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CPAs can help companies reduce financial risk, make informed decisions, and improve their performance. First, you will need at least a four-year bachelor’s degree and additional credits. Some candidates complete graduate degrees or a certificate to fulfill the educational requirements. Most https://quickbooks-payroll.org/ states require CPAs to complete continuing education credits annually to maintain their certification. Most CPAs devote at least 40 hours per year to continuing education. CPAs can pursue continuing education through professional organizations and colleges, both in person and online.
A certified public accountant (CPA), however, is someone who has earned a professional designation through a combination of education, experience and licensing. Tax CPAs also often provide expert advice regarding rental property, investment income, business expenses, and industry-specific deductions that people might miss. CPAs are authorized to represent clients before the IRS to help deal with all matters including tax return audit and collections.
How often can you take the CPA exam?
In the unfortunate event that money is disappearing or you think a business partner is ripping you off, a CPA will help you get to the bottom of it. If there’s a problem or an audit, CPAs can represent you in front of the IRS or answer any questions a state or local tax board might have. They can also give you advice to help minimize your tax burden throughout the year, which helps ensure there won’t be an audit or any questions from the state or local authorities.
The most popular CPA career paths include working for public accounting firms, offering accounting services as self-employed professionals, and working on behalf of government and nonprofit agencies. Undergraduate and graduate programs in accounting provide the basic foundation for meeting the education requirements for licensure. These programs introduce you to financial accounting, auditing, and taxation topics at both the individual and corporate levels. They also give you an opportunity to gain experience using industry-standard computer applications and software. The CPA designation isn’t required to work in corporate accounting or for private companies.
Public accounting careers
CPAs can also perform professional functions that uncertified accountants cannot legally offer. A certified public accountant’s main duty is to provide expert accounting advice and guidance to clients or employers. They review financial statements, assess financial risks, and offer recommendations to improve performance. Those earning the CPA generally end up as an accountant of some sort. That is, they put together, maintain, and review financial statements and related transactions for companies. Many CPAs file tax forms or returns for individuals and businesses.
The CPA designation has become more important after the Sarbanes-Oxley (SOX) Act of 2002, which was passed partly in response to corporate financial scandals like the Enron affair. The CPA designation is specific to the country in which the exam is taken, though it is a well-known program that is offered in many countries around the world. International What Is a CPA? What Does a Certified Public Accountant Do? equivalency exams are also offered so that CPAs can work in countries other than the one in which they were certified. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance.