Accounting. Audits. Taxation/taxes. Individual income tax rates. Income taxation. Ethics. Ethics in business/financial reporting. Fraud. Financial reporting. Scandals. Tax code. I decided to combine all my accounting interests and the elements mentioned into a full-on capstone research project. The capstone is the most extensive, serious, and longest task I have done in all my academic years, with the research and writing spanning five months. The research area I chose aligns with my interests in accounting, meaning everything to me in my career, as I pursue Certified Public Accountant (CPA) licensure.
CPAs can specialize in different areas. I’d specialize in tax accounting and audits. I worked with Banu Aslanertik, my professor for ACC332 (Accounting Information Systems). Professor Aslanertik provided critical, extensive intel on accounting and financial reporting, including the rules/standards governing financial reporting, and assisted with investigations into the critical elements of accounting in greater detail, leveraging my tax expertise.
Accountants today utilize a range of technologies, information systems, and modern equipment to streamline their work, completing tasks more efficiently, accurately, and quickly. While completing the capstone and conducting research, I also drew on my job at an accounting firm, providing accounting services and preparing tax returns, fulfilling the work experience requirement set by NYS for new CPA licensure-seeking candidates, in addition to the college credits.
Starting the capstone process very early was the best decision. The timing was critical, allowing me enough time to begin the capstone process without rushing, which in turn reduced stress and pressure. I began the capstone at the end of my junior year, conducting the necessary research and investigations during the summer preceding my senior year. I knew my priorities and what was ahead of me, working through the peak of tax season at an accounting firm.
My capstone brings together federal and state individual income taxes, focusing on federal income taxation, tax rates, the triggers of an IRS audit on individual returns, financial audits, standards, rules, the tax code, changes over the years to tax law, fraud, case studies of some of the major accounting scandals in American History, ethics/ethical standards in accounting, taxation, and financial reporting.
Even though the odds of a tax return being audited by the IRS are very low, the most common causes of an IRS audit are unreported or misreported income and large/suspicious deductions. One of the accounting courses I completed, ACC325 (Federal Income Taxation I), covered the major elements of a federal individual tax return, also known as the 1040, and what is required & not required to be reported on a 1040. I am trained to prepare the 1040 and federal business tax returns professionally, specifically the 1065 (Partnership Tax Return), 1120-S (S-Corporation Tax Return), and 1120-C (C-Corporation Tax Return), as well as the appropriate state and city/local returns.
Over the years, numerous changes have been made to the tax code. The year 2025 brought major federal tax law changes and major relief to many Americans, with major changes, some that never happened before, like no federal income tax on income derived from overtime and tips, and an increase to the state and local tax deduction (SALT) limit, benefiting individuals who have a high state/local tax burden with the passing of One Big, Beautiful Bill (OBBB) in July 2025.
The research process is ongoing due to new developments, as legislators continually revise the tax code. US presidents propose a new tax bill and spending package annually, but they must obtain approval from the legislative body. Every year, the IRS announces adjustments to the standard deduction to keep pace with ongoing inflation, a significant issue, as the cost of our daily necessities increases.
