Whether you are an individual or a business, it is often beneficial to know and hire certified public accountants (CPAs), as they are very knowledgeable when it comes to tax laws, changes, and more. Learn more about certified public accountants and their importance below.
What are Certified Public Accountants?
These accountants are individuals who have passed their certification examinations and are considered experts at knowing the tax laws, relevant changes to it, and how it impacts individuals and businesses. They are often vital in keeping individuals, and especially businesses, out of trouble when it comes to the enforcement of tax laws by the Internal Revenue Service (IRS).
Most individuals and businesses have only a rudimentary understanding of tax laws, as they can be quite complex. As a result, they can unintentionally violate those laws without even realizing it. CPAs are critical for ensuring individuals and businesses remain in compliance at all times so that there are no audits, penalties, and interest assessed to them for violating the tax laws.
Importance of CPAs
Without CPAs, it is quite easy for individuals and businesses to unintentionally run afoul of tax laws. Ignorance does not shield you from responsibility; even if you were not trying to cheat the U.S. Government out of tax revenue, the fact that you did not properly file your taxes correctly can leave you open to an IRS audit and potential penalties and interest on taxes you should have paid, but did not do so.
Having a quality CPA can keep you from making these unintentional mistakes, which can help to alleviate an unnecessary burden of going through a tax audit and potentially paying large penalties and interest.