The term ‘tax and management’ are a combination of two disciplines that have become the cornerstones of successful business operations. As stated by some seasoned business owners, ‘tax and management’ can be loosely translated as ‘accountancy and tax management’. However, the more accurate version should be ‘taxation and management’. This because accounting and tax are almost always used together, especially in countries with ‘fiscal responsibility’, such as the United Kingdom.
At its core, accounting and tax are both required to create reliable financial reports which can be used by managers and policy makers to make informed decisions about investment, corporate decisions and operational matters. Many large corporations and countries around the world make use of accounting and tax firms to provide management information. Typically, these firms prepare and submit corporate and individual tax returns to various authorities and institutions, including tax offices and approved accounting firms. Most firms also prepare financial statements (or statement of account), which include a company’s income and assets, expenses and net worth. Individual tax returns are submitted to the individual taxpayer for internal management purposes.
Some CPAs (certifying public accountants) provide general CPA’s services, while others focus on tax preparation and audit services for small businesses and mid-sized public companies. While CPAs are typically employed by large corporations and public companies, many accountants today work for individual clients or law firms. Some CPAs offer CPAs services in both fields, while others offer only one or the other. For CPAs who offer both CPA’s services, it is important to be fully trained in tax planning and CPA’s training, so that they can provide the most comprehensive tax advice possible. Theseauctions, via sites such as https://www.youtube.com/watch?v=GXQs68tCsCc are also available online.
Over the years, tax and management consulting have become an integral part of many public companies and small businesses. The primary reason for this is that such CPAs offer highly specialized tax and accounting services, which help improve cash flow and management, shorten tax cycle times, provide assistance with compliance, and maximize the profitability of any business. CPAs must also possess exceptional interpersonal skills, as they will be dealing with financial matters not just from their own offices, but with clients as well. When CPAs are chosen to perform the audits and reviews of tax and accounting practices for a client company, it is important that the CPAs are thoroughly trained in tax matters and CPA’s services, so that they can provide their client company with accurate, timely, and beneficial tax advice.
Tax and management consulting is just one part of CPAs’ range of services. They also provide budget analysis, sector research, and legal assistance to help businesses, accounting firms, and CPAs in all aspects of tax matters. CPAs are also responsible for collecting and interpreting data pertinent to tax matters, as well as for preparing the federal and state tax returns and statements. CPAs must also be proficient in computer software, so that they can prepare reports, charts, and other financial documents related to tax.
There are several different types of CPAs available to handle audits and reviews of tax practices. Certified Public Accountants (CPA), and Certified Fraud Agents (CFA) are all accredited by the American Institute of CPAs (AICPA). They have received special certification in taxation and management from the AICPA and receive the prestigious CPA’s designation. They are very familiar with tax laws and can advise their clients regarding tax planning, tax resolution, estate planning, and other areas of public accounting and tax management.