Looking for Sr. Accountant For Public Accounting Firm
Sanjiv Gupta CPA - 3 months ago
Accounting: Prepare general ledger entries by maintaining records and files, reconcile accountsPrepare consolidated internal and external financial statements by gathering and analyzing information from the general ledger systemDevelop and implement accounting procedures by analyzing current procedures. Assisting with month-end process and related financial analysis.Establish tables of accounts and assigning entries to proper accounts.Develop, implement, modify and document record keeping and accounting systems, making use of current computer technology.Advise clients in areas such as compensation, employee health care benefits, the design of accounting or data processing systems, or long-range tax or estate planning. Transaction data entry, account reconciliation, general ledger write-up and journal entry preparation for adjustment of books as required by US GAAPPeriod-End Close Process ManagementCompilation, Analysis, and Presentation of Financial Statements. Reconciliation of Bank Accounts, Credit Lines, & Loan PaymentsEffective work paper preparation in compliance with firm standards and proceduresDevelop, maintain and analyze budgets, prepare periodic reports that compare budget costs to actual costs. Tax preparation role: Prepare the tax returns from Accounting data and entering them into the Tax software. Recognizing tax saving opportunities for clients.Preparing tax returns for individuals, trusts, partnerships and corporations. Proactively interact with clients to gather information, resolve tax-related problems, and make recommendations for business and process improvements. Preparation of federal, state and local income tax returns for individuals and various types of corporate entities including but not limited to C-Corp, S-Corp, LLC, etc.Tax Compliance (Domestic & International)Preparation of payroll, sales tax, and other miscellaneous business filings as requested.
Job Search Expense Tax Deductions
Sanjiv Gupta CPA - 7 years ago
Many have been having a hard time finding a job position in an economy that has been experiencing a recession. Job-related expenses may seem negligible, but for those with no income, these expenses can take up a large amount of available money. Job search-related expenses are eligible for a tax deduction.Eligible job expenses that can be claimed in taxes must meet specific criteria. The job expenses are eligible for a tax deduction if you are related to your current career. Employment agency fees are also eligible for a tax credit if you used an agency while unemployed.Travel expenses can also be used for the time spent during your job search. Both bus fare and gas expenses can be claimed on federal taxes. The cost of stamps and mailing supplies for sending out resumes is another deduction that can be used for job applications that went through the U.S postal service.Job search expenses are not eligible for deductions with those who are looking for work for the first time. This can apply to high school students looking for a job and it can apply for those who have never had a job and are finishing a degree program. If you have had a job and have had a substantial break from the workforce, you are still eligible to use the tax credit to offset any job search expenses that you have incurred. Job search and application expenses must be claimed for the specific tax year only.
Apple Tax Conspiracy Explained
Sanjiv Gupta CPA - 7 years ago
There was a huge uproar among the US Senators that the IT major Apple has been evading billions of tax payment by using loopholes and gimmicks to escape from the tax rules. Apple was accused of cheating the US taxpayers of huge amounts of revenue.Apple was said to have smartly used the rules correctly and escaped from trillions of tax payment. Tim Cook, the CEO of Apple as questioned for hours together and the media saw a top story in this. Cook was in the limelight for all the wrong reasons. The US senators conveniently forgot the efficient way in which Cook took over from the great Steve Jobs when the latter died suddenly of pancreatic cancer. All that was spoken about Cook was that he scandalized the tax system by escaping from the rules.However, every coin has two sides. The same applies to the tax scenario at Apple too. It is always good to have a neutral side and view things and take the decision, then viewing things judgmentally. The US Senator, Rand Paul had the court at a loss of words, when he argued that the senators who argued against Apple also took efforts to minimize their own taxes.Paul, in fact, insisted that anybody would try whatever it takes, to ensure that only minimum taxes are paid and that Apple was no exception to the rule. Another factor that went in favor of Apple was the huge contribution it made to the Internal Revenue System in terms of corporate income tax, payroll taxes and the taxable income paid to its employees.However, the real cheat is not Apple, but the whole concept of corporate income tax itself. This is one of the worst types of taxes in the US and allows many loopholes for any company to manipulate and get out of the tax burden easily. There is no scientific design employed in the structure of the corporate tax.For example, a company has a corporate income tax rate of 35%. Assuming its pretax profits are $100 billion and the per-share price is $100, and then the tax that the company needs to pay is $35 per share. Now there are two kinds of people who own stock in this company. One is the aged woman whose economical levels are middle class and has limited stock holding. The rate applicable to her is 35%. The other type of shareholder is the multi-millionaire who lives life king size and owns the majority of the stock. The same 35% applies to him.This is where the corporate income tax is regressive in nature. Corporations are only legal entities and do not have a real identity. So a sensible way to apply this tax would be differential rates for stockholders depending on the quantity of stock they hold. Out of pretax profits of $56 billion last year, considering the tax provision, Apple’s tax per share came to around $15 and this does not qualify for cheating in any way.
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