Certified Public Accountants (CPAs) have a wide range of possibilities for their career after they earn their certification. In the United States, tax accounting is one of the specialties that CPAs can choose to build their skills and experience in.
Unlike other countries, the U.S. has a separate and comprehensive set of accounting principles for tax purposes that are prescribed by tax law. These principles are different from the Generally Accepted Accounting Principles all Accounting majors learn in college. The Internal Revenue Code sets the standards of tax accounting in the United States. These basic rules were crafted to emphasize consistency for tax accounting methods. These statutes have many references to applied financial accounting to determine the best method.
Because of the increasing complexity of tax codes and tax accounting, CPAs can find many opportunities for gainful employment if they are well versed in US tax accounting laws and regulations. Many corporations and even some small businesses have divisions dedicated to tax accountants who can wade through the all of the tax codes to find breaks and ways of avoiding paying more taxes than needed. For tax accountants, there has never been a better time to find a job in this specialty. With increased tax regulation, organizations need tax accountants to stay in compliance.
Barry Dufrene is a CPA who has worked in the government for 32 years. After he retired from the Parish of St. Mary in Louisiana in 2012, he started working in the private sector. He is the Chief Financial Officer of Yellow Fin Marine Services, LLC.