Most Globe University Online students wouldn’t think spending time in and around a pub could relate to their schoolwork. But, Arvin Karpinski, a Globe University accounting degree student did just that recently by taking his classroom skills to the bar!
As a part of Karpinski’s Tax II class, he was expected to find and interview a small business owner. Arvin settled on an establishment in his very own neighborhood of Brainerd, Minn., called O’Neary’s Irish Pub. Karpinski asked O’Neary’s owner about the business’ accounting operations in regards to:
- how decisions are made related to business expenses
- asset acquisitions
- employee fringes with regard to current tax law legislation that encompasses deductions
- credits and nontaxable items
Some of the initial areas of interest Karpinski found in the business’ accounting needs were the idea of how or if the failure of employees to accurately report their tips to the IRS could potentially affect the standing of the business. In addition, O’Neary’s showed a desire to learn more about the possibility of providing their employees with benefits such as health care and retirement savings options.
Karpinski got to work and put together a full presentation that addressed the questions and concerns expressed by O’Neary’s. Karpinski delved into the ever changing world of tax law and was able to present the O’Neary’s owner with a full breakdown of how the 2013 tax law changes could have an effect in his business operations.