The Best Tax Planning and Preparation Services in Scranton, PA

Answer:
Below are some of the primary reasons why your company should have an accountant today:

1. Accountants will save you time.

Evaluating, analyzing, and auditing all your business’ financial records is a tough job. It is a long, heavy process that involves a lot of time, focus, and energy. Although you, as an owner, have a background in accounting, it would be 100% wiser to let an accountant do that job for you so you can focus on other more critical aspects of your business. Give your records to your chosen reliable, trusted, and professional accountant, wait a little time, then now you have your financial statements done

2. Accountants are your financial advisers all year round.

The most common misconception about accountants is that they are only needed at every end of the season, but that is not the case. Your accountants, because they are separated from the business’s daily operations, can see the bigger picture outside the box. From here, they can provide you guidance and professional advice regarding your activities. And because they know your financial status and using accounting principles, they can give you fresh business idea suggestions, and of course finance-related matters such as loans and investments. Also, an accountant that has already been in the field for years is a significant advantage because he/she already has a lot of knowledge from experiences! They most likely know what works and what not works.

3. Accountants are the key to financial success.

A good accountant will pave the way for a fair and robust foundation of a company’s data analytics, forecasting, and planning. He/she will keep the records organized, visible, and accessible to all in place. Accountants also are the advantage because they are more aware and knowledgeable of the tax regulations and laws. This vital fact will keep a company stable and ready for any possible future losses. They also know best about your debits and credits and how to manage both well for your company’s success.

“An accountant is a business guardian angel – an adviser, legal expert and strategic consultant all rolled into one.” – Kayleigh Ziolo, 2015

Answer:
There are tons of services a CPA can provide. They are financial advisors, and mainly the people who will help you reach your business’ financial goals. Below are some of the most common services you can expect if you have a CPA:

1. Counseling on business or monetary techniques or about satisfactory frameworks.
2. Giving scientific bookkeeping administrations, exploring whether deceitful monetary exercises have happened. Sometimes called fraud or investigative accounting wherein CPAs go through the files the check if any crime has taken place such as tax evasion.
3. Offering administrations for suit purposes. CPAs can give monetary examination in legal disputes going from separate cases to business debates to insolvency hearings.
4. They are evaluating and auditing books and fiscal reports to decide monetary prosperity and status. Such data is frequently given to outsiders like financial specialists.
5. Prompting about assessments and getting ready government forms.
6. Supervise and manage the business’ daily financial activities. Afterward, give a strategic plan.
7. CPAs also do payroll. They also prepare your payroll taxes and make sure you do not pay too much or too little because they have an excellent knowledge of the tax codes.

There are various roles a CPA can take, and finding the right one for your business is a must. A CPA can be a tax filler, a long-term planner, a bookkeeper, and a payroll administrator.

Answer:
All CPAs are accountants, but not all accountants are CPAs. Both passed a Bachelor’s Degree in Accountancy, but only the CPA has passed the CPA exam. Accountants can give you almost all the same services a CPA can provide, but there are two others that they cannot. These are the following:

1. CPAs give audits and reviews of your statements and can dispute reports with the SEC.
2. CPAs can represent you in front of the IRS instead of a tax lawyer. They can answer questions and advise to ensure that there will be no further audits or items from the authorities.

Answer:
Yes, very much worth it. Although Americans can file their taxes through the IRS website, the process is still challenging, especially if you are a big company with many employees. Below are the reasons why you should hire a CPA for your taxes:

1. It will save you time and energy.

Preparing and filing your taxes is a long process. It is a tough job. Hiring your CPA, working on other things, and getting a mistake-free report is better than doing it your own, rushing it, and getting a report with many mistakes and piles of different tasks to be worked on.

2. It will save you from a nerve-wracking process.

Almost all our financial transactions have a tax consequence. The more activities you have, the more challenging things get. If you have a business, investments, charities, or ample assets, then outsourcing is the best option to consider. If you ever have had a significant life change, then this will have a big impact on your taxes.

3. No anxieties and worries.

File your tax anxiety-free. If you do not have sufficient knowledge and skills on these kinds of things, leave it out to your most trusted and reliable accountant. They are there to help you for good.

Answer:
According to the Internal Revenue Service (IRS), “anyone can be a paid tax return preparer as long as they have an IRS Preparer Tax Identification Number (PTIN).” There are numerous types. The most common we know are CPAs, enrolled agents, lawyers, and others without professional credentials. That is why it is best to work with someone who you really and ultimately trust. Find someone with whom you can share all your personal and private details with like your income, social security numbers, and even your family.

You can check the IRS’ Directory of Federal Tax Return Preparers with Credentials and Select Qualifications and the professional organizations to check your selected tax preparer’s credentials.

One of the most common tax scams is tax return preparer fraud, so it is best to choose wisely. Below are some guidelines IRS has provided:

1. Check their qualifications.
2. Check their history.
3. Secure their signs and PTIN.
4. Never sign a blank tax form.
5. Review before signing.

Answer:
As said in the previous question, anyone can be a paid tax return preparer. Below, we are narrowing them down into five types.

1. Enrolled agents

They are those that can have the highest credentials from the IRS.  An enrolled agent has passed the IRS-sponsored exam and background check. After, they still have to give continuing-education requirements to maintain their title.

2. Those without professional credentials

These people are real and work for cheap, but they are also the best to avoid when it comes to preparing your taxes. If you are thinking about letting someone without credentials to prepare your taxes, it is better to do it yourself.

3. AFSP’s or Annual Filing Season Program Participants

The IRS holds a filing season program annually, and participants are welcome to attend. These participants are almost on par with state-certified tax-preparer but with lower continuing-education requirements.

4. Tax lawyers

They are the ultimate experts because they specialize in tax law. However, the rate is costly. They are the best to pick if you have a problem with your tax if you are being audited, and mistakenly committed a fraud.

5. CPAs or Certified Public Accountants

They are the go-to type for all people. They are experts, certified, with abundant knowledge and expertise, mostly if they specialize in tax preparation and planning. They are the best option because you get the same outcome as that of a tax lawyer but at a much lower price.

Answer:
Before you hire a tax professional, it is best to first visit their business profile to perceive how they handle installments. Numerous CPAs and duty specialists acknowledge computerized installments through Venmo, PayPal, Square Cash, Zelle, and other online outlets. Because of COVID-19, a lot of organizations are changing their payment means for social distancing.