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The IRS has a website?!
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Dec 29, 2017 21:53
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Covok posted:No, they said that your bill must be assessed in 2017. This simply means that the bill must be created before 2018. So, you can prepay things. You just have to have the bill already assessed. There's still a lot of people who can prepay. Hell, there was a lot of people who pay on January 10th normally and received a bill months ago. They are 100% an example A of the article you linked. Hmm well this CPE sesh ive been in all day says otherwise but who knows its the wild west out here now Moneyball posted:The IRS has a website?! Barely e: "The conference agreement also provides that, in the case of an amount paid in a taxable year beginning before January 1, 2018, with respect to a State or local income tax imposed for a taxable year beginning after December 31, 2017, the payment shall be treated as paid on the last day of the taxable year for which such tax is so imposed for purposes of applying the provision limiting the dollar amount of the deduction. Thus, under the provision, an individual may not claim an itemized deduction in 2017 on a pre-payment of income tax for a future taxable year in order to avoid the dollar limitation applicable for taxable years beginning after 2017.” https://www.eisneramper.com/reform-prepayment-1217/ http://www.tennlaw.com/12/prepaying-state-and-local-taxes-in-2017/ In conclusion, who the gently caress knows black.lion fucked around with this message at 22:11 on Dec 29, 2017 |
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Dec 29, 2017 22:05
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black.lion posted:Hmm well this CPE sesh ive been in all day says otherwise but who knows its the wild west out here now Update one actually says that it could be a viable strategy. And the IRS website actually it says they will honor those prepayments according to their own article. Which is what we were going off of. I didn't know about the section in the bill. I read it over, but it's a very long bill. But, it looks it is even disagreement amongst the article writer, according to that first update. Edit: upon closer examination, that says income tax, not property taxes. Edit: also, the Governor sent out an order to the tax offices to accept prepayments and there's actually legal confusion over whether or not this can count as an assessment. There's expectations this legal battle will go until next year. So, it is a very confusing situation. Covok fucked around with this message at 22:18 on Dec 29, 2017 |
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Dec 29, 2017 22:15
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Covok posted:Update one actually says that it could be a viable strategy. And the IRS website actually it says they will honor those prepayments according to their own article. Which is what we were going off of. I didn't know about the section in the bill. I read it over, but it's a very long bill. But, it looks it is even disagreement amongst the article writer, according to that first update. Full text doesnt limit to income tax tho, per update 2 that lists the full text of the bill "For purposes of subparagraph (B), an amount paid in a taxable year beginning before January 1, 2018, with respect to a State or local income tax imposed for a taxable year beginning after December 31, 2017, shall be treated as paid on the last day of the taxable year for which such tax is so imposed." Sub para B doesnt specify income tax from property or sales, just references the aggregate 10k cap Good thing this was so thoroughly analyzed and considered before becoming law  e: ok i re-read that and it agrees w you but my point abt this all being unclear af stands
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Dec 29, 2017 22:22
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black.lion posted:Full text doesnt limit to income tax tho, per update 2 that lists the full text of the bill No, clarifies right there in the parts I bolded. It clearly says it only applies to State and local income tax.
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Dec 29, 2017 22:25
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Good points Covok, I do partnerships not people so I’m unfamiliar. Still lol at the people who paid more than one year though, think I saw that in a story on the news.
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Dec 30, 2017 01:45
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Is it a normal accountant duty to be the one responsible for chasing down people who have un-paid invoices and trying to collect on them? I've only ever had this one position and I'm wondering if I'd have to do it still if I went anywhere else. I absolutely hate doing it because it makes me feel like I'm working in a call-center and I have to devote large portions of my time to it.
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Jan 11, 2018 15:12
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Orthodox Rabbit posted:Is it a normal accountant duty to be the one responsible for chasing down people who have un-paid invoices and trying to collect on them? I've only ever had this one position and I'm wondering if I'd have to do it still if I went anywhere else. I absolutely hate doing it because it makes me feel like I'm working in a call-center and I have to devote large portions of my time to it. For clients who haven’t paid up? Sure. For your client? Could be, but that’s somewhat unusual.
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Jan 11, 2018 15:14
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Hurt Whitey Maybe posted:For clients who haven’t paid up? Sure. I work at a place that publishes journals and books. Authors who haven't paid for their articles all get sent to me and then its my job to get them to pay. We cannot send them to collections or anything though so it just comes down to me harassing them week after week for months/years. It's the one responsibility I have that I absolutely hate.
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Jan 11, 2018 15:28
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I mean, do you work in AR? Agree that if you're doing that on behalf of your clients, that's unusual and definitely not something I'd ever agree to do for a client (of course I work in a small local practice and I get to decide those things to some extent, understand not everyone can)
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Jan 11, 2018 17:53
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I do not. It's just something my boss gave to me to do because he didnt want to do it anymore and doesn't want to hire someone to do it or outsource it. I was mostly just wondering if it was a normal staff accountant duty because I'm salty my boss listed it as one of the reasons I was denied my change to senior. He told me I don't spend enough time doing collections so he has to write off too much in uncollectables each year. I was pretty sure I was going to be denied the change to senior anyways but it made me mad he brought this up as one of the reasons.
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Jan 11, 2018 19:15
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How much of your time are you expected to spend chasing people? I'd be salty too if my boss told me I was now a one-man collections agency, with my success/failure tied directly to advancement in that company.
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Jan 11, 2018 19:54
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Super salty, especially if it's really their responsibility and are delegating to you.
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Jan 11, 2018 19:59
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If I did it as often as my boss thinks it should be it would be every Monday of every week spent chasing people down. More when he feels like doing a push. I already updated my resume because I anticipated him denying me the change to senior. Finding out part of it was because I don't spend enough time hounding people to pay their bills cemented the idea that I should leave. Its a shame because I like all the other work I do and mostly like my boss but I don't really want to wait the several years he said before he thinks I'll be ready for senior.
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Jan 11, 2018 20:01
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Can anyone recommend an accelerated online bachelors in accounting? I'm trying to help out a friend who has a lot of experience but never went to college. Now that she's back on the job hunt, she's getting nothing like she had before (accounting/HR manager for a small company) Every "best online schools" list has a bunch of rando schools, and the only one I've heard of is Temple.
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Jan 11, 2018 22:31
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I will be graduating in May with 138 credits. I will have 21 hours in accounting courses. I will also have one more semester of GI Bill left. I will be graduating with zero college debt. I have a paid internship this summer and I am hopeful and confident that it will turn into a full time job to follow. They offer tuition assistance and have a school nearby that I could get my Master's at. This school also offers a 12-credit hour graduate certificate that will count for the last 12 hours I need to get my CPA. I want to get a job ASAP and will take night classes to get either a masters or the grad certificate. Or, given that I am only 12 hours from the 150, I could ask them to defer my employment for a semester. Optimally, though, I would like to start working ASAP. Why should I a Master's instead of just that grad certificate? If I get my Master's, I will take the biggest part-time course load that I can to get to 150 hours as fast as possible, and then probably take the minimum amount of courses every semester until I finish (unless I do the grad certificate, at which point I would be done).
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Jan 11, 2018 22:57
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I'd see if you can defer and get the certificate and a couple exams out of the way
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Jan 11, 2018 23:01
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Moneyball posted:Can anyone recommend an accelerated online bachelors in accounting? I'm trying to help out a friend who has a lot of experience but never went to college. Now that she's back on the job hunt, she's getting nothing like she had before (accounting/HR manager for a small company) Western Governors U seemed good for a bachelors.
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Jan 11, 2018 23:31
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I looked at Becker in Worcester MA (we're both in the Boston area). Accredited, is accelerated, and I'll see if she can get credits with CLEP.
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Jan 11, 2018 23:40
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I got to say that getting fired from KPMG and getting hired by the small local firm is the best thing that's ever happened to me. I like my co-workers at KPMG, but I never really knew my bosses. There is so many people and so many hi rops that I didn't really know who I I worked for. I was fired to cut costs. No one ever say anything nice to me. Everything was very mercenary. And the hours were ridiculous. Now, I work with just eight other people and the boss is constantly telling me how he appreciates the work I do and the effort I put in and it's telling me to take time off while I still can and enjoy myself and thanks me for all the effort I put in and the excellent work that I'm doing. It's a little bit more chaotic because I have to do a lot of work a secretory would normally have to do on top of my own work, but the hours are great 9-4 when it isn't busy season and 9-7 when it is and we don't work later than 7 because my boss doesn't think people are productive after that hour. That's pretty loving nice. He is a little rough. I didn't get as much as I used to. No one wants to hire a guy who only worked one year and didn't have a CPA or is currently working, so pricing wasn't as easy to negotiate as I thought. But, I know literally live 10 minutes away from my job. I used to have to commute 1 hour and a half to work and even more to get back. Now I only drive 10 minutes. I go home for lunch and dinner! This is loving nice.
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Jan 12, 2018 00:27
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Also, the level of tech skill has gone down a lot relative to myself. At KPMG, I got mocked for inefficient coding and other such technical in efficiencies. Now, I'm literally the smartest guy in the room when it comes to tech and everyone relies on me to do technology related tasks.
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Jan 12, 2018 00:29
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Covok posted:I got to say that getting fired from KPMG and getting hired by the small local firm is the best thing that's ever happened to me. I like my co-workers at KPMG, but I never really knew my bosses. There is so many people and so many hi rops that I didn't really know who I I worked for. I was fired to cut costs. No one ever say anything nice to me. Everything was very mercenary. And the hours were ridiculous. I've never had huge firm experience but I really appreciate my small firm experience. For the most part my work is really appreciated and I work very closely with my boss. My hours are incredible, my standard workweek is 37.5 hours and I only have to put in extras every so often. I too live like 10 minutes from work and it really makes the world of difference. I'm starting up a job search now and hopefully I can stay with something small again because I really think the quality of life is awesome.
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Jan 12, 2018 01:02
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Orthodox Rabbit posted:I've never had huge firm experience but I really appreciate my small firm experience. For the most part my work is really appreciated and I work very closely with my boss. My hours are incredible, my standard workweek is 37.5 hours and I only have to put in extras every so often. I too live like 10 minutes from work and it really makes the world of difference. Yeah, I really do like how appreciated my work is. Even with some of the hiccups that I ran into, my boss is verbally said this is my first year doing individual and not to worry about it. He's such a nice guy. And the same could be said about everyone. My big sticking point though is that none of the client's trust me. Especially the 1040EZ guys. I get their Actual taxes done in like 5 minutes. Then I spend like a few extra minutes in the meeting going over some deductons, even though I know they're not going to breach the standard, just to give them their money's worth. Try to find them some above-the-line, and that sort of thing. I can't give them the refundable credit. I will go over it with them and put it in if they're qualified, but I'll hand it off to somebody else because I'm so new that I'm at the risk of being audited if I actually give it out under my name simply because of how open to fraud it is. And yet, the 1040EZ guys will argue constantly that they expected more with the refund. More than once I have had to hand it off under their request to someone else only for my colleague to say that I did everything right. Because it's a loving 1040EZ. And I try to explain things. I go line-by-line with them in a two-year comparison and try to point out exactly what is changing their refund. "Well, your incoming doubled, but everything else is pretty much stayed the same including your withholdings. This is what is driving down your refund as withholdings is the basis for it. Your taxes went up, you're withholding stayed the same, basically and you can see that the here." One guy gave me poo poo when he didn't even have any withholdings. He wondered why he owed money. Because he didn't have any withholdings. He didn't have any withholdings. And he definitely had enough income where he should have had withholdings. What magic do you expect me to do? You don't have kids, you don't have to student loans, you don't have medical deductions, you don't have anything. The worst is this when this guy gave me poo poo for like an hour and then admitted he had no money. I asked my boss what to do, and I'm still laughing he told me to tell a guy to go to H&R Block. That felt pretty good after the poo poo that client put me through. Ironically, the corporations have been very easy to work on, even when I had to amend this terrible 2016 return that the customer tried himself. It was his initial year and he put his corporation on a schedule C so we had to amended. But those definitely go easier cuz even when you have bad news, they trust that you know what you're doing.
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Feb 4, 2018 18:47
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Man I hate my clients but they’re all giant PE firms so at least you can reason with their tax people who are generally former Big 4/regional people. Individual work sounds like hell. I would have been fired by now if I was you for screaming “use TurboTax” at them.
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Feb 4, 2018 19:40
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Hurt Whitey Maybe posted:Man I hate my clients but they’re all giant PE firms so at least you can reason with their tax people who are generally former Big 4/regional people. "So, having put in your W-2 and include all your deductions, you're looking at a refund of about this on the federal level and I'll show you the state in a moment." "That can't be right. Last year I got $900. I made much more money so I should get a lot more in my refund." "Well, you're making back $1,200. That is an increase. However, it's really based on your withholdings. As I can go through with you and show you, your income went up, but your withholding must have went up to match it and your deductions remained the same. The difference between your withholding and your taxes is your refund. With your income and withholdings going up, and your deductions remaining the same, it makes sense you would get a refund at this amount. Let me bring up the worksheet." "BUT, my fiance made less than me and she's getting back $1,700!!!" "Well, I can't really talk about her situation without seeing it. Chances are her business simply withheld her money differently. Perhaps she was entitled to a credit you weren't entitled to. There are a lot of factors at play, and I can't really say why from this alone, but I can assure you your taxes were done correctly and this is the federal refund that you're entitled to." "But, my fiance...!" His fiance who literally in the room with us: " your business just withheld differently. Also I work for a school, that might give me special deductions." "There is a teacher supply deduction of about $500, but I don't know if you would have qualify for it but it is possible. Like I said I can't comment on your tax situation without any documents." "But, I made more than her. That means I should get more refund!!!" *cue this for 20 minutes* "So, how will you be paying for this today?" " I don't have any money. Can't you just take it out of my refund?" "Sorry, we don't do that here. Company policy. We've had some problems with that in the past. So we changed the policy. I apologize, but it's simply how we do business. You don't have to pay today, but you will need to pay before we send out anyting." "Can't you intentionally overdraft my account? You'll still get paid!" Boss IM: " tell him to go to H&R Block" "Sir, there are other individuals can do your accounts. Such as H&R Block. I do believe they have a program where you only have to pay for your state return as you have a 1040EZ." "What? you don't want my business?" "All I'm saying is that there are other people who could do your taxes." "Well, I'm taking your pens before I go" "Have a good day sir." Covok fucked around with this message at 20:35 on Feb 4, 2018 |
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Feb 4, 2018 20:09
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As a small business owner, accountants are amazing and I love you.
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Feb 4, 2018 20:11
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Hurt Whitey Maybe posted:Individual work sounds like hell. I would have been fired by now if I was you for screaming “use TurboTax” at them. With the right clientele, individual work is entirely enjoyable. Sometimes they can be doozies, though. My favorite war story from my prior firm: Picked up a new client in the throes of the recession. His workplace was closing and he had the option of moving to another location or taking a severance package. He had decided that he was going to start his own business, and his buddies at the bar said that he’d have so many write offs that he wouldn’t have to pay taxes, so he took the severance. But not until after he claimed exemption from tax. He also liquidated his 401k to “pay off his credit cards” and he let a prior 401k loan lapse. End result was a six figure distribution, no withholding, and he was too young to escape early withdrawal penalties. At least his wife had the common sense to have some taxes taken from her check. The predictable result was that the couple owed an incredible sum. She was crying; he blamed me for the result, saying that it was my fault. I don’t remember my response to him, but I think it involved something similar to “I don’t have a time machine.” For some reason, I never saw them again after that fateful day...
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Feb 5, 2018 14:20
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When I read (or experience first hand) stories like this, I can hear my dad say "it's not magic, it's math". But I have still never actually said that to a client.
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Feb 10, 2018 00:33
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Anyone here in enjoyable, non audit jobs? I’m wrapping up filings in the next few weeks and would like to explore a new career opportunity very quickly. I just have no idea what career path I want to move in to. I have my CPA, but haven’t worked on the numbers side of things in years. Theoretically I think something like business analyst or operations analyst would fit my background, given I have my CPA and a Masters in Info Systems. I’m so very tired of testing SOX controls.
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Feb 19, 2018 00:05
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Tax isn’t audit and I did an easy 60 hours this week so consider doing that for sure.
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Feb 19, 2018 00:06
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Possibly a better place to ask this but maybe someone here has run into a similar problem, so whatever: My office has Quickbooks 2017, one of our clients uses Quickbooks 2015, and (you guessed it) I inadvertently updated their file to 2017 before doing a whole bunch of tedious bookkeeping. So I'm dumb bc they can't open the file now. So, I'm trying to figure a way to avoid reentering all the transactions again - do y'all think if I export the transactions to a QBOnline account and then try to import them into QB2015 from QBOnline....will that work? Other/better ideas? Better thread to post this in? TIA
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Feb 22, 2018 22:16
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Don’t know your labor cost but might be cheaper to buy QB 17.
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Feb 23, 2018 10:53
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Hi friends. How's busy season?
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Mar 13, 2018 14:45
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Moneyball posted:Hi friends. How's busy season? auditors bad drinking good
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Mar 13, 2018 15:04
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Moneyball posted:Hi friends. How's busy season?  600 clients, 3 tax preparers, 1 bullet in the gun - SEE WHAT HAPPENS NEXT
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Mar 13, 2018 21:51
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Just received an email last week that work hours are 8-5pm. Apparently some people have been doing 9-6s and that's just unacceptable in industry.
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Mar 13, 2018 22:10
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E-filed like 70 partnership tax returns and got home by 9 so what a great day. Too bad the rest of my clients want K-1s next week.
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Mar 14, 2018 02:06
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Trying to get all these corps either out or on extension is killing me. Just sign the loving papers you idiots! Just sign a paper or loving leave! Don't ignoring me and then of course blame me even though I sent a bunch of emails! And sales tax is next week.
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Mar 14, 2018 03:03
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Covok posted:Trying to get all these corps either out or on extension is killing me. You have another 32 days, try partnerships binch
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Mar 14, 2018 04:37
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Hurt Whitey Maybe posted:You have another 32 days, try partnerships binch Corp deadline is march 15th.
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Mar 14, 2018 04:50
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