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Off the top of my head you might be able to pick a basic aspect of US GAAP vs IFRS where they differ and discuss that. I just got some IFRS whitepapers from a big 4 friend so I may be way off, I'll report back in a few days.
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Jul 18, 2019 15:14
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Tax policy maybe? Plenty of issues that can be debated under that broad umbrella.
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Jul 18, 2019 15:24
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I like the GAAP vs IFRS one. Tax is another good idea also. Thanks all Also kazz I forgot you’re a accountant are u ever on steam anymore it’s Fixins Empress Brosephine fucked around with this message at 15:28 on Jul 18, 2019 |
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Jul 18, 2019 15:26
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Ask your professor for a new topic. Alternatively, "will accountants be replaced by A.I.?" That ought to be a fun one.
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Jul 18, 2019 17:05
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Copy and paste my favorite polemic, Accounting Is Not An Academic Discipline: http://www.econ.kyoto-u.ac.jp/~hujii/myweb/GradSchool%202016%20FinAccA%20Paper%20No4.pdf
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Jul 18, 2019 22:21
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I like the standards difference topic. You could debate IFRS 17 vs ASU 2016-13. Why did they have to adopt two totally different standards? Because consultants need to get paid, of course. We do GAAP, NAIC STAT, Tax, and JGAAP. Plus management adjusted basis. We’re probably adding IFRS in the mid-2020’s, that’s going to be so fun.
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Jul 19, 2019 02:43
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I settled on that let’s see if the instructor allows it. Thanks for all your help goons. I love the accounting courses so far duck this English one :3
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Jul 19, 2019 02:45
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SiGmA_X posted:I like the standards difference topic. You could debate IFRS 17 vs ASU 2016-13. Why did they have to adopt two totally different standards? Because consultants need to get paid, of course. I don't have to worry about IFRS, right now I have LDTI on my mind. I think I heard some consultants say its implementation might get delayed but I didn't have time to get clarification
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Jul 19, 2019 03:05
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Hoshi posted:I don't have to worry about IFRS, right now I have LDTI on my mind. I think I heard some consultants say its implementation might get delayed but I didn't have time to get clarification Regarding CECL, its good to be a non-public PBE as we should get an extra 2yrs with a go-live of 2023. We'll see what the final rule is though.
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Jul 19, 2019 06:27
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Empress Brosephine posted:I love the accounting courses so far it's a trap
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Jul 19, 2019 11:37
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SiGmA_X posted:We're still full steam ahead on LDTI, that said, much of our business is considered short duration, so the scope is more limited than it may be otherwise. All these big standard changes put me in a tough position as I'm supposed to rotate to a new position in the next 1-1.5 years, but I want to see the transitions out because it seems like it'd be good on my resume, plus I seem to have an aptitude for financial reporting.
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Jul 19, 2019 14:59
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Tl;dr My friend needed me to amend their parents returns because his parents couldn't afford to pay their accountant to do it and they needed it for a bank application for their sister's student loan. They owed $10,628 when I amended the return. It all started so harmlessly. My friend didn't even come to me directly. We were talking and they said that their parents tax return was wrong and it held up their sister's student loan application and it might stop her from being able to go all together. They couldn't afford to pay their accountant. So, I offered to do it pro bono as a favor to a friend. They send me their parent's 2017 return and I already knew it was going to go bad. They had already told me the issue was they filled single in 2017 when they were married. The red flag didn't hit me until I saw the return. Their accountant had filled them as single and head of househould. They've been married and living together since 2016 and haven't lived apart since they were wed. The wfe got a $9,618 refund on the original return. The husband got a $3,311 on the original return. They only made roughly $53,000 between the two of them. Even worse, the husband had a schedule C with ($28,543) with no self-employment income whatsoever. When I spoke to them, they said they were just a waiter and all their income was received and reported on their W-2, nothing more. So, I had to disallow the entire thing because it was bogus. Though, this only affected the refund by $2,400. The big issue was the $5,616 earned income credit and $2,000 additional child tax credit the mother received. When all was said and done, they should have gotten a modest refund of $2,545. Which makes sense to me. They didn't own a home and were both taking the standard deduction. They withheld about $4,000 between them on $53,000 of AGI. They had two kids and were getting $2,000 of child tax credit (2017 rules), but had to pay back $1,500 of PTC. That means they had to pay back $10,628. My remote desktop crashed before I can run a filing status optimization, but I doubt it would help. Even worse, but this is really going to hurt their sister. I mean, I've seen this before and how people respond. Some random guy you just met tells you the guy they were going to for years and was getting you massive refunds was doing it wrong and that you have to pay the government back massive dollars? They're not going to believe it. I've seen it in person happen to clients. They're going to deny it and its going to hurt them and their daughter. My friend will believe me, but I doubt the parents will. I'll tell them about payment plans and everything , of course. Edit: I was right. They're refusing to file the amendment and forgoing a chance of SCHOLARSHIP for their child and instead saying she'll have to take out a student loan for her ENTIRE college career. This could have gotten her a free pass to college. Because, despite how I tried to explain to them the contrary, they'd rather owe a bank (who has no means of getting out of debt at all because student loans can't be discharged in bankruptcy) than the IRS (who has offer-in-compromise, payment plans, and I recently learn statistically appeals in favor of the taxpayer in appeals cases). As someone who has student loans, this really frustrates me. It's one thing to make a mistake and trust the wrong person. It's another to harm your own child's financial future because you can't accept responsibility for you own mistake and refuse to listen to someone explaining to you why your plan is worse. Especially when, as I told her, the IRS may very well find this out on their own and hit them with the bill. Covok fucked around with this message at 03:09 on Jul 21, 2019 |
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Jul 21, 2019 01:58
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SiGmA_X posted:We're still full steam ahead on LDTI, that said, much of our business is considered short duration, so the scope is more limited than it may be otherwise. Update, sounds like everyone's getting an extra year. I'm probably off the hook entirely!
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Jul 22, 2019 01:49
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Aren't they required to pay the back taxes anyway now that they're aware of the errors?
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Jul 22, 2019 02:35
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Fantastic Flyer posted:Aren't they required to pay the back taxes anyway now that they're aware of the errors? Yep, but you can't force someone to file an amended return. They have to sign it and authorize it. I'm just a preparer doing work pro bono. I gave them the amendment to file. I can't really do anything past that. Just as someone can't force you to make a return you know is incorrect, you can't force someone to file the correct return. I informed them of the errors. Gave them an amendment. Told them to sign and file it. Gave them the address. Gave them the number for payment plans and told them about Offers-in-compromise and such. I can't really do anything further. It's they're responsbility to correct the mistakes, but its also their choice whether or not to belive I did the work right (they don't) or seek another preparer.
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Jul 22, 2019 15:08
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Can some public company just hire me please 
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Aug 7, 2019 16:27
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Simpsons Reference posted:Can some public company just hire me please Do you live in NY? We need a tax preparer. Full time. 401k options. 10 PTO, 10 Vacation. We need help year round with our business clients so this is NOT temp work. Ultratax experience prefered Dress shirt, dress pants is the dress code No ties. Casual friday.
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Aug 7, 2019 23:12
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Simpsons Reference posted:Can some public company just hire me please If you're interested in making a move to Iowa PM me
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Aug 7, 2019 23:43
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I'm tied to Boston for as long as it takes to finish up the exams. I did manage to get an interview with a larger firm on Monday. Any advice?
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Aug 8, 2019 15:05
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Most firms do the standard behavioral type interview questions, so prepare a few examples of times you did x thing or faced x issue. Other than that, be confident, interested, have a few questions ready for them to demonstrate interest and wear a suit. Also bring extra copies of your resume. Good luck!
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Aug 10, 2019 00:51
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We used to have a real rear end in a top hat work for us who made life hell. They weren't bad at their job, but their behavior was so bad that they made one of our assistants cry at work. And they used to personally target me. I had the abusive employee let go, which is not easy in a corporate environment. When I look for people, I'm trying to make sure they won't be like that nightmare. I'm more focused on their personality. However, we also hired a temp worker last year that I wasn't the most thrilled about. My boss liked him, but he had little tax experience. As a result, he just made work drag on and on. It was difficult to work with him because he lacked any experience and we had no time to train him in busy season. He also wasn't easy to train when we did try. Personality issues, basically. We didn't want to be mean and we tried not to, but he managed to cause work to pile up and make life harder than it needed to be. While we were looking for competence at the time of his interview, we didn't realize how little he really had. So, I also look to see either their ability to do the work and know the ins and outs or their willingness to learn when I interview people.
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Aug 10, 2019 01:08
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If I wanted to get a entry level accounting job before I graduate what do you guys recommend I look for? AR jobs?
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Aug 10, 2019 01:36
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Empress Brosephine posted:If I wanted to get a entry level accounting job before I graduate what do you guys recommend I look for? AR jobs? That’s a common route. If you want to get into public accounting it can be useful to find a smaller firm to work at part time while you’re at school if your class schedule works out.
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Aug 10, 2019 03:52
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Target internships if that's an option.
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Aug 11, 2019 19:27
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I didn’t think about a internship I’ll try that. I see my current job ending soon thanks to some workmans comp bulkshittery so might as well get a start on my new career. Thanks Goons
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Aug 12, 2019 02:59
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Sorry if this is the wrong thread but it's the best I could find.  RIP Carrie, you shepherded me safely through FM, P, C, and MFE. LTAM is harder than those, but your passing only motivates me. I guess we still have PA outstanding but you both know we didn't pass.  Hello Barrie, which is short for Blue Carrie. You better not gently caress this up kiddo.
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Aug 20, 2019 01:26
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Okay, like, what is everyone's policy on how late you can send stuff? Like, I will wait till 12 midnight on the personal tax deadline and the corporate tax deadline. But, when it comes to sales tax and payroll tax, I don't. The first week of the month, I tell everyone by phone and email that it's the sales tax or payroll tax month respectively. I send a weekly reminders on Friday. On the last week, I sent a reminder on Monday, 3 days before the deadline, one day before the deadline, and the day of the deadline. I don't stay past 5 p.m. on the day of the deadline. Usually. Because I have remote PC access. This deadline, one client said they would fax it to me tonight. I go to bed at 10 p.m. I checked at 9:30 p.m. . It wasn't there. I went to bed. Ironically, the guy who said he's going going to fax it tonight didn't fax it till 6 AM. Which sounds like our electronic fax machine doesn't take fax after a certain hour and just pushes them to the morning. Which might annoy him but that's out of my hands. But then the only other person who hasn't responded sent me an email at 10:10 p.m. without any prior knowledge that they had even intended to do so. They had not contacted me or responded to any of my emails or phone calls once this entire month. Were it not for the other guy, I would have never even checked at 9 pm. And to be honest I probably couldn't have gotten it done even in that remaining time frame because that one takes a little while to do because I actually have to do the bookkeeping for his sales tax. Now, it's Saturday. It's my day off. The only reason I even saw these two things was because I want to check with my insurance was so that I can go to my dentist appointment. I don't feel like doing the work today because I have the right to two days off a week. The penalties are not going to change and the interest change is minimal. I work for another employer and two days off is part of my job. And my boss agrees because she was confused when the guy said he was going to fax the stuff over tonight. Unprompted, she told me she thought that was kind of disrespectful of him to my time. And I was the one who said that I would check at 9 p.m. and do it if it was there, which she didn't expect me to do. But the point I'm trying to get it as is am I wrong? Like, sales tax and payroll tax are two out of every three months. I'm not going to wait till 12:00 midnight that often. My boss doesn't want me to do that. She expects me to be out by 5 p.m. and I have the right to a life. My feeling is if you really needed this thing done, why didn't you do it the first four times I called you? I always say that if you don't get it at least one day before the deadline I cannot guarantee that it will be in on time.
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Sep 21, 2019 15:22
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You’re good. If they throw a hissy fit that’s not the kind of client you want anyway.
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Sep 21, 2019 15:36
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Engagement letters my dude, ours clearly states that anything given to us in the last week is fair game for not filing on time. Had tons of poo poo clients get mad and say they would Sue, then showed them the El they signed and it gets real quiet.
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Sep 24, 2019 16:53
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Time to start clocking CPE, I’m finally licensed!
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Sep 27, 2019 05:12
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Congrats my man enjoy never studying again
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Sep 27, 2019 11:36
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black.lion posted:Congrats my man enjoy never studying again Now on to take some CS classes for pleasure and career enhancement!
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Sep 27, 2019 15:04
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What are you going to do with your new free time?
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Sep 27, 2019 16:10
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Is this more useful for public or industry?
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Sep 30, 2019 23:57
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Moneyball posted:Is this more useful for public or industry? Industry, it's actually how reinsurance treaties are settled
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Oct 1, 2019 00:20
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Almost there y'all..................
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Oct 15, 2019 21:22
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At about 4:00AM on the 16th I vomited profusely, then slept for about 30 hours straight. How many tax returns do you think you did this year? What does your firm bill on average for a return?
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Oct 18, 2019 16:32
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Hellblazer187 posted:At about 4:00AM on the 16th I vomited profusely, then slept for about 30 hours straight. 1,900 returns. 98% done by April 15th. Thanks to my predeccesors awful billing scheme, a lot of people get cheap as gently caress prices. We're slowly raising them. Brings down our average to like 200, I think. My boss did 700. I did 500. My assistant did 400 The financial advisor did 300. This year I have another assistant because my boss only wants to do 100, if possible. Probably not going to happen. But we will see. I will take the bulk of the 600 and my assistants will split my old work. Covok fucked around with this message at 17:24 on Oct 18, 2019 |
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Oct 18, 2019 17:21
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That's a lot. I only did like 200 this year but our average billing is like 700 so I think we're doing more complex ones. I'm wondering about the economics of just going solo and just saying "nah" to anything complicated enough that I don't already know how to do it. If I could bill 275 and get 300 clients I'd be significantly cheaper than my nearest competitor, have more money, and probably fewer work hours. But then there's the "would they come in the door?!" problem. Hellblazer187 fucked around with this message at 19:32 on Oct 18, 2019 |
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Oct 18, 2019 19:23
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| # ? May 11, 2024 10:13 |
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Hello thread! My name is Kirbykhan and I have an Ethics for Accounting Professionals course project that involves interviewing an accounting professional who I don't already know. I don't know you guys! But I do know a whole grip of y'all are IRS. I'm throwing feelers out now, but I would love to interview one of y'all through discord. This'll take place like next month, it'll be real fun and you can claim community outreach to anyone you want.
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Nov 8, 2019 21:57
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