Craig Hanson is a CPA and owner of Craig S. Hanson CPA, which provides tax preparation, tax planning, bookkeeping and more in Jamestown and surrounding areas. It answers questions related to CPAs.
What type of work does a CPA (Certified Public Accountant) do?
The work of CPAs can be as varied as the tax and business world creates for all of us. As things change in tax and business, the CPA is constantly making changes to the services it provides to meet the needs of the public. Traditionally, CPAs provide accounting and auditing services, tax planning and tax preparation, tax resolution services, consulting services, and payroll services. Non-traditional services can include things like trust and estate services, ballot counting and declaration, elder care services, fraud missions and a host of other activities. Not all CPAs work in public accounting, but can work in government or industry. Because the work is so varied, many CPAs specialize and offer only certain types of services and others are generalists and try to offer many services. If you are seeking the services of a CPA, you should do some homework to ensure that the CPA can and will provide the services that are right for you and your needs.
Which services are most requested by Craig S. Hanson, CPA?
The services most requested by my office are tax planning and tax preparation. Tax resolution services are becoming increasingly popular and will increase as issues that the IRS has been experiencing for the past few years continue to evolve. These issues will likely be with us for a few years, so we expect more work. We also provide more payroll services for those who don’t want to deal with payroll and company reporting hassles.
What should people be looking for in 2022 versus taxes in 2023?
As it is still early in 2022, we don’t know what to expect from 2022 when it comes to taxes in 2023. What we can say is that there will be change. These changes could relate to new laws or tax increases. What’s important is that you need to watch what Congress and the IRS are proposing and planning and do tax planning as those laws change. By planning throughout the year, you can make the necessary changes to take advantage of tax laws and make them work for you, not against you.
What is the advantage of having a CPA who handles corporate payroll?
Payroll can be very simple if your employees receive a fixed salary and you do not offer them benefits. However, if your employees are paid with multiple rates, have numerous deductions due to the various benefits you offer, and changes in the law that may occur, then it may be advisable to seek professional help to ensure that you are in compliance with all laws. , and take advantage of incentive options if applicable to your business, and do any reporting that may be required. For example, recent COVID-19 law changes and payroll incentive programs have provided a maze of evolving and continuing to evolve regulations.
What’s the biggest misconception about using a CPA for services?
I think the biggest misconception about using a CPA for services is the idea that services are expensive. Often, when you use the services of a professional, the fees can seem higher than what you’ll have to pay if you do it yourself. However, if you are unsure of what you are doing and need to hire a professional to correct any problems that have arisen by doing things yourself or using inexperienced employees, it can cost you more in the long run. Think of the services of a professional as an insurance policy against potential problems down the road.
What is the benefit of using a CPA over various types of tax, payroll, and business software?
Software is great for a lot of things these days from preparing tax returns, doing payroll for your business, or doing bookkeeping for a business. However, some software has individual response questions to help provide the information needed to prepare the return. If you don’t answer the questions correctly, you may end up with an improperly prepared tax return. Enterprise software can be helpful, however, if you or your employee are not properly trained in the use of this software, errors can occur. Working with a CPA to review the accounting or payroll areas of the business can correct these recording and compliance issues before they become a serious issue.