5 Underrated Benefits of Hiring a CPA

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A CPA provides expertise in the financial industry. Businesses often hire them to manage tax planning, financial forecasting, and defending any issues in front of the IRS.

However, in most cases, a CPA’s role does not get a lot of attention, especially since they usually operate in advanced, highly-regulated areas where only the experts know the true risks and complexity. 

Businesses get tremendous value by relying on the expertise of a CPA. Here, we cover 5 underrated benefits of hiring a CPA.

5 Underrated Benefits of Hiring a CPA

1. You Can Avoid Accidental Fraud

Accidental fraud refers to the activity in which you are not intentionally making any mistake in your financial flows, but the activity is considered fraudulent. 

For example, you incurred a mistake in your financial transactions and the yearly revenue in your accounts lowered your tax brackets. Or, you wrote off a home office incorrectly because you didn’t know the requirements. You paid the incorrect due taxes.

Later, the IRS audits your transactions and it appears that you reported incorrect transactions that lowered your taxes. In such cases, the IRS may sue you for reporting fraudulent financial data.

These accidental frauds are common especially when individuals do their own taxes or rely on tax preparing software that doesn’t offer guidance on regulations, but they can also occur when an accountant (not a CPA), isn’t up to date on the requirements specified by the regulatory institutes.

Since a CPA is highly trained and remains compliant with all the standard rules, he can help find such discrepancies in the financials of the company, or, appropriately advise you as to the rules for how to write off things like offices, vehicles, and meals.

2. Your CPA Can Defend Your Return with the IRS

A CPA has legal autonomy to represent his client in front of the IRS. Moreover, he or she can defend your tax returns if the IRS audits your financials, finds discrepancies in your financial data, or asks for clarifying documents and paperwork to be sent in.

In addition to defending your tax returns, following are some of the instances where a CPA can be of tremendous value:

  • Managing an IRS audit.
  • Claiming refunds when you have overpaid the taxes.
  • Responding to all the concerns on your financials by the IRS.
  • Providing positive evidence on your financials to the IRS.
  • Asset forfeiture

The IRS has a dedicated Form 2848 that needs to be filled out both by the taxpayer and your CPA in order to do this.

3. You Get a Team of Experts Working on Your Financials

The best method to produce efficiency in the system is to dedicate the right person to the place. This saves time, produces results, and makes the system effective.

A CPA works with a team of experts who are specialized in various fields related to the financial industry, so when you hire a CPA, you’re not always just getting one person involved. Sometimes, you’ll get a team with varying expertise who can help you with whatever you need.

For example, if you consult a CPA to file your tax returns. The CPA can have an accountant or other CPA in the firm who is compliant with all the standard rules set by the IRS, to review your financial statements first. Another member of the team may be preparing your monthly financial statements on behalf of your CPA, or offering expertise in specific industries like real estate and crypto.

This helps save you from accidental fraud, financial errors, and means you’re getting the best service for your money.

Furthermore, a CPA reviews your financials with a rigorous process before filing your tax returns. He or she will ensure that each step in the process has been verified by an expert who is compliant with the rules specified by the IRS.

Every single person on the team dedicates his expertise to assist you with the best services. 

4. You’ll Avoid Overpaying (or Underpaying!) Your Taxes

With the guidance of a CPA, you can find the right tax strategy for your business and adjust as your business ebbs and flows. Since the IRS has complex rules, you might be confused about determining the accurate tax you owe. 

Moreover, since you have a unique financial flow, it is possible that you find yourself in difficulty while calculating your total income for taxes. This can lead you to overpay or underpay your taxes. 

To avoid the hassle, CPAs can help you to understand the tax credits, deductions, and regulations by the IRS. This lowers your tax bracket, and you can avoid paying extra money on taxes.

This may also help you to avoid paying any penalties for underpaying your tax return. Moreover, you may claim a refund for overpaying your tax returns.

5. You Can Get a Broad Overview or as Much Detail as You Need

Each company-CPA relationship is different. Some industries require outside audits for compliance. Others need a CPA to manage inventory. The great thing about working with a CPA is the range of reporting they offer. You can take a step back and just review monthly and yearly accounting statements, and request detail where you might need it. This allows you to get a broad overview and hard numbers on where your business is at without having to monitor and track all the details.

And, if ever you want or need to dig in with more details, your CPA can provide you with what you need.

Bonus: You Don’t Need to Worry About Signing Your Tax Returns

Since CPAs are state-granted licensed accountants, they are authorized to represent their clients before the IRS and sign their tax returns.

For example, you are out of the country, you get sick or you get an injury, and you can not sign your tax return yourself, you can choose a CPA to sign your tax return on your behalf. 

It is also important to note that ONLY a CPA can sign a tax return since they hold the legal authority to represent you in front of the IRS.

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Turn around time was amazing on the project I needed done. When you don’t understand all the different forms... communication is key and you will get that here. They are there to explain what and why you need it.read more
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Meru Kapadia
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I usually don't write reviews much as everyone has different experiences, but definitely wanted to share the positive... experience I have had here and why I would recommend them to all my family, friends and co-workers.I got a referral for here from a friend, so thought of giving them a try over my old CPA firm. I have been going here for a couple years now and have to say they are top notch. They are always responsive and willing to work with me even when I am delayed. I generally like to ask a lot of questions and not once did I feel like they were annoyed by it and would very thoroughly and positively answer all my concerns with detail explanations. Even during the pandemic, they worked with me 100% virtual and it was seamless. Overall, I am very happy with this firm and will continue with them for the foreseeable future.read more
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Kevan Shah
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I’ve been going to them for 3 years now for multiple of my businesses. I changed to them after I had problems with my... previous CPA firm and I’m so glad I did! Best decision I ever made for my businesses. They have saved me thousands of dollars over the years as well as deal with my immensely complicated tax filling issues. No matter when I call, they always help answer all my questions (and trust me I have a lot) and put my mind at ease on all my concerns. I feel as if I am family the way they take care of me. The quality of their work has not changed; very consistent and professional. It is an understatement when I say I highly recommend them.read more
Maunil Shah
Maunil Shah
16:19 01 Oct 21
AKIF CPA is the best place for your tax needs! Saim has been easily available for my all my questions and concerns. ... Couldn’t ask for a better firm that provides excellent service and a familiarity with their clients. I always recommend family and friends to AKIF CPA!!read more
Shah Hussain
Shah Hussain
03:58 01 Oct 21
Hello AKIF CPA,I wanted to share my experience with you, your team and whomever may be reading this message. My most... humble thanks to you and your team for a being such great part of my success.You have done a fabulous job for us this year, and since you took over our books (during our most devastating times) you have literally taken weight off of our shoulders.Thanks for bringing everything up to date and also providing us with numbers or as you call it consultations, ahead of time so we could seal the holes.Great work!!!Shah H.read more
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Sumit Dalwadi
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The professionals at Akif have been absolutely amazing! Quick to answer all the questions I had and always available... to offer their guidance.read more
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Calvin R
20:21 29 Sep 21
I recommend these guys! I will be going back next year. They made everything simple and we understood what was... happening. There we issues with our taxes due to our previous accountant and these guys fixed everything. They answered our questions and service was always with a smile.read more
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We contacted Akif with an urgent matter regarding corporate taxes. Akif immediately understood what was needed and... within days had everything ready to sign. The level of service we received was amazing and unmatched. Waqar expertise in trucking industry made our situation seamless. His communication was outstanding; I heard from him daily and could have been completed sooner if I was as fast as he was 😃 Highly recommended!read more
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What an absolute pleasure to work with this CPA firm. My business is already seeing such a positive impact and growth.... I cannot believe I didn't connect with them sooner. This firm is helping in so many ways! 5 stars is an understatement! Thank you so much for your help AKIF CPAread more
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The firm is quick, responsive, and has the latest technological software. Thus far, I have been with them for 3+ years... and will continue to work with them even after relocating. They make it easy even when I'm miles away. Would highly recommend them.read more
Luz Tipaz
Luz Tipaz
16:06 13 Jul 21
Saim and his team are the best CPAs in town. I have been their client for years. All started when I needed help with... company structure with multiple companies and then accounting and Taxes. I have been very happy ever since. Thank you AKIF CPA.read more
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Maria perez
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Me and my husband have been getting all of our personal Taxes, business Taxes, monthly bookkeeping, accounting and... payroll done with AKIF CPA. Recently, we had more stuff come up and had detailed analysis done on capital gains, single family rentals (SFR) and business disposition. You will only know how great this CPA company is until you have worked with them and given them a chance. Words can’t describe our experience. AKIF CPA gets the job done every time - very reliable, professional and affordable.read more
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Afnaan Amin
22:14 02 Jun 21
Very good experience, we had unique situation in regards to cross border income as Canadians currently residing in the... US. Income on both sides of the border through completely different channels. Everything was very easy and completed timely, I also had lots of random questions and Mohammad provided top notch service along the way and even after we finished our taxes!! Highly recommended.read more
Ryan Paton
Ryan Paton
10:56 08 May 21
I moved to the USA from Canada late 2018 as part of a promotion/relocation for work. For my 2019 returns, I used an... accounting firm recommended by the local Canadian social club in my city, which was a terrible experience. They were slow to respond to inquiries and would follow up in piecemeal requests which dragged out my return process over several months, often asking for information I had already provided.For the price I paid, I vowed to find better service. I found Mohammad online and decided to reach out. Mohammad was extremely responsive, took care of my US and Canadian returns as well as my wife's business returns in a timely manner. Overall, it was a very positive experience and I would recommend him to another in my situation.read more
Tuan Vo
Tuan Vo
01:59 20 Apr 21
I relocated to Texas from Alberta, Canada and needed a CPA to help me with my cross-border taxes as I was not happy... with the CPA that I used previously. During my interviewing process to find another CPA, I had good feedback from Mohammad as he was able to answer my questions regarding my unique tax situation with expertise, and importantly to me, in a timely manner. I decided to use his services for the current tax year and I have nothing but compliments for the work Mohammad provided. If you are in need of a professional cross-border CPA, I highly recommend reaching out to Mohammad Akif.read more
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