California Franchise Tax Board’s Post

The last three months have been the most challenging of my professional career. To start gaining the accounting experience I eagerly seek, I worked as a tax intern at The Terzolo Financial Group. On top of the full-time position I already hold, I pushed myself out of my comfort zone and into the unknown to learn something foreign to me in tax preparation. I had no prior tax accounting experience so my level of comfortability was understandably low, especially early on in tax season. I am a perfectionist by nature and I tend to have a difficult time accepting when something does not come as easily to me as I would hope or expect it to. As time elapsed, though, I realized it was okay to feel uncomfortable. Everybody has to start somewhere, and this opportunity was my "somewhere." Interning as an almost-30-year-old is a humbling experience but one that left a considerable impact on me. I met wonderful people and I learned from some of the best in the industry. I enjoyed learning and growing as much as I did over the last three months and I can certainly see a future in tax accounting. I am unsure what my next accounting opportunity will look like, whether it will be another tax position or perhaps my first experience with audit, but I am excited to see what lies ahead. In the meantime, a couple more accounting courses to complete by the end of July, followed by an application to NASBA to officially begin the CPA journey. Almost time to strap in and tackle the beast. #Accounting #Tax #CPA

Top Tax LL.M. programs have better job results/salaries than many J.D. programs outside the Top 20. In fact, each year a large number of J.D. graduates enter the top Tax LL.M. programs for better jobs/salaries/career trajectories/law school brand. If you're a foreign-educated lawyer with a tax background seeking to work in the U.S.? I'd usually recommend a Tax LL.M. over a General LL.M. degree as you consider your strategy and speak with schools! #teamtaxllm

Where is the best place for an accounting grad to start? How can I weigh public vs private accounting job options? Staff Accountant Hunter Hartwick assembled advice from four members of our firm in this new blog. Tag a 2024 grad in the comments! #2024grad #accountingcareer #accountinggrad #accountant #tax #JAKcpa #bestteamever

⚾️ 𝐒𝐚𝐧𝐝𝐥𝐨𝐭 𝐃𝐨𝐮𝐛𝐥𝐞𝐡𝐞𝐚𝐝𝐞𝐫 ⚾️ ❌ 𝘙𝘦𝘫𝘦𝘤𝘵𝘪𝘰𝘯 𝘪𝘴 𝘪𝘯𝘦𝘷𝘪𝘵𝘢𝘣𝘭𝘦.❌ From missed assignments to lost clients, it's important to remember that how you handle rejection speaks volumes about your character. Do you take it with grace or, like me, do you occasionally find yourself ready to call someone a “bookreeker”? Though it's hard to see at the time, every rejection is an opportunity. Keep your head up and take the high road. And no shade meant at Tax Interns! I promise the tax version of this escalation would end with, "𝘺𝘰𝘶 𝘱𝘳𝘦𝘱𝘢𝘳𝘦 𝘳𝘦𝘵𝘶𝘳𝘯𝘴 𝘭𝘪𝘬𝘦 𝘗𝘦𝘵𝘦𝘳 𝘡𝘦𝘯𝘥𝘦𝘳!" S/O to Dalton Newbold for helping on this one! And LET’S GO TWINS on Opening Day!!! #publicaccounting #audit #professionalism #rejection #opportunity

During my internship at MOON SEZ CONSULTANTS PVT. LTD., I am knowing to special economic zone and compliances related to Goods and Services Tax (GST). Here's a quick breakdown of the different GSTR forms I've learned about: ➡GSTR-1: GSTR-1 is a form captures all outward supplies made by a registered taxpayer in a specific tax period. Think of it as a sales record for the government. ➡GSTR-2A: GSTR-2A is an automatically generated purchase-related tax return for each business by the GST portal. ➡GSTR-2B: GSTR-2B is a static month-wise auto-drafted statement introduced on the GST portal. ➡GSTR-3B: GSTR-3B is a consolidated return, summarizing information from other GSTR forms like purchases and taxes paid. It's like the "cliffs notes" version for tax filing. There are other forms like GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8,GSTR-9,etc. Understanding these forms has given me valuable insights into how businesses comply with GST regulations. It's definitely a skill that will be a major asset in my future career! #GST #Taxation #InternshipLearning #Finance #Compliances #specialeconomiczone #consultancy

Just completed a 4-month Tax Associate internship at MyTaxFiler in U.S. Individual Taxation (Form-1040). Gained valuable experience in tax preparation and learned from experienced professionals. Excited to continue growing my skills in this field :) #ustaxation #tax

What's the best place for an accounting grad to start when job hunting? How can you weigh public accounting vs private accounting job options? Staff Accountant Hunter Hartwick complied advice from four members of our firm in this blog. https://buff.ly/4dik0XR #2024grad #accountingcareer #accountinggrad #accountant #tax #JAKcpa #bestteamever

You are losing your apprentices and tax managers… Here is why 👇 You can obtain benchmarks using 2 types of resources: money or time. You can use the money resources and invest in automatization. Or you can use the time of your apprentices and tax managers. Giving them repetitive work will let them lose interest in what they do. And eventually lose interest in working for your company. Don’t let your apprentices and tax managers pay for you. Hiring new apprentices is costly and causes standstills on processes. Invest in the future of your company AND apprentices and tax managers. Click the link below to learn more 👇

I wanted to share some fascinating insights I have gained during my current internship , where I have been diving deep into the Income Tax Act of India. It it is been an eye-opening experience, especially learning about the various tax-free allowances and perquisites that can help reduce taxable income. 😎 🤔 Did you know certain allowances and perquisites are exempt from tax under the default tax regime (Section 115BAC) and the optional tax regime? Key exemptions include: House Rent Allowance (HRA) Children Education Allowance Transport Allowance for handicapped employees Lets take a small story for Tax Planning: Imagine earning ₹10,00,000 per year and making the most of tax exemptions: House Rent Allowance (HRA): 🏡 Suppose you receive ₹2,00,000 as HRA and pay ₹1,80,000 in rent annually. Using the HRA exemption rules, a significant part of this amount can be tax-free, reducing your taxable income. Children Education Allowance: 👨👨👧👦 📚 If you have two children, you might receive ₹2,400 annually (₹100 per month per child) as a Children Education Allowance. This amount is exempt from tax. Transport Allowance for Handicapped Employees: 🚌 If you or someone you know is a handicapped employee, receiving ₹38,400 annually (₹3,200 per month) as a Transport Allowance is also exempt from tax. By leveraging these exemptions, you can significantly reduce your taxable income and save on taxes. 😎 This hands-on experience during my internship is teaching me the importance of understanding and utilizing tax exemptions to optimize financial planning. It is fascinating how strategic planning can make such a significant difference! If you have any questions about how these exemptions can apply to your specific situation, feel free to reach out. I would love to discuss and share more insights! #TaxExemptions #IncomeTaxAct #Allowances #FinancialLiteracy #Salaries #InternshipExperience

Taxation: A Crucial Aspect of Accountancy As we move past the end of the financial year on June 30, 2024, the taxation season is in full swing. This period marks an important time for accountants, particularly for those who are new to the field. Many income tax lawyers are now preparing returns, and there's a significant opportunity for newcomers to gain valuable experience. Fresh graduates and entry-level accountants can seize this chance to work as helpers, learning directly from seasoned professionals. It's a perfect time to dive into the practical aspects of tax law and build a strong foundation for your career in accountancy. #Taxation #Accountancy #TaxSeason #IncomeTax #Finance #AccountingCareers #FreshGraduates #TaxLaw #CareerOpportunities #ProfessionalDevelopment #TaxReturn #FinancialYear #JobOpportunities #TaxTips