already. You can utilize the power of referrals and networking in your circle to verify their performance.

Easy Access and Availability

Local tax consultants come with easy access. They’d prefer working with local clients that can help them offer valued services in a better way. You can enjoy the greater availability of these professionals throughout the year and not just in tax season.

Flexible Working Mechanism

As with any professional, you can decide to work with a local tax consultant remotely as well. You can seek professional help using flexible remote working methods.

Choice of One-on-One Meetings

An added advantage of working with a local tax consultant is to get a chance for one-on-one meetings. You can thoroughly discuss tax planning and course of action conveniently.

Contact Ash CPA to learn more about tax laws and how to file and prepare your tax returns.

cpa tax specialists

Why You Should Choose CPA Tax Specialists for Tax Planning?

CPA Tax Specialists

CPA Tax Specialists | Business owners can take all types of strategic decisions. But they rely on expert advice with certain functions such as finance, marketing, and HR. Tax planning also requires expert advice and strategic planning.

You can rely on accountants and seasonal tax preparers for tax preparation and filing returns. However, if you’re looking for strategic planning that yields long-term benefits, you must hire a tax specialist such as a CPA.

There are pros and cons of hiring an in-house CPA against outsourcing the function to CPA Tax Specialists firm. Every business comes with a unique situation, so we suggest customized solutions to our clients with their tax planning needs.

What Do CPA Tax Specialists Do?

Before outsourcing the tax function to a specialist, consider the role thoroughly. You’ll then be able to maximize the benefits of outsourcing the tax function.

A Certified Public Accountant (CPA) is a professional accountant who passed state qualification and exam comprising several financial and tax fields. CPAs are licensed professionals by state. One core advantage of working with CPAs is their requirement to keep current with regulatory changes.

CPA tax specialists can offer you tax planning, preparation, filing, refund, and audit representation services. However, the scope of services for these professionals is extended beyond tax filing.

Why you Should Choose CPA Tax Specialists for Tax Planning?

One key advantage of outsourcing with CPA tax specialists is to utilize the many facets of accounting and finance services on offer. Although you can hire a bookkeeper separately, you can avail these services from a CPA accounting firm.

You can best utilize the services of a CPA tax specialist with an advisory and leadership role. You can outsource the accounting and tax functions at the same time. If required, you can then separate both functions later to keep the focus on advisory services only.

Let us briefly discuss key reasons why you should choose a CPA tax specialist for tax planning and other advisory services.

You Need Strategic Tax Planning

Keep in mind tax planning is a strategic decision. You’ll need long-term planning and preparation to devise an effective tax plan. Tax planning does not only involve deductions, credits, and refunds to maximize the benefits. You’ll need sound financial planning for an effective tax strategy that works for your business.

You need Catch-up and Clean-up Tax Services

Regulatory changes in tax laws are complex and hard to follow for anyone without expertise. Often businesses require tax catch-up or clean-up services to comply with changing tax laws. CPA tax specialists are the best option if you need these services. They keep up with tax law changes, hence they know how to clear the mess out of your record books.

You want to Maximize Tax Deductions

That’s the prime reason many businesses hire a tax specialist. They want to minimize their tax liability by taking full advantage of available deductions and credits. But many tax preparers and seasonal professionals focus too narrowly on tax deductions that compromise the compliance requirements. Again, consult with CPA tax specialists that works with you on the long-term goals.

You Need a Consultant out of Tax Season

CPA tax specialists are available throughout the tax year. You can take advantage of their expertise and advice whenever you need them. Seasonal tax preparers can only work with you in a busy tax season time. Your strategic tax planning can only yield effective results if you execute the strategy thoroughly.

Unlimited IRS Audit Representation Rights

Any tax preparer can file your tax returns with the IRS. Some tax preparers such as seasonal agents come with limited IRS audit representation rights. On the other hand, professional tax consultants such as CPAs, Attorneys, and EAs come with unlimited IRS audit representation rights.

Saving Time and Money

It’s a common notion to think of consulting fees as a cost factor that hinders businesses to work with CPA tax specialists. The time you save from accounting, bookkeeping, and tax preparations alone converts to a higher yield than fees paid to the consultant. Moreover, you can save hefty sums with careful tax planning, tax savings, debt restructuring, and other financial costs.

Business Consulting and Advisory Services

Perhaps the biggest advantage that comes through working with CPA tax specialists is their ability to offer business consulting and advisory services. You can get professional advice from the same place on business planning, debt financing, tax planning, audit and assurance, risk management, transaction advisory, and so on.

Learn more with Ash CPA. We offer tax planning and so much more. Call (617) 462-6651 or book online.

cpa audit firms

What Are CPA Audit Firms?

CPA Audit Firms

CPA audit firms provide accounting, auditing, tax planning, and business consultation services. Their most sought-after services remain accounting, tax planning, and auditing. Every business needs an auditing service, be it a private business or a public entity.

In addition, CPA firms possess special skills and qualifications to provide accounting and auditing services that ordinary accountants cannot offer. Public accounting differs in several ways from ordinary accounting services. Although accountants can also provide accounting, taxation, and financial management services. However, some limitations are likely.

For this reason, a CPA firm must have at least one qualified certified public accountant. That’s why CPAs are the most sought-after credentials for accounting firms.

What are CPA Audit Firms?

CPA Audit firms come with qualifications for the public accounting domain. A CPA audit firm must have sufficient qualified personnel to offer public accounting services. These professionals are called Certified Public Accountants (CPAs).

The most common distinction of a CPA audit firm from an ordinary accounting service is the ability to perform financial statement audits. All companies need to comply with the requirement of financial statement audits. However, public companies are bound by law to provide audited and reviewed financial statements by certified auditing firms such as a CPA audit firm.

CPA audit firms also enjoy the distinction of qualified audit and tax representation. For instance, a CPA firm can represent your business before the IRS for tax audits. However, an attorney or an enrolled agent can also present before the IRS.

CPA Audit Firm Services

CPA audit firms provide a wide range of services to public and private companies. For instance, a CPA can provide the auditing and review of financial statements. Likewise, auditing remains a key service offered by these firms for public companies. However, all private companies also need to comply with accounting and auditing standards.

Let us briefly discuss some key services offered by CPA auditing firms.

Audit and Assurance Services

CPA firms offer external auditing services to public companies. Financial statement audits are required by regulatory authorities. External audits can only be performed by public accounting firms.

Assurance provides comprehensive risk assessment and action plans for a business. It requires careful planning for governance, compliance, and internal controls.

Internal Auditing

Companies can also outsource their internal auditing services to CPA auditing firms. Internal auditing covers financial statement audits, internal controls, governance, risk management, and compliance segments of a business.

The internal auditing function is concerned with the implementation of effective governance procedures. Furthermore, CPA audit firms ensure a business is fully compliant with the internal controls.

Special Audits and Forensics

A business may need to conduct a special audit such as an IT system audit. In general, a business may need to perform a comprehensive forensic audit to unveil misconduct, theft, corruption, or fraud inside the business operations. Moreover, a CPA audit firm can offer special audits and forensics services.

Risk Assurance

Risk assurance services range from risk assessment, identification, controls, implementation, and review process. Identification and measurement of key risk areas are critical for the success of any business. Thus, a CPA audit firm can offer risk management and assurance services to offer enhanced controls for a business.

Digital Audits and Cybersecurity

Digital auditing relates to auditing services offered for any digital asset. For example, these audits may range from IT system audits, cybersecurity challenges, digital banking risks, cloud accounting risks, and so on.

Also, digital audits remain a key challenge in the modern business world. CPA audit firms offer digital auditing services through skilled auditors and forensic experts.

Employee Benefit Plan Audits

In short, employee benefit plan audits are meant to safeguard the most precious asset a business possesses i.e., Human Capital. In addition, employee benefit plans require regulatory compliance. These plans are often offered through third-party service providers. However, a CPA audit firm ensures the business remains compliant with statutory requirements of employee benefit plans.

CPA Firms Beyond Auditing

CPA audit firms can offer a wide range of services beyond auditing as well. You can expect advisory and business consulting services from these professional firms. Moreover, these services can range from accounting, taxation, and bookkeeping to financial management.

Here are some key advisory services that you can avail from a CPA auditing firm.

  • Accounting and Bookkeeping
  • Financial Management
  • Business Planning and Consulting
  • Tax planning
  • Payroll
  • Auditing and Assurance
  • Budgeting and Cash Flow Management
  • Risk Management
  • Transaction Advisory Services
  • Business Valuation
  • Debt Restructuring
  • Digital Audits and Cybersecurity

Contact Ash CPA to learn more about audits and other financial services. Call (617) 462-6651 or book online.

cpa tax specialist

Difference Between a CPA Tax Specialist and a Seasonal Tax Preparer

CPA Tax Specialist

CPA Tax Specialist | Tax planning and filing is a year-long activity. Many businesses and individuals make the mistake of leaving the task to the end. In the tax season, they have to rely on seasonal tax preparers. It can save you on professional fees but the consequences of filing tax returns in a short period can be costly.

Seasonal tax preparers are also qualified tax professionals. Usually, enrolled agents work as seasonal tax preparers. Some accountants and attorneys can also represent you as a seasonal tax preparer. Their job is to offer services in the busy tax season to businesses and individuals with IRS tax preparations, filing, and representation in some cases.

There are some key differences in services offered by a CPA tax specialist and a seasonal tax preparer. Let us briefly look at which option is the right one for you.

What Does a Seasonal Tax Preparer Do?

Seasonal tax preparers are qualified professionals who are familiar with tax laws, regulations, and procedures to file tax returns with the IRS.

The primary role of a seasonal tax prepare is to facilitate clients in busy tax season in IRS tax filings. These tax professionals are fully qualified to prepare, file, and represent your tax returns with the IRS.

Some key services offered by seasonal tax preparers include:

  • Advice on tax preparation
  • Advice on accounting and bookkeeping records
  • Tax filing for individuals, businesses, corporations, and other entities.
  • IRS audit representation
  • Representation in the IRS appeals and refunds

Seasonal tax preparers are experienced and well-versed with IRS tax regulations. They can represent and file your tax returns in a busy tax season. They also keep themselves aware of regulatory changes that may affect your tax returns.

What Does a CPA Tax Specialist Do?

A CPA tax specialist can assist you with tax preparation, planning, filing, and the IRS audit representation as well. CPA tax specialists are qualified for other fields of business as well.

In addition, a  CPA tax specialist can offer advice on accounting, finance, business consulting, payroll, tax, and transaction advisory services to name a few. Thus, the role of a CPA tax specialist widens to business consulting services than merely tax representation.

CPA tax specialists can work with you throughout the tax year. They can offer advice on tax and business management that affects your tax filing at the year-end. Hence, you can work with a CPA tax specialist to prepare a comprehensive tax plan that fits your needs.

Here are some key services offered.

  • Accounting and Bookkeeping
  • Tax Planning and Compliance
  • Business Consultation
  • Budgets and Cash Flow Management
  • Debt Restructuring
  • Financial Management
  • Transaction Advisory Services
  • Payroll Management
  • Retirement, Succession, and Estate Planning

The role of a CPA tax specialist includes a wider scope of services. It takes the role of a leader and advisor. A CPA tax specialist can also come with industry specialization that offers added advantages to clients. For instance, a dental CPA tax specialist would offer tailor-made tax advice to dental practices.

When You Should Hire A Seasonal Tax Preparer?

Both tax professionals offer some benefits in different scenarios. You can choose a tax specialist depending on your needs and the availability of the professional. If you want someone to file for tax returns in a tax season only, a seasonal tax preparer is your go-to person.

You should hire a seasonal tax preparer when:

  • tax filing as an individual or a small business
  • short on time
  • need only tax representation before the IRS
  • want to consult a tax professional for seasonal provisions and changes in tax regulations
  • revenues are smaller and do not require comprehensive advice
  • regular accountant or CPA is unavailable

When Should You Hire?

As we discussed above, a CPA tax specialist can offer a wider range of services than a seasonal tax pro. You should carefully evaluate the needs for tax preparation, business consulting, and financial management before deciding on hiring a tax professional.

You should hire a CPA tax specialist if you are in one of the following situations.

  • need a comprehensive tax strategy and planning
  • You need tax restructuring
  • selling or buying a new business during the tax year
  • revenues are larger and complex
  • need advice on financial management
  • want tax liability reduction and compliance
  • business owns large value assets (tangible and intangible)
  • You need a professional to work with you year-round
  • need transaction advisory services such as a dental practice transition

Contact Ash CPA to learn more. New clients are always welcome.

CPA Tax Specialist

Why You Should Choose a CPA Tax Specialist

CPA Tax Specialist

CPA Tax Specialist | You can do the tax filing by yourself or using tax software. For some individuals and small businesses, it can be a viable option. For businesses with complicated tax filing needs, it can be a risky endeavor. The costs associated with tax filing are not just limited to the IRS penalties. It can affect your business strategy.

Hiring a tax specialist like a qualified CPA can bring you more benefits than tax savings. Let us discuss some benefits of hiring a CPA tax specialist.

What CPAs can do for you

Tax preparation is only one task that a CPA can do for you. From a business perspective, you can expect more than tax preparation from a CPA tax specialist.

A CPA tax specialist can offer:

  • Preparation of accounting and payroll records
  • Preparation and reconciliation of financial statements
  • Tax Preparation and Planning
  • Business Advisory
  • Tax audit representation
  • Payroll taxes

Qualification and Expertise

CPAs need to earn the qualification through state licensing. They are highly qualified professionals with licensing requirements at the state level. They need to work with one of the big four firms to earn their credentials.

CPAs also come with expertise in taxation and compliance that is essential for tax preparation services. As far as qualification is concerned, CPAs remain highly qualified professionals. They bring unique skillset and experience with them as well. It makes them ideal advisors for your business and taxation purposes.

Tax Advisory Services

A CPA can work with you as a tax advisor. It takes strategic tax planning to bring long-term savings through tax deductions and credits. Although many insist on short-term tax deductions only.

When planning for tax purposes, it’s important to understand the business needs first. For instance, you can plan for a depreciation strategy on buying new equipment for your business. Employee contribution plans, investments, and financing costs are important business decisions that impact tax obligations directly. A CPA can best assist you in finalizing these decisions to create maximum tax savings without compromising on business objectives.

Reachable at Will

When you hire employees, you certainly want them to be available during duty hours. Similarly, you would like to reach out to the tax advisor at will whenever you need them. There are a number of reasons you might need to talk to the tax consultant.

A CPA can be reached during the year for tax consultation issues. There are real-time business decisions that require an expert opinion, something a tax software cannot offer.

CPAs can Handle Complex Tax Issues

The tax regulatory environment is rapidly changing. For instance, there are several changes to tax brackets and provisions due to covid-19 relief efforts for the current tax year. You’ll need to adjust for these provisions accordingly.

Seasoned CPAs stay abreast of the tax regulatory changes. Only then, they can advise you on the best option for maximizing tax savings. It can save you enormous time and money by reaching out to a professional with hands-on experience.

CPAs are Equipped with Better Technology

CPAs also require tax software and programs to complete tax preparation tasks for their clients. But they have access to far better software packages and technology than you can afford as an individual. More importantly, they know how to utilize their resources to create the best outcomes.

CPAs are well equipped to capture information and make decisions on your tax calculations than you can do with free software access. Access to better technology alone can save tremendous time and money for you.

CPAs can Represent you

The prime job of a CPA would be to prepare your tax returns. They’ll do so by preplanning and carrying out the routine tax tasks. However, in some cases, you may get an IRS audit call as well. CPAs can represent you in IRS audits. You’ll definitely want to work with a tax professional CPA that can represent you in a crunch time.

Continuous Professional Development

As discussed earlier, CPAs need to stay abreast of the regulatory environment. They do so by focusing on their continuous professional development. Certification bodies for CPAs require them to complete the CPD requirements regularly. It makes them ideal candidates for your professional tax consultant job with up-to-date knowledge.

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Contact Ash CPA to schedule a consultation.  Call (617) 462-6651 or book online today.

best tax professional | tax document

How to Find the Best Tax Professional

Best Tax Professional

Business taxes are complicated and require the expertise of the best tax professional. This is a year-round job for your business. Unlike a common notion, business taxes shouldn’t be left to the tax season only. From a tax professional, you’ll need a tax advisor that works with you as a strategist rather than just number cruncher.

If you look for a tax professional, look for the right person to do taxes for you. A tax professional can best serve you than a seasonal tax preparer.

Here are a few quick tips for you to find the best tax professional.

Look for a CPA

If you are looking for a tax professional to help you file business taxes, look for a CPA. Certified Public Accountants are the best professionals to help you with taxes. Of course, you’ll consider the costs associated with hiring a professional like a CPA.

You can look for a seasonal tax preparer or an accountant who can file taxes for you. That can’t come in handy if there are frequent tax regulatory changes. For example, the current tax year has seen several provisions from the IRS due to pandemic hardships. A professional like a CPA can keep you updated on these regulatory changes. Above that, a CPA can best advise you on implementing these provisions to make the most of them.

CPAs are passionate professionals for business taxes. You shouldn’t compromise on the quality by filing taxes yourself or through a seasonal tax preparer.

Look for a CPA with Tax Expertise and Industry Experience

We suggested to hire a CPA over a seasonal tax preparer. The prime reason behind that is the expertise and experience that a CPA brings to your business consultation. A professional like a CPA can bring vast industry experience as well as expertise in tax filing. You cannot expect that from generalists.

CPAs come with the highest qualification. They come with a starting work experience in one of the big four firms. They also need to continue their educational knowledge through continuous professional development programs. Hence, CPAs offer through educational qualification and experience that non-qualified tax preparers cannot.

Seek an Advisor who is Conversational with You

When you are looking for the best tax advisor, look out for certain traits in them. One key trait will be the conversational nature. They’ll ask questions about your business and individual tax planning.

Do not fall prey to tall claims of non-professional tax preparers. A professional tax advisor will never commit to something unachievable or unlawful. A professional will objectively define the tax planning outline to you without making tall claims on tax savings.

Tax savings require thorough planning. You’ll need to follow a long-term plan to achieve effective tax savings. You’ll also need to connect the individual and business tax-saving plans. A professional tax advisor will always ask questions to you on these topics.

Avoid Seasonal Tax Preparers

It’s a common mistake that most individuals and small business owners make. Some businesses require sophisticated industry knowledge. For instance, if you are in the dental practice business, a dental CPA would be the best-suited option to file your tax returns.

Accountants and seasonal tax preparers can obtain a PTIN from the IRS. They can do the job for some individuals or small businesses. However, most business taxes are a sophisticated task. Some businesses require in-depth industry knowledge as well. A CPA with industry knowledge comes in handy in the business advisory as well as harnessing tax savings.

Seek a Tax Strategist

That’s right! Look for a tax professional that becomes a strategist for you. Tax planning is a long-term strategic task. You cannot implement effective tax planning overnight.

Investing in an advisor can save you more than you expect. For instance, a CPA saves you $10,000 yearly in tax returns. Compare that against the annual charges you pay to a professional, plus the investment gains that you’ll get.

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Trust Ash CPA as your best tax professional. Call (617) 462-6651 or book online today.

tax preparation services

Choosing Professional Tax Preparation Services

Tax Preparation Services

Tax Preparation Services | You have to share a lot of personal and business income details with a tax preparer. These professionals can help you file tax returns for your business and individual taxes. In turn, you should also seek clearance on the process and credentials of a tax specialist like a CPA.

Many taxpayers do not explore the credentials or relevant experience of the tax professional they hire. It’s hard to do it with guesswork though.

Here is our quick guide for you to help you choose the best tax preparation services.

Understand 

Before you hire a tax preparer or consult any professional services, know what you need from them. Different business entities or individuals require different tax preparation services. If you are filing as an individual, self-employed, or a sole proprietor, your business taxes will be different from those of a corporation.

You can find seasonal tax program agents that can prepare your tax returns. However, professional tax preparation services like a CPA can be your best option. A CPA can offer you tax advice on tax planning and preparation as well as filing returns.

Ask for Credentials

Registered and professional tax preparers have a PTIN from the IRS. Though it is relatively easier to obtain. Accountants and seasonal program agents can register for a PTIN as well.

Your best option would be to ask for professional credentials and track record from your tax preparer. Again, depending on your tax preparation requirements, you can choose to hire a professional like a CPA.

Attorneys and CPAs remain at the top of the hierarchy for tax preparation services. A CPA is an ideal option for your tax preparation services with in-depth knowledge of taxes as well as business operations.

Compare the Service Charges

Just like you shop for any services for your business, you can compare packages from tax preparation services. Professional tax preparation services will never hide their costs. They’ll also transparently discuss their pricing plans with their clients.

Some tax preparers charge a flat fee for tax filing, others charge an hourly rate. You can compare the service charges from different CPAs to get an idea of what you’ll pay. Importantly, a professional tax preparer like a CPA will always disclose the service charges to you transparently.

Industry Specialization

CPAs have developed expertise in tax preparation services. Tax compliance and regulatory changes have been evolving rapidly. It has become harder to keep up with the changes holistically. Just like any other profession, CPAs also specialize in these services.

A specialist CPA that has expertise in a particular industry can best advise you on the business operations as well. For instance, a dental CPA will be in a better position to understand your business needs and tax planning than a general tax preparer.

Industry specialization for tax preparers has become important. It helps you prepare tax returns by understanding your business requirements. Business strategies directly affect the tax returns by the year-end. However, blindly persisting on tax deductions or cost-reductions can harm your business practices. Hence, an industry specialist like a dental CPA can offer the best tax preparation planning services.

Get to know your CPA

You can set up an interview, a telephonic conversation, or an e-mail to know more about the tax professional you’re hiring. You can also ask for referrals from your personal and professional networks.

Make sure the tax professional is available when you need to discuss something important. As you may need the advisory services throughout the year for different reasons. Again, partnering with a professional like CPA can help you with that.

Representation in Tax Audits

When you explore different options to choose the best services, include this quality check in your query list. A professional tax preparer will always back you in the IRS audits. Audit representation isn’t required for all business tax filings. However, in some cases, the IRS may send you an explanation or conduct an audit.

Choosing a professional tax preparation service is an equally important task as preparing the tax records. Always consider a professional tax preparer like a CPA who can best advise you professionally on tax and business processes.

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Contact Ash CPA to learn more about tax preparation services. New clients are welcome. Call (617) 462-6651 or book online today.