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.