Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Biz Owners Learn the qualifications of Certified Tax Pro to get the most out of your taxes

Name: Painting Biz Owners Learn the qualifications of Certified Tax Pro to get the most out of your taxes
Uploaded: 2023-09-27T15:33:37+00:00
Duration: 49 s
Channel: Daniel Honan
Description: This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is a YouTube video titled "Painting Biz Owners Learn…

27 Sept 2023 · 1 min

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This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is a YouTube video titled "Painting Biz Owners Learn the qualifications of Certified Tax Pro to get the most out of your taxes" (created 2023-09-27). It features a single speaker (labeled Speaker A) who explains the difference between Enrolled Agents (EAs) and Certified Public Accountants (CPAs): EAs are governed by the IRS, authorized to practice before the IRS in all 50 states, and specialize in tax work; CPAs are state-governed, may focus on audits or other accounting areas, and not all specialize in taxes. The speaker also notes that EAs adhere to ethical standards (Circular 230) and annual continuing-education requirements. The intended audience appears to be painting business owners seeking tax-professional guidance.

Chapters

Basically, anyone can prepare a tax return for profit. So how do you know if the person you're paying to do your taxes knows their stuff and can be trusted? Yeah. And a common question is, what is an enrolled agent? Because everyone knows what a CPA is. An enrolled agent is governed by the IRS and is recognized in all 50 states to practice before the IRS. CPAs are extremely qualified accountants. They are governed by the state that they live in. Usually they have reciprocal agreements in place so that they can practice in other states. The big difference, like, not all CPAs specialize in taxes. Some of them don't even touch taxes. They're in the audit world, whereas EAs, that's all EAs do is taxes. So, uh, and then there are some CPAs who do specialize in taxes. They're very good at what they do. But, uh, I wouldn't let the fact that EA is not as maybe a popular or ubiquitous term as CPA scare you off. These are people who have, uh, worked very hard to prove their competency. There are ethical standards they must abide by, just like CPAs, that's in Circular 230, and also continuing education requirements each year to make sure that they're on the top of their game.