do you need to be a cpa to file business taxes in usa?

Answer 1

No, you do not. The IRS will accept your tax return prepared by anyone, yourself included. If you are up to the task, I would recommend a computer program such as Turbo Tax or Tax Cut. They both have a business version, and they lead you through, step by step. It will save you money on the preparation. The question is, do you feel up to it? You can always consult a CPA, they charge a small fee for that, and then you will feel confident in your work.

Answer 2

No, you don't need to be a cpa, but it sure helps! ;) I'm not sure if you're filing your own taxes or hiring someone else to do it, but the IRS is changing its regulations regarding who is qualified to prepare tax returns. If you're not an enrolled agent or CPA, they want those preparers to take a written exam to show that they have at least minimum qualifications to prepare tax returns.

That said, TurboTax has an excellent 1120 tax prep program. I've used it before, and as a cpa, I can say it does a more than satisfactory job. But, in terms of business advice, it's hard to beat a good relationship with a cpa. A cpa can help you with more than a tax return. They can also offer advice on how to manage your taxes and even help manage your business.

Answer 3

Anyone can prepare a business return and file it with the IRS. Some states require that certain returns be field electronically (MA requires all Corporate returns with revenue over $500,000 to be filed electronically)

I have been in practice 20+ years and have seen a number of cleints prepare their own returns and then come to me once the have had a problem with the returns that they have filed. I have also seen returns that were filed incorrectly for years with the IRS.

The question my auto mechanic asked me once is.

Do I change the oil on my automobile? I do not have the knowlege supplies nor expertise in doing so, I do not have anywhere to properly dump the used oil. So why would I change the oil.

Do you have the knowledge and expertise to prepare and file a company's return? Do you know if you should take a Section 179 deduction or depreciate the asset over it's live? Do you know what entertainment is 50% 80% 100% deductible? Should you carryback a net operating loss this year or carry it forward and what the state income tax effects of the carryback/forward would be?

Do you know about multi state taxation and if you need to file in two states or just your resident state? Are you reporting gross sales correctly? Is payroll grossed up to agree with the 940/941 returns. Can deductions be taken for items not paid for at year end? What is the difference between cash basis and accrual basis?

CPA's perform a task that is tax compliance to avoid the REVENUE agents, whose jobs are to raise revenue by finding deductions that should not have been taken and income that was not reported.

Small Business Enterprises (SBE) are the number one types of enties that are audited now and the IRS seeks them out looking for their mistakes.

Answer 4

A CPA may help ensure you are filling properly, but the IRS doesn't have any rules regarding who files out the forms. Even if you have a CPA, the owners/officers of the business are legally responsible for the accuracy of the return.

Answer 5

no. Individuals can file their own taxes. In order to represent someone in front of the IRs you have to be an EA or a CPA or a tax lawyer though.

Answer 6

No, you don't need to be a CPA to file your own business taxes.

Answer 7

i've filed my business taxes b4 without the assistance of a cpa. nobody ever questioned it.

Answer 8

no anyone can file taxes; business or personal

Answer 9

Although not required, it is best to hire professional help. Business taxes can be very complex and are higher risk for audit.
If you would prefer professional help, please contact me at www.slarson.com/contact or [e-mail]

Regards,
Steve Larson

Answer 10

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