Accounting
Art of Accounting: A tax preparer’s possible story (but hopefully not yours)
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A staff member would be working her fourth night this week. She was looking forward to the stimulation of working with her fellow staff and the excitement over what she would find in the tax returns she would work on but not the opportunities to call clients to inform them of any unexpected tax balances due or the creativity of the different toppings on each night’s pizzas.
She was a summa cum laude graduate with an MBA and accepted the position at this accounting firm because she was told she would be working on a variety of clients in many industries. The recruiter said she would get a firsthand look at how business really worked. She joined the firm last September but wasn’t given much to do except prepare some partnership and corporate tax returns and extended individual tax returns. Then she had been assigned to work on tax projections, some special projects of tax clients that would normally be done during tax season and, starting in February, tax returns as they came in.
She felt that because everyone was so busy, especially her bosses, it would not be appropriate to complain or question when she would be given the type of work she was told she would be given and which she wanted to do.
When she was hired, she was told there would be a bonus in June based on her tax season performance, but except for working long hours, she did not feel she did anything that would distinguish her or present a value for which she would be paid extra. Also, since she did not work a full schedule until the beginning of February, it was intimated that she would not reach the budgeted hours she was expected to work for that entire period since she started with the firm. She was doubtful she would be paid anything reasonable for her long hours during most of tax season.
She always wanted to be a CPA and business consultant. At this point she is disappointed in her choice and especially with the firm. She is uncertain what to do, but is pretty sure she will give notice as soon as she finds out what bonus she will be getting. She is dreading continuing through June but feels it would be foolish to leave before then.
Is this a fantasy situation, a made-up story or the reality in your firm? You figure it out using your firm as a benchmark against this.
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Total postsecondary spring enrollment grew 3.2% year-over-year, according to a report.
The National Student Clearinghouse Research Center published the latest edition of its
The report found that undergraduate enrollment grew 3.5% and reached 15.3 million students, but remains below pre-pandemic levels (378,000 less students). Graduate enrollment also increased to 7.2%, higher than in 2020 (209,000 more students).
(Read more:
Community colleges saw the largest growth in enrollment (5.4%), and enrollment increased for all undergraduate credential types. Bachelor’s and associate programs grew 2.1% and 6.3%, respectively, but remain below pre-pandemic levels.
Most ethnoracial groups saw increases in enrollment this spring, with Black and multiracial undergraduate students seeing the largest growth (10.3% and 8.5%, respectively). The number of undergraduate students in their twenties also increased. Enrollment of students between the ages of 21 and 24 grew 3.2%, and enrollment for students between 25 and 29 grew 5.9%.
For the third consecutive year, high vocational public two-years had substantial growth in enrollment, increasing 11.7% from 2023 to 2024. Enrollment at these trade-focused institutions have increased nearly 20% since pre-pandemic levels.
Jordan Vonderhaar/Photographer: Jordan Vonderhaar/
The Internal Revenue Service has released
The Inflation Reduction Act of 2022 amended Sec. 55 to impose the CAMT based on the “adjusted financial statement income” of an “applicable corporation” for taxable years beginning in 2023.
Among other details, proposed regs provide that “applicable corporation” means any corporation (other than an S corp, a regulated investment company or a REIT) that meets either of two average annual AFSI tests depending on financial statement net operating losses for three taxable years and whether the corporation is a member of a foreign-parented multinational group.
Prior to the publication of any final regulations relating to the CAMT, the Treasury and the IRS will issue a notice of proposed rulemaking. Notice 2025-27 will be in IRB: 2025-26, dated June 23.
Citigroup lifts banking curbs on gun makers and sellers
Total college enrollment rose 3.2%
Stocks making the biggest moves midday: BMBL, DG, SIG, PINS
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
The Essential Practice of Bank and Credit Card Statement Reconciliation
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