Over the past six years the Obama administration has done more to increase rules, regulations, and required paperwork than the previous fifteen presidents combined. With the new affordable care act, the federal government has been forced to hired over 10,000 new IRS auditors and accountants. Thus, the title of this article. Full employment for accountants and tax professionals.
The public accounting industry has always been a safe and secure career choice for many undergraduate students. The industry affords many different careers paths from becoming a certified public accountant to becoming and enrolled agent, internal auditor, or even certified managerial accountant. There are many different career paths that require a high degree of knowledge and intellect. Not to mention, most of them pay quite well.
The new rules and regulations that the government has put in place also increase the need for public accountants and CPAs because no one is capable of filing tax returns without an in depth knowledge of the new regulations.
For example, the IRS recently updated their fixed asset and depreciation rules that require companies to dispose of assets that are on the books twice. For example, a leasehold improvement like a roof repair typically is added to the 4562 in addition to the existing roof that is being depreciated with the existing building. Now the IRS requires companies to first dispose of the old asset before they can put the new asset on the books. This process requires a form 3115 and is extremely time consuming and complex for the average business owner. Thus, a CPA is needed for this new rule and regulation.
Because so many new jobs have been opening in the public accounting field, more students have been pursuing their CPA license. The studying process of the CPA exam is quite grueling and demanding. Students must take all four sections of the exam in an 18 month window. If they don’t pass them all in that window, they will be forced to drop the first one and start over. It’s an extremely difficult process that requires dedication and determination.
Many students find that taking the actual CPA exam isn’t even the most confusing part of becoming a CPA. The CPA exam application process is just as time consuming and difficult. This is kind of amazing, but many students feel the process is too vague and difficult to understand. Apparently, there is four step process just to apply to take the exam.
With all that being said, choosing the field of public accounting is a solid career choice for an new college graduate. It’s very clear that the government will not stop creating more laws and rules that require the services of CPAs.