The Tax Preparation Blog

Posts Tagged ‘accountancy’

Question: How to save £150,000 in 5 years time?

Hi, I just started my job as a graduate. My net income after tax & NI is approximately £25,000 now and gross salary increases average 10% every year. I can also work as a freelance translator and expected average income is £5000 per year. I live in London and I save about £1,000a month. I have a few plans and I need at least £150,000 in 5 years time to make it. How can I make that much without taking a risk of stock trading etc? Also what’s the best way to increase my income level? currently i work as a financial analyst for an energy company and studying accounting qualification but I don’t want to be in finance too long. what would be the best way to save that much or more and to be rich in general? one day I want to have my own business, but I don’t have a clear idea at the moment.

Answer: In today’s market, and with the UK’s tax structure, I would consider this an admirable but unattainable goal.

Fortunes are built like walking the road from London to Scotland…. one step at a time.

Your patience, and your age will be your best allies in the long run…

Lighthouse Group PLC – Preliminary Results

Lighthouse Group PLC – Preliminary Results

AAT – Your big future

Question: accounting: change in tariff how to recognize?

Hihi, im stuck on a assignment question, it asks for me to prepare a memo to the CFO regarding issues that will affect the companys liquidity (under IFRS)

this issue is that, currently the company is being charged 20% anti-dumping fee to the US, and canada has been negotiating to reduce/cancel this imposed tax, and the appeal is going smoothly, currently, US is allowing the company to export as long as it has money saved up (in case the appeal does not go through)

how should the money saved up be recognized? and it has to be under IFRS

Answer: The money set aside would be “Restricted Cash”. It would be shown on the balance sheet under either current assets or long-term assets, depending on the length of time it is expected to be held.

Govt to notify converged accounting norms for IFRS by December

Corporate Affairs Secretary said the accounting standards are almost ready and all issues, including the tax implications for the convergence, will also be resolved.

IFRS Services for Public Enterprises

Question: How much does a Medical Billing Coordinator make?

I am currently a Tax Accountant and have been with a large corporation for almost 15 years. I saw a job post for the above job and responded with a resume since I fit all the qualifications and the position sounded interesting. the job is also very close to my home, which is a definite plus. However, they failed to mention, how much the job would pay. How much does this type of position pay?

Answer: about $ 32,000 for a medical billing coordinator.

AMHC is currently seeking applications for an Accountant II

The Arkansas Minority Health Commission is currently seeking applications for the position of: Accountant II Grade: C117 Position #2215-2421 Location: Little Rock, AR Minimum Qualifications: The formal education equivalent of a bachelor’s degree in accounting; plus one year of experience in accounting or a related area. Additional requirements determined by the agency for recruiting p…

Writing a Functional Resume

Question: Help me get some IRS peace of mind! To H&R Block or not to H&R Block?

I’m a nonresident alien and it’s my first year earning income here – barely $20k, part of it as a freelancer – so my situation is pretty complicated: Long 1040NR, 8843, schedule C, tax treaties… not to mention an 843 I need to turn in. And no software supports NR filing with all its nuances.

But I’m a stubborn autodidact… after 30 hours or so of tax immersion, I’m done preparing everything, but mostly fear the unknown: what if I missed something small, or big? Some people tell me not to worry, others tell me IRS horror stories… and considering my income, I don’t wanna spend hundreds of $’s on an accountant!

H&R’s “second look” service seems just like what I need… for $30 they verify your return. Can I trust them? Yahoo Answers is full with unsatisfied customers. Am I better off shelling out another $40, to get their audit&penalty guarantee?
Liz, thanks for the careless and irrelevant advertising… taxslayer, like any other software, doesn’t do NR taxes.

Answer: I wouldn’t take any kind of complex return to a storefront mill. Ever. And NRA returns are some of the most complicated returns going. The typical Block, Hewitt or Liberty “tax pro” would be clueless.

The truth is that with your 30 hours of immersion, you probably know more about NRA returns now than any 50 Block employees — and that includes the more experienced staffers a that.

If you want a review you’ll have to seek out a CPA or EA who specializes in NRA matters. Folks with that specialty tend to cluster where the work is, around schools with large international student populations and in major cities.

An EA would probably be a better bet than trying to cold-call large numbers of CPAs though, and you should be able to get a direct line to one fairly quickly through the National Association of Enrolled Agents website at http://www.naea.org/MemberPortal/ . Do be prepared for some expense, especially this late in the season, though an EA would generally be less costly than a CPA.

And don’t be too terrified with the IRS. With $20k in income you’re not a “big fish” to the IRS. If your numbers are reasonable and there are no glaring errors or mis-statements of fact on your return it should proceed through without issue.

2nd UPDATE: IRS Unveils Plan to Regulate Tax Return Preparers

(Updates with comment from H&R Block, enrolled agent.) WASHINGTON -(Dow Jones)- The Internal Revenue Service said Monday it will require registration and competency exams for legions of tax return preparers that now largely escape regulation.

Should you hire an accountant?

Question: What are the best study guides for MS Word & Excel 2003 certification for one with little experience?

I need to learn Word and Excel to improve my resume as a tax accountant; I want to learn both and get certification within 2-4 months. Can you recommend any of the study guides to use for the MS 2003 series?

Answer: There are a few places to get some help. It depends on your preferences, and what style of book you would learn best from.

The first place to start would be a good bookstore (i.e. Barnes and Noble, Borders, etc.) Check out the MS Press series of books entitled Step by Step. This books are actually designed to walk you through the topics necessary to pass the MOUS exams. They are very tightly coupled to the exam, they provide good real-world examples, and they serve as a very nice reference book for years to come.

The other sources would be Element K courseware ( http://elementkcourseware.com/welcome.do ) and Thomson Course Technology ( http://www.course.com/catalog/default.cfm ). These companies provide the classroom instructor-led materials used in corporate America every day.

I used to do corporate training classes all over Massachusetts. I would use these manuals almost interchangeably. The downside of them is that you would need to buy one workbook for each level in each program. For instance, there is one workbook for Intro to Excel, another for Intermediate, and another for Advanced. There may be more, such as Macros and VBA. You will have to check out the offerings at each companies’ site.
Of the two companies, the Thomson books are more realistic and are very colorful with lots of screen shots. THe Element K books are less appealing, but they are extremely detailed in their descriptions of each step in each exercise.

In closing, I would go the Step by Step route first. And by all means, stay away from the ‘Dummies’ series of books. If you are serious about learning this stuff, then get some serious books.

Good luck!

Tri-State Tax & Accounting, Refunds USA welcome new tax team members

Dan Hanson and Kristy Hurley have joined the staffs of Tri-State Tax & Accounting and Refunds USA. Hanson was born and raised in Austin and has lived in Austin for the last 29 years. He has a bachelor of science degree in accounting from St. Cloud State University.

Ho’oponopono with Mabel Katz – Personal Mastery Interview with Tina Carey – part 3/3