Virginia Beach Certified Public Accountant Association- Detailed Notes


Tax preparation is typically the process of preparing federal, state and local tax returns, typically for an individual other than the taxpayer, and more often for compensation received. Tax preparation can be accomplished by the individual without the assistance of tax preparation services and online services. However, more often than not, it requires the preparation of tax reports or returns by a tax preparation company, which employs professionals in the field of taxation. This includes accountants, certified public accountants, tax lawyers, tax accountants, tax relief specialists, and CPA’s. In some cases, the services of an administrator or an auditor may also be required.Find additional information at Virginia Beach Certified Public Accountant Association

How to Prepare Your Tax Return When you file your annual federal tax return or state tax return, you have to indicate all deductions relevant to you on the form. If you are self-employed, your employer usually provides the forms to prepare, but if not, you need to obtain them from the IRS. You also have to obtain a schedule c, which outlines the tax year for which the refund is being claimed. You can download a free schedule or from the IRS website.

Attorneys, CPAs, enrolled agents and CPA’s charge fees for their services, which include preparing federal and state tax return preparers’ schedules and tax preparation reports. Enrolled agents and CPAs are regulated by the Tax Practitioners Association of America (TPA). Attorneys are not regulated by the TPA. The TPA has set standards for attorneys and CPAs to follow in the preparation of tax returns and provides tax advice to individuals and businesses.