Q. It is my understanding you have to be a CPA to own PC who prepares compilations & reviews. Can an enrolled agent buy into a CPA Firm?

A. It may vary from state to state but yes you can "buy" into a professional firm but you are still going to have to have someone there who is a licensed CPA to conduct business. I repair copiers at a local medical firm that has a full staff of doctors but is actually owned by a small group of investors who have no medical experience whatsoever.

Q. I just came to Dallas TX,USA .I have undergrade degree in Business Admission.Now i want to study accounting.So i am looking how can i go to CPA.Can anybody help me how to approach to it.

A. I hate to be anal about things, but the correct abbreviation for CPA is Certified Public Accountant... to find information on becoming one for your state board accountancy, do a google search of Texas CPA. Recommended materials in preparation of the exam is of course Becker CPA materials. Good luck!

Q. After looking at a certain user's credentials, it made me question it because it really doesn't make sense. The person had 24+ years of accounting, 14+ years of CPA, and 7+ years of tax preparation experience. So why is it that you can do tax returns as a accountant and not be licensed as a tax preparer? It seems a little backwards to me. I mean you should be licensed to prepare taxes before you could be a CPA and a CPA before you could be an accountant. That's just my two cents.

A. You can be an accountant just by working in the field and getting on the job experience. The CPA credential is given by state boards in order for the holder to give an opinion on financial statements. That is the only purpose of the CPA designation. This is why the person had so many years as a CPA without the same years of tax experience. Taxes are secondary to us CPA's as our main job is protecting users of financial statements. Most CPA's make their big money from audits and consulting, not tax work. Just about anybody can do tax work. However, only Tax Attorneys, CPA's, and EA's can argue in front of the IRS.

A. You need a CPA to do an official audit of a publicly traded company. Otherwise, except in the few states or cities where there is some licensing requirement, no, you don't need any CPA, education, or even experience. Scary, huh?

Q. Where I am from (New Zealand) we have chartered accountants but not cpa's. What is the difference and how long does it take become a CA and CPA. Which countries do the have CPA's in. and is it difficult to become either of them?

A. They're almost the same thing. NZ has a Chatered Accountant and the US has a Certified Public Accountant. I'm not sure of the requirements to be a CA in NZ, but for CPA's you have a minimum education requirement, set by each state, a work requirement, and you have to pass the Uniform CPA Exam. If you've got your sight set on being an accountant, it's not to hard to become a CPA. For instance, the state I ilve in, you must have 150 semester hours of college credit and work at leat a year in a professional accounting setting, as well as pass the CPA Exam. Getting the education takes more effort as you can get a BS degree at most schools with only 120 hours or so. That's at least another year of school and then you have to work and pass the exam. The exam can be rough. If you don't study for it, you will not pass it, simple as that.

Q. CPA degree is called a Certified Public Accountants degree of USA. I just wanted to know is this degree is a par with the degree of CA of UK or India? This question to be viewed in global perspective and in the US context.

A. Actually CPA is not a degree in the USA. CPA is a ranking or license of certification. To get this rating you must past a state sponsored exam. Normal canidates have degrees in accounting. The CPA has passed a very challenging test. I am an Engineer and I took the state sponsored Professional Engineering Test to be come a Professional Engineer. Same as the CPA does, I am a PE.

Q. I graduated with my Bachelors in Accounting in 2007. I have worked as an Accountant since then. I want to improve my skills and get a better job. Should I go to grad school, or should I buy a CPA book and start studying for my CPA exam? I have learned a lot from being an accountant, and what would be more beneficial for me? Would I be able to take my CPA exam (and understand its information) without doing my masters?

A. I do believe you need a certain number of graduate credits to be eligible to write the exam. Depends on the state, but I've heard up to 30 credits. best check the state you plan to practice in. I would go CPA over Masters in accountancy - CPA allows you to practice and to sign off on audits, etc. Masters is good for a long-term career, but for now, CPA would be the better bet. and yes, you would be able to understand the information without doing a masters. you may also consider doing the CMA - less known but it's probably easier to get. always nice to get more letters behind your name

Q. I have a limited liability (real estate based) investment that I inherited in '97. I sold it last year and need to get the basis of this investment. The CPA who has been handling the tax returns for this partnership told me that she may not have records that go back that far. The general partner told me to ask the CPA, the CPA referred me back to the general partner. How can I get my basis for this investment? Is the CPA under any legal obligation to provide me with this info once I request it? If so, does the CPA have a time restriction or can she keep me in limbo forever as long as she says she'll look into it?

A. Okay the cost basis would simply be the market value of the asset at the time you inherited it. You can actually guestimate. It is not that big of a deal. **I would say get them on a conference call and tell them you want it resolved.**