Tag Archives: Preparing

Tax Preparation Requirements ? What Your CPA Needs when Preparing Your Taxes

The goal of a Certified Public Accountant is to prepare your tax return accurately and with the biggest refund allowable or in some cases, owing less to the IRS. To do so, the CPA has to obtain all the pertinent information from the taxpayer. There are two primary ways to obtain this information. The first option is to sit down, face to face with the client, and ask 40-80 questions, provide them with a list of documents they will need and send the taxpayer home to accumulate the documents.

The most efficient option is for the Certified Public Accountant to provide the taxpayer with a questionnaire and a list of documents they will need before the client arrives in the office. The questionnaire lets the CPA know the areas that they need to research or ask additional questions which in turn could lead to a more robust tax refund for the client.

A typical question would be, “Did you purchase a new car during the tax year?” If the answer is yes, the CPA knows to inquire about sales tax paid (which is a deduction), and can ask further questions about the use of the vehicle (personal or business) which might result in further deductions. A CPA can review the list quickly which lowers the client invoice since most CPAs charge by the hour.

Most CPAs create their own list of documents needed to complete tax preparation for a client, and usually consists of one or two pages. Generally, the minimum a Certified Public Accountant needs is:

– Form(s) W-2 (wages, etc.)

– Form(s) 1099 (interest, dividends, etc.)

– Schedule(s) K-1 (income/loss from partnerships, S corporations, etc.)

– Form(s) 1098 (mortgage interest) and property tax statements

– Brokerage statements from stock, bond or other investment transactions

– Closing statements pertaining to real estate transactions

– All other supporting documents (schedules, checkbooks, etc.)

– Any tax notices received from the IRS or other taxing authorities

– Prior Year’s Tax Return if prepared by different firm.

– Value of donated items.

By bringing these items to your CPA, you will save time, money and frustration – all while potentially uncovering hidden deduction gems and saving you money on your tax return.

John Harman is a Certified Public Accountant in McKinney Texas. With over 25 years in the tax preparation industry, John has the knowledge and insight to get the most out of your corporate or personal tax returns.

Accounting Courses in Australia ? Preparing for the Winds of Change

 There are plenty of study accounting programs available in educational institutes across Australia. These programs provide the students with the opportunities, which are necessary to forge a successful career in accounting. The beauty of these programs is that the education provided through these programs is applicable in a wide variety of professional situations. Of late a number of educational organizations have come up in Australia,which are dealing with accounting and providing a number of programs to train students in this career.

 

The courses and programs, being provided by these organizations, are being developed so that needs of the international and domestic market could be satiated. These needs are changing each and every day and this is placing a lot of strain on the accounting professionals. As a result of these ever increasing and ever changing demands the accounting people are being forced to update themselves. Now with the advent of a plethora of accounting programs and courses in various Australian universities and educational organizations, grounds are being made to make sure that the students are well prepared to take up the challenges, that present themselves throughout the career of an accountant, and solve them with elan.

 

As far as the accounting programs in Australia are concerned, the students are provided with the opportunity to choose their favorite fields. After choosing the students are then provided with the training that is ideal with respect to their chosen areas of accounting. Some of the areas touched in these programs are bookkeeping and spreadsheets. Issues like membership of the Institute of Chartered Accountants in Australia (ICCA) and registration for the post of Certified Practicing Accountant (CPA) are also taken notice of.

 

The courses and programs offered cover a wide variety of subjects like certificates, masters degrees, associate diplomas, master of business administration programs, advanced diplomas, doctorate studies and bachelors degrees. Both theoretical and practical programs are provided but these provisions depend on the particularities of the program like level of study and other requirements. The modern approaches to accounting are also taken into cognizance in the accounting programs, provided by the universities and other educational institutes of Australia.

For more information about the Accounting courses in Australia and we invite you to visit it.

Tips To Follow While Preparing For Your Cpa Exam

Preparation for CPA Exam and CIA Exam Prep requires follow up of techniques and strategies such as allocating more study time for the weak areas. It is well known fact that students love to revise and practice the lessons and areas in which they have acquired required expertise. Though it is good to acquire 100% command of the lessons in which you have only 90% command, one should not ignore weak areas for acquiring command on strong areas. Students must take special care of practicing the difficult areas which have created troubles in passing the CPA exam in the past. Students often don’t feel comfortable in practicing or studying difficult lessons and they switch over to next lesson but this should be avoided and CPA applicants must practice a difficult lesson again and again so as to acquire desired comfort level with the topic. These top tips must be followed while preparing for your CPA exam

 

Make an application for the CPA exam well before the scheduled date of exam. One can get an application for CPA exam from the state board of accountancy. Studying sample papers and previous year’s solved question papers is a must while preparing for CPA exam. Think positive and have faith in your capabilities. Rigorous practicing can make you an expert of all the topics that can be in the question paper of CPA exam thereby making you confident and confidence is the key to success in any exam. Students must practice only the latest accountancy, tax and auditing lessons and must check into the new syllabus so as to buy reference books according to the new syllabus instead of wasting time and money on old syllabus, and out of date books. Keep your mind stress free as stress can lead to concentration failure and no one can succeed in CPA exam without studying with full concentration.

 

Students must take care of the grading process and can use CPA exam software to study so as to pass the CPA exam. One can learn tips and techniques of preparing for CPA exam by using exam review software. 

 

Exam Matrix provides computer based exam reviews for the CPA, CISA, CMA, CIA and EA certification exams. Pass Gaurantee.

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