All posts by alexandrianewman

Go Figure!

Like auditors, skating judges have created their fair share of scandals

Just last weekend, I went home to Dallas in order to judge at a local figure skating competition. When I was at the rink, I had the opportunity to talk to my old skating coaches and friends. The question that always came up was, “What are you studying at school?” When I told them I was an MPA tax track student, many of them gave me a very puzzled look and asked how I ended up choosing that as my career. I thought it was very interesting that many of my friends in the skating world didn’t see what was so attractive about accounting, just because I feel the skills I have developed as a skating judge have helped better me for my career in accounting.

Being knowledgeable about the rules and being able to apply them in snap decisions- The first thing a skating judge must do before taking the panel to judge an event is to familiarize themselves with the rules and requirements of a well-balanced program for the level of the event they are going to judge. If a skater doesn’t do enough elements a well-balanced program requires, or if skaters do elements that are not allowed in a particular level, judges must be able to immediately recognize this in order to make the best possible decision in determining the score the skater’s performance deserves. Judges have to have to determine the skater’s score almost instantly, as they only have a few moments in between each skater in order to award their marks. Like judges, accountants have to be aware of all the standards when they go to work for a client. They also need to be able to apply these rules in quick, stressful situations. Continue reading Go Figure!

“An Inconvenient Tax”

On Monday, April 16, MPA Council screened “An Inconvenient Tax” to celebrate the end of tax season. For those of you who have not seen the video, I highly encourage you watch it. The film did a great job capturing the complexity of the US tax code, and explaining the most popular theories of ways to reform it. I feel this video is important to everyone, not just those interested in accounting and tax, because tax reform is going to be a major point of debate in the upcoming presidential election. Many of these theories of reform come up often in current events, and I now understand them better thanks to the documentary.

After the film was screened, the MPA Program Director Jim Franklin led a discussion amongst the council members present. Jim brought up many questions that sparked a healthy debate, the most memorable one being “What do you think will happen regarding the tax code in the future?”

There were many good and valid answers to this question, and this question continues to make me think.  Here is my very personal opinion about the future of the tax code, based on my current knowledge:

I hear many people talking about simplifying the tax code and implementing a flat or fair tax to replace our current complicated system. I completely agree the code needs to be simplified, and here are some facts to back up that opinion:

  • The current tax code is four times the length of Shakespeare’s complete volume of works
  • Over 16,000 changes have been made to the tax code in the past 20 years
  • American taxpayers spend $200 billion and 5.4 billion hours working to comply with federal taxes each year, more than it takes to produce every car, truck, and van in the United States.
  • The IRS sends out 8 billion pages of forms and instructions each year. Laid end to end, they would stretch 28 times around the earth. Nearly 300,000 trees are cut down yearly to produce the paper for all the IRS forms and instructions. (there are many more facts not included here that will blow your mind!)

The code in my mind has gotten out of hand. One of the reasons why is because congressmen continually use the tax code to please constituents and donors.  They soften the blow of their poor performance by creating loopholes for their major donors or try to create tax credits and deductions their constituents can use. If we replace our current system with a simpler tax policy, I don’t see why congressmen won’t continue to try to create tax breaks and changing the code until it eventually becomes as complicated as it is today. Continue reading “An Inconvenient Tax”

MPA Council Hosts Catherine Cook, Founder of MyYearbook

MPAC members with Catherine Cook

Last Wednesday, April 4th, the MPA Council invited Catherine Cook (founder of MyYearbook.com) to speak as part of their Esteemed Speaker Series.

Ms. Cook started off describing what MyYearbook was all about. When I hear about social media sites, I assume they are destined to fail since they are competing with the powerful network effects of Facebook, Twitter, and LinkedIn. But Catherine Cook explained how these three social media giants don’t cover the entire span of the social media market. Facebook is for people you already know, Twitter is primarily used for news and entertainment feed, and LinkedIn is for the professional sphere of social media.

None of these sites are for meeting new people. That is the goal of MyYearbook. Cat Cook told us she got the idea at 15 when she moved to a new high school and didn’t know anybody. One of the purposes of the site is to help people who move to a new city engage with new people within a certain mile radius of them. Continue reading MPA Council Hosts Catherine Cook, Founder of MyYearbook

An interesting proposition for colleges:

The Economist published an article on April 9th concerning an idea of California college students that could possibly radically affect college students everywhere if it is taken into consideration by universities.

Students of the University of California propose that instead of charging tuition, they’d like universities to take 5% of their salary for the first twenty years following graduation.

This idea has some huge implications for higher education. An individual’s level and quality of education would no longer be determined by parental current income, but by a student’s future income, which would open more opportunities for them.

What particularly fascinates me about this article is the potential overhaul of universities’ organizational structure and culture. They would be the ones bearing the most risk under this proposal. With their income being contingent on their student’s job placement, universities have large incentives to become much more focused on placing their students in high paying career positions. Continue reading An interesting proposition for colleges:

The Pressure of Prestige

It’s baseball season y’all, and our Texas Longhorn Baseball team has quite the journey ahead of itself. Only a few games into the season and critics are already commentating on the disappointing season the horns are going to have, however, Texas has only lost games to strong baseball teams and have pulled off a number of impressive wins.

Why would critics be saying this about a perfectly respectable season thus far? Because Texas does not have your typical baseball program. Texas baseball has a number of honors to boast:

  • Being the winningest program in college baseball history (74% of games)
  • Ranking second in all-time wins in college baseball (3,246)
  • Having the most College World Series appearances in NCAA Division 1 Baseball (34)
  • Winning the most individual College World Series games (82)
  • Having 6 NCAA National Baseball Championships
  • Possessing college’s most-winningest baseball coach (Augie Garrido) Continue reading The Pressure of Prestige