By David Vayzner

Ernst & Young along with Lehman Brothers Holdings Inc. Chief Executive Officer Richard Fuld, and other top executives of the Lehman firm were sued on April 9^th by the Retirement Housing Foundation for an accounting gimmick known as the Repo 105 which allows companies to classify borrowing activities as revenue.

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By David Vayzner

Staff Writer

IRS: The New Health Care Enforcers

The IRS (Internal Revenue Service) is the federal government agency in charge of collecting taxes from its citizens. The IRS has been suspect of fraudulent abuses in the past according to the Treasury Inspector General for Tax Ad-ministration. They reported not having collected $290 billion worth of taxes owed to them in 2001. Problems of fraud and abuse of the IRS’s current tax credit system have also occurred, causing the loss of potential government revenue. A tax credit is a subtraction from total taxes a person owes to the government. The United States offers tax credits to people who fit certain necessary requirements. Example of tax credits include:

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By David Vayzner

Staff Writer

Do Your Research

Even though the recruitment season begins during winter quarter for UCLA students, it is vital to start preparing in advance.  A strategy is to research the major accounting firms in Los Angeles and see which one would be the right fit for you.  Generally accounting firms are separated into three different tiers.  The biggest accounting firms belong to a group labeled the “Big Four,” which includes Deloitte and Touche, KPMG, Ernst and Young and PriceWaterhouseCoopers.  Then there are the “mid-tier” firms, which are smaller than the big four, but still have considerable influence outside their regions.  The last tier represents regional accounting firms, which are smaller and more local.  Researching disadvantages and advantages of each different tier might make your experience much more enjoyable.  It is also important to research specific firms for finding a right fit.  In general, interviewers will know whether you have done your homework and are serious about making a commitment.  UCLA’s online job system (Bruin View) makes it easy to see which firms will be participating in the recruitment process.

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By David Vayzner

An accounting career is very exciting and can offer tremendous opportunities.  Accounting is the process of structuring and analyzing economic figures and data for the internal use of firms and the external use of the public.  Organized economic data provides insights for managers on how to move forward with the company with the company and makes it easy for the public to see how well the company is doing.  Most importantly accounting is the process of establishing accountability within a business or government or any particular institution for that matter that deals with money.  In the wake of recent financial meltdowns and scandals, opportunities in accounting will go up due to stricter internal regulatory standards and more rigorous accounting procedures.

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