Whether you need a comprehensive tax plan or assistance with your company’s accounting, finding the right CPA is a critical step in ensuring financial success. The Find a CPA tool on the Illinois CPA Society website can help you identify a trusted, strategic advisor based on location, services offered, industries served, and languages spoken. This article also discusses state licensing requirements and offers tips for choosing a CPA firm that best fits your needs.
Certified public accountants (CPAs) provide a wide range of services, from tax planning to auditing and consulting. They are trained to analyze financial data and make recommendations for businesses and individuals. They use advanced technology to ensure the accuracy of their work and are knowledgeable in a variety of industries. CPAs in Chicago IL are licensed by the Department of Financial and Professional Regulation in Illinois and must meet education, experience, and testing requirements to be eligible for licensure.
The educational requirements for becoming a CPA include earning at least 150 credits from a bachelor’s or master’s degree program in accounting or business. The program should be accredited by the American Association of Colleges for Business Administration or AACSB, and applicants must complete all required coursework. In addition, aspiring CPAs must obtain one year of full-time work experience. This requirement can be met through employment in industry, academia, or government, or through private practice. Applicants can count internships and for-credit study-abroad courses toward their experience.
CPAs must pass the Uniform CPA Examination, which consists of four sections: auditing and attestation, business environment and concepts, financial accounting and reporting, and regulation. The exam requires a score of 75 or higher on each section. Once an applicant has completed the education and experience requirements, they can submit an application to the Illinois Board of Accountancy. Once the board approves the application, test-takers receive a Notice to Schedule from Prometric, which allows them to register for the exam at a nearby testing center. ADA accommodations are available for the exam.
A reputable CPA can help you minimize taxes and manage cash flow for your small business, family, or nonprofit organization. They will also keep track of your assets and liabilities, preparing you for future financial decisions. They will also assist with IRS representation and audit defense, and provide year-round tax preparation and advice.
To select a qualified CPA, ask colleagues for recommendations and read online reviews. Look for CPAs with a solid track record of client satisfaction and extensive knowledge of your specific industry. Ensure that they have a valid license to practice in your state and are members of the American Institute of Certified Public Accountants.
The experienced team at Gnesist serves clients in the Chicago area with virtual accounting and business consulting services. Its team of accountants helps businesses with bookkeeping, income and expense tracking, payroll, financial reporting, and tax filing and preparation. They also help companies set up QuickBooks, Xero, and Sage Intacct. In addition to tax planning and compliance, the team specializes in cost-control strategies, business management, and financial forecasting.