The various additional benefits of hiring a CPA firm are as follows:
CPA accounting firms are experts in giving broad financial advice, based upon their experience, knowledge and contacts acquired over a career of . Clearly, large CPA firms are advisers to large companies and wealthy individuals. Smaller CPA firms provide their breadth of expertise to smaller individuals or companies.
All CPA firms provide expert advice on income taxes, in addition to preparing income tax returns. Estate planning is a related field the CPA can advise upon, again as there is an income tax impact of such plans. Often, the CPA has the necessary information one requires regarding capital (borrowing!), how to incorporate, or how to dissolve a company.
A CPA will be able to refer you or your entity/company to a wide spectrum of people that know and trust the CPA
The CPA firms also provide accounting and tax solutions. The CPA may help pin-point the weaknesses of a company and should be given credit for advice to the company and its owners. Frequently, the owners and officers use the company as a shield against the taxman, withdrawing the funds earned by the Company, while ignoring or minimising attention to income taxes or HST. The CPA needs be proactive in this situation to advise the owners in advance, rather that saving the owners from self-induced destruction, as a result of CRA audits, resultant penalties and interest.
The CPA can teach the bookkeeper how to maintain your ledgers and reports to better affect!
An interested and trusted CPA will be able to identify weaknesses in your business and be supportive by giving advice to you.
Frequently, one or a group buy real estate and seal the deal without adequately consider what form of entity will own the property. The options include a corporation, a trust, a partnership, of individual ownership. One, or the parties, have to consider the long-run plan and the affects before deciding the initial outlays. The planning should always consider advice from a CPA as well as from the solicitor. Income tax should always be on the forefront of business decisions.
Corporate taxes- These are the taxes that are mandated to be paid by business enterprises, small-scale or large-scale. The income taxes have to be paid at the corporate level mainly and the shareholders bear the taxes on income they receive from the corporation. A CPA will give advice on these matters. The accounting firms also provide the necessary assistance one requires regarding estate taxes, taxation policies etc.
These comments are not comprehensive, as there are many other situations that arise. As an income tax specialist, and has access to vast income tax data, the CPA willing to take on tax research will capable of resolving just about any tax matter.