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Accounting Principles Resources

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     The uniform CPA exam is regarded as one of the most difficult professional exams, with a passing rate around 50% for all of the sections. However, attaining a CPA license will give you many opportunities in your career. The requirements for the CPA license vary by state, but they all include education (150 credit hours with basically a major in accounting), examination (it... read more

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The IRS offers free tax help to members of the military and their families. The Volunteer Income Tax Assistance program has help sites both on and off base. This includes VITA sites to help our military overseas. Here are five tips to know about free tax help for the military: 1. Armed Forces Tax Council. The Armed Forces Tax Council oversees the military tax programs offered worldwide... read more

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The Internal Revenue Service today reminded taxpayers who are unable to complete their tax returns on time that it’s easy to get more time to file their return. In fact, it can even be done online. For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.    The... read more

Blogs

The Internal Revenue Service today reminded taxpayers who are unable to complete their tax returns on time that it’s easy to get more time to file their return. In fact, it can even be done online. For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.    The... read more

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If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are some things you should know about adoption tax benefits. Credit or Exclusion. The credit is nonrefundable. This means that the credit may reduce your tax to zero. If the credit is... read more

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I’ve been asked many times, “what is the best learning tool that an accounting student has in their arsenal”. When I’ve proposed this question to other modern accountants, they generally list out the programs they utilize most, Quicken, Excel, or the Intuit program du jour; all are cited as the best learning tools for the future accountant. My own response to this question may surprise anyone... read more

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A recent IRS Notice of Deficiency was sent to Joseph D. Scully, Jr. requiring him to pay additional tax, fines and penalties of $26,000 for a three period. This case was resolved in the U. S. Tax Court for an amount approximate to what the IRS was seeking. The main problem appears to be one that many of us have trouble with, lack of consistency. We all start out with good intentions, but over... read more

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As accountants how do we teach the young/new learners coming into our field the evils of unethical behavior? You would believe that the recent examples of Bernie Madoff and the Enron executives are the best cautionary tales to someone making the choice between fraud and honesty, but the reality is different. Most swindlers never consider themselves criminals and many perpetrators of fraudulent... read more

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Make your New Year's Resolution to increase your study habits.  That might include a qualified tutor who can help you get through the land mines of unfamiliar territory.  I taught accounting for 22 years at college level and would be glad to work with you during the spring semester.  My specialties are the first two accounting courses, managerial accounting, and cost accounting... read more