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UCA College of Business Announces Outstanding Students of 2023-2024 Academic Year

At its annual Outstanding Student Awards Banquet, the UCA College of Business recently announced and celebrated the Outstanding Students selected for the 2023-2024 academic year. The awards given celebrate students who stood out this year in our academic programs and registered student organizations. The following selected students were selected because they have optimized their education by combining exemplary academic performance with internships, volunteerism, professional development, experiential education, and participation in clubs and other important experiences.

Outstanding Students of the Year

ACADEMIC AWARDS

General Business
Miranda Ivy

“I feel like business fits me because I have lots of interest in many different areas that this major helps to fulfill. After graduation, I intend to explore options in the career field and gain experience for future endeavors.”

Miranda pictured with Dr. Watson who presented the award

Fully Online Undergraduate
Samantha Ashley

“As a non-traditional student, I have experience in a few different fields of business. At any given profession I have had, I always excelled in my computer skills. When I decided to go back to college to pursue my Bachelor’s degree, I chose a major in Computer Information Systems with a concentration in Business Analysis to hone my existing skills and become an expert in a field that entails tasks that I enjoy. After graduation, I am hoping to be able to secure a remote position as a Data Analyst.”

Sam pictured with Dr. Casey who presented the award

Accounting
Carson Griffin

Carson chose to major in accounting with a minor in financial services. He says, “I chose accounting because of the career opportunities available and the flexibility that it provides. I love working with numbers and the world of business, so accounting is where I fit it. After graduation, I will pursuing a MAcc here at UCA. After that, I plan to work in public accounting at FORVIS.”

Carson pictured with Dr. Watson who presented the award

Computer Information Systems
Grant McKnight

“I have always loved working with computers, starting first with playing video games, then creating documents, and now writing codes in languages such as SQL. I chose to major in Computer Information Systems because of this interest, the opportunity to get a great job, and to have a career that I know I will enjoy. I am looking for an internship or full-time position in Arkansas.”

Grant pictured with Dr. Downey who presented the award

Computer Information Systems – Business Analysis
Aiden Mendolia

(not pictured)

Information Systems
Hayden Weaver

(not pictured)

Economics
Natalie Quisenberry

“I chose economics because of its omnipresence in the business world. I found myself applying economic principles in almost all of my lower division business core classes, which was very intriguing to me. This ultimately led to the changing of my major and I have enjoyed it ever since. After graduating, I hope to obtain a position in business strategy while simultaneously pursuing a masters degree. After some time in the corporate world, I would like to pursue my PhD and return to higher education as a professor.”

Natalie pictured with Dr. Hodges who presented the award

Finance
Linda Galeano Midence

Linda chose to major in finance and minor in data analytics. She says she chose it because there is more math involved in this subject. She also hopes to get a job in the United States after graduation, but if not, she envisions herself back in Honduras working at a bank.

Linda pictured with Dr. Snyder who presented the award

Insurance & Risk Management
Sophia Fulgham

“I am a third generation insurance agent so I’ve grown up around the industry. I feel like I’ve gotten a front row seat to seeing the good insurance can do. My dad always says with insurance you’re selling people a piece of paper and a promise that you’ll be there for them when they need you most. I feel really excited to go into an industry where I can help people in this way. After graduation, I have been accepted into the MBA program here at UCA and will start taking classes toward my MBA this summer as I study abroad in Amsterdam! I am open to pursuing any job within the industry after I graduate this May. I hope that I will eventually be able to come back and help my dad run his independent agency, Integrity Insurance.”

Sophia pictured with Dr. Yao who presented the award

Marketing
Abbie Flake

“I am very math-brained but also love to be creative. Marketing was the perfect choice where I could do both! I am fascinated by the world of business and can express my creativity while also being analytical as a marketing major. I hope to attend graduate school at the University of Arkansas in the full-time Walton MBA Program.”

Abbie pictured with Dr. Garner who presented the award

Management
Bresner Austin

“I run a small business on the side, and I’ve always had some interest in the way that these businesses run that I work for. It’s also a great backup plan for the firefighting career I’m going to pursue; especially because with that schedule I could continue to run my business among other things. Knowledge of the economy and how many things operate in a country like America is valuable to me. After graduation, I plan to enter the Little Rock Firefighting Rookie School program.”

Bresner pictured with Dr. Chen who presented the award

Human Resource Management
Abby McMillin

(not pictured)

Innovation & Entrepreneurship
Connor Tuttle

“I believed this major would give me the best overall learning experience for what it takes to run a business. I saw that it included courses from all departments in the College of Business and that is what stood out most. I wanted to leave college feeling as though I had experience in multiple different areas of business. In addition, I felt as though this major would encourage me to take a leap of faith and start my own venture. After I graduate, I intend to pursue a full-time job at my current workplace, The Studio Downtown. I also am looking at other employment options within the marketing department of companies like Howler Brothers, Turtlebox Audio, Yeti, or other outdoor lifestyle brands.”

Connor pictured with Dr. Suter who presented the award

Logistics & Supply Chain Management
Elizabeth “Liz” Ennis

“Inventory analysis is something that just makes sense to me. I worked at a local grocery store in high school and the idea of supply and demand at a larger scale piqued my interest. After studying abroad in Austria this past summer, my drive for international inventory and shipping has only been solidified. After I graduate, I plan to work on my Master’s in Supply Chain Management while working in a company within my degree path.”

Liz pictured with Dr. Voss who presented the award

Master of Accountancy
Jacqueline Berntsen

“I knew I wanted to be a business major because many of my family members had their own businesses. When I took principles of accounting, I really liked the class. I interviewed a family member that was a CPA at about the same time and found the interview really interesting. So I picked it and stuck with it. After graduation, I intend to start working at HCJ CPA’s & Advisors and start studying for the CPA exam.”

Jacqueline pictured with Dr. Oxner who presented the award

Master of Science in Applied Data Analytics
Julian Haessner

Julian says he chose applied data analytics because of research opportunities, to develop of analytical skills, and to prepare for doctoral studies.

Julian pictured with Dr. Ellis who presented the award

Master of Business Administration
Joao Rodrigues

“I pursued a major in Applied Data Analytics because it complements my MBA, equipping me with advanced analytical skills to leverage data in strategic decision-making and enhance my expertise in the business field. After I graduate, I will be working as a Financial Analyst in a commercial real estate firm in Central Arkansas.”

Joao pictured with Dr. McMurtrey who presented the award

College of Business Overall Outstanding Student
Carson Griffin

Carson pictured with Dean Hargis who presented the award

SERVICE AWARDS

Biz@Bear
Mahayla Edwards

Mahayla says, “I would love to own my own business and run it from the ground up! I may move to NWA open a store front for my boutique then move to Dallas a few years later and open another store and a coffee shop!”

Mahayla pictured with Dr. Moseley who presented the award

Accounting Club
Izzy Saettele

Izzy is very active at UCA and was convinced to choose her major in accounting because her supplemental instructor inspired her to choose it. She says after graduation, “I plan to stay at UCA for my MAcc and sit for the CPA exam. I want to go into public accounting, specifically in tax and stay somewhere in the central Arkansas area.”

Izzy pictured with Dr. Phillips who presented the award

Beta Alpha Psi
Carson Griffin

Carson pictured with Dr. Phillips who presented the award

Bears for Advancing Supply Chain & Operations Management (BASCOM)
Claire Coon

“My initial attraction to the business world was and still is the direct, real world applications of the field. From my first two classes in business, microeconomics and the global environment of business, I was able to take things out of class and straight away use them to better understand everyday events in my life. Starting in January 2024 after my graduation in December, I began working full time as a real estate agent for Homeward Realty here in Conway. This new year I look forward to serving Conway and the greater Central Arkansas region as a real estate agent by applying skills and knowledge I’ve acquired during my time at the UCA College of Business (COB).”

Claire pictured with Dr. Voss who presented the award

Gamma Iota Sigma
Cole Vangsnes

Cole says he chose Insurance and Risk Management because it is a “very interesting career field with people that make it ten times better.”

Cole pictured with Prof. Hudson who presented the award

Future Business Leaders of America (FBLA) Collegiate
Kaddie Bailey & Malie Phimmachack

Malie: “I choose this major because I wanted to be able to help people. My interest in business-related activities began in High School, so I wanted to be able to pursue it in the future. Additionally, I enjoyed being able to assist others when they needed it, so I decided to major in management so that I could learn all the ins and outs of a business. After graduation I intend to go for my masters and start working.”

Kaddie chose to focus on Accounting and Religious Studies. She says, “I chose both of them because I love helping people. Accounting can be used in so many ways for the betterment of others like being a Volunteer Income Tax Assistant to helping corporations run their everyday operations. I get to work with those around me for the betterment of others. Religious studies helps me get to know the world more and allows me to help others across the street, across the states, and across the world. I get to be a light in communities full of darkness. After graduation, I intend to do a two year Journeymen program through the North American Missions Board and possibly short-term missionary work before coming back to earn my Master’s Degree in Accounting and possibly sit for the CPA exam. Life is an open book so I may end up doing something completely different, but this is what I think I am going to do.”

Kaddie and Malie pictured with Dr. Suter who presented the award

COB Student Ambassador
Abbie Flake

Abbie pictured with Dean Hargis who presented the award

Posted in: Accounting, CISA, COB News, EFIRM, Featured News, Gamma Iota Sigma, Insurance and Risk Management program, Marketing & Management, _Awards on April 5, 2024 Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Business Students & Alumni Share Why Day of Giving Matters

Current business students and alumni share how UCA’s Day of Giving contributes to scholarships and experiences that help them achieve goals.

Amaya Whitmore

Bachelor of Business Administration (BBA) in Accounting in 2023, current Master of Accountancy student
“Scholarships are so important and can play a huge role in helping someone reach their educational goals. I was blessed to receive scholarships that allowed me to worry less about the financial burden of college and focus more on my studies.”

 

Emma Daughtrey

Insurance Risk Management major, class of 2025
“Growing up, I witnessed the devastating impact of risk firsthand. Now, thanks to scholarships, I can turn my passion for risk mitigation into a career dedicated to protecting others. Each scholarship signifies a strong belief in my abilities and potential. I’m determined to make them proud by becoming a future leader in the insurance and risk management industry.”

When you give, we grow.

Giving to funds like the CISA fund means that students will get to experience more:

  • visit more businesses to see technology in action;

  • network with more professionals in their classes and in student organizations;

  • practice with the most up-to-date technology at their fingertips.

Takari Glover

BBA in Marketing in 2023
“Scholarships played a huge role in my undergraduate college career. I was given more flexibility to study, continue to serve on campus and volunteer in the community. I didn’t have to stress or worry about how I was going to pay for tuition or books, and that was the most rewarding and satisfying part about college – being able to enjoy every moment stress free.”

Michael Isaac

Accounting major who hopes to someday earn a law degree, class of 2025
“I love accounting, and thanks to the relentless generosity and support of our donors, I get to do what I love!”

By giving to the UCA College of Business, you can help students reach their educational goals and impact their lives for the better. uca.edu/go/DOGCOB

Posted in: Accounting, CISA, COB News, EFIRM, Featured News, Marketing & Management, _Scholarships on March 5, 2024 Tagged: , ,

AR Blue Cross Blue Shield Partners with UCA College of Business for Take Over Day

On Monday, March 4, 2024, business experts from Arkansas Blue Cross Blue Shield visited the College of Business for a “Take Over” Day! They spoke to students in every area of business to share their expertise and career opportunities available to students. In fact, Arkansas BCBS was recently named for the third consecutive year by Forbes magazine among America’s Best Employers for mid-sized organizations, which makes COB eve more thrilled to welcome this company to “Take Over” our college.

Several BCBS experts shared with our students about a wide range of business fields including accounting, marketing, human resources, finance, information systems, and more.

  • Mr. David Martin, VP of Infrastructure & Operations, spoke to Introduction to a Computer Architecture and Programming class.
  • Ms. Emily Shadell, Staff Accountant, spoke to three classes: Accounting Information Systems, Cost Accounting, and Auditing.
  • Mr. Jason Carter, Manager of Talent Acquisition, spoke to Strategic Human Resource Management and to a large class of freshmen in “Introduction to Business.”
  • Talent Acquisition Partner Ms. Maria Silva brought donuts and cookies to engage students passing through the COB Lobby and tell them about BCBS careers.
  • Teaming up to speak to an Advertising class: Mr. Trey Hankins, Director Customer & Digital Experience & Design, and Mr. Ben McVay, Manager Group Marketing/Member Engagement & Digital Strategy.
  • Mr. Henry (Buddy) Vogler, Director Treasury and Financial Operations, shared his experience with two Personal Finance classes.
  • Social Media Strategist Colton Faull joined behind the scenes and shared his experience with students.

At our drop-in lunch from 11am-1pm, students engaged with COB faculty and BCBS professionals, while some faculty spoke with fellow specialists about current events in their fields of expertise.

Arkansas Blue Cross Blue Shield partners with our college year-round by sponsoring our Imagine Lab. This is a special room designed for classes and collaboration. The room has tools to help students innovate and think creatively.

Thank you, Arkansas Blue Cross Blue Shield! We want to thank the BCBS team who took time from their offices to spend a day with us here in the College of Business. They shared valuable experience that gave our students the opportunity to build networking and leadership skills as well as practical experience. Thank you for partnering with us for BCBS “Take Over” Day.

Emily Shadell, Jason Carter, David Martin, Trey Hankins, Ben McVay, Maria Silva, Colton Faull; not pictured: Henry (Buddy) Vogler

Posted in: Accounting, CISA, COB News, EFIRM, Featured News, Marketing & Management, _Networking, _Speaker on March 4, 2024 Tagged: , , , , , ,

Accounting Professor Dr. Ryan Cating Impacts Through Teaching and Research

In this interview, Dr. Ryan Cating, the UCA Assistant Professor of Accounting known for his love of bow ties, shares why he chose to teach accounting for his life’s work and his research on the effects of local newspapers on firms’ information environments.

Why did you choose the subject you teach?
I grew up in a family of CPAs as my father and two uncles all worked as accountants at one time or another. Being surrounded by conversation that centered on different types of businesses intrigued me and led me to the college of business. Initially not wanting to follow in my family’s footsteps, I began my academic career studying finance. However, I realized that I wanted a deeper understanding of the source material that I was employing to evaluate the performance and valuation of companies. I switched my major to accounting and have never looked back.

After earning his BS and MPAcc in Louisiana, Dr. Cating likes to celebrate LA traditions such as Mardi Gras with the UCA Accounting department.

What about your job brings you the most joy?
I get the most joy interacting with students in the classroom to get them excited about accounting and succeeding on the CPA exam as a direct result of my course as they begin their careers.

What tips or advice do you have for students?
Always seek to have an open dialogue with professors outside of class, regardless of your major (but especially in your major). The more interaction and knowledge that professors have with and about you, the more they can help you connect with potential employers both before and after graduation.

Share about your recent research and its importance.
I collaborated with Kristian D. Allee and Caleb Rawson, both from the University of Arkansas, on an article published in Review of Accounting Studies in October 2023. In our article, “No news is bad news: local news intensity and firms’ information environments,” we examine the effects of local newspapers on firms’ information environments. With newspaper employment dropping precipitously in the last few decades, we posit that these changes will harm local firms’ information environments. In this study, we ask whether the intensity of local newspapers relative to the local economy (i.e., local news intensity) influences the information available about local publicly traded firms in the capital markets.

[Added note for context: Public companies are required to disclose information to help potential investors and other outside entities analyze the health of the company and understand risks to the company’s financial performance or other issues, such as the impact of the company’s business on communities.]

Consistent with local news improving information environments, we find that volatility, spreads, and illiquidity increase as local newspaper intensity declines and that this is associated with firms’ importance in their local economy. We further find that for firms that are more important in their community, or have busy analysts, less local newspaper intensity is associated with significantly lower analyst accuracy and higher forecast dispersion. This is consistent with local newspapers improving information environments, even for sophisticated and likely remote information intermediaries. We also investigate how stakeholders respond to declines in local news and find that managers increase the amount of forward-looking disclosures while analysts increase coverage.

These results provide insights into the methods by which stakeholders attempt to improve firms’ information environments when local news coverage fades.

In Spring 2024, Dr. Cating can be found teaching undergraduate Auditing in person and online and the graduate Seminar in Case Studies in Accounting.

Dr. Cating welcomes guest speakers such as the Arkansas Legislative Audit (ALA), a group that works to prevent fraud and other crimes, to help students understand the many opportunities available and to help them network with potential employers.

Posted in: Accounting, COB News, Featured News, _Research on December 19, 2023 Tagged: , , , , , , , ,

Jane Grigsby Arthurs Accounting Lab Established in University of Central Arkansas College of Business

pictured above: UCA Accounting Department Chair, Dr. Stephanie Watson (left), UCA College of Business Dean, Dr. Michael Hargis, Jane’s husband Mr. Bill Athurs, and UCA President, Dr. Houston Davis, celebrate the newly dedicated Jane Grigsby Arthurs Accounting Lab

The University of Central Arkansas (UCA) College of Business has dedicated its Accounting Lab in memory of Jane Grigsby Arthurs, a devoted educator and alumni of UCA. Arthurs gave 35 years of her life to teaching Business Education.

The Accounting Lab helps engage and equip UCA students who are taking accounting classes with hands-on accounting activities and through tutoring both in-person and online. The lab is dedicated to the memory of Jane Grigsby Arthurs (Feb. 12, 1942 to June 25, 2023) who earned her BSE in Business Education at Arkansas State Teachers College, now known as UCA.

“Jane Arthurs was my high school accounting teacher, and she set me on the path to my career. I learned a lot from her, not just about the field I would eventually go into, but about what it meant to be a teacher,” said Dr. Stephanie Watson, UCA Accounting Department Chair and Professor of Accounting.

“I will never be able to thank Jane enough for what she did for me, and I am honored that Jane will continue to make a difference here in UCA Accounting in the years to come,” added Watson.

A “Dedicated Bear” at UCA, Jane became a lifetime member of the Alumni Association and both the Doyne and President’s Society. She and her husband Bill previously established the “William H. and Jane Grigsby Arthurs Scholarship” for a deserving business education student.

“As educators, we look for pathways to help our students identify their goals and pursue their dreams. It is clear that Jane was incredibly effective in doing that. We thank Jane Arthurs and her husband Bill for this wonderful gift and for investing in our students in a way that will affect every student in this College,” said Dr. Michael Hargis, Dean of the UCA College of Business and Professor of Management.

When he spoke at the dedication, her husband Bill said, “Jane was a special person. She was a great educator. She loved teaching, loved her students, and loved ASTC [now known as UCA].”

The plaque (pictured at right) with Arthurs’ photo is posted in the UCA Accounting lab and reads, “Arthurs’ legacy of teaching and service continues to impact business leaders near and far, but her support is especially known at her beloved Little Rock Hall High School and her alma mater, the Arkansas State Teachers College, now known as the University of Central Arkansas.”

Established in 1969, the UCA College of Business offers 21 undergraduate and graduate degrees and certificates to equip current and future business professionals to meet the changing business environment. The AACSB-accredited program offers a thorough business education as well as opportunities for hands-on experience and industry networking.

Jane’s husband Bill along with family friends

Posted in: Accounting, COB News, Featured News on September 28, 2023 Tagged: , , , ,

Student Spotlight: Kamryn Glover

NAME: Kamryn Glover

CLASS: Junior

MAJOR: Accounting
MINOR: Data Analytics

UCA Peer Coach
Accounting Tutor
COB Ambassador
Volunteer
Works part-time

What did you choose your major?
I chose it because I’m very interested in math and learning about how accounting is the “Language of Business.”

What do you want to do after graduation?
Receive my Masters in Accountancy and my CPA license

Why did you choose to be a COB Student Ambassador?
I applied to become an ambassador because I’m always looking for ways to give back to my support system that I’m fortunate to have at the College of Business. Many of my professors do everything they can to ensure my success, and I feel as if it’s my duty to give back to them as much as I can.

Posted in: Accounting, COB News, Featured News on July 26, 2023

Alumni Spotlight: Jessica Kao

In April 2023, Dr. Alexander Chen visited alumnus Jessica Kao (MIS 2019) in Taipei during his travels overseas. He sent an update on his visit with Jessica for COB’s Alumni Spotlight column.

Dr. Chen with Jessica Kao

Jessica Kao is an exceptional alumnus of the Management Information Systems (MIS)* department at the University of Central Arkansas (UCA). Since January 2020, she has been working for Qualcomm Semiconductor Inc. in Taipei, where she has demonstrated her commitment to her work and the skills she developed during her studies at UCA.

As part of her role at Qualcomm, Jessica is responsible for identifying key inefficiencies and issues across different projects. She develops user guides and training materials and conducts training sessions for both internal and external clients. She collaborates with multinational teams to develop and test various programs and projects. Additionally, she leverages her system analysis skills to work on supply chain operation and procurement systems for clients across APAC, the Americas, and Europe.

Jessica credits her success in the professional world to the rigorous training she received from UCA’s outstanding faculty members, particularly those in the Computer Information Systems & Analytics*, Marketing, and Management departments. She believes the College of Business at UCA provided her with a balanced, practical, and valuable education, which equipped her with the necessary tools to excel in her field.

Working alongside colleagues who mostly hold master’s degrees from prestigious universities in Taiwan and the United States, Jessica’s exceptional performance and professionalism have earned her the respect and trust of her teammates. She has also received substantial raises for her outstanding achievements. To learn more about Jessica’s achievements, check out her profile on LinkedIn.

* When Jessica graduated in 2019, the department and program were named Management Information Systems; in 2021, the name was changed to Computer Information Systems & Analytics to reflect updates to the program.

Posted in: Accounting, COB News on May 17, 2023 Tagged: , , , , , , , ,

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: , , , , , , , , ,

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 15th 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 18th 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: , , , , ,