One of the many specializations that Certified Public
Accountants (CPAs) can choose from after they receive their full certification
as an accountant is US tax accounting. In the United States, the principles of
tax accounting are separate and distinct from the Generally Accepted Accounting
Principles that apply to all other accountants.
Because of this distinction, organizations need accountants who
are experienced in preparing taxes for small businesses or corporations to
ensure that they are in full compliance with the United States tax code. These
tax regulations are changing and getting more stringent as more laws are passed
to rein in financial illegalities after the bank bailout of 2008. The demand
for CPAs specializing in taxes has never been greater.
CPAs can choose to study US tax accountancy methods after they
get their certifications, making them experts in filing taxes and calculating
taxable income. One duty that tax accountants in the United States have to
perform for their clients is determining the type of tax accounting methods.
These methods describe what is counted as taxable income for an individual or
business. The Internal Revenue Code, under section 446(1) to (4) permits cash,
accrual, and other tax accounting methods.
Barry Dufrene is a CPA with decades of experience in the
government and private sectors. He worked for 32 years for the Parish of St.
Mary in Louisiana, then shifted to taking over as the Chief Financial Officer
for Yellow Fin Marine Services, a local small business near his home in Morgan
City.
