Comments on: In Defense of the CPA

By: Rizwan

Rizwan — Thu, 01 Jan 1970 00:00:00 +0000

There are some really interesting points posted by all here. To start off, let me state that I’m a CPA practicing in NY and have experience in both tax and audit. I believe that many people are under the misconception that CPAs are just mere tax preparers. Although taxes are big part of being a CPA, the CPA license allows a practicing CPA to perform services that is only reserved for a CPA. Such services can’t be performed by an EA, CFP or just any accountant. These include attestation and assurance services, which relate to financial statements. This is where CPAs who provide these services may charge a pretty penny for and reasonably so, given the rigorous training and Continuing Education they must undergo. However, a lot of CPAs specialize in tax as it is the “necessary evil” and are even an integeral part of the financial statements they provide attestation services for. Just like doctors, attorneys, dentists, CFPs, EAs, CFAs, or any other professionals, CPAs specialize in different areas of the business, they include various areas of taxation and different industries. Depending on the complexity and your unique tax situation, it is wise to seek out the specialty of your potential CPA or tax preparer. Of course I’m not talking about the 1040EZ or even the simple 1040 filer, I’m talking about the person who wants advice on the best way to structure their new business venture, or the person who has multiple S-corps, LLCs, LPs etc. and has jobs in two different states and has foreign income… you get the idea… This is where you’ll reap the benefits of hiring a CPA, who will not only be your tax preparer, but your consultant to various and complex business matters. If anyone needs advice or assistance with their tax situation, don’t hesitate to reach out to me. I’ll try my best to help you and if I can’t, I’ll point you in the right direction!

-Riz

By: Melinda Bucknam

Melinda Bucknam — Thu, 01 Jan 1970 00:00:00 +0000

This was a really well-written article. I mentioned some similar facts on my own website. What a lot people don’t realize is that there are many CPA firms that charge about the same as most tax preparers (we’re one of them) so why do people still seem to flood H&R Block? I think it’s general unawareness.

By: Jeff Rose

Jeff Rose — Thu, 01 Jan 1970 00:00:00 +0000

Dude, you were a CPA? I had no idea. You should be busting out some serious tax posts Being a CFP, the only other designation I would want to have is the CPA. Taxes and investing go hand in hand and I would love to have the knowledge that my accountant has. Then again, instead of going to the trouble of taking the exam, I can just call him and get the answer

By: Ryan

Ryan — Thu, 01 Jan 1970 00:00:00 +0000

For those looking to use a licensed preparers such as a CPA or EA, I’d encourage you to verify the credentials of the tax preparer, even if you used the same preparer from last year. You can go online to the state boards of accountancy if they are a CPA or the NAEA or IRS if they are an EA to verify this information.

By: Zach Younkin

Zach Younkin — Thu, 01 Jan 1970 00:00:00 +0000

I still have two years or so until I graduate with my degree, but I hope to get my CPA shortly after I graduate.

Younkin, Taylor, and Assoc has a good ring to it

By: PT

PT — Thu, 01 Jan 1970 00:00:00 +0000

That’s great, Zach. Getting the CPA was tough for me, but I stuck with it. Persistence pays off. Younkin, Taylor, and Assoc?

By: Zach Younkin

Zach Younkin — Thu, 01 Jan 1970 00:00:00 +0000

Very good information to know as I am in the process of working toward my accounting degree with the hopes of ending up with a CPA as well.

Who knows, maybe we can even start our own tax firm, PT?

By: Tax Calculator 2010

Tax Calculator 2010 — Thu, 01 Jan 1970 00:00:00 +0000

Great article …. i read and i can say that people are happy

By: Jo/Gaelicwench

Jo/Gaelicwench — Thu, 01 Jan 1970 00:00:00 +0000

There’s no need to defend CPAs; there are very many professionals out there with whom I would entrust doing my taxes. Goodonya for using your current skills as a form of income.

I would much prefer going to a CPA to do my taxes over a company such as H&R Block or Jackson Hewitt (unless it was my ex who’s been employed by JH). CPAs will certainly charge a pretty penny for his services, but at least you know where you stand with him. After the debacle with the two abovementioned pushing for immediate “loans” against one’s tax refund, and to try and get you the biggest refund possible by claiming deductions that don’t apply, it’s made me very “shy” about going to them.

As far as what to call yourself, to me it’s all politically correct blither blather. The fact that your credentials are up to date, you’re honest and you believe in continuing “edumacation” speaks volumes enough.

Good luck, my friend!

By: PT

PT — Thu, 01 Jan 1970 00:00:00 +0000

@Paul – Thanks for the info on the enrolled agent. I guess if the CPA is also an Enrolled Agent then you have double assurance. Congrats on going for the CFP.