What is a CPA, What Do They Do, and Who Needs One? Here's Everything You Need to Know.

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  • เผยแพร่เมื่อ 10 ก.พ. 2021
  • What is a CPA? And more importantly, what does a CPA actually do?
    Become a Tax Client: mycpacoach.com/tax-planning-s...
    Today we will discuss this and how a CPA differs from a Tax Preparer, Bookkeeper, and Accountant.
    Outline:
    What is a CPA?: (1:10​)
    What does a CPA actually do?: (3:10​)
    How CPA Differs from Tax Preparers & Bookkeepers: (4:29​)
    Who Needs a CPA?: (5:13​)
    Recap: (6:58​)
    Suggested video to watch next: "Tax Planning vs Tax Preparation" • Tax Planning vs Tax Pr...
    Interested in talking with someone from our team? Sign up to get notified when we are accepting new clients here: lyfeaccounting.com/coming-soon/

ความคิดเห็น • 95

  • @LYFEAccounting
    @LYFEAccounting  2 ปีที่แล้ว +4

    Suggested video to watch next: "Tax Planning vs Tax Preparation" th-cam.com/video/STiRelGfzHE/w-d-xo.html

  • @Saywhat579
    @Saywhat579 ปีที่แล้ว +14

    I am going to go for it after I complete my accounting degree.

  • @lindsayhengehold5341
    @lindsayhengehold5341 ปีที่แล้ว +8

    CPA’s work very hard and I’ve had the pleasure of working with quite a few of kind ones over the years. Their knowledge of tax laws is one of the coolest things about them 😁

  • @jessicamejia1486
    @jessicamejia1486 2 ปีที่แล้ว +4

    I love how you explain everything in such detail :) and everything makes sense thank you

  • @Harry_16710
    @Harry_16710 ปีที่แล้ว +1

    Sherman, that intro was more info than most full videos. Thanks for sharing your expertise!🙏

  • @colleenclary2062
    @colleenclary2062 2 ปีที่แล้ว +12

    THANK YOU! The information you provide in this video is EXACTLY what every state society of CPAs should be focusing on as their messaging to the public! You lay out why our profession is at the top of our field and what separates us from other accountants and tax preparers. This should be common knowledge but CPA societies focus their resources on continuing education and discounts for members. Small potatoes. There are other organizations providing CPE. We need the public to know why we are valuable business partners.

  • @ShaneekTaylor0
    @ShaneekTaylor0 3 ปีที่แล้ว +12

    Your videos are awesome!!! Easy to understand and straight to the point!!! New subscriber! Thanks!

  • @BVHGCFGDZGHJK
    @BVHGCFGDZGHJK 2 ปีที่แล้ว +3

    Thanks 😊 I am represent the people in the back! We graduating to the front! I am starting a business and learning all the steps and the process that it takes to run a business.

  • @JohnHeng
    @JohnHeng 2 ปีที่แล้ว +2

    This video was super helpful, thanks!

  • @debwright3190
    @debwright3190 2 ปีที่แล้ว +2

    ☺️☺️Thank you! Great informational video.👍🏽👍🏽

  • @power-reconcile
    @power-reconcile 23 วันที่ผ่านมา

    Amazing video! Thank you for sharing.

  • @diesur7126
    @diesur7126 ปีที่แล้ว +2

    Great informative video! I understood that I need a CPA.

  • @MsShannaK
    @MsShannaK ปีที่แล้ว

    Great video thank you so much !!

  • @MyUnfilteredDiary
    @MyUnfilteredDiary ปีที่แล้ว +1

    The most comprehensive definition I heard of it. I subbed 😉.
    I'm hiding a CPA, he was an IRS employee before. My question is: should I still keep my quickbook and my quickbook bookkeeper?

  • @FreshPrinceUSA
    @FreshPrinceUSA 2 ปีที่แล้ว

    Great video, thank you

  • @LovingSoul61
    @LovingSoul61 2 ปีที่แล้ว

    So helpful!!

  • @laurenwilliams3635
    @laurenwilliams3635 2 ปีที่แล้ว

    Great video!

  • @addorbruce8929
    @addorbruce8929 2 หลายเดือนก่อน

    Awesome presentation

  • @driselleburchell1612
    @driselleburchell1612 3 ปีที่แล้ว +1

    Great video. It was very informative 👍🏾

  • @user-my5vc8og7k
    @user-my5vc8og7k 8 หลายเดือนก่อน

    Thank you!

  • @DreamFirms
    @DreamFirms ปีที่แล้ว

    Very informative video. Just subscribed =)

  • @amandiablack9155
    @amandiablack9155 2 ปีที่แล้ว +7

    Im about to have my bachelors in business and it wont take me but 6 months to get the associates in accounting to add on more credits 💜 I have 3 years accounting experience but never worked under a CPA which us frustrating for me bc it creates a set back . I am from Texas and their rules are strict here on licensing . im excited to be licensed before im 40 though and im 33 now 💜

  • @josephinebardot8403
    @josephinebardot8403 ปีที่แล้ว

    Great to see your video You also add beautiful graphics. Which programs do you use to add these graphics and infographics?

  • @cecilthelittguy
    @cecilthelittguy 2 ปีที่แล้ว +3

    Thanks for the information 🙏🏾I have good understanding now about what is a CPA and studying accounting in college am on my associates degree

    • @latonyahall2086
      @latonyahall2086 2 ปีที่แล้ว +1

      How is it going so far

    • @cecilthelittguy
      @cecilthelittguy 2 ปีที่แล้ว

      @@latonyahall2086 Received 12 college credits got accepted in the university I wanted to go too so I can complete my degree.🙏🏾

  • @yemi1able
    @yemi1able 2 ปีที่แล้ว +1

    Thank you so much! Your info is very educational for me🙏🏾
    God bless you🙏🏾
    What state do you live, or how can I reach you?

  • @jkslawson10
    @jkslawson10 3 ปีที่แล้ว +5

    I find quite a few CPAs dont want to do the "bookkeeping " or day to day transactions of accountants. There are excellent bookkeepers out there that do great work and just need a CPA to sign off on the work. Just wanted to make sure you were knocking bookkeepers down.

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว +4

      Of course not. There are exceptional Bookkeepers out there. We hire Bookkeepers to do Bookkeeping work for our clients.

  • @ThehouseofSIN999
    @ThehouseofSIN999 3 ปีที่แล้ว +14

    Thank you the information. I will be getting a cpa very soon.🚛👍🏼

  • @colorelax
    @colorelax 3 ปีที่แล้ว +3

    Hello I'm doing CA in India.. And I. I'm also considering to do CPA.. This video helped me a lot to know more about CPA.. Thank you very much..

  • @rachelsmile
    @rachelsmile 3 ปีที่แล้ว +7

    Thanks for sharing! I passed my last section of the CPA Exams in January and it feels so great to be done! I also have CPA videos on my channel!

  • @user-wo4he8yp7o
    @user-wo4he8yp7o 2 ปีที่แล้ว

    ty

  • @Ashley-zn9bm
    @Ashley-zn9bm 3 ปีที่แล้ว +1

    I tried to sign up for your CPA services and I'm so sad you're not accepting new clients. Good news for your business, must be booming! :)

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      We'll reach out to you as soon we're accepting clients again!

    • @Ashley-zn9bm
      @Ashley-zn9bm 3 ปีที่แล้ว +1

      @@LYFEAccounting Ha ha, thanks! Meanwhile I soaking up all the awesome info you put out on TH-cam. Thank you for that! And my name is Ashley Martin, I'm on you wait list ;)

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      ​@@Ashley-zn9bm Thanks so much for supporting us! :)

    • @Ashley-zn9bm
      @Ashley-zn9bm 3 ปีที่แล้ว

      @@LYFEAccounting Just to set the record straight, my grammar is really not that bad! How embarrassing. Take care!

  • @AllStarFilms
    @AllStarFilms 2 ปีที่แล้ว

    Thanks, from the back

  • @Alesedit
    @Alesedit ปีที่แล้ว

    its important for public , big tax or auditing but ill stick to payroll less pay but less stress

  • @ericeandco
    @ericeandco 2 ปีที่แล้ว +2

    For the amount of time, educational debt and what you can hope to earn I’d think twice unless I clearly know why I need. Basically it’s a bachelors and a masters then you sit for a huge test. For around the same amount of time you can be a doctor. It’s also a type of work that’s easily off shored. Make sure it’s for you.

    • @Moebamba22
      @Moebamba22 2 ปีที่แล้ว +1

      not really, if we assume you never took dual credit classes in high school (college credit) You can meet the 150-hour requirement in 5 years. assuming you take 6 hours two summer months. You can even take a full semester in summer which would cut down the time even more. Either way that's a max of five years and then you can sit for the CPA exams which most companies pay for.
      Assuming only 6 hours of summer classes and no dual credit, a doctor still takes 8 years.
      Assuming 0 scholarships in an in-state public school, CPA will cost you around 75000( 7500 for tuition on 10 semesters).
      Pre-med you're already sitting at 60000 for a bachelor's degree. Then you add 4 more years of schooling, you will be close to 200k of tutition and that's assuming you never retake a class or take less credit hours which could make you lose financial aid.
      I agree with you, you should choose what is for you. But being a doctor is way more expensive and also takes much longer than CPA.

    • @camg418
      @camg418 ปีที่แล้ว +2

      Incorrect. You don’t need the masters just 150 credits. You could become a CPA within 5 years minimum if you finish school in 4-4.5 years and pass all parts of the exams while working under a cpa for 1 year. No where near a doctors time.

  • @davidridore
    @davidridore 3 ปีที่แล้ว

    You guys should discuss CPA v EA

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      Noted! Thanks for the suggestion!

  • @brotherdubious
    @brotherdubious 2 ปีที่แล้ว

    I love the stock footage of people pointing at a blank 1040 and conversing as if it contains any information 😂

  • @cedricfonville4756
    @cedricfonville4756 3 ปีที่แล้ว +5

    I love that I discovered your page!
    However... I’d argue that a CFA is more prestigious and difficult than a CPA designation

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว +6

      He has both! Do you also have these licenses?

    • @cedricfonville4756
      @cedricfonville4756 3 ปีที่แล้ว +3

      @@LYFEAccounting wow! I’m even more impressed. But no - I actually found these videos because I’ve considered getting a CFA & CPA in the next 3-5 years. I have my bachelors in finance so would take a bit to meet the other requirements for work experience and passing the exams

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว +5

      @@cedricfonville4756 If you decide to do it, then we're rooting for you! Keep working

    • @cedricfonville4756
      @cedricfonville4756 3 ปีที่แล้ว

      @@LYFEAccounting thank you!

  • @StevenMangiameli
    @StevenMangiameli ปีที่แล้ว +4

    CPAs can’t represent in tax court, unless they have also passed the non attorney examination to be admitted to the US tax court, and being a CPA is not a requirement to be admitted

    • @iGimmie
      @iGimmie ปีที่แล้ว

      Ty. Comparing a CPA to a USTCP is a little 👀

  • @rtanaka
    @rtanaka 3 ปีที่แล้ว +2

    Keep it going!! These are great. I'm not sure if I'm ready to hire y'all but I'm curious if you work with folks in California?

  • @sameerforyou01
    @sameerforyou01 3 ปีที่แล้ว +2

    if i have multiple stream of income, like youtube, stocks and full time it job, what type of corporation should i go for to save taxes? s-corp or holding ?

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      Depends on a few things. You should check out our "VS" videos on the different entity types.

  • @rajaameetkumar4187
    @rajaameetkumar4187 2 ปีที่แล้ว

    Hi LYFE
    I am ACCA Member and have an equivalent Masters in Commerce degree, but do not have bachlors degree. Am I eligible for CPA US Exam?

  • @jaewright3070
    @jaewright3070 ปีที่แล้ว

    Can I go to a CPA to file my personal tax?

  • @dalton6108
    @dalton6108 ปีที่แล้ว

    Hello,
    I am wanting to become a CPA in the future. I used to be a electrician, but transitioned into a finance company. I will have my BS in Accounting by 2025. My company has auditing analyst or assistant financial manager positions I could transfer to get experience 3-5 years down the road. I am doing full time work and full time school with good grades. I am mid 20s and I don’t know anyone who went this direction. Am I going in the right direction?

  • @PharmerJohn1
    @PharmerJohn1 3 ปีที่แล้ว

    I'm considering Turo as an alternative stream of revenue. How can you help?

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      You’re looking at renting out your car?

  • @cphouston713
    @cphouston713 2 ปีที่แล้ว

    Does cpa help with child support if I’m a sole proprietor?

  • @MrBananaClipps
    @MrBananaClipps 2 ปีที่แล้ว

    How much to fix a tax return that won’t go through

  • @dedecisse7007
    @dedecisse7007 2 ปีที่แล้ว

    Hello if u have a smal business and do have a cpa and want to use your income to buy a house this it possible

  • @user-wc9hp2jd3w
    @user-wc9hp2jd3w 2 หลายเดือนก่อน +1

    Ok

  • @SuperGreatSphinx
    @SuperGreatSphinx ปีที่แล้ว +1

    Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world.
    It is generally equivalent to the title of chartered accountant in other English-speaking countries.
    In the United States, the CPA is a license to provide accounting services to the public.
    It is awarded by each of the 50 states for practice in that state.
    Additionally, all states except Hawaii have passed mobility laws to allow CPAs from other states to practice in their state.
    State licensing requirements vary, but the minimum standard requirements include passing the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting-related experience.

  • @georgeschlaline6057
    @georgeschlaline6057 8 หลายเดือนก่อน +1

    CPA
    Christ
    Protects
    All

  • @marquetteleggett9209
    @marquetteleggett9209 2 ปีที่แล้ว +2

    Great video, but some of this I don't agree with. You have Enrolled Agents that can represent you in audit cases in front of the IRS, without a degree. Tax Preparers now have continuing education that is offered for them to do more, and accountants for small businesses, can offer assurance on projections when given the authority by the owner. I just don't see the point of becoming a CPA, in this new world, when there are so many changes that are happening. Maybe the reason that the numbers have increased is not because CPA's are in demand but because people are realizing that we can get the same thing done, with less headaches. That CPA TEST IS HARRRRD!!! But is not needed if the I am going into tax accounting. The EA status gives me everything I need to be recognized as a professional in the field. Also there are only 53,000 EA's OPERATING IN THE UNITED STATES!

  • @chrisharrison83
    @chrisharrison83 ปีที่แล้ว

    CHILD PROTECTION AGENCY MY QUESTION IS WHY WAS I NOT PROTECTED AND INSTEAD CHUNKED A MONKEY RENCH IN THE DIGITAL BLIND SCALE AND MARKED A STATUE OF LIMITATIONS ?

  • @Music_with_me
    @Music_with_me 3 ปีที่แล้ว

    Can you tell about CMA.

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      What does CMA stand for?

    • @Music_with_me
      @Music_with_me 3 ปีที่แล้ว

      @@LYFEAccounting certified management accountant

  • @christopherharrison3607
    @christopherharrison3607 3 ปีที่แล้ว +2

    🍸she can't leave drink alone !!

  • @facts1774
    @facts1774 7 หลายเดือนก่อน

    CPA can’t represent the client before the court, but can before the irs

  • @MickoLagundino
    @MickoLagundino 7 หลายเดือนก่อน

    I am now a CPA, so what now?

  • @pujanggasementara302
    @pujanggasementara302 3 ปีที่แล้ว

    polipd boskur

  • @KATEJOYPLADERA
    @KATEJOYPLADERA 4 หลายเดือนก่อน

    I WILL GRADUATE BACHELOR OF SCIENCE ACCOUNTANCY AND BECOME CPA 🙏🙏♥️

  • @krystalbalyan3744
    @krystalbalyan3744 3 ปีที่แล้ว

    I thought only a Bachelor's Degree is necessary to be a CPA...

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      Well you need more credits beyond a traditional bachelor degeee

  • @umarsayyad1900
    @umarsayyad1900 ปีที่แล้ว

    If you’re a sole proprietor. I don’t see the reason for hiring a CPA unless for very different circumstances.

  • @gugapilar3135
    @gugapilar3135 3 ปีที่แล้ว

    Top esse video! Lhe desejo muita sorte com o teu canal! Siga firme com os viideos!
    Obs.: Não quero te incomodar, mas se tiver um tempinho para ir em meu canal e dar um feedback sobre meus vídeos (#gugapilar), agradeceria muito!
    Um abraço e fique bem! 🙏🏼💪🏻

  • @thachhoanglengoc4229
    @thachhoanglengoc4229 9 หลายเดือนก่อน

    EAs do need to have continuing education every year to maintain their licenses. Stop giving false info. That’s not nice.

  • @love2give440
    @love2give440 ปีที่แล้ว

    Thank you thank you I watched your video I subscribe your channel
    ⭐⭐⭐⭐⭐