Question

You have been working at a local CPA firm for the last 2 years. At the beginning of the year, you passed the last section of the CPA Exam. Last week, your CPA License came in the mail. Consequently, you have now decided to go into business for yourself. You have some savings and have a line on a bank loan for start-up costs. Additionally, you do not have a noncompete clause in your employment agreement with your current CPA firm, and you have your own customers. In your initial post, discuss the following:

Explain the authority that you have to practice and what duties you must complete practicing before the IRS.

Explain what restrictions, if any, you face in tax practice.

Explain on what ethical grounds you will base your practice and where you would draw the line to please your clients.

Answer 1

As per the given information

The CPA holder will practice under the authority of the Institute of AICPA which is given the license to practice follow the guidelines of the instititute while practising as CPA and the duties to complete practicing before the IRS are should have a Power of attorney on behalf of the taxpayer, representing taxpayer at conferences, hearings, or meetings with the IRS, preparing, filing or submitting documents or advising on the preparation, filing or submission of documents, including tax returns, with the IRS on behalf of a taxpayer, providing a client with written tax advice on tax matters.

The following are the restrictions while practising as CPA:

To get some of the Audits of Government companies require minimum some years practise experience

To do Continuing Professional Education programs

For some audits need to do some kind of certification courses

Ethical grounds to follow while doing the practice:

Independence

Confidentiality

Competence

Integrity

To satisfy the clients need to get the knoweldge of Nature of business the clients are doing, based on the write audit program, follow the audit program and complete the audit. The given work will be completed well before due date, in a brief and understandable manner and apply strong technical expertise while working.