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Is anyone else just gonna have a good cry after this? I wish the ability hadn't been socialized out of me. I feel like a good 3-4 hour cry after season would be pretty nice. Hey I have 5 consultations tomorrow lmao.
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Apr 16, 2019 03:55
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Fantastic Flyer fucked around with this message at 06:19 on Jun 28, 2019 |
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Apr 16, 2019 04:29
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Do you guys have any recommendations for stuff I should learn to accommodate a future in accounting? Excel, Python, foreign language etc?
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Apr 21, 2019 03:01
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Test of Excel as a Foreign Language
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Apr 21, 2019 04:25
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Idk what sort of accounting you're going into but learning Quickbooks may be on point (desktop and online I guess?) In other news tax season is over and hooooooo boy did i get fat
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Apr 22, 2019 20:24
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Protip: Can't get fat during busy season if you go in to it already fat
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Apr 22, 2019 22:58
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Simpsons Reference posted:Protip: Can't get fat during busy season if you go in to it already fat Can get fatter, though. Anyone else break 3 bills this season?
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Apr 23, 2019 04:39
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black.lion posted:Idk what sort of accounting you're going into but learning Quickbooks may be on point (desktop and online I guess?) Excel, SQL (relational data concepts), and being semi smart (DKE applies, I shall keep underrating myself except when selling myself into new jobs). Learn your GL and related tools really well. Get familiar with RTFM and Google-fu.
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Apr 23, 2019 04:56
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Elephanthead, if you come back to this dying forum and thread, I'd like to talk to you about your Upwork Success.
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Apr 23, 2019 21:05
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I asked this in the negotiation thread, but I thought I'd get some perspective from here. I'm temp to perm as a staff accountant at a small law office. I've since been functioning like an accounting manager, and they are happy to give me that title, but the permanent salary they offered is the average for a staff accountant, and no benefits whatsoever. I could walk and look for a job elsewhere, but it wouldn't be management. If anyone remembers my old posts here, I haven't even sniffed staff level previously. It's always lovely AR/AP roles offered to me or being outright rejected for associate, staff and above. My recent work history is spotty, with some short term stints and long gaps. This gives my resume slightly more legitimacy. I have some leverage in that they know and I know that they desperately need me. But I can't just decline and get the same position right now. If I can't move the needle much in negotiations, and I can't replace it, how can I "lose the least" here?
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Apr 24, 2019 13:38
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It sounds like you should take this job for the resume addition. Give it a year , then start looking. Its illegal for new jobs to ask what you made at your old job (at least in us west coast states). So all they will know is u were/are an acct. Mgr. U can use it to springboard. If you like the firm ask for a guaranteed salary negotiation after 6 mo. They probably would be more open because they won't be paying your recruiter as well on that.
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Apr 24, 2019 13:50
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I'm surprised they don't offer any benefits. That said, I agree with Lord Garbageman. This is resume fodder. Leverage up. I need to get my drat CPA application started and completed... Its been 10mo since I finished exams. My love/hate relationship with my job is getting to me. Not knowing your job is unacceptable, especially if you profess to be an expert ha. Excuses aren't answers, ignoring the questions isn't acceptable. Sr mgt allows the deadwood to pull me down, the theft of time due to never producing quality results is a bitch. I don't see a fix for that besides changing jobs.
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Apr 24, 2019 14:55
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Elephanthead posted:This. There are so many clients that pay a ton for terrible work and have no idea how bad it is even large entities that are getting crap at high prices. I picked up a 75k a year clent whose bank rec was off 3 million bucks. It takes a day to enter a month's worth of their transactions. It costs maybe a couple hundred bucks to start a firm in your state if needed to maintain your licensing requirements. I used upwork to get started, most of the people there are crazy, but your resume is public and people will contact you including the whale that just called me out of the blue and said I need help. Take my money. Even if you just use quickbooks online for small clients they make it super easy to maintain and bill right from the software. (Pfft account controls are the auditors problem) I want to talk to you about this a bit more. I think you don't have PMs or it's possible I just don't understand how the forums work anymore. I assume you have e-mail or the ability to send e-mail, since we're speaking after the year 1989. If you feel like talking to me about this please shoot me a line at wolvieclaws123@gmail.com.
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May 2, 2019 18:06
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Anyone still in the running for the IRS revenue agent positions that opened up in October? Sounds like offers started going out today and may continue into next week.
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May 4, 2019 00:27
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Mush Mushi posted:Anyone still in the running for the IRS revenue agent positions that opened up in October? Sounds like offers started going out today and may continue into next week.
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May 4, 2019 03:04
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SiGmA_X posted:*7 month* delay?!?! I applied for a job at NASA once and it took about that long to head back
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May 4, 2019 03:29
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SiGmA_X posted:*7 month* delay?!?! Yet, here I am still hoping for the privilege of taking a massive pay cut to join the feds! I’ve worked in both public accounting and industry for a while now and I just don’t see myself happily working in that type of setting for another 20+ years, despite my genuine interest in tax as a subject. I had to take a long look at what was valuable to me in a career and commit to the process, as frustrating as it is. Hopefully it works out. It would indeed suck to come away empty handed after so long.
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May 4, 2019 04:38
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Mush Mushi posted:Yet, here I am still hoping for the privilege of taking a massive pay cut to join the feds! I’ve worked in both public accounting and industry for a while now and I just don’t see myself happily working in that type of setting for another 20+ years, despite my genuine interest in tax as a subject. I had to take a long look at what was valuable to me in a career and commit to the process, as frustrating as it is. Hopefully it works out. It would indeed suck to come away empty handed after so long.
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May 4, 2019 05:21
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My professor in college said the IRS is a good job to get. On the condition that you get a law degree, use that to get a job writing regulations, write a regulation that impacts a very large company (ideally in their favor), and then quit to work for that company/their public accounting firm for six figures as the top expert in that regulation, since you wrote it.
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May 4, 2019 10:57
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SiGmA_X posted:*7 month* delay?!?! That's pretty quick for federal hiring. Revenue Agent is a good job, I spent about 7 years as one out of college. You will learn a lot and get exposure to issues you may not see in public. It can definitely be frustrating but I know people who came from Big 4 and liked it a lot better. It's one of the most professional jobs at the IRS and once finished with training you will be in charge of your own schedule to work how you see fit so there is a lot of flexibility.
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May 4, 2019 13:15
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Hurt Whitey Maybe posted:My professor in college said the IRS is a good job to get. Sounds more like JCT than IRS. I don’t mean to poo poo on big 4 or industry tax. I’ve generally enjoyed both despite their various drawbacks and would undoubtedly make more money if I stayed on that track, and maybe I will depending on how this all plays out. If you like what you’re doing then by all means keep on trucking. Personally I feel that government could be a good fit. I don’t have the same “passion” for business that some of my colleagues do, but they seem happy enough so whatever.
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May 4, 2019 21:33
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Yeah, Treasury writes regs and it's a pretty prestigious job if you can get it. A lot of partners/principals with the big 4 national tax groups come from a stint at Treasury.
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May 5, 2019 18:14
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Reg Section 12 Subsection 34: "Money. Give. Give Kamala money now. Money. Give. Now."
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May 5, 2019 19:08
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Question time: I’m a staff at a very niche firm. We work exclusively auditing the federal government. The project I’m on is even more niche: incurred cost proposals. I’m going to be here at least until I get senior, but I’m wondering if being in such a niche field of accounting is limiting my long-term career prospects and maybe I should start planning my exit strategy?
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Jun 6, 2019 18:25
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colachute posted:Question time: I’m a staff at a very niche firm. We work exclusively auditing the federal government. The project I’m on is even more niche: incurred cost proposals. I’m going to be here at least until I get senior, but I’m wondering if being in such a niche field of accounting is limiting my long-term career prospects and maybe I should start planning my exit strategy? holy poo poo that is pretty specific. I would imagine you would be fine at a big 4, additionally im sure you have alot of experience in GAS/yellow book/single audit stuff so that definitely broadens your horizons
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Jun 7, 2019 19:24
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A while back, a client who is in New York City asked us if it would make sense to incorporate. Now normally this is a very easy answer. I am a primarily long island-based accountant. A small business Corporation is usually very good for clients, with very few exceptions. But, I know New York City does not allow pass-through on small business corporations. And taxes them at the entity level. They expected to make around $60,000 net. I decided to run some projections in our software. What surprised me was that, they paid more taxes overall with an S corporation. The taxes they had to pay New York City exceeded the tax gain from the pass through status and loss of self-employment taxes. This confused me greatly. As it did my boss. But the estimates didn't lie. We consider that maybe it was because she wasn't making that much money and that it would later on make sense. But even when I knocked up the net to 1 million, it still didn't make sense. Then, I thought it was because she was exempt from the New York City ubt. He worked in real estate. But even when you consider it, they're still has a slight benefit to being unincorporated for tax purposes. This just confused me. And it confused my boss. My boss worked a lot in New York City but never really decided to run all these figures to find out if it was better. I thought I must have simply done something wrong, but the numbers kept coming back the same. To those more familiar with New York City taxes, does this sound correct? Or am I clearly doing something wrong that I'm just simply not considering? Edit: To explain this is what happened. The unincorporated scenario had these taxes: Federal Income Tax, State Income Tax, City Income Tax, and Self-Employment Tax The S-Corp scenario had these taxes: Minimum NY State Corp Tax, NYC Corp Tax, Federal Income Tax, State Income Tax, City Income Tax The double taxation on NYC outweighed the overall benefits of avoiding Federal Self-Employment Tax. This was true even when I increased the Net Income to 1,000,000 from 60,000. And when I reduced the Schedule E income by taxes paid to NYC and NY State. And when I added in NYC UBT because the NYC Corp rate is higher than the NYC UBT so you still slightly win out. Covok fucked around with this message at 03:39 on Jun 19, 2019 |
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Jun 19, 2019 02:38
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Covok posted:A while back, a client who is in New York City asked us if it would make sense to incorporate. Now normally this is a very easy answer. I am a primarily long island-based accountant. A small business Corporation is usually very good for clients, with very few exceptions. But, I know New York City does not allow pass-through on small business corporations. And taxes them at the entity level. I am not really sure writing that made it any easier to follow. The thing that stands out to me is you are setting up an S Corp and make no mention of payroll. Service industry with no assets, or employees means all income s/b wages. Assumptions MFJ, no dependents only income 60,000 net in sch c Fed Ordinary: 2670 Fed S/E: 8478 IT 201- 1990 UBT- 1800 less credit of 1800 , so zero Assumptions MFJ, no dep, only income is 60,000 net in Wages Ordinary: 3942 ER FICA= 4590 EE Fica= 4590 IT 201= 2155 NY General Corp Tax= $300 (minimum) Those are the very rough numbers I am getting , I only sometimes do NY returns so I am sure I am missing some local stuff.
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Jun 20, 2019 23:50
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Lord of Garbagemen posted:I am not really sure writing that made it any easier to follow. The thing that stands out to me is you are setting up an S Corp and make no mention of payroll. Service industry with no assets, or employees means all income s/b wages. Yes, I did neglect to mention that. The reason is that, if it's not working before we even consider the payroll, then it's definitely not going to work when we consider the payroll taxes. I know some people also like to point out the added cost of payroll preparation as well. But once again we didn't reach that part because we got stopped before we reached it. Also, I usually just do that for the clients. I do charge for it. But, I take that in consideration. That said, 100%? I usually do things at 60% of net profits at the end of the year. And since I just brought that up, I decided to look it up. Because this conversation made me realize that I just do that because that's what I was once taught to do. Apparently it's something called the 60/40 rule. Its a general rule of thumb that is usually viewed as a reasonable salary by the IRS. Anyway, with the 60-40 rule, it usually makes sense outside of New York City. New York state minimum tax is pretty small. It's actually smaller than you think it is. For them, it would be $25. So, not having to pay self-employment tax on 40% of your income for the business and just having to pay $25 to New York State and some extra money to your accountant, usually works out. It depends on your income level. I wouldn't do it for somebody who makes too little. I normally wouldn't even do it for a $60,000 client but they specifically asked me to do it for them. Your acountant fees also matter. My fees are apparently very low. Because when I discuss this with some people on redidit and they started saying their fees I realized that was another factor in why we disagreed on this. With how much they charge, you would have to make a lot of money to save with an S-Corp. Makes me think maybe I should charge more. I usually do payroll for 200-250 a quarter and a S-Corp return for 500-800. They were doing things at like 1,200/return and making them use ADP, which can have fees as high as $4,000. Covok fucked around with this message at 03:14 on Jun 21, 2019 |
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Jun 21, 2019 03:03
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Whoever told you there is a 60/40 rule was doing you a great diservice. The IRS says the wage has to be reasonable given facts and circumstances, so you have to look at case law and plr. Another way to read it is your draws should only represent a return of capital. If it's a real estate agent with only one employee (>2% shareholder) what would be your argument to the IRS as to what their capital asset was that is creating income? Now let's flip the script, s corp manufacturing business with employees and lots of costs in manufacturing equipment. What would be your argument to the IRS as to what the capital asset was that is creating income? The person that told you that rule of thumb is giving people tax planning advice based on likely hood of being audited, if they are licensed they should lose it for doing so.
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Jun 21, 2019 08:28
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I'm going to dissolve a NYC S-Corp (unrelated) for the first time this year. I just want to say their system is stupid as gently caress. You have to file the return 15 days after the business ceases. The CPA I asked for advice said to go out on extension premptively or file a return using laat year's forms explaining the situation. Compare this to Florida where it took me 10 minutes on a website to dissolve a business.
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Jun 26, 2019 21:32
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Just file an extension and file on last years forms, that’s what you do when the new forms aren’t out yet. At least you didn’t have to do it last year before the forms all changed up (assuming the S K-1 and K updated like partnerships).
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Jun 26, 2019 22:28
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Hurt Whitey Maybe posted:Just file an extension and file on last years forms, that’s what you do when the new forms aren’t out yet. At least you didn’t have to do it last year before the forms all changed up (assuming the S K-1 and K updated like partnerships). No, I get that. Its just weird to me. It's not going to cause a problem. It's just annoying. Covok fucked around with this message at 23:46 on Jun 26, 2019 |
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Jun 26, 2019 23:44
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gently caress public accounting. I’m out
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Jun 28, 2019 04:47
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Good Citizen posted:gently caress public accounting. I’m out One of us
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Jun 28, 2019 06:10
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Hey guys, I usually lurk but I could really use some advice and I appreciate any useful input. I'm a CPA with 7 years of experience in both public accounting (non-Big4) and industry (Fortune 100s). Recently, my company offered a voluntary severance for those of us who wanted out for whatever reason, I got about 6 months pay to leave. I took it because my girlfriend of 10 years had been wanting to move to NYC as she got a good job offer (6 figures), and I agreed that I would go with her as we both wanted to go to a new city. My very close cousin also moved to NYC, so that was an incentive as well. I left the company in early April, and then my father fell ill due to kidney issues, so I stayed home with him to get him back on his feet and situated, it took about 2 months, and I finally moved to NYC on June 6th, 2019. So I've been looking about 3 weeks. I've been sending out applications, and I've had a professional service review my resume and they said it was fine. Here's approaches and issues that I've been having: Cold applying on Indeed, LinkedIn, Company Websites, Reaching out to internal recruiters/managers on LinkedIn
Networking
External Recruiters
My questions are:
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Jun 28, 2019 06:22
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Sorry, our thread is kinda dead. You might also try r/accounting if you can stand reddit. I can only really speak to public tax in NYC, but there should be plenty of jobs for someone with your experience in public. That said, I'd really hesitate to take a job in public if I didn't want to stick it out for at least a year, especially if you know you'll hate it. Hours in New York are pretty bad, as you no doubt know. Financial services dominates in NYC, so it would be helpful to highlight any experience you have with funds/insurance/banking. I think your experience looks promising, but it's always hard to find a job in a new city without connections. I'd say keep pounding the pavement to find the opportunity you are looking for unless you just need a job today, in which case public could be an option and could help you pivot to industry down the road. Recruiters really suck, but at the same time they're useful for getting interviews, just don't let them jerk you around with roles you don't want. If you can find the actual recruiters from the hiring company rather than third party recruiters, its always much better. LinkedIn was useful when I was applying (although I stayed in public). Applying to job postings online has worked for me in the past, but this was B4, they're very hungry. Never got much traction that way I industry. Good luck! I'm sure you'll land on your feet.
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Jul 1, 2019 18:11
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PatMarshall posted:Sorry, our thread is kinda dead. You might also try r/accounting if you can stand reddit. I can only really speak to public tax in NYC, but there should be plenty of jobs for someone with your experience in public. That said, I'd really hesitate to take a job in public if I didn't want to stick it out for at least a year, especially if you know you'll hate it. Hours in New York are pretty bad, as you no doubt know. Financial services dominates in NYC, so it would be helpful to highlight any experience you have with funds/insurance/banking. Thanks Dude. I'll be alright, I'm noticing that about NYC. I have a girl that makes good money and she's keeping us afloat so I'm doing alright, I'm not in a rush, more worried about how a 3 month gap looks. Does it sound terrible in an interview if I say that I was traveling for a bit? I mean, we do have to enjoy life when we can. I'll give it another month or so, if not I'll give public accounting a try and I'll put the time in for a year I guess and then immediately look for a way out. I'll do it if I have to. And I've noticed that recruiters tend to push you towards roles you don't want, I tell them to go kick rocks quite frequently. But only if they are complete idiots that keep selling $15 bookkeeping jobs to me like its the only option I have or deadend jobs. If someone was making $80k before, why would they now do $15 an hour bookkeeping jobs while that time is better spent pursuing better opportunities? It's pretty silly if you think about it, even if you acknowledge that they are taking long shots.
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Jul 3, 2019 19:18
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Texibus posted:Elephanthead, if you come back to this dying forum and thread, I'd like to talk to you about your Upwork Success. Really it was just having my resume on there and having a guy that was looking see it. I am just a lazy goon. I had a pretty good resume with lots of upper level public accounting experience that surely helped though. It wasn't even a listed job the guy (director) was just browsing. It worked for me because I was under a local non solicitation agreement to get a fat severance package so I needed geographically neutral work.
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Jul 14, 2019 18:45
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Hey goons baby in college learning about accounting here. One of my English classes is making me write a essay about a debatable topic in your major and I can’t really think of any (via being new) in accounting that aren’t massively over my understanding level right now. I was thinking about the whole “should staff level accountants get overtime pay” debate but there’s no academic level journals or anything discussing that, so I’m turning to you guys! Any ideas for a topic? Thanks for the help.
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Jul 18, 2019 15:09
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Empress Brosephine posted:Hey goons baby in college learning about accounting here. One of my English classes is making me write a essay about a debatable topic in your major and I can’t really think of any (via being new) in accounting that aren’t massively over my understanding level right now. I was thinking about the whole “should staff level accountants get overtime pay” debate but there’s no academic level journals or anything discussing that, so I’m turning to you guys! Any ideas for a topic? "Bigfoot, Loch Ness, and Work/Life balance in public accounting"
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Jul 18, 2019 15:12
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