Tax accounting firms have two busy seasons, each preceding the major reporting deadlines found in April and October. Most tax accountants go on vacation April 16th, assuming they've been busy preparing personal tax returns. On April 16th, I went to class. This is my life.
I didn't return to tax work until after visiting Japan in early May, post-finals. At the end of May, I resumed my position at the firm. "Jeff the Intern" is what they called me...the same as every other job I've ever worked. But what "Jeff the Intern" didn't know is that boutique tax firms still have work to do on April 16th. I found it waiting for me.
After some furniture moving and office rearranging, a recent vacancy at the firm left me with my own office for the summer. My history as an Intern in various capacities at various firms and government agencies moved me along from a "bullpen cubicle," to just a plain cubicle, to a shared desk in an office, to my own desk in a shared office, and finally to my own office.
This new office came at an opportune time, since I was just about to find out what tax accountants do in the summer: more tax returns. But in the summer, the tax returns are different from normal. We do property tax returns and FBAR forms (Foreign Bank Account Reporting), to name just a few. I mention these in particular because completing these forms for all the firm's clients became my responsibility for the summer. Notably, I was given a list of several dozen clients who needed DC personal property tax returns completed, and was told to complete those forms for every one of them.
I worked extra hard and finished all the returns in just a few weeks. My supervisor was pleasantly surprised.
-----Commentary-----
With this repetitive work consuming my days during the summer, I turned into a routine zombie. Tax returns for people are interesting because everyone's life is so dynamic and different from anyone else's. Personal property tax returns are boring. They involve listing furniture items, computers, and all other "personal property," so that the state governments may tax the value of these items. There are very few loopholes. No loopholes = boring.
In terms of becoming a zombie, I developed a routine that pervaded my life and overtook my individual willpower. The days went by as follows: Gym, Work, Lunch, Work, Auditing Class, Sleep. The weekends were spent studying auditing and cooking, one of the few things that relaxes me. I use the word "zombie" because I could feel my entire life going on auto-pilot. This experience enhanced my understanding of adult-life. I've work three summer jobs, and in retrospect, they've all gone this way. I can clearly see why working parents say, "they just grow up so fast," when referring to theirs and others' kids.
At work, one is forced to be so engaged all the time (at least in the accounting profession), that the days just melt away. Happy hours seem like happy minutes and 18 years of a son or daughter's life seem like the distance between staff 1 and senior.
I am learning that the key to success, the key to making money, is to do nothing other than embrace the lifestyle and try milking it for all it's worth. Taking on each day with the goal of sapping as much experience as possible from the activities of daily life is the way to tackle this, the accountant's, lifestyle.
Showing posts with label accounting. Show all posts
Showing posts with label accounting. Show all posts
Tuesday, January 12, 2010
Sunday, March 29, 2009
Two Types of Clients
The workload of returns is beginning to pick up. My tasks now mainly entail entering data in the tax program, Pro Systems fx, for the supervisor, or actually completing returns myself. Mostly I am piecing through hundreds of documents at a time, trying to get things organized. Soon I'll be taught how to file extensions!
I've come to find that there are generally two kinds of tax return clients, with my preference being neither toward one nor the other. 1st) The client who turns in very few documents. 2nd) The client who turns in every piece of paper in their house.
* * *
With the 1st type of client, the preparer has an easier time organizing and compiling the return, but s/he must wait a long time for the client to send in every last document. How I've learned to deal with clients like this: compile as much of the return as possible, and then make a list of missing items; contact the client with the long list of items and request that the documents be faxed/mailed in ASAP; as the documents arrive piece-mail, check them off the list; when every item on the list is checked off, then proceed to finish the return. This way, the preparer (me) only has to see the return twice, and the client is happier because I don't have to bill them as many hours.
If I put each document into the return as I receive it, then I likely have to analyze their whole case again, and that's a waste of time. So while this type of client can be less aggravating to deal with than the 2nd type, his/her return still has to take up space in my filing cabinet for several months. Likewise, the client remains on my mental WIP* list, which can seem to become overloaded at times.
* * *
The 2nd type of client is the one who sends me their entire life on paper. These are the people who can rest assured that every single penny that's legally deductible will make it into their return. What they often don't realize is that when they send their accountant a bunch of good stuff lumped together with a bunch of crap, then the accountant has to sort through it. Sorting takes time. Time equals money. Do the math.
I sometimes get frustrated when a client sends in hundreds of prescription receipts without having counted them first and given me a subtotal. It means that I have to undertake the mundane task of counting them- something that years of accounting coursework is trumped by. The client's tax preparation bill will undoubtedly be higher, but this 2nd type of client can sleep easy at night knowing that they got all their deductions.
By the way, it bothers me when I have to count prescription receipts and it ends up being that the client takes the standard deduction because their itemized deductions weren't high enough.
* * *
Either way, Client 1 or Client 2, both get the peace of mind that their taxes have been done correctly to the fullest extent the preparer was able, given what was turned in. My third grade teacher used to say "Cakes and turkeys get done, people get finished." I say "Cakes, turkeys, and tax returns get done, people get finished." If you peak at this Washington State University web page, you'll be led to believe that my third grade teacher may have incorrectly corrected her students. Now I'm stuck in this rut of finishing things, never simply 'doing' them.
The time has come to sort out which accounting classes I will take in the fall. Tax could be in the mix....
~
I've stopped numbering my work days- the post titles were too mundane.
*WIP = Work in Process
I've come to find that there are generally two kinds of tax return clients, with my preference being neither toward one nor the other. 1st) The client who turns in very few documents. 2nd) The client who turns in every piece of paper in their house.
* * *
With the 1st type of client, the preparer has an easier time organizing and compiling the return, but s/he must wait a long time for the client to send in every last document. How I've learned to deal with clients like this: compile as much of the return as possible, and then make a list of missing items; contact the client with the long list of items and request that the documents be faxed/mailed in ASAP; as the documents arrive piece-mail, check them off the list; when every item on the list is checked off, then proceed to finish the return. This way, the preparer (me) only has to see the return twice, and the client is happier because I don't have to bill them as many hours.
If I put each document into the return as I receive it, then I likely have to analyze their whole case again, and that's a waste of time. So while this type of client can be less aggravating to deal with than the 2nd type, his/her return still has to take up space in my filing cabinet for several months. Likewise, the client remains on my mental WIP* list, which can seem to become overloaded at times.
* * *
The 2nd type of client is the one who sends me their entire life on paper. These are the people who can rest assured that every single penny that's legally deductible will make it into their return. What they often don't realize is that when they send their accountant a bunch of good stuff lumped together with a bunch of crap, then the accountant has to sort through it. Sorting takes time. Time equals money. Do the math.
I sometimes get frustrated when a client sends in hundreds of prescription receipts without having counted them first and given me a subtotal. It means that I have to undertake the mundane task of counting them- something that years of accounting coursework is trumped by. The client's tax preparation bill will undoubtedly be higher, but this 2nd type of client can sleep easy at night knowing that they got all their deductions.
By the way, it bothers me when I have to count prescription receipts and it ends up being that the client takes the standard deduction because their itemized deductions weren't high enough.
* * *
Either way, Client 1 or Client 2, both get the peace of mind that their taxes have been done correctly to the fullest extent the preparer was able, given what was turned in. My third grade teacher used to say "Cakes and turkeys get done, people get finished." I say "Cakes, turkeys, and tax returns get done, people get finished." If you peak at this Washington State University web page, you'll be led to believe that my third grade teacher may have incorrectly corrected her students. Now I'm stuck in this rut of finishing things, never simply 'doing' them.
The time has come to sort out which accounting classes I will take in the fall. Tax could be in the mix....
~
I've stopped numbering my work days- the post titles were too mundane.
*WIP = Work in Process
Wednesday, February 11, 2009
Fourth Day of Work
I left the building for lunch. Talk... about... HUGE. I ate lunch for the first time without looking at a tax return. I deserved it, though- keep reading.
Today was the day of double deductions! I was working on the return for a husband and wife couple, with each partner owning their own business. The pair submitted paperwork to the firm about all of their business's activities for the last year. Well, I had to sort through page after page of useless schedules in an attempt to find the few schedules of actual substance. I began to enter figures into the tax software, coding each with a "T" for taxpayer or an "S" for spouse (see note at end), when I noticed that many of the figures were the same for both partners' businesses. Not only that, there were some expenses that were claimed as one partner's business expense, and the other partner's personal expense. Talk about confusing!
Throw in a half-dozen mortgages, interest and dividends from dozens of accounts, a living trust, foreign investment taxes paid, charitable contributions, a half-dozen W-2s, and various 1099 forms that I didn't even know existed, and the result is quite obviously a GARGANTUAN MESS. So, the fact that there were duplications of many expenses that the clients wanted deducted just added to the already insane nature of this return. I think the client was expecting a single expense to be deducted in several places, but I wasn't fooled. There's no doubling up- you get it once and that's it!
A few more things truly made this the tax return from hell: the clients want all the original documents back once the return is filed, and the clients' business activities took place across multiple states. As icing on the cake, there were so many 1098 forms that I was unable to determine exactly which paired with each of the numerous properties...yet, at least.
Getting out of the office for lunch, in the middle of this natural disaster, was my daily slice of heaven. It was about 65 degrees F when I went for a sandwich. Later in the afternoon, I was almost lucky enough to spend time responding to correspondence from the IRS... but the task above consumed most of my day. Darn. : (
I will add that this particular husband/wife couple is UNBELIEVABLY LUCKY that I'm not being billed to clients yet. I'm still reporting my hours as "training," per my supervisor's instructions. I assure you, though, that the sheer amount of crap that had to be sorted through would've taken any CPA just as long as it took me.
Note: I code each partner of a joint return as the "Taxpayer" or the "Spouse" so that, even though the pair may be filing jointly, informational/phony "married filing separately" returns can be produced for the couple to see the tax implications of filing separately.
Today was the day of double deductions! I was working on the return for a husband and wife couple, with each partner owning their own business. The pair submitted paperwork to the firm about all of their business's activities for the last year. Well, I had to sort through page after page of useless schedules in an attempt to find the few schedules of actual substance. I began to enter figures into the tax software, coding each with a "T" for taxpayer or an "S" for spouse (see note at end), when I noticed that many of the figures were the same for both partners' businesses. Not only that, there were some expenses that were claimed as one partner's business expense, and the other partner's personal expense. Talk about confusing!
Throw in a half-dozen mortgages, interest and dividends from dozens of accounts, a living trust, foreign investment taxes paid, charitable contributions, a half-dozen W-2s, and various 1099 forms that I didn't even know existed, and the result is quite obviously a GARGANTUAN MESS. So, the fact that there were duplications of many expenses that the clients wanted deducted just added to the already insane nature of this return. I think the client was expecting a single expense to be deducted in several places, but I wasn't fooled. There's no doubling up- you get it once and that's it!
A few more things truly made this the tax return from hell: the clients want all the original documents back once the return is filed, and the clients' business activities took place across multiple states. As icing on the cake, there were so many 1098 forms that I was unable to determine exactly which paired with each of the numerous properties...yet, at least.
Getting out of the office for lunch, in the middle of this natural disaster, was my daily slice of heaven. It was about 65 degrees F when I went for a sandwich. Later in the afternoon, I was almost lucky enough to spend time responding to correspondence from the IRS... but the task above consumed most of my day. Darn. : (
I will add that this particular husband/wife couple is UNBELIEVABLY LUCKY that I'm not being billed to clients yet. I'm still reporting my hours as "training," per my supervisor's instructions. I assure you, though, that the sheer amount of crap that had to be sorted through would've taken any CPA just as long as it took me.
Note: I code each partner of a joint return as the "Taxpayer" or the "Spouse" so that, even though the pair may be filing jointly, informational/phony "married filing separately" returns can be produced for the couple to see the tax implications of filing separately.
Wednesday, February 4, 2009
Third Day of Work
Today seemed to move so slow. I have to use a lot of brain power at my job, so it feels really tiring in a hurry. I'm not used to having to think so much because my previous jobs didn't require too much learning. Now, however, I am attempting to absorb an ocean of knowledge about Tax, and it's really quite a challenge.
I began the day by getting set up in the office's payroll and time keeping system. Though I'm not being billed to clients yet, I still must keep good track of my time so as to acclimate myself to normal practice. I keep detailed notes about what I do, who I do, and for how long I do it. When I say "who I do," of course, I'm referring to the client whose return I am working on.
I spent some time learning how to print out blank tax forms. With the blank forms, it's easy to take a person's file and go through each document, one-by-one, and input all the important figures into the appropriate boxes. As I was doing just that this morning, I would recheck my work, and pass along what I'd done to my supervisor who would correct my few errors. After the corrections were made, I could enter all the client's return information and figures into the computer program, which then computes everything and assembles the return. This process is easy enough for simple tax returns, but unfortunately, most of the returns we do where I work are incredibly complex. I think mainly we work for people who are really good at what they do, so they make a lot of money.. but what they do isn't accounting. Ergo, they don't have either the time or know-how to accurately complete their own return.
I ate some crackers with cream cheese, and some sliced red peppers and cucumbers for lunch. Lunch flew by quickly, the only part of the day that did so. After lunch was more learning from my supervisor. We reviewed deductions and their limitations. I learned where business deductions versus personal deductions belong.
Certain figures that clients provide, like amounts of charitable contributions, we just plug into their return and both parties (the accountant and the client) share the understanding that should the IRS come knocking, the client is responsible for proving what they've claimed. I've begun to learn what types of claims by clients cannot just be filled in at a client's whim, and which we actually require documentation for. For example, we cannot fill in a client's income information without having their W-2. Seriously, we can't just take your word for it... you've got to show us.
So all this learning was taking place, and my brain was starting to ooze from my ears! I was able to finish the day with a little clerical work, which took some of the edge off... even though it was only then when I began to drink the coffee. I really feel like I'm earning my money at this job. I can see why the accounting profession is potentially very lucrative. With all the thinking that goes on, the salaries just make sense. This isn't simple math thinking, this is complex reasoning and analysis that requires a pretty intelligent brain to begin with.
I began the day by getting set up in the office's payroll and time keeping system. Though I'm not being billed to clients yet, I still must keep good track of my time so as to acclimate myself to normal practice. I keep detailed notes about what I do, who I do, and for how long I do it. When I say "who I do," of course, I'm referring to the client whose return I am working on.
I spent some time learning how to print out blank tax forms. With the blank forms, it's easy to take a person's file and go through each document, one-by-one, and input all the important figures into the appropriate boxes. As I was doing just that this morning, I would recheck my work, and pass along what I'd done to my supervisor who would correct my few errors. After the corrections were made, I could enter all the client's return information and figures into the computer program, which then computes everything and assembles the return. This process is easy enough for simple tax returns, but unfortunately, most of the returns we do where I work are incredibly complex. I think mainly we work for people who are really good at what they do, so they make a lot of money.. but what they do isn't accounting. Ergo, they don't have either the time or know-how to accurately complete their own return.
I ate some crackers with cream cheese, and some sliced red peppers and cucumbers for lunch. Lunch flew by quickly, the only part of the day that did so. After lunch was more learning from my supervisor. We reviewed deductions and their limitations. I learned where business deductions versus personal deductions belong.
Certain figures that clients provide, like amounts of charitable contributions, we just plug into their return and both parties (the accountant and the client) share the understanding that should the IRS come knocking, the client is responsible for proving what they've claimed. I've begun to learn what types of claims by clients cannot just be filled in at a client's whim, and which we actually require documentation for. For example, we cannot fill in a client's income information without having their W-2. Seriously, we can't just take your word for it... you've got to show us.
So all this learning was taking place, and my brain was starting to ooze from my ears! I was able to finish the day with a little clerical work, which took some of the edge off... even though it was only then when I began to drink the coffee. I really feel like I'm earning my money at this job. I can see why the accounting profession is potentially very lucrative. With all the thinking that goes on, the salaries just make sense. This isn't simple math thinking, this is complex reasoning and analysis that requires a pretty intelligent brain to begin with.
Sunday, February 1, 2009
Second Day of Work
I arrived at my work building yesterday at 8:30 AM. Nobody from the firm mentioned that the building would be locked on Saturdays, however, and that a special key is required to gain entry. Luckily for me, someone from a different business located in the same building came to work a few minutes later, and let me into the building.
Nobody from the firm mentioned that the same special key would then also be required to operate the elevator or unlock doors in the fire escape. AKA I was stuck in the lobby of this building for a short while. Eventually a desk attendant of some kind was able to assist me, and I met my new supervisor in the elevator on my way up to the office.
My new supervisor, not the same person who runs the firm and who hired me, was born in the 1920s to the best of my knowledge. He has an office assistant who performs all of his letter-writing needs. Thus, it's the three of us who sit in one medium-sized office to do our work.
My supervisor says to me, "Don't trust anyone!" Sure... then he says "If you have a question, ask ME and don't talk to anyone else!" Well then... "You're allowed to make two kinds of mistakes when you work for me.. do you know what they are?" I replied "no," that I have no idea. He says "None, and none whatsoever." Finally he says, "you have to be perfect when you work for me, or really close to it."
It would seem these are the terms of my employment, and yet I like them. My new supervisor keeps things orderly, maintains meticulous records, and gets every job done efficiently. What's more, he encourages me to ask questions. Because I'm learning the ropes of this brand new "tax world," I'm more than welcome to interrupt him any time I like to ask questions. From what I've heard from other CPAs, accountants in general don't like to be bothered. I'd heard that older accountants especially are very reluctant to take time out of their busy schedule to teach younger employees new things. My supervisor, on the other hand, is the exact opposite, and I love it!
I want to learn as much as I can about the business I'm working in, and I think that things are going to work out very well between my supervisor and I.
I began the day by having a snack. Yesterday was the first Saturday of Tax Season that all personnel are expected to work. From now until April 15th, I and every other accountant at the firm will be in on Saturdays. Accordingly, each member of the team has signed up for a Saturday that they will bring breakfast for everyone else to snack on in the morning. So I ate a croissant.
Then I was given the task of printing off some "Pro Forma" forms using a computer system. These were basically blank tax forms that my supervisor and I would use to write in information about clients. I began to sort through a client's tax documents, and as I found important numbers, I would input them onto these blank Pro Formas. Afterward, my supervisor went through my Pro Formas line-by-line to ensure that I'd put things in the correct place, and to correct me where I hadn't. Although I didn't get this far, the final step will be to type these hand-written numbers into the computer's tax program, so that the return can then be compiled.
One might think that this is a simple process, but there are over 250 schedules and other IRS forms that can potentially be worked through, and some clients have incredibly sticky tax situations. When people work a job, own a business, have a trust, IRA, inheritance, etc, and live in a foreign country... holy boboli things can get messy really quick. It's not as easy as just punching numbers into the computer, either. As accountants, we have to look into how certain figures are contrived, to ensure that neither we nor the client are breaking the law.
I've found that we tend to be conservative in the tax world, for example we may be slow to include certain deductions on a Schedule A because of one reason or another. At the same time, though, if a client provides us with information that they assure us is factual, even though they do not submit supporting documents to verify the situation, we simply go with what the client wants. Naturally, however, the client is informed in writing that they must be able to provide proof of every figure quoted on their entire return to the IRS, should they be audited.
As the day moved along, my supervisor had to leave the office, and his letter-writing assistant left too. I was left to do research and reading. I spent some time trying to memorize tax forms, so that in the future I don't have to look very long for the place where a number goes. I also read the firm's "Quality Control Assurance" manual. That was interesting and provided some guidance on how to do my job, and the professional expectations that the workplace carries. Lastly, I ran through some tutorials on the computer to familiarize myself with the tax software that the company uses.
All-in-all, I wasn't too thrilled to be working on a Saturday.. but I'll get used to it soon enough, for I know that getting used to working 6 days per week during financial statement seasons, or tax season, will be a must for when I begin working in the accounting business full time.
I also tried the coffee in the office's kitchen for the first time.. french vanilla. Yum.
Nobody from the firm mentioned that the same special key would then also be required to operate the elevator or unlock doors in the fire escape. AKA I was stuck in the lobby of this building for a short while. Eventually a desk attendant of some kind was able to assist me, and I met my new supervisor in the elevator on my way up to the office.
My new supervisor, not the same person who runs the firm and who hired me, was born in the 1920s to the best of my knowledge. He has an office assistant who performs all of his letter-writing needs. Thus, it's the three of us who sit in one medium-sized office to do our work.
My supervisor says to me, "Don't trust anyone!" Sure... then he says "If you have a question, ask ME and don't talk to anyone else!" Well then... "You're allowed to make two kinds of mistakes when you work for me.. do you know what they are?" I replied "no," that I have no idea. He says "None, and none whatsoever." Finally he says, "you have to be perfect when you work for me, or really close to it."
It would seem these are the terms of my employment, and yet I like them. My new supervisor keeps things orderly, maintains meticulous records, and gets every job done efficiently. What's more, he encourages me to ask questions. Because I'm learning the ropes of this brand new "tax world," I'm more than welcome to interrupt him any time I like to ask questions. From what I've heard from other CPAs, accountants in general don't like to be bothered. I'd heard that older accountants especially are very reluctant to take time out of their busy schedule to teach younger employees new things. My supervisor, on the other hand, is the exact opposite, and I love it!
I want to learn as much as I can about the business I'm working in, and I think that things are going to work out very well between my supervisor and I.
I began the day by having a snack. Yesterday was the first Saturday of Tax Season that all personnel are expected to work. From now until April 15th, I and every other accountant at the firm will be in on Saturdays. Accordingly, each member of the team has signed up for a Saturday that they will bring breakfast for everyone else to snack on in the morning. So I ate a croissant.
Then I was given the task of printing off some "Pro Forma" forms using a computer system. These were basically blank tax forms that my supervisor and I would use to write in information about clients. I began to sort through a client's tax documents, and as I found important numbers, I would input them onto these blank Pro Formas. Afterward, my supervisor went through my Pro Formas line-by-line to ensure that I'd put things in the correct place, and to correct me where I hadn't. Although I didn't get this far, the final step will be to type these hand-written numbers into the computer's tax program, so that the return can then be compiled.
One might think that this is a simple process, but there are over 250 schedules and other IRS forms that can potentially be worked through, and some clients have incredibly sticky tax situations. When people work a job, own a business, have a trust, IRA, inheritance, etc, and live in a foreign country... holy boboli things can get messy really quick. It's not as easy as just punching numbers into the computer, either. As accountants, we have to look into how certain figures are contrived, to ensure that neither we nor the client are breaking the law.
I've found that we tend to be conservative in the tax world, for example we may be slow to include certain deductions on a Schedule A because of one reason or another. At the same time, though, if a client provides us with information that they assure us is factual, even though they do not submit supporting documents to verify the situation, we simply go with what the client wants. Naturally, however, the client is informed in writing that they must be able to provide proof of every figure quoted on their entire return to the IRS, should they be audited.
As the day moved along, my supervisor had to leave the office, and his letter-writing assistant left too. I was left to do research and reading. I spent some time trying to memorize tax forms, so that in the future I don't have to look very long for the place where a number goes. I also read the firm's "Quality Control Assurance" manual. That was interesting and provided some guidance on how to do my job, and the professional expectations that the workplace carries. Lastly, I ran through some tutorials on the computer to familiarize myself with the tax software that the company uses.
All-in-all, I wasn't too thrilled to be working on a Saturday.. but I'll get used to it soon enough, for I know that getting used to working 6 days per week during financial statement seasons, or tax season, will be a must for when I begin working in the accounting business full time.
I also tried the coffee in the office's kitchen for the first time.. french vanilla. Yum.
Thursday, January 29, 2009
First Day of Work
Yesterday was my first day of work at the Accounting (Tax) firm. I arrived at 8:30 AM, a bit earlier than expected. There was a gigantic ice storm the night before and everything was running much slower. Not many people had showed up for work yet, but luckily one very nice CPA was able to give me the "grand tour" of my new workplace.
I had always assumed that I would show up to work and be greeted by some excellent employees, and some mediocre employees. However, after one day I've only encountered highly intelligent, well-qualified people. I suppose the benefit of having a small firm with employees that number in the dozens, rather than hundreds or thousands, is that managers can really take the time to hand-select people to join the team. Some times at large corporations it seems that job roles roll over and need filling, and so companies must hire lots of people, regardless of how "perfect" a fit they really are for the company.
It seems to me that a few character traits are essential in any employee: the capacity to perform one's job well, to ability be a team player, and to potential to excel in the previous two combined. It seems that so often companies are nearsighted in their hiring by hiring employees that only fit one or two of the above criteria to meet present corporate demand. However, it's the employee who meets all the above criteria that a company really wants.
After my first day, everyone I've met has fit all three criteria. Everyone is motivated, well qualified, and extremely knowledgeable. Learning tax services is not at all easy. There is so much information to learn, and the US Tax Code now contains more than 5 million pages, to the best of my knowledge. As obnoxious as this is, I can't imagine Accountants being successful without their computers and powerful software. I was showed how to use the program ProSystems fx Tax, amongst others. Let me say that the learning curve on these programs seems to be a bit steep because the target users for them are industry professionals who already have a working familiarity of the US taxation system. This is no TurboTax we're talking about. This is the real deal...hundreds of forms each with hundreds of boxes...and that's just for federal filing. Don't forget the state income tax returns. And let's not delve into Corporate returns yet, either.
I enjoyed my first day of work because I was able to gain a large amount of experience just in my first 8 hours on the job. I didn't have but 20 minutes down time during my entire 8 hour shift, and that was for lunch. I'm really working for my pay, and it's a good feeling. There was plenty of work for me to do, so I don't feel like I wasted a single minute. Speaking of minutes- we keep track of our time in small increments of minutes. I write down all my activities to the nearest minute for accountability purposes. Partly this makes sure that I'm not goofing off, but it also helps to determine how much time has been given to each client.
I am very lucky to be paid for this position, while I earn academic credit at the same time. I'm happy to be studying accounting during a time like this because it seems that accounting is a fairly resilient industry in times of economic hardship. People will always need doctors, lawyers, and accountants.
So far I've worked on individual tax returns. I am entering data into the computer system, and sorting through peoples' documents to get things in order. The office is beginning to go entirely paperless, so even though client folders float around the office, it's wonderful to have some digital freedom.
The epiphany of my day had to have been when somebody was describing corporate tax returns and said, "So in that case you just make an AJE to the AGI to then wrap the NI into the RE and put it here." I realized that I'm in the right profession when I understood exactly what was said. It was actually a sort of special feeling.. because although there are countless moments just like this one that are sure to come, I felt like I was sharing a special bond with the person who said this to me. I spend an hour per day studying Japanese, and yet I felt like I was fluent in a whole other language at that moment.
I had always assumed that I would show up to work and be greeted by some excellent employees, and some mediocre employees. However, after one day I've only encountered highly intelligent, well-qualified people. I suppose the benefit of having a small firm with employees that number in the dozens, rather than hundreds or thousands, is that managers can really take the time to hand-select people to join the team. Some times at large corporations it seems that job roles roll over and need filling, and so companies must hire lots of people, regardless of how "perfect" a fit they really are for the company.
It seems to me that a few character traits are essential in any employee: the capacity to perform one's job well, to ability be a team player, and to potential to excel in the previous two combined. It seems that so often companies are nearsighted in their hiring by hiring employees that only fit one or two of the above criteria to meet present corporate demand. However, it's the employee who meets all the above criteria that a company really wants.
After my first day, everyone I've met has fit all three criteria. Everyone is motivated, well qualified, and extremely knowledgeable. Learning tax services is not at all easy. There is so much information to learn, and the US Tax Code now contains more than 5 million pages, to the best of my knowledge. As obnoxious as this is, I can't imagine Accountants being successful without their computers and powerful software. I was showed how to use the program ProSystems fx Tax, amongst others. Let me say that the learning curve on these programs seems to be a bit steep because the target users for them are industry professionals who already have a working familiarity of the US taxation system. This is no TurboTax we're talking about. This is the real deal...hundreds of forms each with hundreds of boxes...and that's just for federal filing. Don't forget the state income tax returns. And let's not delve into Corporate returns yet, either.
I enjoyed my first day of work because I was able to gain a large amount of experience just in my first 8 hours on the job. I didn't have but 20 minutes down time during my entire 8 hour shift, and that was for lunch. I'm really working for my pay, and it's a good feeling. There was plenty of work for me to do, so I don't feel like I wasted a single minute. Speaking of minutes- we keep track of our time in small increments of minutes. I write down all my activities to the nearest minute for accountability purposes. Partly this makes sure that I'm not goofing off, but it also helps to determine how much time has been given to each client.
I am very lucky to be paid for this position, while I earn academic credit at the same time. I'm happy to be studying accounting during a time like this because it seems that accounting is a fairly resilient industry in times of economic hardship. People will always need doctors, lawyers, and accountants.
So far I've worked on individual tax returns. I am entering data into the computer system, and sorting through peoples' documents to get things in order. The office is beginning to go entirely paperless, so even though client folders float around the office, it's wonderful to have some digital freedom.
The epiphany of my day had to have been when somebody was describing corporate tax returns and said, "So in that case you just make an AJE to the AGI to then wrap the NI into the RE and put it here." I realized that I'm in the right profession when I understood exactly what was said. It was actually a sort of special feeling.. because although there are countless moments just like this one that are sure to come, I felt like I was sharing a special bond with the person who said this to me. I spend an hour per day studying Japanese, and yet I felt like I was fluent in a whole other language at that moment.
Blog for the American University Career Center and Kogod Internship
I have created this blog to write about my experience working at a Certified Public Accounting firm. While the firm provides a vast array of accounting and tax services, I will be working primarily on tax return preparation, IRS correspondence, and client satisfaction. I work two full days per week and will write periodic updates in this blog about my experience. I expect the experience to be quite positive and I hope you enjoy reading about it.
Best Regards,
Jeff Wilson
Best Regards,
Jeff Wilson
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