Most people’s interactions with Certified Public Accountants (CPAs) in Utah are limited to preparing and filing their taxes. Given that this happens in just four months from January to April each year, many people wonder what exactly CPAs and accountants do once tax season is over. Although they typically aren’t as busy during the remainder of the year, they still have many activities and services they engage in with their customers.
Fiscal Year Taxes
While most people pay taxes on a calendar year, the state of Utah also allows taxes to be filed and paid on a fiscal year basis. The requirements for this are to file by the 15th day of the fourth month after the fiscal year ends. As the fiscal year can vary from business to business, an accountant in Salt Lake City could be preparing taxes throughout the year.
Tax Extensions, Late Payments and Audits
Some tax payers need additional time to gather the money needed to pay their taxes, while others simply miss the deadline for filing and paying taxes. CPAs assist these clients in the steps necessary to rectify the situation and get in good standing with the Internal Revenue Service and the Utah State Tax Commission in Salt Lake City. For the unlucky tax payers who are selected for an audit, CPAs can serve as their representative and help them through the process.
Professional Bookkeeping and Accounting
Utah business continually rely on CPAs to provide professional bookkeeping and accounting services throughout the year. This can include managing the company’s books and ledgers, generating financial statements and filing company taxes. A Utah CPA may also provide full service payroll for the business. For many companies it’s more cost effective to outsource these services to a professional rather than hire another staff member to manage this.
Financial and Business Entity Consulting
Wanting to start a business in Utah? A Salt Lake City, Utah CPA can be a powerful advisor to consult with on how to form a company. Their knowledge of business entities, legal requirements and tax regulations specific to Utah make them a great business partner when getting started.
Workshops, Seminars and Support
Building up knowledge, expertise and skills in their clients is also a focus of CPAs once tax season is over. An accountant in Salt Lake City can spend time teaching businesses how to use QuickBooks and providing assistance with questions. CPAs may also offer workshops and seminars for their business and individual client to educate them on topics relative to their needs. This may include the importance of paying quarterly estimates for self-employee professionals or how to set up and manage business financials associated with profit sharing.
While being a CPA may seem like a lucrative career that only requires work from January through April, the reality is that Utah CPAs work round. They bring a wealth of business and financial knowledge that can be leveraged by individuals and businesses to increase profits any time.