When Lehigh University adjunct professor of tax, Robert Duquette, CPA, utilized ONESOURCE Tax Provision and ONESOURCE Income Tax in his new course “Applied Federal Income Taxation: Planning and Compliance”, students initially registered because it promised real world exposure to a tool they’d most likely use in their future auditing careers. They completed the course with the confidence that they would not only have an edge over other auditors at their level, but be more valuable to employers. This is the second part of a two-part interview.
What did you think was the biggest value of using tax compliance software in the classroom?
This is one of the few courses, perhaps, the only course in the country right now at the undergraduate level, that actually introduces students to a tax provision and return application tool they will probably have to use or audit in their future careers.
Did you find that any students signed up for the course because it would be using ONESOURCE?
All the students told me that they chose this elective course because it promised real world exposure to the types of transactions their clients and employers would be involved with, as well as getting to use the most popular tax provision software.
How easy was it for the students to learn the applications?
The students felt it was user friendly, and easy to use. But this was entirely due to proper training resources from Thomson Reuters. They set up a web based interactive live classroom link with all the students to see in real time how to use the tool. At the end of the exercise, all the students saw how a company’s tax provision, and their “audit adjustments” came together to create the current and deferred tax balances, and impact on the client’s effective tax rate.
What will you do differently next time?
First, I will be introducing the product into my “Fundamentals” course as part of the basic tax provision module in the business tax section. This way, I can illustrate how the more basic book- to-tax differences covered in that module.
Second, I will also be revising the “Applied” course that I teach so as to be able to introduce the ONESOURCE tax provision product earlier, and more regularly, during the semester. I will also integrate the products on a weekly basis to let the students interact with it more often, in shorter exercises, to see the impact on the effective rate caused by the particular tax planning strategy or business transaction being taught that week.
Any concluding thoughts?
Students completed the course with the confidence that they definitely have an edge over other auditors at their level being assigned the same type of work, and will be regarded as more proficient and more valuable to their clients and employers.
The ONESOURCE product will now be a key component in the tax curriculum at Lehigh University. I look forward to working with you and your group this fall.