When it comes to preparing your taxes this year, the day to day accounting and bookkeeping of your business is an integral part of your success. However, if you’ve been busy, have fallen behind, or simply aren’t that comfortable with financial record keeping and reconciliation, then you might find yourself in a tight spot.
At Beyond Basics Accounting Resources, LLC, we help small businesses in the greater Nashville area with the accounting, bookkeeping, and financial planning strategies they need to be successful for tax time rolls around — and for any other time of year.
Today, we’re here to help explain the differences between the various kinds of tax prep professionals you may see advertisements for this tax season. If you’d like to learn more or want to get started with expert accounting and bookkeeping services, contact us today.
What Does A Tax Prep Professional Do?
The brief answer: a lot! From filing taxes to tax planning to representing you in the case of an IRS action or audit, different types of tax prep professionals can provide a wide range of services for your small business. However, everything they do requires a strong foundation of reliable record-keeping and accounting, and that’s where Beyond Basics Accounting Resources, LLC comes in.
What Are The Different Kinds of Tax Prep Professional?
There are three primary categories of tax prep professionals. Learn more about them below.
Certified Public Accountant (CPA)
Certified public accountants, or CPAs, are licensed and regulated by each state. They are accounting specialists who are often hired specifically for the sake of helping businesses navigate the complex tax code effectively. Although any accountant can help with simple tasks like bookkeeping and daily, weekly, or monthly accounting, CPAs are better suited to help install a comprehensive tax planning strategy to make the most of your tax credits and deductions.
A tax attorney is a legal specialist who has received a degree in tax law or a lawyer who has received certification for tax law from their state bar. These legal experts are qualified to represent you before the IRS in a tax resolution or in tax court. They can also help you understand the impact that new tax laws have on your business, but they may or may not be the actual best choice for preparing your actual taxes themselves.
Enrolled Agent (EA)
An Enrolled Agent, or EA, is someone who has been credentialed through the IRS to act on behalf of individuals and businesses as a tax representative. They might be a CPA, a tax attorney, or someone else entirely. Becoming an EA requires passing a test and maintaining 72 hours of ongoing education every three years.
Call Beyond Basics Accounting Resources, LLC Today
Tax season isn’t fun for anyone, but it’s especially tough if your financial records aren’t in great shape. To get help this year and to make sure that you’re in a good position for next year, get in touch with the accounting and bookkeeping experts at Beyond Basics Accounting Resources, LLC today. We’re here to help.