Certified Public Accountant or CPAs is the legal name of accountants in many countries in the English speaking world. Generally it is equivalent to the name of chartered accountants in other English speaking countries. In the United States, for tax purposes, the CPA is an authorized license to offer financial accounting and bookkeeping services to the public on behalf of a client. The CPAs, also known as Certified Public Accountants or CPAs are required by law to be licensed by the Internal Revenue Service (IRS). This gives them a professional, federal tax identification number. Although most CPAs get their start in business as independent contractors, today most do work for an accounting firm that is part of a larger firm. Visit our website to get free information about Jones CPA Group, Norfolk
Typically the CPA will be the person who prepared the corporate accounts and statements in a company’s books. The duties and responsibilities of the CPA include preparing the income and other statement and reports for the year, preparation of the balance sheet reports and balance sheets for the individual corporations and also assisting the management in the preparation of the financial statement that accompanies the annual report filed by the corporation’s general ledger. If a corporation is large, having a single certified public accountant can be difficult. In this case the CPA would usually serve as the company’s chief financial officer (CFO) or as a senior accountant. If the corporation is small, then there may be only one certified public accountant or CPA, often times a solo practitioner.
CPAs must meet a specific set of experience requirements that the Internal Revenue Service (IRS) provides for chartered accountants. These experience requirements state that the CPA should have at least five years of experience in accounting or the financial industry. While many’s begin their careers with accounting, others choose to specialize by specializing in a particular area of the accounting industry such as government, labor, health care, communications or insurance. Many CPAs also choose to become an interim CPA during short-term audits or investigations. In this role they would assume the role of a CPA with a different accounting firm. There are many opportunities available for CPA designation and it is recommended that you take the time to become a certified public accountant.