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I interviewed with BDO and Marcum over the years, no luck. Then some small firm I can't remember. There's a guy I know who owns a small firm. He knows my family because he grew up going to school with my father and owned another business across the street from us. If I explained my situation, maybe he'd give me a shot.
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Oct 6, 2020 22:35
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Im in an extremely small firm but we may get bought in the next few months by another tiny hippy firm and if so we will likely need to hire another accountant or 2, if it happens ill throw the posting up here in case you or anyone is interested
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Oct 7, 2020 11:30
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Moneyball posted:I interviewed with BDO and Marcum over the years, no luck. Then some small firm I can't remember. Unless the dude is a total poo poo lourde , go put two or three years there. It will open a ton of opportunities to you. You will move past all the entry level applicants and will have way more mobility. Also, what is your market? If you are in the PNW I could give introductions to some firms that are short of talent and will be a good resume booster.
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Oct 7, 2020 16:21
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Moneyball posted:I interviewed with BDO and Marcum over the years, no luck. Then some small firm I can't remember. Lord of Garbagemen posted:Unless the dude is a total poo poo lourde , go put two or three years there. It will open a ton of opportunities to you. You will move past all the entry level applicants and will have way more mobility. Agreed, hit that guy up and see if he wants to hire some help. Much of the hiring at small firms happens because someone knows a guy that knows a guy, not because of a blind resume drop. If you've got a connection to someone in the business, make use of it! Worst they can do is say no. (Sometimes even if they don't need to hire help themselves, they know someone else who does and might pass your resume along.)
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Oct 7, 2020 17:07
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My wife is on the prowl for a new internet community and has been intrigued by my recitations of poo poo posts from the various professinal SA threads I follow. She's a CPA and wanted to see what the goon accountants are up to - is this thread active? Is it mostly dry real advice or is there camaraderie?
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Oct 12, 2020 23:31
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It's not that active. Less fun and more advice. I'd love for it to liven up a bit though.
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Oct 12, 2020 23:40
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Nonexistence posted:My wife is on the prowl for a new internet community and has been intrigued by my recitations of poo poo posts from the various professinal SA threads I follow. She's a CPA and wanted to see what the goon accountants are up to - is this thread active? Is it mostly dry real advice or is there camaraderie? Get your wife into the CSPAM DOOMSDAY ECONOMICS thread for good CPA and finance related shitpost.
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Oct 13, 2020 00:11
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I am happy to shitpost at your wife
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Oct 13, 2020 01:30
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I don't know about anyone else but I didn't become an accountant because I enjoy 'being social' and 'comradery'  But if anyone has any good accounting memes I'd love to save them to my phone and never actually share them with anyone.
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Oct 13, 2020 02:53
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I became an accountant solely so my relatives can half rear end gifts to me by giving me an endless amount of mugs with phrases like "You bet your assets I'm a well balanced person" on them.
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Oct 13, 2020 03:11
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Eh there's no accounting for taste
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Oct 13, 2020 03:16
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I could increase my shitposting in this thread by like 200%, easy. Where's Covok at? That dude was a whiny shitposting machine
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Oct 13, 2020 03:30
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It’s almost October 15th, all the tax people are slammed.
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Oct 13, 2020 03:45
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Good Citizen posted:I could increase my shitposting in this thread by like 200%, easy. Hey, I resemble that remark. Democratic Pirate posted:It’s almost October 15th, all the tax people are slammed. Actually, it isn't too bad. Covid-19 helped me get most of my K-1 clients done in July. I have like 4 clients left. Overall, I am up a decent number of clients this year at 522. I also made roughly 15k-20k more and I was the 5th highest earner (out of 285 preparers) for tax prep in the company for the entire nation in September. Though that's probably because I got a bunch of new big businesses who are paying me 3x what the business I inherited are paying me. And I got basically bumkiss for it lol. Well, I'm getting a raise but I was getting a raise already. Covok fucked around with this message at 04:46 on Oct 13, 2020 |
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Oct 13, 2020 04:41
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Moneyball posted:Eh there's no accounting for taste Introducing IAS 45, accounting for taste - don't forget to discount to present value and calculate the finance component!
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Oct 13, 2020 10:26
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THE ACCOUNTANCY IS ACCRUAL MISTRESS
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Oct 13, 2020 11:10
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Hi is this where we park our accounting puns? I hope so
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Oct 13, 2020 11:11
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If not, we can always move it later
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Oct 13, 2020 13:44
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Oh the accounting thread is alive again? That's great cause I'm taking the CMA exam in 13 days and trying not to explode from stress I don't know who's idea this was, but for some reason they removed the spreadsheet function from the exams (I'm guessing this is the same for the CPA) so now some of the essay questions require you to build a full cash flow statement or statement of changes in equity or whatever all in a word processor. Which is insanely frustrating. Also, if anyone else out there is studying for the CPA/CMA - practice studying with your mask on. I'm sure someone's gonna show up not realizing they had to wear a mask and have a breakdown mid-exam when they're given one of those lovely hospital masks and their glasses won't stop fogging up.
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Oct 13, 2020 14:33
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Serves them right for wearing glasses Man I hope they didn't take the excel function from the CPA
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Oct 13, 2020 14:41
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Moneyball posted:Man I hope they didn't take the excel function from the CPA It's obnoxious af. What I've started doing is just writing out the whole statement on scratch paper first then worrying about how its gonna fit in the answer screen after I've solved the question.
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Oct 13, 2020 16:26
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untzthatshit posted:I don't know who's idea this was, but for some reason they removed the spreadsheet function from the exams (I'm guessing this is the same for the CPA) I took AUD in late August and I believe there was a spreadsheet button? But obvi I never clicked it, because AUD But pretty sure it was there. I'll let you know when I take FAR in early December 
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Oct 13, 2020 16:43
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This whole forum is ded. black.lion posted:THE ACCOUNTANCY IS ACCRUAL MISTRESS Pardon my french, please die.
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Oct 13, 2020 16:51
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Lord of Garbagemen posted:This whole forum is ded. Sure sure, but in the past 48 there were like 8 consecutive posts. Proving that this is a thread that people keep tabs on in their curated shelter of text to read while staring at a cell phone. This is a bookmark thread, much like how SAL at large is a forum full of bookmarked threads. Then we can get to the point where people choose to press the frog button on their cell phone rather than the lil robot or the taco bell or the redbox with an arrow in it.
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Oct 13, 2020 16:58
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"Lord of Garbagemen" posted:Pardon my french, please die. why do u hate fun m'lord?
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Oct 13, 2020 17:06
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I love when people tell my clients they can do illegal poo poo for obviously illegal reasons and I have to be the person to set them straight. 🙃 Broker told someone to depricate $80,000 of his unsold inventory so he could get a mortgage and not pay tax on the income he needed to report to get the mortgage. Which is so dumb and blatanly illegal He thought unsold merchandise can be depreciated because you can't sell it for as much later on. He tried to say an accountant who used to be an IRS agent said he could. I told him straight I never trust former IRS agents because they tend to make a lot of mistakes in tax prep. He then tried to argue about something that would actually count, but he didn't understand the fundamental difference. If you USE it in business, then you can depreciate it. If its just sitting in inventory, the tax benefit is locked in when you sell it for closer to or less than you bought it. It's like annoying. He specifically wanted depreciation because it adds back on the mortgage application. It's like "no, depreciation is a specific thing that reflects a very specific concept and that's why it's added back on the application; it's not unsold merch." Like, I explained to the client "we can't depreciate unsold merch: if we did, you'd have to pay back the tax benefit when you sold it: how would that make sense? That's part of the reason why it's not a thing. It's just an expense to cover wear and tear on equipment used in business specifically because you can't take the full value at purchase because the IRS restricts long use items from being expensed all in one year." The client seemed to take it well but the broker I could tell planned to press the issue after he got off the phone with me. It's just so annoying because the client is fine but also doesn't know how things work so I don't blame him for being confused. Covok fucked around with this message at 19:33 on Oct 13, 2020 |
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Oct 13, 2020 19:27
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Did you suggest that perhaps he could depreciate some land instead
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Oct 13, 2020 20:29
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Tell that broker to depreciate HIS DICK since that inventory is never moving off the shelf. Edit: Wait, isn't the bonus depreciation (on the capital asset getting got by the mortgage) enough to completely eclipse that 80k gain. Like I get playing gently caress gently caress games with income for credit, but the point is that after the asset gets got that MACRS formula WIPES OUT income for taxation purposes. KirbyKhan fucked around with this message at 20:40 on Oct 13, 2020 |
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Oct 13, 2020 20:35
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KirbyKhan posted:Tell that broker to depreciate HIS DICK since that inventory is never moving off the shelf. The inventory might move. They're cars. The client could sell them. He could LCM to take a loss when they become worth less than the purchase price or just wait for the car to sell and use the COGS to lower the income to less than $0 from the sale. Unless he's leasing the cars, which he isn't, he can't depreciate them. You can't depreciate cars that are just sitting on the lot. They aren't getting wear and tear. You hold the COGS until you either sell them or dispose of them. Either way, it isn't depreciatation. See, he specifically wanted exaclty 80k of depreciation because depreciation is added back in mortgage calculations. And 80k is what the client would need in profits to get a mortgage. So, the broker planned for the client to report a loss for taxes and pay nothing in taxes but report a gain for a mortgage application when the depreciation is added back. He wanted me to come up with the number to get 80k in depreciation. So, you're right that depreciation wipes out the taxable income. He wanted the client to take expenses in a manner that allows him to get the best of both worlds. However, it's just not simply legal in the slightest. Covok fucked around with this message at 21:22 on Oct 13, 2020 |
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Oct 13, 2020 21:17
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black.lion posted:why do u hate fun m'lord? Please refer to the first word of thread title. ::tips fedora::
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Oct 13, 2020 21:23
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I have a private equity client and we are working on their blocker corporations. We sent the returns in July, without the BEAT information we need to receive from the owner of the blocker (a very big LP of the private equity manager, they’ve got probably a few billion AUM across various funds/strategies). The client told us we would have the information at some point in September. It is October 13. We do not have the information to fill out the Form 8991, which none of us have ever had the occasion to do. Gonna be a fun 48 hours.
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Oct 13, 2020 22:04
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Covok posted:The inventory might move. They're cars. The client could sell them. He could LCM to take a loss when they become worth less than the purchase price or just wait for the car to sell and use the COGS to lower the income to less than $0 from the sale. Unless he's leasing the cars, which he isn't, he can't depreciate them. You can't depreciate cars that are just sitting on the lot. They aren't getting wear and tear. You hold the COGS until you either sell them or dispose of them. Either way, it isn't depreciatation. So like, does the client have an 80K profit that they want to get rid of with depreciation or does he already have a loss/lower profit and they want you to report the expenses as depreciation so they can add it back? Reminds me of a broker I dealt with who's underwriter did not understand that a vehicle's depreciation and loan payments are not going to line up. They kept saying that they needed to see the payments on the depreciation line and I kept having to try to explain, through the broker since you can't talk to underwriters, that those are not the same thing. The vehicle was put in service the year before, there's nothing I can do to change what the amount of depreciation taken in the current year is.
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Oct 13, 2020 23:19
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Epi Lepi posted:So like, does the client have an 80K profit that they want to get rid of with depreciation or does he already have a loss/lower profit and they want you to report the expenses as depreciation so they can add it back? He has a profit of about 78k if we go by the schedule c the broker filled. Oh right, I forgot to mention he also asked me not to put the expenses on the return except for the depreciation that doesn't exist. With the expenses, his profit is actually like 40k. He only wanted the depreciation on the return. Like, the broker gave me a filled out schedule c and the only thing that was right was the gross and the cogs. I didn't use it. Single member llc, if anyone is curious. Another broker he's working with is pushing him to elect s corp status. Covok fucked around with this message at 23:43 on Oct 13, 2020 |
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Oct 13, 2020 23:37
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Fascinating case study. Thank you for the elaboration
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Oct 13, 2020 23:53
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Covok posted:He has a profit of about 78k if we go by the schedule c the broker filled. (1) Your client needs to fire this mortgage broker and block phone calls/e-mails. He is trying to get your client to commit both tax fraud and bank fraud so he can get a few thousand bucks in commissions. (2) Your client probably can’t afford the mortgage he wants if he’s making $40k but needs $80k in income to meet underwriting. (3) One of the two preceding statements will be easier to explain to the client than the other.
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Oct 14, 2020 15:01
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Missing Donut posted:(1) Your client needs to fire this mortgage broker and block phone calls/e-mails. He is trying to get your client to commit both tax fraud and bank fraud so he can get a few thousand bucks in commissions. Unfortunately, when I was working at a small firm this kind of bullshit was extremely common. It is scary to think about the bullshit bankers do and get away with #tobigtofail.
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Oct 14, 2020 15:34
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Missing Donut posted:(1) Your client needs to fire this mortgage broker and block phone calls/e-mails. He is trying to get your client to commit both tax fraud and bank fraud so he can get a few thousand bucks in commissions. We've actually worked this out already. He is not going to this guy anymore because he trusts my judgment. Instead, he's just going for a SBA loan.
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Oct 14, 2020 15:52
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Well, that’s good. I’m still not sure how he’s supposed to be able to afford the mortgage though, but best of luck to him all the same.Lord of Garbagemen posted:Unfortunately, when I was working at a small firm this kind of bullshit was extremely common. It is scary to think about the bullshit bankers do and get away with #tobigtofail. The beauty of the mortgage broker system is that they offload the fraud from banks to third parties allowing them to retain plausible deniability when loans going bad.
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Oct 14, 2020 16:26
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Do any of you have tips for learning about federal taxation? I feel like I've been thrown into the deep end and have 0 idea wtf I'm doing.
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Oct 15, 2020 01:35
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I might be able to send you some study materials if I can find them. They're current as of the TCJA though that's a bit out of date. But it will teach the principles.
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Oct 15, 2020 01:41
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