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Exam Code: CPA-REG Practice exam 2022 by team
CPA-REG CPA Regulation

Content area allocation Weight
I. Ethics, Professional Responsibilities and Federal Tax Procedures 10–20%
II. Business Law 10–20%
III. Federal Taxation of Property Transactions 12–22%
IV. Federal Taxation of Individuals 15–25%
V. Federal Taxation of Entities 28–38%

minutes — Welcome/enter launch code
5 minutes — Confidentiality/section information
4 hours — Testing time
15 minutes — Break after third testlet (option to pause exam timer)
5 minutes — Survey
Each of the four exam sections is broken down into five smaller sections called testlets. These testlets feature multiple-choice questions (MCQs) and task-based simulations (TBSs). In the case of BEC, you also have to complete three written communication tasks. The number of MCQs and TBSs tested varies depending upon the specific section taken. You will receive at least one research question (research-oriented TBS) in the AUD, FAR and REG sections. To complete them, you will have to search the related authoritative literature and find an appropriate reference.

The REG section blueprint is organized by content AREA, content GROUP and content TOPIC. Each syllabu includes one or more representative TASKS that a newly licensed CPA may be expected to complete when performing tax preparation services, tax advisory services or other responsibilities of a CPA. The tasks in the blueprint are representative. They are not intended to be (nor should they be viewed as) an all-inclusive list of tasks that may be tested in the REG section of the Exam. Additionally, it should be noted that the number of tasks associated with a particular content group or syllabu is not indicative of the extent such content group, syllabu or related skill level will be assessed on the Exam. Similarly, examples provided within the task statements should not be viewed as all-inclusive.

Area I Ethics, Professional Responsibilities and
Federal Tax Procedures 10–20%
Area II Business Law 10–20%
Area III Federal Taxation of Property Transactions 12–22%
Area IV Federal Taxation of Individuals 15-25%
Area V Federal Taxation of Entities 28-38%

Overview of content areas
Area I of the REG section blueprint covers several topics, including the following: • Ethics and Responsibilities in Tax Practice – Requirements based on Treasury Department Circular 230 and the rules and regulations for tax return preparers
• Licensing and Disciplinary Systems – Requirements of state boards of accountancy to obtain and maintain the CPA license
• Federal Tax Procedures – Understanding federal tax processes and procedures, including appropriate disclosures, substantiation, penalties and authoritative hierarchy
• Legal Duties and Responsibilities – Understanding legal issues that affect the CPA and his or her practice
Area II of the REG section blueprint covers several courses of Business Law, including the following:
• Knowledge and understanding of the legal implications of business transactions, particularly as they relate to accounting, auditing and financial reporting.
• Areas of agency, contracts, debtor-creditor relationships, government regulation of business, and business structure.
- The Uniform Commercial Code under the courses of contracts and debtor-creditor relationships.
- Nontax-related business structure content. Area V of the REG section blueprint covers the tax-related issues of the various business structures. • Federal and widely adopted uniform state laws and references as identified in References below.
Area III, Area IV and Area V of the REG section blueprint cover various topics of federal income taxation and gift and estate tax. Accounting methods and periods, and tax elections are included in the Areas listed below:
• Area III covers the federal income taxation of property transactions. Area III also covers courses related to federal estate and gift taxation.
• Area IV covers the federal income taxation of individuals from both a tax preparation and tax planning perspective.
• Area V covers the federal income taxation of entities including sole proprietorships, partnerships, limited liability companies, C corporations,
S corporations, joint ventures, trusts, estates and tax-exempt organizations, from both a tax preparation and tax planning perspective.
Section assumptions
The REG section of the exam includes multiple-choice questions, task-based simulations and research prompts. Candidates should assume that the information provided in each question is material and should apply all stated assumptions. To the extent a question addresses a syllabu that could have different tax treatments based on timing (e.g., alimony arrangements or net operating losses), it will include a clear indication of the timing (e.g., use of real dates) so that the candidates can determine the appropriate portions of the Internal Revenue Code or Treasury Regulations to apply to

Remembering and understanding is mainly concentrated in Area I and Area II. These two areas contain the general ethics, professional responsibilities and business law knowledge that is required for newly licensed CPAs and is tested at the lower end of the skill level continuum.
• Application and analysis skills are primarily tested in Areas III, IV and V. These three areas contain more of the day-to-day tasks that newly licensed CPAs are expected to perform and therefore are tested at the higher end of the skill level continuum.
The representative tasks combine both the applicable content knowledge and the skills required in the context of the work that a newly licensed CPA would reasonably be expected to perform. The REG section does not test any content at the Evaluation skill level as newly licensed CPAs are not expected to demonstrate that level of skill in regards to the REG content.
1. Regulations
before the Internal Revenue Service
Recall the regulations governing practice before the Internal Revenue Service.
Apply the regulations governing practice before the Internal Revenue Service given a specific scenario.
2. Internal Revenue
Code and
to tax return
Recall who is a tax return preparer.
Recall situations that would result in federal tax return preparer penalties.
Apply potential federal tax return preparer penalties given a specific scenario.
B. Licensing and disciplinary systems
Understand and explain the role and authority of state boards of accountancy.
C. Federal tax procedures
1. Audits, appeals
and judicial
Explain the audit and appeals process as it relates to federal tax matters.
Explain the different levels of the judicial process as they relate to federal tax matters.
Identify options available to a taxpayer within the audit and appeals process given a specific
Identify options available to a taxpayer within the judicial process given a specific scenario.

2. Substantiation
and disclosure
of tax positions
Summarize the requirements for the appropriate disclosure of a federal tax return
Identify situations in which disclosure of federal tax return positions is required.
Identify whether substantiation is sufficient given a specific scenario.
3. Taxpayer penalties Recall situations that would result in taxpayer penalties relating to federal tax returns.
Calculate taxpayer penalties relating to federal tax returns.
4. Authoritative
Recall the appropriate hierarchy of authority for federal tax purposes.
D. Legal duties and responsibilities
1. Common law
duties and
liabilities to
clients and third
Summarize the tax return preparers common law duties and liabilities to clients and
third parties.
Identify situations which result in violations of the tax return preparers common law duties
and liabilities to clients and third parties.
2. Privileged
and privacy acts
Summarize the rules regarding privileged communications as they relate to tax practice.
Identify situations in which communications regarding tax practice are considered

1. Authority of agents
and principals Recall the types of agent authority.
Identify whether an agency relationship exists given a specific scenario.
2. Duties and
liabilities of agents
and principals
Explain the various duties and liabilities of agents and principals.
Identify the duty or liability of an agent or principal given a specific scenario.
B. Contracts
1. Formation Summarize the elements of contract formation between parties.
Identify whether a valid contract was formed given a specific scenario.
Identify different types of contracts (e.g., written, verbal, unilateral, express and implied)
given a specific scenario.
2. Performance Explain the rules related to the fulfillment of performance obligations necessary for an
executed contract.
Identify whether both parties to a contract have fulfilled their performance obligation given
a specific scenario.

3. Discharge, breach
and remedies
Explain the different ways in which a contract can be discharged (e.g., performance,
agreement and operation of the law).
Summarize the different remedies available to a party for breach of contract.
Identify situations involving breach of contract.
Identify whether a contract has been discharged given a specific scenario.
Identify the remedy available to a party for breach of contract given a specific scenario.
C. Debtor-creditor relationships
1. Rights, duties
and liabilities of
and guarantors
Explain the rights, duties and liabilities of debtors, creditors and guarantors.
Identify rights, duties or liabilities of debtors, creditors or guarantors given a specific
2. Bankruptcy and
Explain the rights of the debtors and the creditors in bankruptcy and insolvency.
Summarize the rules related to the different types of bankruptcy.
Explain discharge of indebtedness in bankruptcy.
Identify the rights of the debtors and the creditors in bankruptcy and insolvency given a
specific scenario.
Identify the type of bankruptcy described in a specific scenario.
3. Secured
Explain how property can serve as collateral in secured transactions.
Summarize the priority rules of secured transactions.
Explain the requirements needed to create and perfect a security interest.
Identify the prioritized ordering of perfected security interests given a specific scenario.
Identify whether a creditor has created and perfected a security interest given a
specific scenario.
D. Government regulation of business
1. Federal securities
Summarize the various securities laws and regulations that affect corporate governance
with respect to the federal Securities Act of 1933 and federal Securities Exchange Act
of 1934.
Identify violations of the various securities laws and regulations that affect corporate
governance with respect to the federal Securities Act of 1933 and federal Securities
Exchange Act of 1934.
2. Other federal
laws and
(e.g., employment
tax, qualified health
plans and worker
Summarize federal laws and regulations, for example, employment tax, qualified health plans
and worker classification federal laws and regulations.
Identify violations of federal laws and regulations, for example, employment tax, qualified
health plans and worker classification federal laws and regulations.
1. Selection and
formation of
business entity
and related
and termination
Summarize the processes for formation and termination of various business entities.
Summarize the non-tax operational features for various business entities.
Identify the type of business entity that is best described by a given set of
nontax-related characteristics.
2. Rights, duties,
legal obligations
and authority
of owners and
Summarize the rights, duties, legal obligations and authority of owners and management.
Identify the rights, duties, legal obligations or authorities of owners or management given a
specific scenario.
1. Basis and holding
period of assets
Calculate the tax basis of an asset.
Determine the holding period of a disposed asset for classification of tax gain or loss.
2. Taxable and
Calculate the realized and recognized gain or loss on the disposition of assets for federal income
tax purposes.
Calculate the realized gain, recognized gain and deferred gain on like-kind property exchange
transactions for federal income tax purposes.
Analyze asset sale and exchange transactions to determine whether they are taxable or
3. Amount and
character of gains
and losses, and
netting process
installment sales)
Calculate the amount of capital gains and losses for federal income tax purposes.
Calculate the amount of ordinary income and loss for federal income tax purposes.
Calculate the amount of gain on an installment sale for federal income tax purposes.
Review asset transactions to determine the character (capital vs. ordinary) of the gain or
loss for federal income tax purposes.
Analyze an agreement of sale of an asset to determine whether it qualifies for installment
sale treatment for federal income tax purposes.
4. Related party
(including imputed
Recall related parties for federal income tax purposes.
Recall the impact of related party ownership percentages on acquisition and disposition
transactions of property for federal income tax purposes.
Calculate the direct and indirect ownership percentages of corporation stock or partnership
interests to determine whether there are related parties for federal income tax purposes.
Calculate a taxpayers basis in an asset that was disposed of at a loss to the taxpayer by a
related party.
Calculate a taxpayers gain or loss on a subsequent disposition of an asset to an unrelated
third party that was previously disposed of at a loss to the taxpayer by a related party.
Calculate the impact of imputed interest on related party transactions for federal
tax purposes.
B. Cost recovery (depreciation, depletion and amortization)
Calculate tax depreciation for tangible business property and tax amortization of intangible
Calculate depletion for federal income tax purposes.
Compare the tax benefits of the different expensing options for tax depreciation for federal
income tax purposes.
Reconcile the activity in the beginning and ending accumulated tax depreciation account.
1. Transfers subject
to gift tax Recall transfers of property subject to federal gift tax.
Recall whether federal Form 709 — United States Gift (and Generation-Skipping Transfer)
Tax Return is required to be filed.
Calculate the amount and classification of a gift for federal gift tax purposes.
Calculate the amount of a gift subject to federal gift tax.
2. Gift tax annual
exclusion and gift
tax deductions
Recall allowable gift tax deductions and exclusions for federal gift tax purposes.
Recall situations involving the gift tax annual exclusion, gift-splitting and the impact on
the use of the lifetime exclusion amount for federal gift tax purposes.
Compute the amount of taxable gifts for federal gift tax purposes.
3. Determination
of taxable estate
Recall assets includible in a decedents gross estate for federal estate tax purposes.
Recall allowable estate tax deductions for federal estate tax purposes.
Calculate the taxable estate for federal estate tax purposes.
Calculate the gross estate for federal estate tax purposes.
Calculate the allowable estate tax deductions for federal estate tax purposes
Calculate the amounts that should be included in, or excluded from, an individuals gross
income as reported on federal Form 1040 — U.S. Individual Income Tax Return.
Analyze projected income for use in tax planning in future years.
Analyze client-provided documentation to determine the appropriate amount of gross
income to be reported on federal Form 1040 — U.S. Individual Income Tax Return.
B. Reporting of items from pass-through entities
Prepare federal Form 1040 — U.S. Individual Income Tax Return based on the information
provided on Schedule K-1.
C. Adjustments and deductions to arrive at adjusted gross income and taxable income
Calculate the amount of adjustments and deductions to arrive at adjusted gross income
and taxable income on federal Form 1040 — U.S. Individual Income Tax Return.
Calculate the qualifying business income (QBI) deduction for federal income tax purposes.
Analyze client-provided documentation to determine the validity of the deductions
taken to arrive at adjusted gross income or taxable income on federal Form 1040 — U.S.
Individual Income Tax Return.
D. Passive activity losses (excluding foreign tax credit implications)
Recall passive activities for federal income tax purposes.
Calculate net passive activity gains and losses for federal income tax purposes.
Prepare a loss carryforward schedule for passive activities for federal income tax purposes.
Calculate utilization of suspended losses on the disposition of a passive activity for
federal income tax purposes.
Uniform CPA Examination Blueprints: Regulation (REG) REG16
Regulation (REG)
Area IV – Federal Taxation of Individuals
CPA Regulation
AICPA Regulation candidate
Killexams : AICPA Regulation candidate - BingNews Search results Killexams : AICPA Regulation candidate - BingNews Killexams : AICPA previews revamped CPA exam

The American Institute of CPAs is asking for feedback Wednesday on an exposure draft of the redesigned Uniform CPA exam as the AICPA tries to expand the dwindling pool of young people entering the accounting profession.

The AICPA has been working with the National Association of State Boards of Accountancy on a CPA Evolution initiative to overhaul the exam to make it more relevant for businesses today and test more for technology skills. The revamped exam and CPA licensing model are expected to launch in January 2024, and the AICPA is asking for feedback through Sept. 30, 2022. The exposure draft includes the draft Uniform CPA Examination Blueprints, the official document that presents content that’s eligible for assessment on the exam, based on the knowledge and skills required of a newly licensed CPA.

In recognition of the pervasive role of technology in accounting, core parts of the exam include a focus on understanding how data is structured and information flows through underlying IT systems and business processes, as well as determining methods for transforming data to make it useful for decision-making, verifying the completeness and accuracy of source data, and using the outputs of automated tools, visualizations and data analytics techniques.

“The CPA exam is always evolving to meet the needs of today’s practice,” said Michael Decker, vice president of CPA examination and pipeline at the AICPA, in a statement Wednesday. “With CPA Evolution, we have an opportunity to assess the required knowledge and skills all newly licensed CPAs need. Our goal is for the exam to remain rigorous and representative of the evolving role of accounting professionals. We believe input from various stakeholders is integral in developing an exam that will meet these needs.”

Under the new CPA Evolution licensure model, all CPA candidates will need to take three core sections: financial accounting and reporting, auditing and attestation, and taxation and regulation. Each candidate will then select a discipline in which to demonstrate extra skills and knowledge: business analysis and reporting, information systems and controls, and tax compliance and planning. No matter what a candidate’s chosen discipline is, the model will lead to a full CPA license.

“Ensuring that candidates possess appropriate levels of skills and knowledge through the CPA Evolution-aligned exam will greatly benefit the profession in the long term,” said NASBA executive vice president and chief operating officer Colleen Conrad in a statement. “I strongly encourage all interested parties to participate in this process by submitting their comments on the exposure draft.”

Both the AICPA and NASBA are hoping to reverse worrisome signs in the pipeline of new accountants in the profession. The AICPA trends report from 2021 found accounting graduates trended downward in the 2019–20 academic year, with decreases of 2.8% and 8.4% at the bachelor’s and master’s levels, respectively. The number of new CPA exam candidates entering the CPA pipeline declined in 2020 due to short-term closings and the various restrictions at Prometric test centers, with overall COVID concerns carrying forward into 2021. While new CPA exam candidates decreased less than 0.5% between 2018 and 2019, there was a 17% decrease between 2019 and 2020, although there was a 6% increase between 2020 and 2021.

The AICPA is asking for comments on the exposure draft via email to by Sept. 30, 2022. All feedback will be considered when finalizing the design of the 2024 exam.

A final report, including the final CPA exam Blueprints, will appear early next year, well in advance of the expected launch of the CPA Evolution-aligned CPA exam in January 2024.

More information on the CPA exam is available online and will be updated regularly. 

Wed, 06 Jul 2022 01:37:00 -0500 en text/html
Killexams : The Supreme Court’s EPA ruling is bad news for tech regulation, too Killexams : SCOTUS EPA ruling could crimp the FTC and FCC, too - Protocol
Thu, 07 Jul 2022 08:03:00 -0500 en text/html
Killexams : Finding the Right Accounting Certification

Obtaining a widely recognized accounting certification can help you land a job, increase your marketability, and lend professional credibility to you and your firm in a competitive marketplace. Human resource managers and prospective clients see the time, money and effort needed to acquire a certification as a testament of an individual's desire succeed. A universally recognized certification can often serve as the tie-breaker between two qualified job candidates.

Acquiring an accounting certification can also increase your salary, bonus and chances for promotion. For the accounting-designation shopper, there are a few choices widely recognized by the business, finance and accounting communities. There are also numerous others that are distinct to a specific industry or job.

Top-Tier Accounting Certifications

Certified Public Accountant (CPA)

If you are committed to advancing your accounting career, then you should earn a Certified Public Accountant (CPA) certification. CPAs work in specializations such as auditing, compliance, taxes, forensic accounting, fraud examination, IT systems, risk management and appraisals, among others. Hiring managers and prospective clients tend to question a candidate's background and level of accounting competency if they are not a CPA. CPAs help companies comply with bylaws and regulations, reduce risk, support valuation and appraisal initiatives, Strengthen processes, and create and maintain reporting mechanisms that allow management to make critical decisions.

States set their own license standards, but typically you will need 150 semester hours of education at an accredited college or university, with varying amounts of accounting classes. You will need to pass the CPA exam administered by the American Institute of Certified Public Accountants (AICPA). Because requirements vary, it is best to contact your state board for details.

There are four parts to the CPA exam:

  • Auditing and attestation
  • Business environment and concepts
  • Financial accounting and reporting
  • Regulation

Each test section is graded on a scale of 0 to 99 and you need at least 75 points to pass. While this may not sound difficult, the overall pass rate is less than 50%. The most difficult section is financial accounting and reporting, while the easiest is business environment and concepts.

There are two schools of thought on which order to tackle the sections. Some test-takers recommend starting with the most difficult section, while others say starting with the easiest section is better to establish momentum and build confidence.

Certified Management Accountant (CMA)

A Certified Management Accountant is another great certification. There is overlap between the competencies of a CPA and CMA, but CPAs may be better equipped for compliance, accounting for transactions, tax, and controls. Certified Management Accountants, as the moniker implies, lean toward financial analysis, organizational performance measurement, budgeting, strategic assessment and ongoing stewardship of the company. The exam is administered by the Institute of Management Accountants (IMA).

The exam is broken into two parts covering 12 competencies:

To earn your CMA, you will need:

  • An IMA membership
  • A bachelor's degree
  • To pass both parts of the CMA exam
  • Two years of management accounting or financial management experience
  • To follow the IMA Statement of Ethical Professional Practice

Finding The Right Accounting Certification

Helpful Job/Industry-Specific Accounting Certifications

There are plenty of accounting designations out there—just know that not all of them are perceived or treated equally. Managers, executives, and prospective clients still attach most of the value and prestige to a traditional CPA. There are, however, niche certifications that are suited for job and industry-specific roles.

These include:

There are varying requirements to earn each of the above certifications. These requirements will probably not be as intensive, time-consuming and involved as earning a CPA or CMA.

If you want to elevate your standing, you should first invest time and effort in getting your CPA. Depending on your job or industry focus, you can augment that designation with one of the above certifications. For example, those who wish to earn a CISA are heavily involved with accounting and IT information systems. If your work involves uncovering fraudulent transactions, a CFE can help you elevate your understanding of this field. As mentioned, there is no substitute for a CPA.

Other Accounting Certifications

There are a number of additional certifications to choose from, some include:

  • Certified Payroll Professional (CPP)
  • Fundamental Payroll Certificate (FPC)
  • Accredited Business Accountant
  • Accredited Financial Examiner (AFE)
  • Accredited Tax Advisor (ATA)
  • Accredited Tax Preparer (ATP)
  • Certified Public Bookkeeper (CPB)
  • Certified Financial Services Auditor (CFSA)
  • Certified Forensic Accountant (CRFAC)
  • Certified Professional Environmental Auditor (CPEA)
  • Certified Quality Auditor (CQA)
  • Forensic Certified Public Accountant (FCPA)

The Bottom Line 

Corporate finance and accounting is a competitive field. Most accountants who work for one of the Big Four accounting firms will hit a career plateau early on if they do not obtain a CPA. When an accounting firm bids on a consulting or client project (and demand more than $200 per hour for a relatively inexperienced associate's time), why would a prospective client fork this kind of cash out to this specific firm if the project is staffed with outsourced professionals that are not CPAs?

A competing accounting firm can come in and win the contract by promising to staff the project with several CPAs. The fact is, numbers-crunching is typically a commoditized service. Unless you possess unusual insights and relationships in a specific job or industry, you are better served to earn accounting certifications to Strengthen your station.

Tue, 11 Jan 2022 16:12:00 -0600 en text/html
Killexams : Top 5 Accounting and Finance Certifications to Get Ahead

Nearly every public and private business entity – across all levels of government, small and large businesses, and major accounting firms (KPMG, EY, Deloitte, PwC) – hires finance professionals.

Demand for accounting and finance jobs shifts with the economy. As the economy grows, so does the need for accounting and financial management services. To improve their accounting skills, knowledge, credibility and job prospects, many financial and accounting professionals earn specializations in various accounting niches. We’ll explore five of the most popular accounting and finance certifications and how they’ll benefit finance professionals. 

What are accounting and finance certifications?

There are several different accounting and finance certification types. One of the most well known is the Certified Public Accountant (CPA) certification. CPAs specialize in auditing, compliance, taxes, forensic accounting, fraud examinations and more. Another popular finance certification is the Certified Management Accountant (CMA) certification, which leans toward financial analysis.

Other lesser-known certifications include certified bank auditor, certified fraud examiner, certified information systems auditor, certified internal auditor and enrolled agent. However, CPA is the most sought-after certification, as many accountants’ careers will plateau early on without one.

Did you know?Did you know? Accounting and finance professionals are usually familiar with several of the best accounting software solutions integral to various business types.

What are the benefits of being certified?

Certifications indicate specialized knowledge, which can help clients hire the right accountant for their needs. According to the Institute of Financial Consultants, current financial certifications can also help accomplish the following:

  • Enhance professional reputations.
  • Support continued professional development.
  • Demonstrate a high level of commitment to the field.
  • Validate skills and knowledge.
  • Communicate credibility.
  • Increase opportunities for career advancement and increased earnings.
  • Differentiate candidates in a competitive job market.

Certifications also have benefits that extend to the public, the financial industry and employers. Certifications can help businesses do the following:

  • Standardize practices.
  • Increase cooperation between organizations in the same discipline.
  • Provide the means for self-regulation.
  • Increase employee competence.
  • Identify quality service providers.
  • Provide the means to establish an ethical code.
  • Establish customers’ confidence in employees.
  • Make employment decisions.

Did you know?Did you know? As firms recruit new employees for accounting and financing jobs, certifications immediately demonstrate potential hires’ areas of specialized knowledge.

Top 5 accounting and finance certifications

We’ll take an in-depth look at five of the most popular and valuable accounting and finance certifications, along with some additional credentials you may be interested in pursuing.

1. Certified Government Financial Manager

Those interested in government accounting, financial reporting, auditing and budget planning at the local, state or federal level should consider the Certified Government Financial Manager (CGFM) certification offered by the Association of Government Accountants (AGA).

To get a CGFM certification, candidates must have a bachelor’s degree and at least two years of professional experience in government financial management. They must also pass three CGFM exams:

  • Governmental Environment (GE)
  • Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
  • Governmental Financial Management and Control (GFMC)

Each exam costs $125. Candidates must also pay an application fee of $80 for AGA members, $36 for student members and $109 for nonmembers.

According to LinkedIn Salary, those who have obtained their CGFM certification typically earn about $98,000, with the high end around $140,000.

2. Certified Management Accountant

The Institute of Management Accountants (IMA) is the membership organization behind the Certified Management Accountant (CMA) certification, which is aimed at management accountants and financial professionals.

Regarding what differentiates a CMA from other accounting-related professionals, the IMA explains that CMAs understand the “why” behind numbers, not just the “what.” That means a CMA’s role may involve analyzing and reporting monthly financials, forecasts and the annual budget, as well as providing strategic planning input.

A CMA certification can be lucrative. IMA’s 2021 Global Salary Survey reports that the median total compensation for CMAs is 58% higher than it is for those without the designation. The study found that the overall median base salary in 2021 was $110,000, with an overall median total compensation of $124,000.

To achieve the CMA designation, you must have the following:

  • Current IMA membership
  • A bachelor’s degree or an approved accounting certification
  • Two years of relevant work experience
  • A passing score on the two-part CMA exam

The first part of the CMA exam covers financial reporting, planning, performance management and analytics. The second part focuses on financial strategy and decision-making. 

The IMA charges $275 for a Professional membership, an entrance fee of $280 (for professional members) and $460 for each exam part. (A discount is available to students and academic members, and a limited number of scholarships is available each year.)

TipTip: The latest two-part CMA exam went into effect on Jan. 1, 2020. Review the CMA exam structure and FAQs to prepare.

3. Certified Public Accountant

The creme de la creme of accounting certifications is the Certified Public Accountant (CPA). CPAs can work for public- or private-sector organizations or as consultants. CPAs can handle various tasks, such as financial records maintenance, corporate finance, budget oversight, tax preparation, and financial planning. 

Some CPAs earn additional certifications and engage in more specialized activities, including serving as an internal financial records auditor, applying forensic accounting techniques to detect financial crimes and acting as a fraud examiner.

Each state ‒ and several jurisdictions ‒ certify and license CPAs through their boards of accountancy, so you’ll need to research the requirements of your locale. A typical minimum requirement is a bachelor’s degree with courses in general accounting, cost accounting and more. and the Association of International Certified Public Accountants (AICPA) CPA exam page are good starting points to determine the requirements you’ll need to meet.

The typical CPA salary is about $73,000, based on salaries reported by the Bureau of Labor Statistics (BLS). The AICPA indicates that the average salary for CPAs with significant experience is about $120,000.

Did you know?Did you know? Small businesses hire CPAs so they can spend less time worrying about taxes, save money by taking advantage of deductions, keep finances up to date, and stay in good standing with the IRS.

4. Chartered Financial Analyst

The CFA Institute offers the Chartered Financial Analyst (CFA) certification, which is geared toward investment and portfolio managers, corporate finance advisors, and analysts.

Candidates for the CFA designation must have the following: 

  • A passport for ID purposes
  • A bachelor’s degree or equivalent
  • Four years of investment decision-making work experience
  • Or a combination of education and experience

Earning the CFA designation requires passing three exams – levels I, II and III – which are offered every June. (The Level I exam is also offered in December.) The Level I exam focuses on knowledge and comprehension of investment tools. The Level II exam tests a candidate’s application and analysis of asset valuation. The Level III exam tests for portfolio management skills.

The CFA Institute charges a one-time program enrollment fee of $450 and a standard registration fee of $1,000 for each exam. Early registrants pay $700 per exam.

The BLS listed the median salary for financial managers as $134,180 in 2020.

5. Enrolled Agent

Tax professionals may be interested in earning the Enrolled Agent (EA) credential. Created by the IRS, the EA credential identifies people qualified to represent U.S. taxpayers in personal and business tax situations, such as collections and appeals. A certified EA typically has a lot of experience in tax preparation for a wide variety of federal and state tax returns. The EA is the highest credential you can achieve through the IRS.

To become an EA, you must have worked for the IRS for at least five years interpreting the tax code, or you must pass the three-part Special Enrollment exam (SEE). 

You must also do the following:

  • Obtain a Preparer Tax Identification Number
  • Pass a background check
  • Adhere to ethical standards
  • Complete 72 hours of continuing education every three years

Each part of the SEE costs $185, and candidates must pay a $67 fee to apply for enrollment.

The National Association of Enrolled Agents (NAEA) offers more information and training resources for becoming an EA.

The salary for EAs varies widely by location in the U.S. According to LinkedIn Salary, the range is $30,000 to $65,000. 

Did you know?Did you know? Like financial certifications, marketing certifications can help professionals advance their marketing careers and display specialized knowledge.

Other finance and accounting certifications to consider

  • Certified bookkeeper: The Certified Bookkeeper (CB) certification comes from the American Institute of Professional Bookkeepers. This certification can help you achieve more high-level bookkeeper positions.
  • Institute of Internal Auditors certifications: The Institute of Internal Auditors is well known for its Certified Internal Auditor (CIA) certification, but it also offers the Certified Financial Services Auditor (CFSA) certification and Certified Government Auditing Professional (CGAP) certification, among a few other credentials.
  • AICPA certifications: In addition to providing CPA exam information and resources, the AICPA offers several certifications of its own, including the Accredited in Business Valuation (ABV), Certified in Financial Forensics (CFF), Certified in Entity and Intangible Valuations (CEIV), Certified in the Valuation of Financial Instruments (CVFI), and Chartered Global Management Accountant (CGMA) designations.

These are some higher-level and specialty certifications of note:

  • Certified Chief Accountant (CCA)
  • Financial Risk Manager (FRM)
  • Certified Fraud Examiner (CFE)
  • Certified Valuation Analyst (CVA)
  • Master Analyst in Financial Forensics (MAFF)
  • CAIA Charterholder

Financial certification FAQs

Here are answers to some of the most commonly asked questions on financial or accounting certifications.

Which are the easiest and most difficult accounting certifications to obtain?

All of the featured certifications here have rigorous requirements. 

  • CFA: The CFA designation requires a bachelor’s degree (at minimum) and four years of experience in addition to two exams. It takes four or more years, on average, to complete the CFA program, with candidates logging more than 300 study hours per exam level.
  • CPA: Most CPAs have earned a bachelor’s degree, and several pursue an MBA with a specialization in accounting or a master’s degree in accountancy. The licensing exam varies by state but is typically spread over two days.
  • CGFM and CMA: The CGFM and CMA designations require a bachelor’s degree or accounting certificate and a minimum of two years of professional experience in addition to passing three exams.
  • EA: The EA designation requires five years of experience or a passing score on the three-part SEE.

How long does it take to get an accounting certification?

Depending on the certification, you should expect to study between 150 and 300 hours for the exam.

Which accounting certification is most valuable?

Many people consider the CPA the most valuable certification because of its versatility and general demand by employers and clients (for CPA consultants). CGFM, CMA and CFA certification holders and seasoned CPAs have the highest earning potential, with salaries over $100,000 that can easily climb above $140,000 with experience.

Where do you find the right certification for you?

Certifications are usually connected to specializations in the accounting and financial fields. When looking into which certifications might be right for you, first consider which areas of finance and accounting interest you. Courses are available across all the various certifications in colleges and other educational institutions.

What are the benefits of being certified as opposed to not being certified?

Certifications indicate a high level of commitment and skill, helping people expand their finance and accounting career opportunities. Certifications can also lead to more internal promotions, as many professionals without their CPA certification hit a professional plateau. When a financial professional is certified, clients feel more confident in an institution’s or accounting firm’s ability to manage their money.

Sean Peek contributed to the writing and research in this article.

Tue, 28 Jun 2022 12:00:00 -0500 en text/html
Killexams : Code of Ethics

What Is a Code of Ethics?

A code of ethics is a guide of principles designed to help professionals conduct business honestly and with integrity. A code of ethics document may outline the mission and values of the business or organization, how professionals are supposed to approach problems, the ethical principles based on the organization's core values, and the standards to which the professional is held.

A code of ethics, also referred to as an "ethical code," may encompass areas such as business ethics, a code of professional practice, and an employee code of conduct.

Key Takeaways

  • A code of ethics sets out an organization's ethical guidelines and best practices to follow for honesty, integrity, and professionalism.
  • For members of an organization, violating the code of ethics can result in sanctions including termination.
  • In some industries, including banking and finance, specific laws govern business conduct. In others, a code of ethics may be voluntarily adopted.
  • The main types of codes of ethics include a compliance-based code of ethics, a value-based code of ethics, and a code of ethics among professionals.
  • A focus on climate change has become an integral part of companies' codes of ethics, detailing their commitment to sustainability.

Understanding Codes of Ethics

Business ethics refers to how ethical principles guide a business's operations. Common issues that fall under the umbrella of business ethics include employer-employee relations, discrimination, environmental issues, bribery, insider trading, and social responsibility.

While many laws exist to set basic ethical standards within the business community, it is largely dependent upon a business's leadership to develop a code of ethics.

Both businesses and trade organizations typically have some sort of code of ethics that their employees or members are supposed to follow. Breaking the code of ethics can result in termination or dismissal from the organization. A code of ethics is important because it clearly lays out the rules for behavior and provides the groundwork for a preemptive warning.

While a code of ethics is often not required, many firms and organizations choose to adopt one, which helps to identify and characterize a business to stakeholders.

Given the importance of climate change and how human behavior has led to severely impacting the climate, many companies have taken to include climate factors in their code of ethics. These principles include manners in which the company is dedicated to operating sustainably or how they will shift to doing so.

In many cases, this commitment to sustainability adds to the costs of a company, but because consumers are becoming more focused on the types of businesses they choose to engage with, it is often worth the cost to maintain a good public image.

Regardless of size, businesses count on their management staff to set a standard of ethical conduct for other employees to follow. When administrators adhere to the code of ethics, it sends a message that universal compliance is expected of every employee.

Types of Codes of Ethics

A code of ethics can take a variety of forms, but the general goal is to ensure that a business and its employees are following state and federal laws, conducting themselves with an ideal that can be exemplary, and ensuring that the business being conducted is beneficial for all stakeholders. The following are three types of codes of ethics found in business.

Compliance-Based Code of Ethics

For all businesses, laws regulate issues such as hiring and safety standards. Compliance-based codes of ethics not only set guidelines for conduct but also determine penalties for violations.

In some industries, including banking, specific laws govern business conduct. These industries formulate compliance-based codes of ethics to enforce laws and regulations. Employees usually undergo formal training to learn the rules of conduct. Because noncompliance can create legal issues for the company as a whole, individual workers within a firm may face penalties for failing to follow guidelines.

To ensure that the aims and principles of the code of ethics are followed, some companies appoint a compliance officer. This individual is tasked with keeping up to date on changes in regulation codes and monitoring employee conduct to encourage conformity.

This type of code of ethics is based on clear-cut rules and well-defined consequences rather than individual monitoring of personal behavior. Despite strict adherence to the law, some compliance-based codes of conduct do not thus promote a climate of moral responsibility within the company.

Value-Based Code of Ethics

A value-based code of ethics addresses a company's core value system. It may outline standards of responsible conduct as they relate to the larger public good and the environment. Value-based ethical codes may require a greater degree of self-regulation than compliance-based codes.

Some codes of conduct contain language that addresses both compliance and values. For example, a grocery store chain might create a code of conduct that espouses the company's commitment to health and safety regulations above financial gain. That grocery chain might also include a statement about refusing to contract with suppliers that feed hormones to livestock or raise animals in inhumane living conditions.

Code of Ethics Among Professionals

Financial advisers registered with the Securities and Exchange Commission (SEC) or a state regulator are bound by a code of ethics known as a fiduciary duty. This is a legal requirement and also a code of loyalty that requires them to act in the best interest of their clients.

Certified public accountants, who are not typically considered fiduciaries to their clients, still are expected to follow similar ethical standards, such as integrity, objectivity, truthfulness, and avoidance of conflicts of interest, according to the American Institute of Certified Public Accountants (AICPA).

Example of Code of Ethics

Many firms and organizations have adopted a Code of Ethics. One good example comes from the CFA Institute (CFAI), the grantor of the Chartered Financial Analyst (CFA) designation and creator of the CFA exams. CFA Charterholders are among the most respected and globally recognized financial professionals. According to the CFAI's website, Members of CFA Institute, including CFA Charterholders, and candidates for the CFA designation must adhere to the following Code of Ethics:

  • Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.
  • Place the integrity of the investment profession and the interests of clients above their own personal interests.
  • Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.
  • Practice and encourage others to practice professionally and ethically that will reflect credit on themselves and the profession.
  • Promote the integrity and viability of the global capital markets for the ultimate benefit of society.
  • Maintain and Strengthen their professional competence and strive to maintain and Strengthen the competence of other investment professionals.

Code of Ethics FAQs

What Are the Five Codes of Ethics?

All companies will have a different code of ethics with different areas of interest, based on the industry they are involved in, but the five areas that companies typically focus on include integrity, objectivity, professional competence, confidentiality, and professional behavior.

What Is a Code of Ethics in Business?

A code of ethics in business is a set of guiding principles intended to ensure a business and its employees act with honesty and integrity in all facets of its day-to-day operations and to only engage in acts that promote a benefit to society.

What Is a Code of Ethics for Teachers?

A code of ethics for teachers defines the primary responsibilities of a teacher to their students and the role of the teacher in the student's life. Teachers are required to show impartiality, integrity, and ethical behavior in the classroom.

What Is an Example of a Code of Ethics?

An example of a code of ethics would be a business that drafts a code outlining all the ways the business should act with honesty and integrity in its day-to-day operations, from how its employees behave and interact with clients, to the types of individuals it does business with, including suppliers and advertising agencies.

What Is the Difference Between a Code of Ethics and a Code of Conduct?

A code of ethics is broader in its nature, outlining what is acceptable for the company in terms of integrity and how it operates. A code of conduct is more focused in nature and instructs how a business' employees should act daily and in specific situations.

The Bottom Line

A code of ethics is a guiding set of principles intended to instruct professionals to act in a manner that is honest and that is beneficial to all stakeholders involved. A code of ethics is drafted by a business and tailored to the specific industry at hand, requiring all employees of that business to adhere to the code.

The moral choices of businesses have evolved, from the industrial age to the modern era. In the world we live in today, working conditions, how a business impacts the environment, and how it deals with inequality are all areas that society deems important that perhaps two centuries ago it did not as much. A code of ethics helps ensure that businesses will always act with integrity.

Sat, 11 Jun 2022 19:38:00 -0500 en text/html
Killexams : Online Doctorate in Accounting No result found, try new keyword!Candidates who have advanced degrees in accounting ... This certification can be earned by passing an exam administered by the AICPA and meeting the requirements of a state licensing board. Thu, 14 Jul 2022 16:18:00 -0500 text/html Killexams : Best Tax Relief Services: Top 5 Tax Debt Resolution Companies of 2022

* We may receive a referral fee from companies featured in this article. This is not a financial advice article. Please contact a financial advisor if you need financial assistance.

(Ad) Falling behind on your taxes can result in severe financial consequences, including wage garnishment and asset seizures. Fortunately, there are a variety of tax relief services available that may be able to help you negotiate a tax debt settlement with the IRS for less than what you owe.

However, many tax debt relief companies used shady tactics to take advantage of desperate people, which has tarnished the reputation of the entire tax debt relief industry.

The good news is that many reputable tax relief companies are available to help alleviate the burden of tax debt. The hard part is finding legitimate, professional tax relief services that offer the services you need for a price you can afford.

That's why we've compiled a list of some of the best tax relief firms that have a proven track record of success in offering tax debt solutions. If you're looking for a reputable tax relief company to help alleviate your financial hardship, this list is a great place to start.

The Top 5 Best Tax Relief Services of 2022

#1. Community Tax

community tax

Community Tax offers extensive tax relief services for individuals and small businesses. It assists with both federal and state tax concerns and has a comparatively low minimum debt requirement of $8000.

The company offers a wide array of tax services, including:

  • Tax lien assistance
  • Payroll tax negotiations
  • IRS audit defense
  • Wage garnishment prevention
  • Tax extensions

Community Tax also offers non-tax relief services that simplify your tax returns process and make tax season significantly less stressful. You can access these services for a small monthly fee, and the services include:

  • Tax return preparation
  • Tax monitoring services
  • Bookkeeping and accounting services

Community Tax follows a three-step tax resolution process. Once you complete its online form, you'll get a free consultation to see whether the company can provide the help you need. If you decide to proceed, you'll get a dedicated Community Tax case manager to keep you informed of any developments and guide you through the tax resolution process.

The second phase involves investigative work, through which the Community Tax team gets all the details it needs to assess the scope of your issue and identify the right steps to solve it. This step will cost you a one-time discovery fee.

The final step is the meat of the process: resolution work. Resolution occurs when the Community Tax expert team of tax lawyers and chartered accountants negotiate with the IRS on your behalf to resolve your tax concern. The fees for resolution work vary, depending on the scope and complexity of your situation, but you'll receive a detailed quote from your case manager before you agree to proceed.

Community Tax also has a 14-day money-back guarantee: If the company fails to negotiate a reduction of your tax liability or monthly payments within the first 14 days of your application, you'll receive a full refund on the investigation fees you paid.

This guarantee, combined with the company's A+ rating as a Better Business Bureau-accredited business, should supply you the peace of mind that this is a legitimate tax relief firm that may provide the results you want.

Click here to learn more about Community Tax

#2. Coast One Tax Group

coast one tax group

This Encino, CA-based tax relief firm has 14 years of experience helping individuals with their IRS debt concerns. Coast One Tax Group provides federal and state tax debt relief services to individuals and small business owners who have a minimum tax debt of $10,000.

The company has a diverse team of tax professionals on staff, including tax attorneys, enrolled agents, certified public accountants (CPAs), and dedicated resolution managers. These teams work together to provide you with fast, reliable tax debt relief.

According to its website, Coast One Tax Group offers:

  • Tax resolution services such as negotiation, liens, bank levies, and wage garnishment relief
  • IRS audit defense
  • Bookkeeping

Coast One Tax Group follows a tax relief process similar to that of many other tax relief companies. The process starts with a free one-on-one consultation, during which the company decides if you're a suitable candidate for its tax relief service. This is also your opportunity to get quotes and resolve any potential concerns before proceeding with the process.

Once you've signed up, the company's tax professionals will do a full investigation of your finances and tax debts and identify the best way forward. You'll need to pay a retainer fee to get this investigation started and additional fees for the resolution phase.

A Coast One Tax Group tax professional will negotiate on your behalf to reduce and resolve your back taxes during the resolution phase. Your fees for this stage will depend on the scope and size of your tax debt, as well as the complexity of the case.

While Coast One doesn't offer a money-back guarantee, it has many favorable reviews on social media as well as an A+ BBB rating. The company also offers flexible payments on its fees, which can help alleviate some of the burden associated with the fees that tax relief companies charge.

Click Here to Learn More About Coast One Tax Group

#3. Optima Tax Relief

optima tax relief

Optima Tax Relief is a major player in the tax resolution industry and has made its name known as being one of the most trustworthy tax relief companies on the market, with high quality, professional work. Since 2011, the company has provided a range of tax services to individuals and businesses, focusing on tax relief. The company also offers:

  • Tax protection services such as tax filing assistance, credit monitoring, audit defense, and identity theft protection
  • Tax preparation services such as maintaining payroll taxes, filing your tax returns, and bookkeeping

Similar to other tax relief services, Optima Tax Relief has a minimum debt requirement of $10,000.

Optima Tax Relief has a three-step process to get individuals and businesses out of tax debt. The first step is a free consultation, at which you meet with a consultant to discuss your needs, situation, and expectations. The consultant will help you decide if moving forward with tax relief services is the right move and supply you the information you need to make an educated decision.

While the consultation is free, the next two stages will cost money. The investigative stage is where Optima's professional investigative team will obtain and examine your financial information to develop a plan of attack to deal with your tax debt. You'll need to pay a fixed one-off fee for the investigation.

Once Optima Tax Relief develops a tailored plan for your situation, you'll move into the resolution phase, where Optima will communicate with the IRS on your behalf. This state is the most expensive part of tax relief, but the cost will depend largely on your situation—the more complex it is, the higher your fee.

Optima is up front about the fact that its services aren't suitable for everyone and that there are situations where it can't save you money. The free consultation is an excellent way for you to decide whether tax relief is the right move for your particular needs. Optima also offers a 15-day money-back guarantee, so you can claim your investigation fee back if the tax relief company fails to lower your tax debt.

Click here to learn more about Optima Tax Relief

#4. Anthem Tax Services

anthem tax services

Anthem Tax Services has worked in the tax relief industry since 2010 and has grown into a large company staffed by enrolled agents, tax attorneys, and CPAs. Many of its consultants are members of industry-leading bodies such as the NATP and NAEA.

The company requires a minimum debt of $10,000 to offer its tax relief services. The best tax relief companies often use a debt minimum to ensure that you're getting your money's worth of services—you don't want to pay $3,000 to get $2,500 of tax debt relief for a relatively small debt.

Anthem Tax Services offers a massive range of federal and state tax debt relief solutions for a host of different tax concerns. In addition to tax resolution, you can also work with Anthem Tax Services to:

  • Prepare corporate tax returns
  • Protect yourself during an IRS audit

As with many other tax relief companies, Anthem Tax Services offers a three-stage tax relief program that starts with a free consultation. This consultation is essential for deciding whether working with a tax relief company is the right choice for your financial situation, and also gives you an opportunity to ask questions about fees and the process itself.

While the consultation is free, the second step, investigation, isn't. Anthem Tax Services has one of the lower discovery retainers in the business, making its tax solutions accessible to all. Anthem uses the investigation state to gather your financial information and develop a tax relief plan suitable for your needs.

The final step is tax resolution, during which Anthem's leading team of professionals will work on your behalf with the IRS. They'll negotiate potential solutions to reduce your state or federal tax debt or supply you more leeway in penalty payments and monthly costs. The total cost for resolution depends largely on the complexity of your case, but you'll receive a quote before moving on to this stage.

Like many legitimate tax relief companies, Anthem Tax Services offers a money-back ensure if it fails to reduce your tax debt. However, unlike other companies, the organization offers a full refund on discovery and resolution fees, which is a welcome change from tax relief companies that only refund the smaller investigation fee.

Click here to learn more about Anthem Tax Services

#5. Tax Defense Network

tax defense network

Tax Defense Network is one of the older tax relief companies on our list. The company started operating in 1997 and offers federal and state tax debt resolution services to individuals. Tax Defense Network primarily offers tax relief services, including:

  • Asset seizure and tax levy assistance
  • Tax lien assistance
  • Wage garnishment support
  • IRS communication

The company also offers tax audit representation, tax assistance, and small business accounting services, making it a great one-stop shop for all your tax needs. Tax Defense Network and its staff have numerous accreditations, including certifications from the NATP, NAEA, American Society of Tax Problem Solvers (ASTPS), and American Institute of Certified Public Accountants (AICPA).

Tax Defense Network has a minimum debt threshold of $7,500, slightly lower than the industry standard.

Like all good tax relief companies, Tax Defense Network uses a three-step program to decide, identify, and resolve your tax debt. The initial no-obligation consultation is a great way to decide whether tax relief is a sensible option for your financial situation before moving on to the genuine investigation and resolution.

Tax Defense Network offers flexible payments, which makes it easier to afford its services. The company offers many payment plans to help ensure that its services can be available to anyone who needs them.

Ww believe what makes Tax Defense Network appealing is that the company is honest about what its licensed tax professionals can achieve and may ensure that you have realistic goals during the process. The Tax Defense Network also contains an extremely useful knowledge base that explains common tax problems and potential solutions, which can significantly help demystify how tax relief works.

While the company doesn't have an official money-back guarantee, its A+ rating at the Better Business Bureau means that it's a tax resolution firm that offers reliable tax solutions that work. With the company's conservative outlook on what solutions it can offer, you may find a solution that works best for you. 

How Do Tax Relief Companies Work?

The IRS offers tax relief as a way for people to reduce their financial burden while still paying their due. It's important to note that tax relief options help you cope with your tax debts—not erase your debt.

It's completely possible to negotiate your tax relief plan directly with the IRS for free. However, this method tends to be stressful and time-consuming, and if you're struggling with debt as well as taxes owed, the last thing you need is more stress.

Tax relief companies contact and work with the IRS on your behalf. These companies have experienced tax professionals, including tax attorneys and accountants, who know how the system works and can develop tax relief programs, such as installment agreements, that will work best for your situation.

Working with a reputable tax relief firm may dramatically reduce the stress and financial burden of unpaid taxes, but that relief comes at a cost. Tax relief companies will offer a free consultation, but the genuine tax relief service will often cost you up to several thousand dollars. That’s why so many of the best tax relief companies have minimum debt limits to ensure that you don't lose more money paying them than you gain in tax relief programs.

How We Rated the Top Tax Resolution Services

When you're under pressure for tax debt, it can be extremely difficult to avoid tax relief scams. Finding reputable tax relief companies can be a challenge, but several factors may help you identify legitimate tax debt relief companies. We've scoured the market to find the best tax relief companies, but it's always a good idea to do some research on your own using the same criteria that we did.


According to the Federal Trade Commission (FTC),only tax professionalscan work on your behalf with the IRS. Tax professionals include:

  • Tax attorneys
  • Certified public accountants (CPAs)
  • Enrolled agents

In addition to working with certified tax professionals, look for tax debt relief companies that are members of tax-related associations or boards, such as:

  • The National Association of Tax Professionals (NATP)
  • The National Association of Enrolled Agents (NAEA)
  • The American Society of Tax Problem Solvers (ASTPS)
  • The American Institute of Certified Public Accountants (AICPA)

While not necessary for operations, these certifications indicate that the tax relief company takes its job seriously and values its reputation in the tax relief industry.

In general, it's always a good idea to look for businesses registered with the Better Business Bureau (BBB) and the Bureau of Consumer Protection. The Better Business Bureau issues a rating that outlines how well the tax relief company deals with consumer complaints and its overall reputability and customer service. Avoid companies that have a rating of B or lower.

Minimum Tax Debt Required

Many federal and state tax relief services require a minimum debt amount before taking on new customers. This minimum tax debt helps keep potential customers from paying more for tax relief solutions than they get in return.

The current industry standard is a minimum tax debt of $10,000. Since no reputable tax relief company will claim to get rid of the entire debt, it's likely that you'll only get a small amount of debt relief. If you're paying $2,000 for the tax relief service, the chances are that you won't see any difference in your overall financial situation.

Most tax relief firms will state their minimum debt level requirement on their website or discuss it during the free consultation to determine if you're eligible for relief for state or federal taxes.

Types of Tax Relief Programs Offered

The IRS offers several different ways to relieve tax debt, and the best tax relief companies are those that offer the same suite of services. Every tax solution will require a unique approach, so it's worthwhile to work with a tax professional with all the necessary tools to get the best possible results.

Some tax relief companies also provide other tax-related services, such as tax preparation services, tax audit representation, and even bookkeeping and accounting services. It's up to you whether you want to work with a dedicated tax relief company or whether you want the company to handle all of your tax-related issues.


Finding the best tax relief company can be a challenge, but customer reviews can help you weed out scams. Make sure to look at latest reviews, as some companies start to coast on their reputations and stop delivering high-quality service.

Avoid taking one or two very positive or negative reviews as indicators of the company's overall performance. Instead, look at trends in customer reviews: Are most people satisfied with their service, or are there multiple complaints? Also, look at various sites and don't rely on the company's website alone.


The unfortunate truth is that tax relief is an expensive proposition with at least two potentially expensive fees: discovery or investigation fees that are within the few hundred-dollar range and resolution fees that can climb up to thousands of dollars.

Very few tax relief companies disclose their costs up front, and you'll have to schedule a free consultation to get an estimate of what they will charge you. While tax relief rates are usually quite expensive, many of the best tax relief companies will work with you to develop a payment plan to avoid more financial pressure.

Look for companies that offer a money-back guarantee, but be aware that these guarantees come with a lot of fine print. Typically, companies offer a 14-day money-back guarantee, which you have to claim within 14 days of starting their service. Also, most tax relief companies will only refund the investigation fee while keeping the significantly higher resolution fee.

Related Content:

Common Problems a Tax Relief Company Can Help With

Tax Settlement

The main challenge facing many taxpayers, especially small business owners and sole proprietors, is finding the cash to pay their IRS settlement on time.

Tax relief companies may be able to help you reach an installment agreement with the IRS that will make paying off your tax debt more manageable.

Wage Garnishments

One way the IRS can get money from you is through wage garnishments, where it legally withholds funds from your paycheck to pay off your debt.

Tax Liens

While credit bureaus no longer include tax liens on your credit report, such liens can still have a huge impact on your financial wellbeing by limiting your ability to sell your assets.

Essentially, a lien attaches to all your assets, giving the IRS first claim if it seizes the assets due to non-payment of your tax debt through tax levies. Tax liens remain in place until you pay your tax bill or the statute of limitations on the debt expires.

Back Taxes

Back taxes are any unpaid taxes for a particular financial year. You may incur back taxes by failing to pay your taxes, failing to file a return, not paying associated penalties, and even failing to report all your income for the tax year.

Back taxes will incur penalties and interest every year, so it's in your best interest to pay them off as soon as possible, either through installment agreements or as a lump sum.

Types of Tax Debt Relief Programs

IRS tax relief programs address different types of tax debt and help you find a reasonable way to pay your state or federal taxes. The best tax relief companies are those that will understand your situation, find a suitable program, and then negotiate with the IRS on your behalf.


Mon, 27 Jun 2022 23:00:00 -0500 en-US text/html
Killexams : What's the Difference Between Finance and Accounting?

A man looks at a series of charts contemplating the difference between finance vs. accounting

Many undergraduate business programs are based on a foundation of what is known as the FAME subjects: Finance, accounting, management and economics. Business students should gain a good working knowledge of all four subjects, but some may wish to specialize within one of these areas.

Two common areas you may choose to focus or pursue further education in are finance and accounting. These areas have several elements in common and are often grouped. So, what exactly is the difference between finance and accounting?

What is Finance?

Kristin Regis with the text Kristin RegisBetween finance and accounting, finance can be thought of as the more general subject of the two areas. Simply put, it's "the management of money," said Kristin Regis, an associate dean of business programs at Southern New Hampshire University (SNHU).

The study of finance can provide you with a strong foundation of knowledge of banking, economics and financial markets, which can be helpful in all types of workplaces. "Every business or organization has a financial component," Regis said.

If you choose to pursue a finance bachelor's degree, Regis said your coursework's objective would be on earning a profit – or revenue.

Topics you may explore include:

  • Entrepreneurial finance
  • Financial management
  • Investment management

A significant focus may be placed on the study of markets and how they function and fluctuate, as well as how to wisely and effectively manage and mitigate the risks inherent in investing.

You could also further focus your finance education with a financial planning degree from a CFP Board-Registered Education Program. "If someone is interested in finance and helping individuals achieve their financial goals, a job as a financial planner can be quite fulfilling," Regis said.

Future business people studying finance can have the opportunity to learn industry best practices and build skills in:

  • Collaboration
  • Communication
  • Quantitative analysis

Successful professionals in finance understand the stock market and other types of investments and are skilled at interpreting mathematical and statistical data.

What is Accounting?

Mona Stephens with the text Mona StephensWhere finance is primarily future-focused, accounting generally works with existing records and documents. "Accounting tells the financial story of an organization and provides the financial justification for resolving various business problems," said Mona Stephens, an accounting faculty lead at SNHU.

Stephens said accountants use financial data to answer questions such as:

  • What happened?
  • Why did it happen?
  • What does it mean?
  • How can we use that information to make better decisions moving forward?  

Studying accounting prepares you to become an accountant, working in the field or in one of the many adjacent career paths. Course content in a bachelor's accounting degree program can include:

"The work is important, challenging, and allows you to continue to enhance your skill set," Stephens said. For example, you may develop skills in data-driven decision-making, technology and risk assessment, she said.

You may also study business strategy, risk management, information systems, quantitative analysis and more.

Successful students should understand the current regulatory and business landscapes and have a good "big picture" knowledge of the business world, according to the American Institute of Certified Public Accountants (AICPA).

If it interests you, you may also choose to specialize in the field with a degree in forensic accounting – a good first step toward becoming a forensic accountant. This concentration focuses on forensic examination courses and will help prepare you for the Certified Fraud Examiners (CFE) exam – which proves your ability to investigate and identify fraud.

Zuzana Buzzell with text Dr. Zuzana BuzzellWhile pursuing a bachelor's in accounting at SNHU, you'll have an opportunity to earn three certifications, which then allows you to gain valuable, real-world experience volunteering with the IRS’s Volunteer Income Tax Assistance (VITA) program.

"VITA is a great way for students to learn how to file income taxes directly from the IRS," said Dr. Zuzana Buzzell, an associate dean of business at SNHU. Following the completion of these certification exams you’ll be able to help individuals or families in need with preparing their income taxes through VITA.

“VITA volunteering is valued in the accounting profession, as it shows industry skill development, community involvement and dedication to the accounting profession,” Buzzell said. The volunteer work you do can also be applied towards your program credits through experiential learning.

What Can You Do With a Finance Degree?

A blue infographic piece with the text BLS reports employment in business and financial operations is projected to grow 8% from 2020-2030Education in finance opens doors to many business careers. People holding degrees in finance often work in banks, hedge funds and investment firms, among other settings.

Finance can be a pathway to becoming a financial consultant or personal financial advisor. Financial analysts and managers are also needed in all types of organizations, from family-run local businesses to global corporations.

The career flexibility makes finance a nice choice for students who want a smart educational investment. According to the U.S. Bureau of Labor Statistics (BLS), employment for business and financial occupations is expected to grow by 8% through 2030.

A few roles to consider in this field include:

  • Cryptocurrency Compliance Analysts: Help organizations make sound decisions around cryptocurrency that abide by necessary rules and regulations. In 2021, compliance officers earned a median salary of $75,810, according to BLS. See what other crypto careers exist for finance majors.
  • Financial Analysts: Work with individuals and organizations to make strategic decisions based on shareholder interests, stock viability, growth expectations, competition and more. Financial analysts earned a median of $81,410 in 2021, with a 6% job growth through 2030, according to BLS data. See what it takes to become a financial analyst.
  • Financial Managers: Are responsible for the overall financial health of an organization, directing investment activities, reviewing financial performance and overseeing long-term financial planning. Finance managers earned a median of $131,710 in 202, with a 17% job growth through 2030.

See what else you can do with a finance degree.

What Can You Do with an Accounting Degree?

Accounting is a bit more specialized as a field, although, as with finance, there are accountants and people with accounting backgrounds working in all types of businesses and organizations. "An accounting degree is great because it can lead to a variety of career paths," Stephens said. "You can do public accounting work, be an accountant within an organization, do taxes, work in government or nonprofits, be an auditor, etc."

The most well-known career path is to become an accountant, a job that may require a trainee period, further education, certification or a combination of these.

Studying accounting can lead to more specialized accounting roles, such as actuary, auditor or financial examiner. People with backgrounds in accounting can also be frequently found working as bookkeepers, tax advisors and payroll administrators, according to AICPA. Other roles include working for government agencies, as an internal or external auditor examining an organization's finances for cases of waste or fraud or as an information technology auditor evaluating a company's computer system controls to ensure financial data is reliable, according to BLS.

A few more jobs to consider in the accounting field include:

  • Auditors: Examine, analyze and report on an organization’s financial records to determine the level of accuracy that a company has accounted for.
  • Financial accountants: Do the requisite financial reporting to prepare statements for creditors, potential investors, shareholders and the general public.
  • Tax accountants: Prepare taxes and plan income taxation for corporations, individuals and partnerships.

An infographic piece with the text BLS reports employment of accountants and auditors is anticipated to grow 7% through 2030Accounting is a good choice for job prospects. According to BLS, the employment of accountants and auditors is anticipated to grow 7% through 2030. Accountants are in demand when the economy is strong because economic health and growth mean more people are needed to manage and oversee financial records. A stronger regulatory environment is also good news for accounting job candidates because as regulations tighten, more people are needed to enforce them.

If a career in accounting interests you, learn more about what you can do with an accounting degree.

Further Education in Finance and Accounting

Many jobs in finance and accounting will require a minimum of a bachelor's degree. However, you can also earn many advanced degrees and certifications throughout your career to gain a more specialized or in-depth understanding of your field. In finance, you might be interested in:

  • Master's in Finance: Should you wish to position yourself for specialized finance opportunities, you could choose from concentrations such as corporate finance and investments.
  • MBA in Finance: A Master of Business Administration (MBA) could help you gain a holistic understanding of business in addition to learning more about subjects such as corporate financial management, short-term financial management and investment analysis.
  • CFP® Certification: This can help you become a CERTIFIED FINANCIAL PLANNER™ professional. "The certification is quite reputable, and clients know CFP® professionals are knowledgeable and held to stringent ethical standards," Regis said.

In accounting, you can pursue advanced degrees including:

  • Master's in Accounting: Choose from auditing and forensic accounting concentrations to help you propel your career in one of these directions.
  • MBA in Accounting: Compliment your interest in accounting and courses such as financial reporting and tax factors in business decisions with classes that help you become a well-rounded business professional.
  • Certified Fraud Examiner (CFE): "The CFE certification is valuable for accountants who want to specialize in fraud investigations," Stephens said.
  • Certified Management Accountant (CMA): "The CMA certification is valuable for accountants working within organizations as management accountants, cost accountants and chief financial officers," Stephens said.
  • Certified Public Accountant (CPA): "The CPA is a well-respected certification that many employers like to see," Stephens said. Most states require you to have 150 hours of college coursework before you can sit for the exam, which is 30 hours more than a typical four-year degree, according to BLS. The CPA is often taken via a CPA-aligned master's in accounting program. Be sure to check your state's licensing requirements.

If you want to gain experience in both subject areas, some schools also offer a combined focus with an accounting finance degree. This option could help you unlock career options and pathways in both the finance and accounting worlds.

A degree can change your life. Find the SNHU accounting or finance program that can best help you meet your goals.

Rebecca LeBoeuf ’18 is a writer at Southern New Hampshire University. Connect with her on LinkedIn.

Tue, 28 Jun 2022 12:00:00 -0500 en text/html
Killexams : College of Business & Technology

Journal of Contemporary Business Issues

Published by the College of Business and Technology
Western Illinois University | Macomb, Illinois
ISSN: 1553-5347

JCBI Special NAAS Issue 2015

Volume 21, Number 1

An Overview of Investor Sentiment in Stock Market (pdf)
Amy (Chun-Chia) Chang, San Francisco State University; Natalie Tatiana Churyk, Northern Illinois University; Alan Reinstein, Wayne State University; Shaokun (Carol) Yu, Northern Illinois University

Budgetary Participation, Personality and Perception (pdf)
Justin P. Stearns, University of Illinois - Springfield

Handsome is as Handsome Does: A Somewhat Whimsical Look at Leadership of the U.S. Accounting Profession Over Its First 125 Years (pdf)
Timothy J. Fogarty, Case Western Reserve University

Listening to Accounting Users: The Impact of Complexity, Transparency and Stewardship on Decision-Usefulness (pdf)
Chester H. Brearey, Siena College; Timothy J. Fogarty, Case Western Reserve University

Online Homework Versus Pen and Pencil Homework: Do the Benefits Outweigh the Costs? (pdf)
Elizabeth Kreuze, RN, PhD Candidate, Medical University of South Carolina; Jerry Kreuze, PhD, CPA, Western Michigan University; Sheldon Langsam, PhD, CPA, Western Michigan Univeristy; James Penner, Phd, CPA, Western Michigan University

Teaching Accounting: Setting the Right Tone with a Tune (pdf)
Jacob T. Crowley, Ohio Northern University; Matthew A. Phillips, Ohio Northern University

Board of Reviewers
  • Patricia Abels, University of Findlay
  • Jack Armitage, University of Nebraska at Omaha
  • Andrew Brajcich, Gonzaga University
  • Ada Duffey, University of Wisconsin-Waukesha
  • Kel-Ann Eyler, Wesleyan College
  • Timothy J. Fogarty, Case Western Reserve University
  • Jason Haen, St. Norbert College
  • Steven Hanke, Indiana University - Purdue University Fort Wayne
  • Nausser Jamali, Illinois College
  • Vicki Jobst, Benedictine University
  • Doug Johnson, Southeast Community College, Lincoln Campus
  • Sheldon Langsam, Western Michigan University
  • Michael J. Miller, Sullivan University
  • Matthew Phillips, Ohio Northern University
  • Justin P. Stearns, University of Illinois - Springfield
  • Ronald Twedt, Concordia College
  • Anthony Zordan, University of St. Francis
General Editors
  • John Elfrink and Ron Bauerly, Western Illinois University
Editor's Forward

I would like to thank all who volunteered to serve as reviewers, particularly those who actually participated in reviewing the articles submitted for publication in the current issue. I would like to also thank Jack Elfrink and Ron Bauerly of Western Illinois University for all the efforts they made to relist the Journal in Cabell's Directory and for all the help and assistance they provided me.

Like last year, the articles accepted for publication in this issue are of high quality and tackle important theoretical and practical accounting issues.

In the article titled Handsome is as Handsome Does: A Somewhat Whimsical Look at Leadership of the U.S. Accounting Profession Over Its First 125 Years, Tim Fogarty provides a "classic" profile of the AICPA's list of 125 people "who left a mark on the accounting profession" that includes being male, working for a public accounting firm, having some association with the AICPA, and having left something notable in the written form.

In the article titled Budgetary Participation, Personality and Perception, Justin Stearns used students to conduct an experiment that suggests that individuals perceive their participation, in this budget setting process, differently and that personality (extraversion, conscientiousness, and neuroticism) significantly impacts how individuals perceive their involvement in this budget setting process.

In the article titled Online Homework Versus Pen and Pencil Homework: Do the Benefits Outweigh the Costs?, Penner, Kreuze, Langsam, and Kreuze provide some advantages and disadvantages of online homework vs. pen and pencil homework and conclude that decisions as to which type of homework to use should consider the type of course, student enrollments, motivation level of students, and related costs.

In the paper titled Teaching Accounting: Setting the Right Tone with a Tune, Matthew Phillips and Jacob Crowley argue that using music effectively to supplement the lecture in the first accounting course is more likely to have students with negative paradigms, stereotypes, or anxiety "tune-in" to the syllabu of the day, if they are motivated by music, and those who are "tuned in" may be more likely to select accounting as a major and possibly a career.

In the paper titled Listening to Accounting Users: The Impact of Complexity, Transparency and Stewardship on Decision-Usefulness, Chester Bearey and Timothy Fogarty used a broadly cast survey of sophisticated accounting information users in an attempt to discover what attributes make accounting information useful and what related beliefs are necessary for its appreciation.

In the final paper titled An Overview of Investor Sentiment in Stock Market, Chang, Yu, Reinstein, and Churyk discuss investor sentiment, its measurement as well as its impact on the stock market, and provide an investment decision making process that includes four steps: select an investor sentiment index with the highest predictability, identify and establish the "extreme" level, predict the market direction and form the future expectations, and then make your investment decisions.

Editor: Mostafa M. Maksy, Kutztown University of Pennsylvania

Tue, 08 Feb 2022 18:43:00 -0600 en text/html
Killexams : Valley in Brief: Appeal period open for Eagle County property valuations

EAGLE COUNTY — On Monday, the Eagle County Assessor’s Office mailed Notices of Valuation to all property owners of record. Counties throughout the state are required to conduct a complete reassessment of all property every two years. Under Colorado law, property valuations must reflect the local real estate market activity from Jan.1, 2015, to June 30, 2016.

Property owners who believe the market does not support their 2017 assessed value during that timeframe, or whose property’s characteristics are not listed correctly on the notice, can appeal their valuation through June 1.

Eagle County Assessor Mark Chapin said his office has received several inquiries from property owners confused by solicitation letters indicating a fee schedule for filing appeals. There is no charge to appeal a valuation.

“We encourage any property owner with questions on their valuation to call us at 970-328-8640 or stop by our office,” Chapin said.

Owners can appeal in person at the Assessor’s Office at the Eagle County Building, 500 Broadway in Eagle, in writing via mail to P.O. Box 449, Eagle, CO 81631, by fax to 970-328-8679 or online at . If appealing in writing, then be sure to identify the property and provide reasons for the appeal.

El Jebel- and Basalt-area property owners can make an appointment to see an appraiser at the Eagle County annex in El Jebel on any Wednesday in May by calling 800-225-6136, ext. 8640, or 970-328-8640.


Bare Roots Harvest Summit slated for May 20 in Edwards

The fifth annual Harvest Summit, hosted by Bare Roots, will be held on Saturday May 20, from 8:30 a.m. to 3:30 p.m. Community partners from the Eagle River Valley and from across Colorado will gather for a panel at the Miller Ranch Community Center, 25 Mill Loft Street, Edwards. Local growers will participate in a panel to discuss organic growing, medicinal plant use, best practices and all things plant related. The summit is free to attend, and parking is available at Miller Ranch.

This will be an open forum event with a Q-and-A session. The Harvest Summit is an opportunity for Eagle County residents to interact with members of their food and growing communities, share resources, and learn about local farming. The summit will also include a seed swap, a plant sale and a silent auction. All proceeds from the auction will benefit Bare Roots.

Bare Roots, formerly Mountain Harvest Coalition, is a local food collective dedicated to cultivating an Eagle River Valley community in which every individual has access to local, nourishing, sustainable food resources. Bare Roots supports healthy food access through education, outreach and partnership.

Breakfast and lunch will be provided. For those who attend the summit, free beer and live music will follow at Crazy Mountain Brewery.

Free childcare on-site will be provided by an AmeriCorps NCCC team. This will include growing gardeners classes.


Chamonix lottery results posted

The town of Vail has released results from the Chamonix Vail lottery drawing held this past Wednesday. The 32 lottery winners have until 5 p.m. on Wednesday to execute a reservation agreement and submit a $1,000 nonrefundable reservation fee to the town. After the Wednesday deadline, any remaining homes will be reassigned to lottery participants who are on the wait list.

Pricing ranges from $399,000 for a two-bedroom, two-bath, one-car garage home to $739,000 for a larger three-bedroom, three-bath, two-car garage home. Construction of the homes began on April 10; the first families will be moving into their new residences in December.

Visit , for more information.


County finance director earns honor

John Lewis, Eagle County’s finance director has been awarded one of the industry’s highest honors.

The Colorado Society of Certified Public Accountants awarded John Lewis the Governmental Certificate of Achievement.

To earn the certificate, Lewis completed five eight-hour courses covering the latest rules, regulations and pronouncements in governmental accounting. Those who complete the rigorous coursework acquire a deeper understanding of governmental accounting issues, enhance their competence in the field and demonstrate their dedication and commitment as governmental accounting professionals.

The county’s finance department publishes the county’s annual budget and financial statements, tracks the monthly sales tax receipts and performs monthly budget analysis.

“Believe it or not, accountants are not usually nominated for Oscars, Emmys or even Tony awards. In fact, we are just not front and center on anyone’s minds when it comes to giving awards, although we did receive notoriety last year when one of our own gave Warren Beatty the wrong ‘Best Picture’ winner,” Lewis said, jokingly.

However, the county’s finance department encourages continuing education, Lewis said.

For the past 18 years, the county’s finance department has earned the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association.

Along with the department honors, they have earned several individual awards:

Hector Ordonez earned his CPA from the State of Colorado in 2016.

Joan Monaghan earned her Chartered Global Management Accountant designation from the American Institute of CPAs. Monaghan was also one of 30 out of hundreds of applicants selected nationally to attend the AICPA Leadership Academy in Washington, D.C. Before accepted a new position with Standard & Poor’s Global, she passed all of the tests required for her Certified Professional Finance Officer designation.

Tom Hyatt earned his Chartered Global Management Accountant designation from the American Institute of CPAs, also in 2015.

Lewis earned his Chartered Global Management Accountant designation from the American Institute of CPAs. He also earned his Governmental Certificate of Achievement from the Colorado Society of CPAs.

Fri, 05 May 2017 11:51:00 -0500 en-US text/html
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