CPA stands for Certified Public Accountant, although the term is much narrower than the role many CPAs fulfill. Certified Professional Advisor, as a leading CPA once proposed, is probably more appropriate. Because of stringent requirements for education, experience and testing, most CPAs do indeed live up to the higher level of respect they enjoy compared to other professionals, as research tells us. Their keen ability to analyze data, record it, interpret and compare it, make them a critical ally in many if not most important personal and business decisions. They tend to be more objective and independent, as a result of their training as an auditor.
If your tax return involves a small business or complicated transactions, you may need a CPA. Also, a CPA may be able to help you with much more than just your tax return. Thus, if you are looking for an ongoing relationship with a tax & financial adviser who can suggest tax-saving strategies, a good CPA may be the choice for you.
However, you need to do careful research to find a CPA who's worth the expense. And keep in mind, not all CPAs necessarily specialize in taxation - many focus on corporate accounting or auditing.
When researching a CPA, you can check with the State Boards of Accountancy to make sure he or she is licensed and hasn't been subject to any disciplinary actions.
See also Choosing a Tax Return Preparer
