Accounting Opportunities

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Students Honored for Work With Community Tax Assistance Program

Congratulations to Harris Felton and Kiadan Zheng for winning university-level service awards for their work in the Volunteer Income Tax Assistance (VITA) program this spring (students pictured at left with UCA College of Business Dean Michael Hargis).

Professor Ashley Phillips oversees and coordinates UCA’s annual involvement with VITA through the United Way of Central Arkansas. This tax season, students completed 329 tax returns, helped taxpayers claim $357,549 in refunds, and saved taxpayers approximately $60,000 in tax preparation fees.

The IRS’s Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to qualified individuals.

Posted in: Accounting, COB News, Featured News, _All Opportunities, _Awards, _Volunteer on April 26, 2023 Tagged: award, Felton, Hargis, Phillips, service, UCA Accounting, UCA College of Business, VITA, Volunteer Income Tax Assistance, Zheng

Top Tax Questions Answered

Ready or not, here it comes. Tax season is underway with about one month left to file individual income tax returns.

The deadline for filing a 2022 federal individual income tax return and an Arkansas individual tax return is April 18, 2023, rather than the usual April 15^th deadline, due to the District of Columbia’s Emancipation Day holiday. If you find yourself unprepared, here are some answers to the top tax questions to get you started.

What documents do I need to prepare my return?

The following are common documents taxpayers may need to prepare their 2022 tax return.

Employment:

You will need your W-2s from every place you were employed during 2022.
If you received any unemployment compensation during the year, you will need Form 1099-G from the state paying the unemployment.

Retirement Income:

If you were retired or if you took a distribution from a retirement plan, you will need Form 1099-R from each plan that your received a distribution in order to file your return.
Furthermore, if you received Social Security, you will also need a SSA-1099.

Investment Income:

If you had interest income (Form 1099-INT), dividend income, (Form 1099-DIV) and/or stock sales (Form 1099-B), you will need these related forms.
Companies will only send a 1099-INT if you had more than $10 in interest income for the year.

Self-employment Records:

If you were self-employed, then you will need to have documentation of both your income and expenses.
In certain circumstances, you may receive a Form 1099-NEC and/or 1099-K for earnings as an independent. In addition to your income, you will need records of any business expenses.
This includes the business miles you have driven.

Pass-through Income:

If you had an interest in a partnership, LLC, S Corporation, trust, or estate, then you will need the Schedule K-1 from the entity.

Rental Income and Royalties:

If you owned rental property, then you will need a record of the rents you received as well as the expenses you incurred on the rental properties.
Furthermore, if you received royalty income, then you will need Form 1099-MISC from the company paying the royalties.

Other Income:

If you had any other source of income, you need documentation of it.
This includes gambling income and cancelation of indebtedness.

Child Care:

If you incurred childcare expenses on behalf of a dependent, you will need the total amount of these expenses as well as the tax identification number of the child care provider.

Education:

If you were a student in higher education, you will need a Form 1098-T showing the amount of your higher education expenses.
Additionally, if you paid student loan interest, you will need Form 1098-E.

Health Insurance:

If any point during 2022 you had health insurance through the Health Insurance Marketplace, you will need a Form 1095-A before you can filed your tax return.

Should I take the standard deduction or itemize?

According to the IRS, approximately 87% of taxpayers elect to take the standard deduction. For a single taxpayer in 2022, the standard deduction is $12,950 and for a couple that elects married filing joint status then their standard deduction is $25,900. These amounts increase slightly for taxpayers over age 65 or those that are blind. If the total of your state and local income or sales taxes, personal property taxes, real property taxes, mortgage interest payments, charitable contributions, and a portion of your unreimbursed medical expenses exceeds the standard deduction, then you may want to itemize.

One important thing to keep in mind is that even if you choose to take the standard deduction on your federal return, you may want to itemize on your Arkansas tax return. This is because the Arkansas standard deduction is significantly lower than the federal standard deduction.

What if I am unable to file by the April 18^th deadline?

If you need additional time to file, you may request an extension.

To request an automatic 6-month extension of time to file for your federal individual income tax return, Form 4868 should be filed before the filing deadline.
The deadline for filing returns with an extension is October 16, 2023.
An extension of time for filing a federal tax return is valid for extending your Arkansas individual tax return also.
In the event that a taxpayer only need to extend an Arkansas individual tax return, form AR1055 may be filed.

It is important to keep in mind that while you may extend the time for filing a federal income tax return, the extension does not extend the time to pay any tax due. The tax due must be paid on or before April 18, 2023, in order to avoid interest and penalties.

Where can I get help with my Tax Return?

For individuals who generally make less than $60,000, the IRS’s Volunteer Income Tax Assistance (VITA) program offers free tax return preparation and e-filing for basic tax returns. All VITA tax preparation volunteers are required to take and pass tax law training exam established by the IRS. In Central Arkansas, there are several VITA sites, including 2 sites in Conway. One is sponsored by United Way of Central Arkansas and the other is sponsored by Arkansas Asset Builders. Taxpayers can find contact information for the VITA sites using the following link: https://irs.treasury.gov/freetaxprep/

In addition to the VITA program, the IRS Free File Program provides free online tax preparation and filing at an IRS partner site for taxpayer whose adjusted gross income is $73,000 or less. The link for the free filing software is: https://apps.irs.gov/app/freeFile

Why is my refund less than last year?

For the 2021 tax year, certain tax credits were increased or had expanded eligibility due to the global pandemic. Many of those credit have returned to pre-pandemic levels for the 2022 tax year. Taxpayers taking advantage of these credits may see a decrease in their tax refunds for the 2022 tax year as compared to last year due to these changes. These includes changes in the child tax credit, child and dependent care credit, the earned income tax credit, and charitable contributions.

Child Tax Credit: For the tax year 2022, the child tax credit has a maximum amount of $2,000 per dependent under age 17. This is down from a maximum credit of $3,600 per dependent in 2021, depending on the dependents age. Additionally, while the entire of the credit was refundable in 2021, only up to $1,500 of the child tax credit is refundable per dependent in 2022.

Child and Dependent Care Credit: The child and dependent care credit has a maximum credit of $2,100 for 2022. The maximum credit in 2021 was $8,000. While the child and dependent care credit was refundable for eligible taxpayer in 2021, it is no longer refundable.

Earned Income Tax Credit (EITC): The amount of the EITC for a qualifying taxpayer with no dependents is $560 in 2022 compared with the $1,502 in 2021 for the same individuals.

Charitable Contributions: During 2021, taxpayers could deduct up to $300 ($600 for married couples) of cash contributions to charitable organizations even though they claimed the standard deduction. For 2022, taxpayers may only deduct charitable contribution if they elect to itemize their deductions.

Where is my refund?

According to the IRS, over 90% of refunds are issued in less than 21 days for those taxpayers that e-file their return and have the refund direct deposited into their account. In many cases, the refunds are appearing in approximately 10 business days. Taxpayers filing a paper tax return can expect longer wait times on refunds as processing the paper return may take more than 4 weeks. Taxpayer’s may check the status of their refund using the IRS2Go app on a mobile phone or visiting the following site: https://www.irs.gov/refunds.

About the author: Ashley Phillips, JD, LL.M

Ashley Phillips joined the University of Central Arkansas in August of 2016 as a full-time Assistant Professor in the College of Business Accounting Department. Prior to that, Phillips served as an attorney in Tennessee and Arkansas, including as a Senior Attorney for the Internal Revenue Service. At UCA she teaches classes like Accounting 2310 for beginners all the way through Advanced Income Tax courses for graduate students.

Phillips earned her Bachelor’s degree in Accounting from the University of Arkansas, her Master of Laws (LL.M) in Taxation from the University of Florida, and her Juris Doctorate (JD) from the University of Arkansas. Phillips is well known for serving her community though the Volunteer Income Tax Assistance Program. In 2022, she was awarded the Peter J. Mehl Service-Learning Faculty of the Year Award for 2021-2022 and the College of Business Excellence in Service award in 2021.

Posted in: Accounting, COB News on March 17, 2023

Senior Accounting Major Amaya Whitmore Secures Full-Time Job After Internship

AMAYA WHITMORE

In fall 2022, Senior accounting major Amaya Whitmore accepted an internship to explore what a career in accounting might be like. Little did she know, her fall internship would extend into spring 2023 and then turn into a full-time job offer after she graduates in May. Learn more about Amaya’s experience and her plans for the future:

Why did you choose this internship?
I saw this position for a paid internship at Dillard’s on Handshake. I wasn’t really looking for an internship when I came across this position, but I was in a rut of trying to decide which route I wanted to take after graduation. So I decided that it would be a great opportunity for me to get some experience and decide if I like working in tax. I had done a lot of research on accounting careers, and public vs. private, and realized that most people go the public accounting route after graduation, so I wanted to see what private accounting was like and to get that experience.

What did you learn at this internship?
My internship at Dillard’s has taught me so much. My favorite part has been being able to put the skills that I have learned into the classroom into practice and see real life examples. Working in the tax field, there is always so much to learn with the laws constantly changing. Also, I have been able to learn so many tips and tricks in Excel. We take courses that focus on Excel in the College of Business, but getting to use the program every day has allowed me to learn many shortcuts and ways to make using Excel more efficient.

How do you think this internship will be beneficial in your career?
I have already learned so much, and I am still learning on a daily basis. The things that I have learned from this internship have already helped me in the classroom setting, so I know it will help me in trying to get my CPA license and anything after that.

How do you plan to use your degree?
I will be graduating from UCA with my B.B.A. in Accounting in May. I plan to return to UCA in the fall to start the Master of Accountancy program. Also, I plan to start studying to take the CPA exam. There are so many things that someone can do with a degree in Accounting, so I know that my possibilities are endless!

What advice do you have for students who may (or may not) be considering an internship?
The biggest advice that I have is to take advantage of any internship opportunity that you can get! Internships are very beneficial and allow you to get some insight into what you could possibly be doing in the future. It is a great time to figure out what you like and don’t like, and help you decide what you want to do in the future. Plus, you never know the opportunities you can get from your internship… you could end up with a full-time job secured for after graduation!

Posted in: Accounting, COB News, _Internships and Part-time, _Jobs on February 27, 2023 Tagged: college of business, Dillards, Internship, Job, Student, success

Delwin Portillo Shares Recent Study Abroad Experience

My semester abroad visiting The Hague, Netherlands was easily the most enriching semester of my undergrad. I learned so much about being a leader, diversity, self confidence, personal growth, and of course I learned a lot about business and marketing!

I was able to take a Purposeful Marketing course which had many different components to it. There was a leadership component, in which I learned different leadership skills and how to flesh out and improve these skills. There was a Project Management component where I learned how to use SCRUM Methodology in order to complete a project. And then the Marketing Component in which I worked with a real life charity in brainstorming a new marketing strategy for their upcoming projects.

Over the course of the semester I was able to travel to multiple countries and experience a variety of cultures. I was able to meet many people that I am now able to call mentors and friends. It is an experience that I will never take for granted, and I feel has given me a renewed appreciation for education and traveling. Thank you UCA for this fantastic opportunity.

Delwin Portillo | Senior | marketing major

Posted in: Accounting, CISA, COB News, EFIRM, Marketing & Management, _All Opportunities, _Study.Abroad on February 2, 2023 Tagged: Abroad, Business, Opportunities, Undergraduate

COB Accounting’s Annual Fear the Strike Event Raises $1K for Ronald McDonald House

On Monday, November 7, UCA Accounting held its annual networking and fundraiser event attended by 18 UCA accounting students, 4 faculty/staff, and 16 professionals.

Teams included firm representatives and students competed in a bowling tournament, and the highest average score won a donation to the charity of their choice. The Landmark team won, so the Ronald McDonald House will receive a check for $1,000.

Other great teams of the evening included Centennial Bank, Ernst & Young, Forvis, Frost, Garland & Greenwood, HCJ, and Hogan Taylor.

The annual event is a way for accounting students to engage with professionals of the industry in a fun and relaxed setting.

Posted in: Accounting, COB News, _All Opportunities, _Networking on November 11, 2022 Tagged: Accounting, bowling, college of business, experience, fundraiser, Meet The Firms, Networking

Accounting Students Make an Impact through the VITA Program

Every year, hundreds of thousands of dollars are unclaimed when citizens do not file tax returns. Many do not file because they believe they can’t afford to file their taxes, but the Volunteer Income Tax Assistance (VITA) program can help qualified tax payers file their returns for free. The program, allowed by the IRS, offers free tax help to people who make $57,000 or less, persons with disabilities, the elderly, and limited English-speaking taxpayers who need help in preparing their own tax returns.

Macy Dillard

For students, VITA is a great opportunity to gain experience and give back to the local Conway community. Led by UCA Accounting Professor Ashley Phillips, the program is open to COB students who would like to volunteer or earn college credit in accounting. VITA volunteers receive training and can either prepare returns or do intake. Experienced CPAs then review each return.

“Taxes are stressful for many people, and by helping through the VITA program, I was able to alleviate a big part of that burden. During review meetings, I could see the gratitude and relief wash over my clients’ faces,” said accounting student Macy Dillard.

Last year, students volunteered approximately 420 hours to return more than $324,000 of taxpayer money to the community through the preparation of over 250 tax returns for low-income taxpayers in the region.

“I am so thankful for the big difference I got to make as just a student for both individuals, their families, and the local community as a whole. It is an amazing feeling to see firsthand how much you are helping someone. On top of that, I got great experience, developed my social skills, and gained volunteer hours,” Dillard added.

To receive college credit, students must register for the course that occurs in spring, complete at least 25 tax returns, complete a total of 80 hours (3 hours per week) at United Way. To find out more, contact Professor Ashley Phillips about how to register for the course in spring 2023.

If you need help preparing your tax return in early 2023, learn more about getting help from VITA in Central Arkansas.

Posted in: Accounting, COB News, _All Opportunities, _Volunteer on November 2, 2022 Tagged: Accounting, UCA College of Business, VITA, Volunteer

Innovation Challenge 2 Winners Announced

Congratulations to our Imagine Lab Innovation Challenge 2 winners: Savannah Conly, Grayson Pinson, and Veronica Bertolusso!

The competition launched early this fall, and this time students were challenged to select a day in September and tell us how to celebrate it in a big way. Using tools found in the Imagine Lab (3rd Floor of UCA’s College of Business), the competition winners designed a big-time celebration that, at the least, brings people together.

Many thanks to Stoby’s, a long-time Arkansas favorite, for contributing to our prizes for our first place winners!

First Place: Savannah Conly – ($100 value prize) + Stoby’s prize

Cinema day is a day all about relaxation, connecting with your friends and family, and having fun. By making this a National Holiday, it brings people together and allows them to enjoy something together. It caters to all ages, it brings people together, and creates a new market for a different spin on gift giving.

Second Place: Grayson Pinson ($50 value prize)

The Birth Day is a day where we recognize everyone’s birthday on one day. It doesn’t replace your actual birthday; instead, it is a day that we can all come together to commonly celebrate one day that we all love. It solves all gift-giving problems related to birthdays. We now have one centralized day that gifts can be expected rather than having to decide who you will gift a gift to on their actual birthday. It is a day I would personally also love to celebrate- it sounds very fun for everyone to have a birthday at the same time.

Third Place: Veronica Bertolusso ($25 value prize)

My proposed day of celebration is the International Student Day! It would be celebrated yearly on September 28. ISD will allow international students (and not!) to get together and appreciate all cultures from around the globe. During ISD international students will celebrated together throughout one big cookout where everyone will make their most loved Home meal and will later be followed by a karaoke night with song in each home language. ISD is celebrated during the first two weeks of Hispanic Heritage Month. However, many cultures not only aren’t celebrated well enough, but some of them are still unknown! ISD would help solve this issue and expand cultural knowledge to international students and not! And who doesn’t love a good cookout and karaoke night!

Congratulations to these winners. Stay tuned for the announcement of our next challenge on Monday, October 10!

Posted in: Accounting, CISA, COB News, EFIRM, Marketing & Management, _All Opportunities, _Competition on October 7, 2022 Tagged: challenge, Competition, imagine lab, Innovation, UCA College of Business

Innovation Challenge Series at UCA: First Winners Announced!

The first two winners of our new and exciting innovation challenge are Connor Tuttle and Savannah Conly! The competition launched in the COB Imagine Lab last week challenging students to design a suitcase that accommodates clean clothes at the beginning of a trip and dirty clothes during and at the end of a trip. Using tools found in the Imagine Lab (3rd Floor of UCA’s College of Business), the competition winners designed a suitcase that overcomes this core challenge.

Best-upgraded design – $100 value prize: Connor Tuttle

Many thanks to Stoby’s, a long-time Arkansas favorite, for contributing to our prizes for our first place winners!

In his submission, Connor said:
“Imagine a for-the-most-part normal ole’ suitcase, with a golden twist addressing an issue that has been around for decades! The fundamental design premise behind this suitcase is that down the middle of the main compartment there is a stretchy nylon divider that allows for different proportions of clothes to be held on either side depending on how far along you are on your trip! The front-facing section of the suitcase has the typical small, medium, and large compartment. The back, however, is also accessible for dealing with dirty laundry. Taking up approximately half of the top portion of the back-facing side will be a zipper compartment housing all of the tools necessary to temporarily deal with dirty laundry while on the go. Within the flap in the back, there is a mesh-like pocket to slide dryer sheets that have been folded twice right into the space to serve as a form of temporary air freshening.”

Second Place Design – $50 value prize: Savannah Conly

Savannah branded her suitcase and described her design as, “a suitcase designed to help keep you organized, from the beginning to end of a trip. With the detachable laundry bag, clothes rack, and hard shell, it is easier than ever to Rome more organized than ever before. Not only does it offer a way to keep your clean and dirty clothes separate, it offers an at-home closet feel, and you lose no space to pack.“

Stay tuned. The first challenge was for students, but we will be engaging other friends on and off campus this semester. Get ready to compete! Teams are welcome. Email for questions or details. And if you plan to compete in the next challenge, request access to the Imagine Lab now!

Department of Marketing & Management: mktgmgmt@uca.edu

Posted in: Accounting, CISA, COB News, EFIRM, Marketing & Management, _All Opportunities, _Competition on September 21, 2022 Tagged: challenge, college of business, Competition, imagine lab, Innovation, prize

UCA’s Beta Alpha Psi Chapter Wins First Place in International Competition

Pictured (R to L): Kaidan Zheng, Tristen Porter, and Harris Felton

UCA students traveled to Orlando, Florida during the last week of July 2022 for the Beta Alpha Psi annual meeting of all chapters.

Before the meeting started, the students enjoyed an Arkansas BAP Connection breakfast sponsored by the Arkansas Society of CPAs. During the meeting, the students networked, provided community service, attended professional development meetings, and participated in multiple competitions.

After their regional win earlier this year, the Chapter qualified to compete at the conference and brought home the INTERNATIONAL FIRST PLACE award in Best Practices in the Art of Engagement for the Resume Escape Room they hosted for students last spring. This is UCA’s 3rd international first place in Beta Alpha Psi Best Practices. Congratulations to students Harris Felton, Tristen Porter, and Kaidan Zheng for their excellent work!

Additional UCA Recognition at the Annual Meeting:

Beta Alpha Psi recognized UCA as a superior chapter.
Daniel Wheeler competed in Project Run With It, a real-world consulting project.
Dean Michael Hargis received the Outstanding Dean Award.
Dr. Connie McKnight became a Chapter Advocate for the Southwest Region.

The students also took advantage of their time in Orlando to have some fun!

Beta Alpha Psi is an honor organization for financial information students and professionals with over 300 chapters internationally. The organization promotes academic excellence, professional development, and responsible practices.

Posted in: Accounting, COB News, _Awards, _Competition, _Networking, _RSOs on August 5, 2022 Tagged: award, Beta Alpha Psi, college of business, First Place

UCA’s Beta Alpha Psi Chapter Achieves Superior Status for 2021-2022

Congratulations to our Beta Alpha Psi students and to Connie McKnight and Ashley Phillips, our tireless faculty advisors, for another year of superior status!

To be a superior chapter, the registered student organization met the following requirements:

Average member completed at least 32 hours of service and professional development (at least 12 each)
>265 hours of professional development
>555 hours of service
Chapter completed at least 8 reaching-out activities including attending conferences; competing in best practices and project run-with-it; alumni activities’ multi-chapter events; and promoting careers in accounting, finance, information systems, and/or data analytics.

In addition, the chapter accomplished:

1st place at Regionals for Best Practices in The Art of Engagement (Escape Room)
2nd place at Regionals for Best Practices in The Art of Change (changing meeting formats)
$2375 donated to various charities (cash and items)

Beta Alpha Psi is an honor organization founded in 1919 for financial information students and professionals. There are over 300 AACSB- and/or EQUIS-accredited chapters on university campuses with over 300,000 members. Beta Alpha Psi recognizes scholastic excellence, offers professional development, and encourages ethical, social, and public responsibility.