Q&A of the Week September 8, 2021

Question:

I am looking for a tax professional. What do the different credentials mean?

Answer:

CPA - Certified Public Accountant. This person is certified by the state to act as an accountant. Important: all CPAs are accountants but not all accountants are CPAs.

EA - Enrolled Agent. This is a federally licensed tax preparer who can prepare tax returns and represent taxpayers to the IRS.

AFSP - Annual Filing Season Program. This is someone who has met voluntary requirements established by the IRS to prepare tax returns.

VITA - Volunteer Income Tax Assistance. Individuals who are trained by the IRS to prepare tax returns for low-income and older people and possibly for military and/or non-citizens.

For more information about credentials or for tips to find the right tax professional for you: https://news.bloombergtax.com/daily-tax-report/your-how-to-guide-to-finding-the-right-tax-professional-for-you