Certified Public Accountant Specialization - Be a US Tax Accountant

One of the many specializations that Certified Public Accountants (CPAs) can choose from after they receive their full certification as an accountant is US tax accounting. In the United States, the principles of tax accounting are separate and distinct from the Generally Accepted Accounting Principles that apply to all other accountants. 

Because of this distinction, organizations need accountants who are experienced in preparing taxes for small businesses or corporations to ensure that they are in full compliance with the United States tax code. These tax regulations are changing and getting more stringent as more laws are passed to rein in financial illegalities after the bank bailout of 2008. The demand for CPAs specializing in taxes has never been greater. 

CPAs can choose to study US tax accountancy methods after they get their certifications, making them experts in filing taxes and calculating taxable income. One duty that tax accountants in the United States have to perform for their clients is determining the type of tax accounting methods. These methods describe what is counted as taxable income for an individual or business. The Internal Revenue Code, under section 446(1) to (4) permits cash, accrual, and other tax accounting methods. 

Barry Dufrene is a CPA with decades of experience in the government and private sectors. He worked for 32 years for the Parish of St. Mary in Louisiana, then shifted to taking over as the Chief Financial Officer for Yellow Fin Marine Services, a local small business near his home in Morgan City.

What is Forensic Accounting?

For new or aspiring Certified Public Accountants (CPAs), choosing a specialty can be an excellent way to get a job after completing the Uniform CPA Examination. Forensic accounting is one of these specialties that trained CPAs can specialize in.

Forensic accounting is the investigation of fraud or embezzlement using accounting skills as investigative tools. There are many ways to get a job as a forensic accountant. Accounting firms often employ forensic accountants within specialized forensic divisions. Law enforcement agencies and lawyers also hire forensic accountants to investigate potential wrongdoing by various parties. Over the past seven years, state governments and the federal government in the United States have been cracking down on financial impropriety, making forensic accountants valuable and in demand. 

As a CPA, you can apply to earn certification as a forensic accountant. You can apply with the Certified Fraud Examiners’ (CFE) certification, ensuring that you know the structures of common fraud schemes. Basically, because fraud is usually well hidden, you have to know what to look for to root it out. Earning this certification can lead to a salary increase of 22% over those without the credential. Earning a CFE is not required to work as a forensic accountant, but it has many benefits. 

Barry Dufrene is a CPA with decades of experience living in Morgan City, Louisiana. He worked for St. Mary Parish for 32 years before retiring in May of 2012. Dufrene decided that his days as a CPA weren’t over, however, and he went back to work as the Chief Financial Officer for Yellow Fin Marine Services.

How to Become a Successful Certified Public Accountant

Working as a Certified Public Accountant (CPA) can be a very rewarding career path. CPAs can become trusted advisors for top companies, help people with their taxes or finances, or even run a company themselves. Earning a CPA license and building experience as an accountant provides individuals with an extremely useful skillset for the business world in general. Most CPAs earn excellent salaries for their work because it is very valuable to both businesses and individuals.

Here’s how to become a CPA:

Step 1: Graduate from high school or earn your GED.

Step 2: Earn a Bachelor’s Degree in Finance or Accounting. Most states in the United States require CPAs to earn a BA in Finance or Accounting. Some allow CPAs to substitute work experience for a four-year degree. Many accounting firms and other businesses require their CPAs to earn a Master’s Degree on top of their Bachelor’s. Consider taking two more years and completing an advanced degree in addition to your BA.

Step 3: Get certified in your state. Find out what specific requirements your state has to become licensed as a CPA. Some states require prior work experience in accounting or finance to earn a license. In all states, you will have to take the Unified CPA Examination, comprised of four sections: Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation.

Step 4: Find a job. Job opportunities for CPAs are expected to increase in the US by 22% between 2008 and 2018.

Barry Dufrene is a Certified Public Accountant working for Yellow Fin Marine Services near Morgan City, Louisiana.