Accounting is the art of recording, summarizing, reporting, and analyzing financial transactions. Many accountants, produce and analyze financial reports. A good accountant can develop a system that will capture all of the necessary details to make the business successful, weather it is managerial, projection, analysis, financial reporting and tax reports. In any business, doesn’t matter how big or small, financial statements are very crucial if achieving success is your ultimate goal. Accounting can be a really broad topic and this paper will focus more in tax accounting and the requirements tone must need to reach a good job position.
In order to become a tax accountant you need to be licensed as Certified Public Accountant (CPA), by the state. To become a CPA you need to meet the requirements of the state or jurisdiction in which you wish to practice. These requirements vary from state to state, are established by law and administered by the state boards of accountancy. To qualify for certification, you must complete a program of study in accounting at a college/university. The American Institute of Certified Public Accountants (AICPA), recommends at least 150 semester hours to obtain the common body of knowledge for becoming a CPA. Pass the Uniform CPA Examination, which is developed and graded by the AICPA, and have professional work experience in public accounting (Education-Portal 2014).
CPAs gain financial knowledge and analytical skill by companies of all sizes and in every industry. The work of a CPA interests me because their work never ends, and they are constantly confronted with the chance to accrue new skills and feign ways to better the accounting process. As in most jobs, a wide range of job options is present in the field of accounting. Tax accountants may advise clients on how to minimize tax liability, inform them of any tax changes that affect their business and ensure compliance with taxing agency requirements. Tax accountants are involved in any disputes or audits that affect their clients.
Every year, Americans need to pay their local, state and federal taxes. Many Americans choose to hire a tax accountant to assist them with this process. Tax accountants can provide advice to clients filing their own taxes or they can be hired to file an individual's taxes. Professional tax accountants will have regular work hour weeks but when the tax season arrives their hours can really increase significantly.
According to the U.S. Bureau of Labor Statistics (BLS), employment of accountants and auditors is projected to grow 13 percent from 2012 to 2022, about as fast as the average for all occupations. In general, employment growth of accountants and auditors is expected to be closely tied to the health of the overall economy. As the economy grows, these workers will continue to be needed to prepare and examine financial records (BSL 2014).
The BSL reported a median annual wage for...