In order to become a certified public accountant (CPA), you must meet your state's requirements for the license. Among these requirements is the CPA exam. The CPA exam is a comprehensive test that covers a wide array of business and accounting principles. Since the CPA exam is extensive, many individuals look for study aids to help make the process more manageable. Becker Professional Education is a test prep company that aids those who are taking the CPA exam. Becker offers extensive assistance by way of providing flashcards, online classes and study literature.

A person can start a business from scratch and build it slowly or opt to buy an established, already existing business. There are several advantages and disadvantages to purchasing a business. Make sure you know about every aspect of the business that you intend to purchase. Below are lists of the advantages and disadvantages of purchasing a business.

Advantages

The business will already be up and running saving the time, energy, and research needed to start a business. It involves just a single transaction rather than filing forms with different government agencies.

The forensic accountant calculates damage and helps in settling disputes before they reach the courtroom. If the dispute goes as far as the courtroom, the forensic accountant can double as an expert witness. In an investigation, they review the situation and come up with possible course of action, assist in the recovery of assets and work with private investigators and consultants.

Computers have become the primary means used to process financial accounting information and have resulted in a situation in which auditors must be able to use and understand current information technology to audit a client’s financial statements. Most CPA needs the ability or knowledge of computer terminology, computer systems and related audit procedures. These are both tested or part of the CPA exams so most CPA are adequate enough in using these.

The statutory residence test or residency test for taxation determines if an individual is liable to pay taxes in the UK. According to the new SRT, an individual is resident in the UK and liable to pay taxes if at least one automatic residence condition is met for the tax year or the sufficient ties condition is met for the tax year. An individual is NOT resident in the UK if at least one automatic overseas condition is met for the tax year or none of the automatic residence, overseas or sufficient ties condition is met for the tax year.

Automatic Residence Conditions

Whether individuals have to pay taxes or not in the United Kingdom depend on several factors. Obviously, individuals have to be physically present (residency) in the UK for a certain period of time. Current laws state that an individual who spends more than 183 days (six months) in the UK in a tax year is a UK resident and liable to pay taxes. Beyond this period, the rules are murky. For example, an individual who has spent less than six months in the UK may be deemed a UK resident under certain circumstances.