auec today january 2014
DESCRIPTION
The January 2014 Issue focuses on providing students useful phone applications. It contains a variety articles that discuss topics, such as “Technology you have been missing on!” and “Do I have to file a Tax Return?” It also contains a summary of past AUEC activities.TRANSCRIPT
A Proud Sponsor of AUEC
Technology you have been missing on! 4
Email App 4
Calendar App 5
Dropbox 5
Pocket 5
Evernote 7
Google Drive 7
Linked in 8
Duolingo 8
iOS vs Andriod 9
Do I have to file a Tax Return? 11
Summary of Past Activities 12
For students
nowadays, there
really is an app
for everything.
There are finance
apps, camera
apps, game apps,
reading apps,
cooking apps and
every kind of app
you can imagine. With so many apps to explore
through, it can be nearly impossible to separate
the useful apps from the not so useful ones. Just
one look at the App Store or Google Play is
enough to get your brain spinning. Never fear.
Here are 9 apps you must have that are guaranteed
to help you thought your college and professional
career.
Don’t you hate to take out your computer every
time you want or need to check your email? Well
not anymore! By just using your phone’s email
application you can have your emails arrive di-
rectly to your phone in a matter of seconds. Al-
most every smartphone in the world has some sort
of email application, but for some reason people
may find this somewhat useless because they may
think it’s way too hard or complicated to use. Well
I’m here to inform you that having these kinds of
applications is a must have on your phones, lap-
tops and even tablets. When you’re accepted in
the UPR college system, no matter if it’s the Rio
Piedras or Humacao campus, we all get assigned a
school email that we have access to throughout
our college degrees. We can use this email to
communicate with our professors or classmates
for different circumstances. Here’s an example:
have you ever had the experience of showing up
to a class, waiting for the professor to arrive, but it
turns out he or she never shows up and you later
realize that he or she sent an email notifying that
there would be no class? It’s possible that you
never got it because you didn’t have your laptop
to check. Well, by having your email account or
accounts synced in to your smartphone you will
automatically be notified of each and every email
you receive throughout the day. Not only can you
receive emails but you can also send as many
emails as you need to with the touch of a button.
Since I began using this application, I’ve been
able to constantly communicate with professors
for whatever the circumstances throughout my
college degree. Whether you’re late to class or
can’t come to class, you can just write an email
using your email application and send it instantly.
However, college students aren’t the only ones
who can have this type of application. Business
people, such as project managers and even CEO’s
can find uses for them. Let’s say you’re an impor-
tant CEO and want to inform your Board of Di-
rectors about a meeting you would like have, but
you’re not at your office or have your laptop with
you at the moment. What can you do? Easy! Just
take out your smartphone to send an email to the
Board of Directors. As a college student, you
should stay informed at all times and with the ad-
vancement in technology it’s now possible. So
instead of questioning “how I’m I going to send
my email?”, just take advantage of these applica-
tions and I guarantee you will not have to suffer
again.
Technology you have been missing on!
4
The Calendar
app on your
phone is a vital
app to have on
your phone or
tablet. Its versatil-
ity makes it a
must have app to
download. Using
the Calendar app
we can make
notes of important events that are coming up, such
as when an assignment is due for school or to re-
member an important appointment. Furthermore,
it can be used for work and school schedules.
There's also the more basic use for the Calendar
app, which is simply to inform the user of the
date. If you like to keep your days organized and
like making schedules for your days, the Calendar
app will be extremely useful.
Dropbox is a must have app on any phone or tab-
let if the user likes to download a lot of music,
take many pictures and record videos. Dropbox is
an application used to store information and files
uploaded by the consumer. It's great for college
students, as it stores all assignments and will keep
them safe no matter what. Additionally, if the stor-
age on the consumer's phone or tablet is running
low, the consumer may simply upload photos,
files, documents, videos, music, etc., onto Drop-
box and store them there as opposed to on their
phone, tablet or computer. The greatest advantage
of uploading to Drop-
box is that it can be
accessed from any
electronic device. Ac-
cordingly, if the con-
sumer loses their
phone, tablet or lap-
top, they won’t lose
their important documents as well. If you have a
lot of files and documents that you don’t want to
lose, Dropbox will definitely be of aid.
¿Has it ever happened to you that you find some-
thing interesting on the internet and saving it (so
you can read it or watch it later) becomes a com-
plicated process? Surely it has happened to all of
us at least once. However, there is an effective
way to make our life easier: the app called
“Pocket” (formerly known as “Read it later”).
Pocket is a free service that allows us to save the
things we like that we cannot read or see at that
precise moment. Its slogan is “when you find
something you want to view later, put it in
Pocket”. No lies! This
app really offers a beauti-
ful way of reading those
things you saved for later.
The view is very clear
and easy on the eye and it
shows thumbnail images
and nice fonts.
When you download the app, you start by creating
an account with a user name and password. Once
the account is made, you can start to store your
favorites or interesting articles. Honestly, your
experience with this app will be great because it’s
very useful and you can have it in all your elec-
tronic devices. You just have to email the URL to
the contact Save to Pocket that it comes with an
email, and then you open the app to download the
article or video to your Pocket app and it will be
there whenever you want to read it.
This valuable app is a tool that all students should
use in their lifestyle because it allows everyone to
have what they need in an easy and simple way.
Are you ready to enjoy it? Once you do, you will
surely appreciate those who were inspired to cre-
ate this app.
5
“Evernote: Our new personal journal”
Throughout our lives we take notes to remember
important information, such as doctor appoint-
ments, class schedules, staff meetings or maybe
even just to remember a favorite song. Have you
ever wanted to find a way to make this process a
little easier? Well there is such an application that
does those things and more, and it’s called Ever-
note. Evernote is a cross-platform app that serves
many purposes—it can be your digital file stor-
age, note-taking tool, daily journal, task or project
management system, recipe-keeper, and more.
The goal of this application is to help the world
remember everything, communicate effectively
and get things done. It can be used on your per-
sonal computer, tablet, smartphone and it’s com-
pletely free. Let’s say you’re a project manager
and you want to share with your colleagues the
notes you’ve taken throughout a project. With Ev-
ernote you can share those notes and much more
information in a matter of seconds.
Evernote has a variety of different products that
can help you in every aspect of your life. As col-
lege students, we like to be informed about what
goes on in our classes and to have a schedule of
assignments we must hand in. Personally, as an
accounting student and future CPA, this applica-
tion has changed my perspective on note taking in
such a tremendous way. If I’m reading an article
about taxes on the Internet but don’t have the time
to read it completely, I can just save the article on
Evernote and read it later no matter where I am.
Even after you’ve graduated and are in the real
business world, Evernote can make your meetings
and presentations more interesting to make. No
matter if you’re an accounting or a biology stu-
dent, Evernote is a must have application because
of how you can apply it to your college or every-
day life.
When we talk about effective document manag-
ing, we talk about Google Drive. Through a slight
research on the Apps' Market we can appreciate
that the Google Company knows how to develop
the best apps focused in the business world. With
Google Drive, they create a place where you can
store all your files in one place. It’s pretty awe-
some because you can access your documents,
pictures and more from anywhere and share them
with your contacts.
For an accounting or business student this app is
extremely useful because it provides certain func-
tions that help while working on a research pro-
ject or similar assignments. Google Drive offers
collaborative editing on documents, spreadsheets,
presentations, and more. We can do so much with
it that it’s surprising! This app makes hard and
difficult tasks simple. Give it a try and you’ll see
that it’s worth downloading it.
7
We know that it’s difficult to always have our
professional resume on hand if we talk about
those printed on paper. However, there exists
something that that may come in handy. In this
new era, almost everybody has connection to
the internet and the “Apps World”. To solve this
problem while using technology, experts have
created the app called LinkedIn.
LinkedIn is a social networking app mainly
used for professional networking. With this app,
it’s easy to get connected and expand your net-
work while also directly obtaining information
in your activities feed.
This app allows the registered users to maintain
a list of contacts called “Connections”. If you
open a LinkedIn account or profile, know that
you can invite anyone at any time, to become a
connection.
Why you should use it? That’s very easy to ex-
plain. LinkedIn is a good way to introduce your-
self to employers who are also registered on the
page. By letting others know about your experi-
ence, abilities and skills, it may open opportuni-
ties for you in the workplace.
All of us must take advantage of this app be-
cause as students we need those contacts or con-
nections for possible internship or job opportu-
nities in the future. Take the time to create
yours! It can only take you 10 minutes to update
your profile daily. You will not regret it!
Duolingo is a useful app that you have to
download to your phone or tablet if you want to
know and learn a lot more English and other
languages such as Spanish, French, Italian, Por-
tuguese and German in a way that’s totally free.
Some users who have already tried it say that
it’s better than Rosetta Stone and book learning
of any kind. You can study from anywhere, be it
your home, the beach, library, cybercafé, office,
and during your free time in college. When you
have the chance, you can connect at any time of
day and drive your own class schedule accord-
ing to your family and work life. Learn while
playing, losing your lives to wrong answers and
while practicing against the clock. It has audio
exercises, speech recognition and images for
your better learning. It’s an addictive app that
you have to download.
8
iOS vs Android
Google's Android and Apple's iOS are operating systems used primarily in mobile technology, such as
smartphones and tablets.
Android, which is Linux-based and partly open source, is more PC-like than iOS, in that its interface and
basic features are generally more customizable from top to bottom. However, iOS' uniform design ele-
ments are sometimes seen as being more user-friendly.
Which do you think
is the best?
9
Do I have to file a tax return? Giancarlo Esquilin
Senior Accounting Student
Certified Tax Return Specialist
That’s a good question and you will soon have the answer
with this article. Many people hate this season, the next
upcoming months, and obviously, the day when they have
to send the check in order to the Secretary of the Treasury
to pay their income taxes. But it is our responsibility as
citizens; we have to contribute to our government (even if
we believe that they do not use the money in a good way)
to maintain the services that are provided for the commu-
nities. Now that you are clear about why you should pay
[income] taxes, I will let you know if you have to.
First we should know what gross income is, and gross
income means all income from whatever source derived,
including but not limited to wages, salaries, interest, and
rent, among others. As a student, you probably relate
more to salaries and wages, even if you are not a full time
employee. Remember, income is income, even if you re-
ceive the payment in cash and there is no evidence in
checks or other document.
All this being said, are you now scared that the Treasury
Department will take your money because you are not a
good citizen and you did not file tax returns in previous
years? Take it easy. Not everyone should file a tax return,
even if you have some income during the year. The Inter-
nal Revenue Code (“the Code”) requires taxpayers who
have more than $5,000 in gross income to file a tax re-
turn. Better now? Keep reading. Now, you might be ask-
ing yourself: “do I have to pay income taxes because my
income is $5,001 or more?” The answer is: probably not.
Due to the changes in our tax system, many taxpayers
with less than $20,000 do not have to pay income tax
thanks to some credits and benefits due to low income.
Check this now. If you have more than $5,000 in income,
you are clear that you have to file a tax return. You also
know that if you have less than $20,000 in income, you
probably do not have to pay income taxes. Now, why you
should file a tax return even if you do not have to pay
taxes? First, law requires it. Second, you will probably
not pay taxes thanks to the credits calculated after the tax
liability, so you have to demonstrate why you are not pay-
ing taxes. Third, you will probably receive a tax reim-
bursement (I am not sure if on time, but that is not the
issue here). Fourth, if you receive a document, for exam-
ple a W-2, the Treasury Department already knows about
the income that you receive, and you will be liable to pen-
alties if you don’t file. So, do it.
Now, you should know some tips when filing your tax
return:
If you will pay for the preparation, be sure that
the preparer is certified. If not, look for another
one.
Discuss the tax return with the preparer if you
have any doubt.
Attach the required documents to the return. Also
keep a copy of them.
Sign your return.
Don’t send the return via mail; be sure that it is
stamped by the Treasury Department.
When you go to the Treasury Department, take a
copy of the return with you and be sure that they
put a stamp on it too.
Keep a copy, PLEASE.
Remember that income is calculated on a calendar-year
basis, from January to December. The due date for filing
a tax return is April 15, 2014, for income related to the
taxable year 2013. Please be sure of the information that
you put in the return and take into consideration that
when you sign it, you are confirming all the information.
If you have any doubts, contact a tax return specialist.
In the meantime, good luck waiting for your tax reim-
bursement, I’ll be waiting for mine too!
*The information provided here does not constitute
professional tax advice.*
11
Basic Concepts of Investigation
Thursday, January16, 2014
Forty-seven (47) AUEC mem-
bers assisted to this in order to
become familiar with the re-
quirements for the “National Ac-
counting Students Encounter”
research competition. Our lec-
turer for this activity was profes-
sor and CPA Carmen Medina,
who educated us on the subject
with a dynamic presentation.
Among others things, she dis-
cussed what a research is, the
steps and the sources of informa-
tion used to develop it, the es-
sential parts of the written pro-
ject and oral presentation, the
participation rules of the compe-
tition, and the prizes that will be
awarded at both the National
Competition and the AUEC
competition.
CIA Review
Wednesday, January 22, 2014
Members of the University Ac-
counting Students Association of
the University of Puerto Rico at
Humacao participated in the
JLMA Open House and lecture
on the CIA exam. The confer-
ence was hosted by the CPA
Juan Lorenzo Martinez, who was
accompanied by the electoral
Controller. The talk mostly con-
sisted about the eligibility re-
quirements and the review
courses for the Certified Internal
Auditor certification
Tips for the CPA Exam
Thursday, January 23, 2014
Through this activity, we were
introduced to the young CPA
Ismael A. Vélez De la Rosa, the
highest score of the 2013 CPA
exam and a role model to the
sixty-five (65) AUEC members
who participated in this confer-
ence and aspire to the most im-
portant certification of our pro-
fession, the CPA. CPA Ismael
Vélez told us about his personal
experience while preparing for
the test and showed how his
preparation consisted mostly of
effective planning and good time
management. As a whole, this
activity was highly motivational
especially for those students
seeking the certification, because
the words and experiences of a
young student such as ourselves
demonstrated what we too can
accomplish with the right effort,
organization, and use of the tools
we have at our disposal today.
Summary of Past Activities
12
Baseball Game Final Series
Saturday, January 25, 2014
AUEC members and baseball
fans gathered at the Yldefonso
Solá Morales Baseball Stadium
in Caguas to enjoy one of the
games of the Final Series of the
Roberto Clemente Professional
Baseball League between the
Mayagüez Indios and the Caguas
Criollos.
All about Taxes
Tuesday, January 28, 2014
Forty-nine (49) AUEC members
assisted this conference in order
to learn more about the field of
taxes from the renowned tax ex-
pert and former President of the
College of CPA's, Kenneth
Rivera. He began the conference
by explaining a little of the his-
tory of personal taxes in Puerto
Rico. Then he spoke of all per-
sons and entities that are re-
quired to pay taxes and the dif-
ferent types, such as the SUT,
VAT and excise taxes. Without
question, the conference was
great learning experience for all
those who attended, regardless
of whether or not the field of
taxes is where they aspire to
make their careers.
The Impact of Enron in the Ac-
counting Profession
Thursday, January 30, 2014
This activity was attended by
more than sixty (60) members of
our Association that wanted to
learn about the history of Enron
and the consequences it had on
our profession. To speak on the
subject, we invited the CPA Juan
Zaragoza, one of the former part-
ners of the now defunct firm Ar-
thur Andersen LLP., the firm
responsible for auditing Enron at
the time of the fraud's discovery.
Zaragoza spoke to us from a
firsthand perspective about En-
ron, its impact on his profes-
sional life, and about the subse-
quent emergence of Zaragoza &
Alvarado LLP, the firm of which
he is co-founder. It was an excel-
lent conference, full of interest-
ing details about the historic
case. We were also given the
opportunity to ask questions on
issues that have arisen as a result
of the Enron case. As you can
see, the conference met our ob-
jective of contributing to stu-
dent's education about the pro-
fession's past, present and future.
Summary of Past Activities
13