CPAs are adept at dealing with the IRS. If you're audited or owe back taxes to the IRS, your CPA can help resolve the issue in your favor. Their knowledge and participation can minimize penalties, lower assessed taxes and give you more time to pay what you owe.

You should hire a CPA to: Manage your finances: A CPA will be able to help you with your finances by providing advice on how to set up and structure your business, and plan for its future. They know how best to plan for growth to minimize risk and maximize profits.

The decision to hire a personal accountant depends on individual financial needs, comfort with DIY accounting, and willingness to invest in professional assistance. Alternatives to hiring a personal accountant include self-education, online research, and using money-management apps.

They may perform account analysis, review financial statements, and other reports to ensure they are accurate, conduct routine and annual audits, review financial operations, prepare tax returns, advise on areas that require efficiencies and cost-savings, and provide risk analysis and forecasting.