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Tax continuing education is vital for accountants as tax laws change on a regular basis and with every Republican victory at the polls comes a new pair of corporate giveaways.
With a tax code that spans some sixty thousand pages, somebody’s got to keep an eye on it all!
And those somebodies have a lot on their plate.
Hence all the continuous keeping up with industry developments – particularly, changes in the tax code.

So chalk it up to the wise bean-counters at General Electric and their tax continuing education classes for helping the company post its latest achievement in the history of corproate notoriety: zero tax liability for the filing time of year ending in 2011.
That’s right: this year, one of the world’s richest multi-billion-dollar companies will pay
no taxes.
None whatsoever!
And that’s not all.
They may actually be owed some money instead!
That’s right – the government may really have to pay G.E. some money.

How’s that for tax continuing education!

It’s extraordinary but all perfectly true.
Through the imaginative use of loss write-offs and the like, the accounting department at G.E. has managed to save its employer big money, with the possibility of getting money “back” from Uncle Sam in addition to that.
This is in addition to the use of unpaid labor throughout the business in the form of college interns, such as at its NBC subsidiary.

Of course, it isn’t just G.E. and NBC that’s benefiting from such unethical and even outlawed practices.
Viacom and subsidiary Paramount Pictures also makes use of such loopholes.
Most corporations of a specific size do.
’80s boogeyman Leona “Queen of Mean” Helmsley was only telling the truth when she scoffed that “only little people pay taxes.”
Under the right conditions – which are not as rare as one might imagine at first – it is entirely probable to keep all the money you make while making use of public services.