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my biggest client is actually spooked by coronavirus and wants to move deadlines up kill me lmao
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Mar 19, 2020 02:20
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Hurt Whitey Maybe posted:my biggest client is actually spooked by coronavirus and wants to move deadlines up kill me lmao I tell everyone who wants to say that that the deadline is not actually extended and tell them to drop off.
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Mar 19, 2020 12:21
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Covok posted:I tell everyone who wants to say that that the deadline is not actually extended and tell them to drop off. I do tax for big private equity and they’re already extended, but they promise the investors their K-1s by March 31 so
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Mar 19, 2020 13:23
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Your post made me realize how funny it is we all use the same thread. I work in a small regional office where I manage two workers. I do individual tax for 700 people myself and 1900 in the total office. I have roughly 100 business clients. Our office does their bookkeeping, sales tax, payroll tax, etc. I oversee this. How about everyone else?
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Mar 19, 2020 22:55
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I'm unemployed.
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Mar 19, 2020 23:09
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I work entertainment wardrobe for a small company. As of the last 8 hours I shifted responsibilities from Accounts Receivable to getting all us 26 employees on UI. If you live in LA, I've been in contact with the different jobs orgs who facilitate the worksharing. Easiest sell on Earth to management: get government to pay us the days you don't pay us. I'll help you cut the line. For your smol business. LAEDC if you wanna search yourself.
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Mar 19, 2020 23:10
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I work as an audit supervisor at a regional firm in Florida. Was planning on either making manager or jumping to industry after this busy season but now that the economy has imploded who knows.
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Mar 20, 2020 00:16
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I bailed on big 4 as an experienced senior and now do technical research and financial reporting for a public company. It’s about as good as an accounting job gets from a workload perspective.
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Mar 20, 2020 02:07
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I work in a small boutique firm that just does local personal and small business stuff - about 500 individual returns and 200 business returns a year between 3 preparers, plus we do bookkeeping/SCorp payroll/S&U/general advising throughout the year.
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Mar 20, 2020 13:24
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https://www.cnbc.com/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html https://twitter.com/stevenmnuchin1/status/1241002750483324930
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Mar 20, 2020 15:14
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Covok posted:Your post made me realize how funny it is we all use the same thread. I work in a small regional office where I manage two workers. I do individual tax for 700 people myself and 1900 in the total office. I have roughly 100 business clients. Our office does their bookkeeping, sales tax, payroll tax, etc. I oversee this. I'm similar to you (I think we're both on Long Island too), one of three accountants in a firm servicing about 500 businesses and 1500 individual clients. We have about 7 support staff, and do bookkeeping, sales tax and payroll tax for most of our business clients. Some handle those things themselves.
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Mar 20, 2020 17:30
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New York put a lockdown on all businesses considered nonessential. We told all our clients we were closed and to drop off files. Changed our messgae service. Forwarded our calls. Changed the autolocks. And did a million things. At the 11th hour, our parent company says we are essential. My boss says gently caress it and says we can come in if we want and work from home if we want and says she is gonna try working from home. And says the office is technically closed. Her mom, who is 96 with dementia, caught COVID-19 today so is bracing for the inevitable news now. It's been rough.
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Mar 20, 2020 23:18
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With tax filing day being delayed does that mean we have longer time to retroactively fill our 2019 Roth IRA contributions?
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Mar 21, 2020 03:27
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AmericanBarbarian posted:With tax filing day being delayed does that mean we have longer time to retroactively fill our 2019 Roth IRA contributions? It’s from fox business but I like this guys opinion: quote:“There’s never been a date in the tax code, it’s always been tied to the filing deadline,” Slott said. “[By extending the tax deadline], they automatically extended the deadline to make an IRA contribution last year.”
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Mar 21, 2020 13:25
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Hurt Whitey Maybe posted:It’s from fox business but I like this guys opinion: Yeah this is wild. Have they ever delayed the actual filing day in the past?
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Mar 21, 2020 16:59
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Covok posted:New York put a lockdown on all businesses considered nonessential. We told all our clients we were closed and to drop off files. Changed our messgae service. Forwarded our calls. Changed the autolocks. And did a million things. Yeah if you check the executive orders from earlier in the week accounting counts as an essential financial service. Still, with the delay in the deadline and everyone else recommended to stay home there shouldn't be much pressure on us for a while. Better to keep processing so we don't have to crunch later if you can. I'm figuring out a process for myself to work from home, haven't had to do it much in the past.
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Mar 21, 2020 22:12
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The downside of being owned by a financial firm is that they already are talking budget cuts because all of our advisors are gonna see a 30% drop this year. My new junior accountant is on the chopping block. Dude did nothing wrong. This sucks. Capitalism sucks. gently caress.
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Mar 23, 2020 18:35
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So is everyone still doing 60+ with the filing date pushed back?
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Mar 24, 2020 17:51
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black.lion posted:So is everyone still doing 60+ with the filing date pushed back? I took a 3 hour lunch nap today.
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Mar 24, 2020 19:31
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My city just got hit with a shelter-in-place order effective tonight, so the tax folks at my small firm are all scrambling to figure out how in the hell they're gonna work from home since some of the tax partners never bothered to move into the 21st century and still do half of their poo poo by paper. A lot of bitching in the office today about the one partner who is still demanding paper copies of returns still be put in his office for his review, even though he's a germaphobe who decided to start sheltering-in-place a day early and didn't even come into the office today. (Turns out our shelter-in-place order exempts accountants, as payroll is considered essential business. The aforementioned partner apparently brought up earlier today when trying to suggest that some of his staffers keep coming into the office despite the order.) Those tax folks were still doing 45-50 hours at the end of last week, but I suspect that they're going to be running out of work to do within a couple of weeks since clients all but stopped bringing stuff in during the last week and a half. I'm on the audit side where we're a lot better equipped to work from home, but I think we've only got a couple weeks before we run out of work to do and we're all just sitting around watching Netflix. We've got a couple of small 12/31 audits we can wrap up (mostly local nonprofits and churches), but the 12/31 stragglers and the few 3/30 clients we have are all shut down now, so I think it's going to be a while before we can start on any new audits.
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Mar 24, 2020 20:23
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black.lion posted:So is everyone still doing 60+ with the filing date pushed back? Nah, just 50-55s for the next three months. Can’t leave the house anyways so shouldn’t be too hard.
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Mar 25, 2020 06:05
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I am a tax accountant and a hobby writer. Due to the deadline extension, we stopped extended hours. I decided to pitch a trpg game to a small online magazine and they accepted. Turns out they are trying to become a cooperative. I said I'd help, but Cooperatives are not my specialty. Most business owners I know would balk at the premise. Anyone know anything important about making one? A good place to read up on one? How is it taxed? What form?
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Mar 30, 2020 00:56
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Covok posted:I am a tax accountant and a hobby writer. Due to the deadline extension, we stopped extended hours. I decided to pitch a trpg game to a small online magazine and they accepted. Turns out they are trying to become a cooperative. I said I'd help, but Cooperatives are not my specialty. Most business owners I know would balk at the premise. Ask these guys what they are set up as http://www.hydraco-op.com/who-we-are/
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Apr 3, 2020 18:26
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Coops have their own tax form, seems like you might as well just set up a partnership/LLC though. Any reason you guys are using an exotic entity form? Is that even legal for a public accounting firm in your state?
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Apr 3, 2020 22:47
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This Paycheck Protection Loan and Economc Injury Diaster loan is the bane of my existence. None of my clients know what to do. I am positive for COVID-19. And they all need their answers now.
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Apr 3, 2020 22:57
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Covok posted:This Paycheck Protection Loan and Economc Injury Diaster loan is the bane of my existence. If you're positive for covid they can go gently caress themselves until you come back from the vault. Recover well friend
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Apr 4, 2020 01:30
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KirbyKhan posted:If you're positive for covid they can go gently caress themselves until you come back from the vault. Recover well friend Not emptyquoting just agreeing heavily
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Apr 4, 2020 12:09
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Tell the clients you can help them but you need to do it in person, their call.
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Apr 4, 2020 14:25
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I am in the loving weeds with this Payment Protection Plan poo poo. I work with a team of independent contractors consistently under one employer. The employer wants to classify payments to us as payroll under a PPP loan and then pay us with the loan he receives. My interpretation is that this is not allowed. Interim Final Rule Page 11, Section ii reads: Do independent contractors count as employees for purposes of PPP loan calculations? No, independent contractors have the ability to apply for a PPP loan on their own so they do not count for purposes of a borrower’s PPP loan calculation. That seems simple except the application he received from the bank had a line specifically for payments made to independent contractors and his accountant seems to think he can count our pay as payroll as well. I understand my boss's motivation. If he can classify 75% of the loan as payroll then the entire thing can potentially be forgiven. My interpretation is that the bank will approve the loan and then refuse to forgive it when they find out his "payroll" went to independent contractors and not w2 employees. In that case we 1099s should just apply for unemployment or loans of our own. Anyone know who's right here?
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Apr 7, 2020 06:16
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This stimulus package is such poo poo. Yesterday, they limited the $10,000 grant to $1,000 per employee to a max of $10,000. I have a singe person business who is pissed at me now because their grant went from $10,000 to $1,000 and that doesn't even cover the rent on their yoga studio. The Paycheck Protection Loan is even worse, in a way. Banks are supposed to give us a 1% agent fee for preparing the return. The law has this in the text so that we won't charge for applications. Guess what? Every bank I've seen has their own way around. TD doesn't let you complete the application if you say you're using an agent. M&T says on their website that your accountant can't complete the form for you. PNC has it in their application that they WILL NOT pay agency fees if you used an agent. And so on and so forth. Anyone know a way around this? The banks are getting 5% on these loans. They're supposed to give us 1% because we aren't charging the clients.
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Apr 7, 2020 16:31
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strange feelings re Daisy posted:I am in the loving weeds with this Payment Protection Plan poo poo. I work with a team of independent contractors consistently under one employer. The employer wants to classify payments to us as payroll under a PPP loan and then pay us with the loan he receives. My interpretation is that this is not allowed. My Bank's interpretation is that 1099 costs do not count as payroll costs for the PPP. That lines up with both your link and the Treasury's PPP Borrower Information Sheet. The Bank is most likely wrong, this poo poo has changed a dozen times in half as many days unfortunately. ^If they aren't paying agent fees they aren't paying agent fees.
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Apr 8, 2020 03:32
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Covok posted:This stimulus package is such poo poo. Well gently caress me, I never saw about the $1,000 per employee bit. Where did you hear that? I wasn't aware they had even issued any of the grants yet.
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Apr 8, 2020 18:49
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Epi Lepi posted:Well gently caress me, I never saw about the $1,000 per employee bit. Where did you hear that? I wasn't aware they had even issued any of the grants yet. It's not 100% confirmed. A newsletter came out from the Massachusetts SBA saying that "The grants will begin coming out this week. $1,000 per employee up to a maximum of $10,000." Here is the newsletter. https://content.govdelivery.com/accounts/USSBA/bulletins/284f240 Edit: I've been following this closely because I'm stuck at home and my returns have dried up for the most part. The SBA is overwhelmed. loving youtubers told everyone this program was "FREE MONEY! APPLY NOW" and was saying things like "oh, you run a hobby shop making ice sculptures and haven't made a sale in two years? Well, apply because you will get $10,000 for free." At no point did anyone stop and consider that the EDIL is a pre-existing loan that has a specific requirement: to aid distressed businesses impacted by a federally declared disaster. The grant portion was new and people were rushing to take advantage of its lack of oversight. Thanks to you know who, the SBA is so defunded they can't sort these applications but they KNOW that a lot of these applications are bullshit "johnny come latelys" here to take money from the people who need it. While its supposed to be "first come, first serve," they locked down the grant and stopped anyone from getting it and have been constantly changing the rules to try to ration the money out. Some people are begin given 15k loans as a "is this enough for you? If so, please take it and leave" right now. Covok fucked around with this message at 18:56 on Apr 8, 2020 |
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Apr 8, 2020 18:52
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How is everyone applying clients for the PPL? Originally, I just prepared everyone a paper form and gave them the supporting documents. However, none of the banks are accepting these forms and making them fill it out again. A lot of my clients are computer unsavy and I've been forced to have to walk them through things over the phone. I had to take 20 minutes to tell a client how to attach files to a website because they literally had no idea how to do that. I'm not tech support. I've considered logging into their bank accounts and just doing it myself. However, I am currently refusing to do so since every login is requiring you to say you are the business owner.
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Apr 8, 2020 22:49
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How are you getting the PPP intralinks password for BofA apps?
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Apr 9, 2020 10:04
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Most of our business clients are single-member S Corps, many of which don't really have huge expenses besides their payroll... so in theory, if they get the PPP and use it for payroll expenses (presumably 2.5 months of wages), and it runs out...and they also get the EIDL, can they then use the EIDL funds to pay payroll expenses (for later periods, after PPP is all used up)? It seems like that should be fine since it wouldn't be ~the same~ expense... it's a different period of payroll... or does having the PPP forever taint your EIDL funds so they can't be used for payroll?
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Apr 9, 2020 14:06
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black.lion posted:Most of our business clients are single-member S Corps, many of which don't really have huge expenses besides their payroll... so in theory, if they get the PPP and use it for payroll expenses (presumably 2.5 months of wages), and it runs out...and they also get the EIDL, can they then use the EIDL funds to pay payroll expenses (for later periods, after PPP is all used up)? It seems like that should be fine since it wouldn't be ~the same~ expense... it's a different period of payroll... or does having the PPP forever taint your EIDL funds so they can't be used for payroll? You have to refinance the EIDL to a PPL for that to work for forgiveness purposes.
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Apr 9, 2020 15:35
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Japan is just handing out thick stacks of cash to all of my clients.
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Apr 9, 2020 18:57
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sale on Banksy art posted:Japan is just handing out thick stacks of cash to all of my clients. US can never do that, both sides of the aisle continually poo poo themselves at the idea that someone who doesn't "need" money will get it and so everything has to be 4 million times more complicated.
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Apr 9, 2020 19:12
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Epi Lepi posted:US can never do that, both sides of the aisle continually poo poo themselves at the idea that someone who doesn't "need" money will get it and so everything has to be 4 million times more complicated. Changes to 163(j) would like a word with you. Bunch of foreign blocker corps for rich investors getting a bunch of free money.
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Apr 9, 2020 22:03
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