BAY SPECIALIZED TAX SERVICES’ Post

Taxes - if there is anyone on Earth that can make this topic seem not quite so complicated...it's Linda DeBarthe. I'm so thankful that Jenny Connolly recommended I connect with her for my interns. What do we chat about during this Next Step session for Communication & Media students University of Northern Iowa? Understanding tax rates, being a contract employee, when you need an accountant, how taxes vary from state to state (thus impacting potential relocation and take-home pay), among other topics. Devin Baas Hannah Bailey Nicole Beilke Isabelle Bradley Caroline Christensen Emma Criswell Cole Henry Samantha HilbertEli Hull Zoey Hutton Hope JacobsElla Jahner Bella Kresser Dylan Kurt Jayne Levi Ellie Marmie Olivia Neyen Paul Noble Brena Laine Ollinger Alexandria Post Justin Tjaden and Tori Ward all now have a better understanding of how tax structures work, how to save receipts/records for potential entrepreneurship, and to protect themselves as workers. #taxes #tax #taxliability #contract #contractemployee #1099 #graduation #intern #interns #adulting #nextstep

#taxlaw Why is tax law ,the best law to practice. Read the post.

During my existing 3 months internship in income tax return processing, I gained invaluable insights into the intricacies of tax regulations and procedures. I collaborated with seasoned professionals, assisting in the preparation and filing of tax returns for individuals and businesses. Analyzing financial documents, identifying deductions, and ensuring compliance with tax laws became second nature. The experience not only honed my technical skills but also provided a real-world understanding of the impact of taxation on diverse financial scenarios.

🎉 Final Day of Intern Spotlight! 🌟 As we wrap up a month of spotlighting our intern's incredible contributions to our tax department, we want to take a moment to express our deepest appreciation for their dedication, hard work, and enthusiasm. 🌐 Stay Tuned for More: While the intern spotlight may be dimming, stay tuned for more exciting updates from Bowers CPAs & Advisors! #InternSpotlight #FutureTaxProfessionals #TeamAppreciation #teambowers

"𝘍𝘳𝘰𝘮 𝘵𝘩𝘦 𝘰𝘶𝘵𝘴𝘦𝘵, 𝘐 𝘳𝘦𝘢𝘭𝘭𝘺 𝘭𝘪𝘬𝘦𝘥 𝘩𝘰𝘸 𝘵𝘢𝘹 𝘥𝘳𝘦𝘸 𝘰𝘯 𝘮𝘺 𝘦𝘹𝘱𝘦𝘳𝘵𝘪𝘴𝘦 𝘪𝘯 𝘣𝘰𝘵𝘩 𝘧𝘪𝘯𝘢𝘯𝘤𝘦 𝘢𝘯𝘥 𝘭𝘢𝘸, 𝘢𝘯𝘥 𝘐’𝘷𝘦 𝘣𝘦𝘦𝘯 𝘩𝘰𝘰𝘬𝘦𝘥 𝘦𝘷𝘦𝘳 𝘴𝘪𝘯𝘤𝘦!" For the second article in our Fair Tax Leaders series, Jupiter Asset Management's Sarah Filbee talks about changing attitudes towards responsible tax and how a summer internship led her to where she is today. Read the article here: https://lnkd.in/emHbNMqv #FairTaxLeaders #Jupiter #careers

The taxation of internship income has been a topic of considerable discussion. Notably, the Income Tax Act does not explicitly address the term 'stipend.' Instead, it primarily focuses on the taxation of 'salary' received within an employer-employee relationship. Read more at: https://lnkd.in/gne4H4Be

Last week, I shared a bit about our 'Own It ' firm value and our renewed focus on what that means for us. Each week, we share a story on our Own It Slack channel as an example of what it looks like when someone truly embodies this value. Here's this week's story, a testament to the power of 'Own It '. Own It - New Tax Rules and the Incredible CJ Miller, CFP®, RMA®, CPWA®! The qualified business income (QBI) deduction began in 2018, introduced by the tax reform called the Tax Cuts and Jobs Act (TCJA). CJ Miller (now a partner in the firm) became a full-time employee on June 1, 2017, after a year-long internship. Fresh out of school, I asked him if he could figure out how to build these new deductions into our financial planning model. That’s all the direction he got. We had no tax specialist on staff at that time. CJ said yes. Without hesitation, CJ delved into reading regulations, learned Excel formulas, ran potential iterations by me, had us test it, and got it done. He demonstrated a remarkable ability to understand the needed outcome (accuracy and usability) and align the task to that goal. He scheduled check-ins with me a few times along the way, but always with something to show me, such as “I could do it this way or that way… any input?” It was CJ who was running the project, bringing things to me for feedback – not the other way around. His ability to take the initiative and get it done quickly and correctly truly wowed my socks off. It was a clear example of what it means to 'think like an owner '.    FYI. Not sure how to start a project you’re asked to do? We teach people to use their Kolbe MO! Your Kolbe will tell you how you work best. You can start with research, use Google to find examples, start with a checklist or project map, or begin with a set of possible directions and ask someone to assess them. While we can all think like owners – we will all go about it differently. (Follow Amy Bruske to learn more about Kolbe and how to use it with your teams.) #thinklikeanowner #earnyourstripes

This post is to share that I’ve completed a month-long internship under Advocate Manoj Moryani, a stalwart in taxation law. Throughout my internship, I studied various ongoing cases related to the Income Tax Act, 1961, and navigated notices and appeals under various sections of the Act. My focus extended to analyzing paper books on agricultural land taxation, understanding the complexities of the Income Tax Act and its jurisdiction, and drafting stay orders for ongoing cases. In addition, I did extensive research and contributed by submitting relevant case laws for various ongoing appeals. The practical exposure in studying paper books related to unexplained cash deposits and investigations by the Income Tax department further added depth to my learning. Overall my internship has enhanced my understanding of taxation law and equipped me with valuable skills.

Robert Nero, class of 2024, is an accounting major and has secured a job at RSM after graduation as a Tax Associate! "The accounting classes that I took at CUA (especially Taxation with Professor Monahan) fueled my passion for accounting. The professors have been very supportive and assisted me in finding job and internship opportunities." Read more in the article below! #ThisIsCatholicU #WhyCatholicU

Meet Ethan, an Associate in our Roanoke office. He joined BE in 2022 as a tax season intern and joined full time after graduation. Some advice he'd give someone just starting their career is, "Don't be afraid of making mistakes and to always ask questions. I know sometimes people can be scared of not getting something right the first time, but that comes with the territory of being new to something, especially for people who are new to public accounting." #JoinBE #RoanokeVA #PublicAccounting