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Hurt Whitey Maybe posted:Changes to 163(j) would like a word with you. Bunch of foreign blocker corps for rich investors getting a bunch of free money. You misunderstand. What you said and what they said is the same. The people who "aren't supposed to get money" are the "dirty plebeians" who actually work and earn the money they receive.
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Apr 9, 2020 22:12
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Hi I posted this in the taxes thread but I was hoping someone here might be able to help too Can someone please give me a breakdown of how S-Corporation taxes work? Backstory: I work for a family company as a regular employee. I was just given 25 shares of my company a couple of weeks ago (that won't go into effect until 2020 taxes, I don't get any of the payouts this year. Now I understand that S-corporations act as a pass through, in essence the company does not pay corporate taxes, the shareholders pay them. All numbers below are rounded to make them easier to parse... As of right now my salary is 60,000 a year, I pay roughly 1/3 in taxes, and I'm done, with a little bit of a tax refund at the end of the year. For next year though, I'll have the payout of the stock, call it $100 a share. So how do my taxes work next year? Am I taxed on $62,500 at my normal tax rate and I'm done? Or am I taxed $62,500 at my normal tax rate plus whatever percentage of the company taxes I pay? Or am I taxed at $60,000 at my normal tax rate, plus whatever percentage of the company taxes I pay? It's kind of confusing. Sorry to bother you guys with this.
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Apr 19, 2020 01:41
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AFewBricksShy posted:Hi I posted this in the taxes thread but I was hoping someone here might be able to help too Good news! S Corps can be taxed multiple ways and you need to ask your S Corp how they file! In reality if you are not preparing the S Corp return just give the tax form they give you next year to your preparer or input it into turbo tax.
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Apr 19, 2020 13:50
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AFewBricksShy posted:Hi I posted this in the taxes thread but I was hoping someone here might be able to help too You will get a K-1 with your share of the profit or loss. This is separate from any distributions of cash you actually receive. That profit or loss gets added to your gross income and you get taxed on the resulting taxable income(after all the other bits and pieces of your return as normal).
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Apr 20, 2020 21:17
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I am so burnt out. I have payroll taxes due 4/30. I got 22 payroll taxes to do. I can get all but 4 out right now. I am exhausted. I was out till 7pm yesterday and I'm the only one still doing 9 to 5+ in the office. My boss is coming in at 10am, our advisor left at 3pm. I am so tired. I have a guy helping me but he was doing 10am to 4pm until I said he had got to work the full 8 until this was over. I gave him Friday off as compensation. I had another guy helping me but they were let go due to the coronavirus reccession last month. I got a good number of returns sitting and I have to spend next week catching up and calling everyone who hasn't come in because I can't juggle sales tax and payroll tax again. I really am stressed the gently caress out. I normally handle this because May is vacation time but that isn't happening this year and its killing me. Covok fucked around with this message at 03:02 on Apr 29, 2020 |
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Apr 28, 2020 23:07
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Question for you accountant types....I am self employed right now and make maybe $1k every month, sometimes a little more. I have some questions about a PPP loan I received, the best thing I can do is talk to a CPA right? How much realistically am I looking to do that? :V Sorry if these are simple google questions, I just trust you guys more then others, plus I can use this as a learning situation for myself :v. Thanks!
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May 1, 2020 17:14
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Empress Brosephine posted:Question for you accountant types....I am self employed right now and make maybe $1k every month, sometimes a little more. I have some questions about a PPP loan I received, the best thing I can do is talk to a CPA right? How much realistically am I looking to do that? :V Technically? Accountants cannot charge for the PPP because the banks are supposed to cover it with an agent fee. However, as the class action lawsuit might give away, they ain't paying the fee so accountants are using a loophole to charge for consulting in many places. I might be willing to answer super basic questions but I won't answer anything that could make me liable.
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May 1, 2020 18:41
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Interesting, a lot of I guess "drama" when it comes to the world of banking! ANyways I think my question is pretty basic, basically "if my business started this year, how do I dictate what "payroll" costs would be if I didn't give myself a draw or payment yet? Can I pay it out in one lump sum to myself or pay it over several weeks?" Understand if you don't want to answer, I can seek out an accountant either way but any help is appreciated!
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May 1, 2020 19:38
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Empress Brosephine posted:Interesting, a lot of I guess "drama" when it comes to the world of banking! The PPP is a giant clusterfuck, there's probably no money left for it anyway and I still haven't heard a clear explanation of how a self employed person can use the funds and get the loan forgiven like I assume the goal is. Just don't bother in my opinion. If you're making $1k a month your max loan is probably $2,500. If you still want to pursue it, talk to your bank about what they would want you to provide them to prove any of your payroll costs without having been in business last year.
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May 1, 2020 20:23
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I am learning double-entry bookkeeping and it is absolutely cooking my noodle. I have mostly got it under control, the only part that's still confusing me is the specific relationship between transactions, daybooks, journals, and ledgers, since different sources *seem* to be giving conflicting definitions, though that could well be my partial understanding. Jaded Burnout fucked around with this message at 14:24 on May 7, 2020 |
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May 7, 2020 14:13
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PWC moved all interns to fully online internships over two weeks which is okay. More importantly they offered everyone a job. Anyone have experience in international tax? What's it like? If everything goes to plan I'll be starting next May.
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May 20, 2020 15:37
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pat_b posted:PWC moved all interns to fully online internships over two weeks which is okay. More importantly they offered everyone a job. Are you a PwC intern? ITS is going to be a lot of foreign filings and structuring projects, primarily for corporate structures. If you like looking at org charts you’ll love ITS.
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May 20, 2020 17:28
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Hurt Whitey Maybe posted:Are you a PwC intern? ITS is going to be a lot of foreign filings and structuring projects, primarily for corporate structures. If you like looking at org charts you’ll love ITS. Ya summer intern. Thanks for the info; I'm probably overthinking what it's like to work in big 4.
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May 20, 2020 19:10
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Any recommendations for a bank to use for a small business LLC bank account in the US?
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May 20, 2020 21:14
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pat_b posted:Ya summer intern. Thanks for the info; I'm probably overthinking what it's like to work in big 4. Oh nice, well welcome to the firm and such, hopefully the digital internship thing doesn’t suck. Don’t think the interns are gonna touch client work over the summer, think it’s most digital upskilling stuff. If you got questions feel free to message me.
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May 20, 2020 22:19
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pat_b posted:Ya summer intern. Thanks for the info; I'm probably overthinking what it's like to work in big 4. It will be new exciting and interesting for some length of time and then grow more soul crushing every day. How much time you spend in one stage or the other depends on what clients and teams you're assigned to. e: You should still do it. It's a good move
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May 20, 2020 22:28
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pat_b posted:Ya summer intern. Thanks for the info; I'm probably overthinking what it's like to work in big 4. It’s a good career move. Summer internships are pretty short, but try to suss out the best seniors and managers to work with and angle to work with them if you can or if/when you go back full time. I wasn’t tax, but a good team made bad clients bearable for me whereas a bad team exacerbated the soul-crushing aspects of good clients.
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May 20, 2020 23:00
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Democratic Pirate posted:It’s a good career move. Summer internships are pretty short, but try to suss out the best seniors and managers to work with and angle to work with them if you can or if/when you go back full time. I wasn’t tax, but a good team made bad clients bearable for me whereas a bad team exacerbated the soul-crushing aspects of good clients. This is great advice if you can do it. Seniors/Managers that are supportive and wont make you feel like an rear end in a top hat for making the same mistakes everyone else makes at first is key. Hopefully you'll actually get that interaction and won't just be doing web based learnings all day because of the current situation.
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May 21, 2020 00:12
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I worked ITS-FS at 300 Madison a few years back if you happen to be working in that office. Not sure what things will be like now, but at the time it was a lot of stucturing and planning work, quite a lot of fun, really, but high-pressure. Finding a good manager/senior is key, as mentioned below. The bad ones will burn you out without teaching you anything. Internships are generally a bit better since they are still trying to sell you on the firm and its a good opportunity to figure out who you want to work with.
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May 25, 2020 05:16
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This doesn’t matter as much with everything being telework, but the definition of “good manager/senior” can also vary depending on priorities. In my experience, there were three main traits: 1 - loves to go out after work and has no hesitation throwing down the company card for the team tab 2 - not a ruthless taskmaster and micromanager 3 - gets projects filed on time without unnecessary fire drills or crunch hours Pick two.
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May 25, 2020 16:11
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I'm in school for accounting and we just got into temporary and permanent differences for tax... I never wanna deal with that again. Am I in the wrong major? I heard pensions are even worse :v
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May 25, 2020 17:18
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Empress Brosephine posted:I'm in school for accounting and we just got into temporary and permanent differences for tax... I never wanna deal with that again. Am I in the wrong major? I heard pensions are even worse :v Buddy if you do tax temporary and permanent differences are easy, if you do audit I presume that’s what tax people are for. You learn a lot more in school than you’ll ever need, but all of it is useful. We are actively finding out if accounting is recession proof right now, and it seems like it. School is hard, but the job is pretty easy once you get a couple years under your belt.
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May 25, 2020 18:31
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Hurt Whitey Maybe posted:Buddy if you do tax temporary and permanent differences are easy, if you do audit I presume that’s what tax people are for. You learn a lot more in school than you’ll ever need, but all of it is useful. We are actively finding out if accounting is recession proof right now, and it seems like it. It sure as poo poo helps they extended tax season. I bet my company would have started to furlough workers if we got all our tax work done by April 15th. The fake we're still working and getting money makes it suicide to shut us down now. Especially my office. We just took over for a retiring accountant and people don't want to be ping-ponged. Since the head of the division lives near by us and often works out of our office, they personally know that. That and she likes my office because my office, one in Florida, and one in upstate are the ones she considers "the good ones." I think its because those offices declared profits last year, are run by people who generally don't rock the boat, and have undergone sustained growth. That and the PPL and EDIL. With all my business clients and the advisory fee, my business would lose money if they furloughed us. If things don't turn around by July 15th, though, I will start getting worried personally.
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May 25, 2020 20:14
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Hurt Whitey Maybe posted:Buddy if you do tax temporary and permanent differences are easy, if you do audit I presume that’s what tax people are for. You learn a lot more in school than you’ll ever need, but all of it is useful. We are actively finding out if accounting is recession proof right now, and it seems like it. Yeah I guess it isn't hard as just.... Different. Kind of tired of financial accounting by now can't wait to start other topics like tax, audit, etc etc. I think if I don't have to hear the words convertible bond again for a year or so then I'll be good lol. Thanks for the help
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May 25, 2020 22:11
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Empress Brosephine posted:I'm in school for accounting and we just got into temporary and permanent differences for tax... I never wanna deal with that again. Am I in the wrong major? I heard pensions are even worse :v I'm a CPA and I dont even know what those two things are.
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May 29, 2020 06:58
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Greetings Goons. I dont know if this is the correct thread or not but I figure I d put my question here. I could type of a incoherent rant about how I got into this situation but I ll try to make it super short and clear. A now passed away relative did business with family, Person who did the books (also family Passed away a few years ago) said relatives nephew ran things for a few years. Now I m pouring over the quick books files, and yes I do have a CPA engaged to help with this (the books are a loving mess) but she is super busy and hard to reach so I figured I d as you guys. Anyway I was making a spread sheet of various things including partner draws. Then I see that 2017 has very few draws for one of the partners. I check his old bank statements and see that his draw was paid that year. I poke around and see that for 2017 like 7 of those months his draw was applied to his capital account. I dont know what a capital account is, or what it means. All I know is that from 2018-present the draws have moved back to being applied to partner draws. Any help would be appreciated and I understand not to take legal advice from the internet but having an idea about this before I engage with the CPA (which again is hard cause she tends to go dark and there are other matters I d rather use her time on if this doesnt mean anything" Thank you.
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May 29, 2020 11:06
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Ups_rail posted:Greetings Goons. Partner draws are when a partner takes cash out of the partnership to spend for his personal use. A partner's capital account represents the cumulative property (usually cash) a partner put into a partnership, minus cash the partner drew from the partnership, plus or minus the partner's share of the partnership's profits. When you add each partner's capital accounts together, you should have the total partner's capital for the partnership. It sounds like there might be some inconsistency with how the partner draws were entered into quickbooks, but given they both represent equity transactions I'm guessing you are okay here. But it's hard to say much without seeing the reports you are reviewing.
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May 29, 2020 19:22
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Thank you for replying I d rather not post the QB stuff on the net. But basically this partner was receiving a consistent monthly draw viva a EFT since their personal and partnership accounts, are at the same bank. so for 2017 the bank accounts show the monthly transfers like clock work. Its just when I run a report for code 401 *partner name* draw. It shows only 4 draws made that year, with the rest of the draws being in 402 *partner name* capital. which again is only for that year with the QB info going back almost 20 years. So it could very well be a simple mistake in coding. Hell two of the partners have names starting with the some letter and I ve found a few mistake here and there with some of the draws.
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May 30, 2020 01:16
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Ups_rail posted:Thank you for replying I d rather not post the QB stuff on the net. Account numbers that start with "4" are very commonly equity accounts for bookkeepers. I'm assuming your "capital account" account number is also "4XX". Obviously its ideal to be consistent with how the partner draws are booked over the years, but this by itself isn't really a real problem.
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May 30, 2020 11:01
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Anyone else working for small local governments? Someone commiserate with me about this goddamn software. Why can't it import a simple csv. Why does it have two different modules for report generation. Why does report generation require administrative access. Why does one report module generate reports that can actually be previewed, while the other can only go straight to the printer unless you want to break something. Why does every single department write up timesheets in excel and then print them and then give them to me, and then I have to put them back into excel to fix them because instead of letting excel automatically determine hours worked based on clock-in time they entered it manually and wrong. Why do they send me PDFs of word documents that have been printed and then scanned back in to upload to our website. That last part is unrelated to the software, I'm just tired. I miss cost accounting. Remember variances? I miss variances. At least they let me make an account to submit EFTPS payments online, instead of calling in using a form that was first printed like twenty years ago and has since been copied from copies so often it got deep-fried. Baby steps!!
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Jun 4, 2020 23:58
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KentuckyFriedBonBon posted:Anyone else working for small local governments? Someone commiserate with me about this goddamn software. Why can't it import a simple csv. Why does it have two different modules for report generation. Why does report generation require administrative access. Why does one report module generate reports that can actually be previewed, while the other can only go straight to the printer unless you want to break something. Why does every single department write up timesheets in excel and then print them and then give them to me, and then I have to put them back into excel to fix them because instead of letting excel automatically determine hours worked based on clock-in time they entered it manually and wrong. Why do they send me PDFs of word documents that have been printed and then scanned back in to upload to our website. That last part is unrelated to the software, I'm just tired. I miss cost accounting. Remember variances? I miss variances. EFTPS is so easy to use that I can't imagine not being allowed to make an account for it. Also hi I'm a double major in accounting and finance with the 150 credits. I graduated December 2017 so I am still baby. I have experience in industry nearly 2 years(a job where I eventually took on 2.5 people's worth of work and got termd because my direct report was a psycho workaholic) and recently got booted out of a payroll/HR role after 4 months that I really didn't fit into at a consulting firm. If anyone in MN is looking for new blood at their company or firm please let me know, I'm tired of getting burned by garbage places.
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Jun 14, 2020 07:07
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I assisted in the audit of a state government government one time. It was probably the most frustrating and depressing 2 weeks of my life. At least they closed and locked the office at 5 every day, I guess.
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Jun 15, 2020 16:01
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KentuckyFriedBonBon posted:Anyone else working for small local governments? Someone commiserate with me about this goddamn software. Why can't it import a simple csv. Why does it have two different modules for report generation. Why does report generation require administrative access. Why does one report module generate reports that can actually be previewed, while the other can only go straight to the printer unless you want to break something. Why does every single department write up timesheets in excel and then print them and then give them to me, and then I have to put them back into excel to fix them because instead of letting excel automatically determine hours worked based on clock-in time they entered it manually and wrong. Why do they send me PDFs of word documents that have been printed and then scanned back in to upload to our website. That last part is unrelated to the software, I'm just tired. I miss cost accounting. Remember variances? I miss variances. This sounds like my last job where the reports would only export as a text file and you had to run half of them out of a loving DOS GUI shell. (This was last year) The plus side is it made me really learn the guts of Excel to make up for it. So much Excel work to make up for our crap ERP. I work for the local county right now and our software package is a dream. I also used to work for a nearby City and we loved to waste paper there. Basically I had to print out the thing I was working on, make a paper copy of it, send it to another department so they could copy it, and they sent it to another department to scan into the system. Most of the time when I filed a paper copy it was never coming back out until the retention period was over to go into the garbage.
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Jun 15, 2020 21:57
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I don't know the industry lingo so I'm not sure how to best start my search, but how can I go about finding accounting/auditing firms that specialize in small business / corporate finances? Basically, if a business co-owner wants a neutral, third-party to take a look the company books/finances kept and maintained by the other owners. Company in question is in Texas. Any other bits of advice on this contentious process?
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Jul 29, 2020 13:26
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Sounds like something any CPA could do.
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Jul 29, 2020 13:45
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Just save yourself sone trouble and get a lawyer while you’re at it if you don’t trust the coowner’s books
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Jul 29, 2020 17:09
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Tortilla Maker posted:I don't know the industry lingo so I'm not sure how to best start my search, but how can I go about finding accounting/auditing firms that specialize in small business / corporate finances? At PwC this would be the PCS (private company services) practice. I can give you contact info for a partner in Dallas if you have a big 4 budget.
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Jul 29, 2020 20:08
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My month is ruined I am a middle manager at a tax accounting office. My employee wanted to leave in July to take over his family business. We put out a job ad. It was an entry level tax accountant position with work experience preferred. We got a really good replacement. It was also our only applicant. No one wanted to apply for some reason. She had another offer so we agreed to give her her annunal raise early. All in all, she got 54,400/year, two health insurance plans, 10 paid vacation, 10 paid sick, 11 paid holidays, dental vision, 401k and roth 401k with 12% employer match, life insurance, HSA, and the potential to get commissionn on financial referrals upon completion of a minimum series 99 license. She worked 4 days. She was great. She didn't really need any instructions. We already let the other guy go. He really wanted to just leave and get setup with his dad. He was kind of just bumming it. She quit today citing family issues and now I have no idea what we're going to do. I really don't know what we did wrong. She said we didn't do anything and she just can't juggle taking care of a family member and a fulltime job. We offered a part time job instead and she still said no. Next month is going to be awful and it's not a lot of time before busy season. We can't hire remotely because we rely on relationships built on face-to-face appointments to drive clients to our financial advisors. Also, our clients hate remote appointments. We had a lot of negative backlash due to COVID forcing remote appointments. Our clients skew middle age or older. They tend not to use emails often or, if they do, they prefer a physical meeting over a phone call. Getting them to drop off was like pulling teeth and I even got cursed out by one client over it.
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Aug 28, 2020 20:54
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I'll work for free if I can stay on your couch
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Aug 28, 2020 21:05
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That’s unfortunate Covok. Doesn’t really sound like there’s much y’all can do about it. I’m surprised that you can’t find applicants, it seems like you would get more applicants with a lot of places on hiring freezes and laying people off. At my firm we’ve had a few people quit, and even a couple quit without new jobs lined up. I think work from home is really grinding people down at this point. We still aren’t back in the office and there’s no indication we will be any time soon.
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Aug 28, 2020 22:23
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