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Posted by jack on August 25, 2008, 11:08 am
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When an accounting firm prepares tax returns for individuals, it is called
"public" accounting, "private" accounting, "tax" accounting, or something
else? Or is it not accounting at all; just tax return preparation?
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Posted by Mark Bole on August 25, 2008, 12:53 pm
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jack wrote:
> When an accounting firm prepares tax returns for individuals, it is called
> "public" accounting, "private" accounting, "tax" accounting, or something
> else? Or is it not accounting at all; just tax return preparation?
First, replies tend to be more helpful if you are more specific, such as
what situation does your question pertain to, or more bluntly, why do
you want to know?
Anyway, I'll take a stab at your answer: tax accounting.
I don't believe there is any rigorous legal definition, but the U.S.
Dept. of Labor categorizes four major fields:
public, management, government accounting, and internal auditing.
(http://www.bls.gov/oco/ocos001.htm)
If you limit yourself to these four categories, clearly the answer is
"public accounting". (However those who work for the IRS would be
government accountants.)
Wikipedia lists the following, it's hard for me to say which term most
precisely applies to your question:
* lean accounting
* auditing
* bookkeeping
* chartered accountant
* cost accounting
* management accounting
* financial accounting
* social accounting
* forensic accounting
* taxation advice
* public accountancy
* internal accountancy
* external accountancy
Elsewhere Wikipedia specifically refers to "tax accounting" thusly:
"Unlike most countries, the United States has a comprehensive set of
accounting principles for tax purposes, prescribed by tax law, which are
separate and distinct from Generally Accepted Accounting Principles.".
IRS Pub 538 is an overview of individual and business accounting methods
and periods and uses the term "tax accounting".
-Mark Bole
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by jack on August 25, 2008, 1:20 pm
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> jack wrote:
>> When an accounting firm prepares tax returns for individuals, it is
>> called "public" accounting, "private" accounting, "tax" accounting, or
>> something else? Or is it not accounting at all; just tax return
>> preparation?
>
> First, replies tend to be more helpful if you are more specific, such as
> what situation does your question pertain to, or more bluntly, why do you
> want to know?
>
> Anyway, I'll take a stab at your answer: tax accounting.
>
> I don't believe there is any rigorous legal definition, but the U.S. Dept.
> of Labor categorizes four major fields:
>
> public, management, government accounting, and internal auditing.
>
> (http://www.bls.gov/oco/ocos001.htm)
>
> If you limit yourself to these four categories, clearly the answer is
> "public accounting". (However those who work for the IRS would be
> government accountants.)
>
That works for me; thanks.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Harlan Lunsford on August 25, 2008, 1:44 pm
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Mark Bole wrote:
> jack wrote:
>> When an accounting firm prepares tax returns for individuals, it is
>> called "public" accounting, "private" accounting, "tax" accounting, or
>> something else? Or is it not accounting at all; just tax return
>> preparation?
>
> First, replies tend to be more helpful if you are more specific, such as
> what situation does your question pertain to, or more bluntly, why do
> you want to know?
>
> Anyway, I'll take a stab at your answer: tax accounting.
>
> I don't believe there is any rigorous legal definition, but the U.S.
> Dept. of Labor categorizes four major fields:
>
> public, management, government accounting, and internal auditing.
>
> (http://www.bls.gov/oco/ocos001.htm)
>
> If you limit yourself to these four categories, clearly the answer is
> "public accounting". (However those who work for the IRS would be
> government accountants.)
>
(Wikipedia definitions omitted as being not exactly authoritative. (grin)
anyway, in my state tax preparation is not "public accounting", for to
practice public accounting, one must be licenses by the state as such,
and can therefore use the designation "PA". Sort of like "CPA", except
not as ..... as..... ohnevermind.
ChEAr$,
Harlan Lunsford, EA n LA
Tax accountant
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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