|
Got my results back for CMA Part 1 this morning and I passed!  Scheduled 2nd part for late February. After that I'll probably do the CSCA cert as well and then be done with exams for a while!
|
#
?
Dec 16, 2020 15:08
|
|
|
|
| # ? May 12, 2024 00:07 |
|
|
Congrats!
|
|
#
?
Dec 16, 2020 15:52
|
|
|
I have a minor accounting question, was wondering if someone knew this (not an accountant, just trying to get things organized): In QuickBooks, I have a bank account linked and all my transactions sync from it. One transaction is a reimbursement for a purchase (equipment for the company) one of the owners made (ie, they made an authorized and tax-relevant purchase on their credit card then did a bank account transfer to reimburse). What's the best way to categorize this in QuickBooks (like the vendor / category / common tags / etc)?
|
|
#
?
Dec 18, 2020 04:18
|
|
|
Either tag the reimbursement directly to your equip asset account (or whatever expense acct if its disposable equipment) OR tag the reimbursement as a distribution & enter the equipment purchase as an owner contribution (journal entry) and the equity bits will cancel eachother out If this happens often you may make an account specifically for owner reimbursements but if this is a rare or onetime thing thats prob overkill
|
|
#
?
Dec 18, 2020 13:09
|
|
|
Wrong thread!
Audax fucked around with this message at 02:37 on Dec 20, 2020 |
|
#
?
Dec 19, 2020 01:34
|
|
|
Thats a very colorful abacus
|
|
#
?
Dec 19, 2020 02:59
|
|
|
I got this one client, I think I'll quote him $9,000 next year. Relatively simple tax return I just don't want to do his work. Last year I charged $600. I am not sure if my bosses will let me go that high but I will ask. I just think it would be really fun to write like: "I also wanted to let you know we will be increasing the fee this year. Last year your fee was six hundred ($600) USD and this year it will be nine thousand ($9,000). Please let me know if you'd like me to send the engagement letter."
|
|
#
?
Dec 19, 2020 18:19
|
|
|
Hi accounting thread! I've just finished my first semester of a business administration accounting degree and I've found it pretty okay so far. I kind of went into this with some interest in accounting from an A/P job but ultimately I'm really not sure what part of accounting I would even be interested in. I guess my goals would be to have a decent work/life balance with the option of working from home some/all of the time. I don't know how realistic these goals are but hopefully I'll figure this out eventually!
|
|
#
?
Dec 20, 2020 22:49
|
|
|
Overdrift posted:Hi accounting thread! I've just finished my first semester of a business administration accounting degree and I've found it pretty okay so far. I kind of went into this with some interest in accounting from an A/P job but ultimately I'm really not sure what part of accounting I would even be interested in. I guess my goals would be to have a decent work/life balance with the option of working from home some/all of the time. I don't know how realistic these goals are but hopefully I'll figure this out eventually! Most good jobs in accounting are down a path that begins with at least a couple of years in a public accounting/tax firm, which are notoriously terrible for work/life balance. Like several months out of the year working 65+ hour weeks terrible. Generally you're going to need a masters or a path to get enough extra credits in order to qualify for the CPA exam to get your foot in the door there. That said, I did my time in the mines like the others, and now I have great job that gives me a comfortable middle-class lifestyle never working more than 35 hours a week except for maybe a week of ~45 at each quarter. Also I've worked from home for the last 9 months straight! (this last fact is unrelated to the above) E: to answer your actual question, you'll pick between tax or audit (or maybe risk/consulting) when entering a firm. Then if you picked tax you'll get into tax/treasury after leaving the firm, and if you picked audit you'll get to choose from financial reporting, financial planning, GL accounting, or internal audit (never pick internal audit) Good Citizen fucked around with this message at 05:01 on Dec 21, 2020 |
|
#
?
Dec 21, 2020 04:56
|
|
|
What are you working in that doesn't have a busy season?
|
|
#
?
Dec 21, 2020 06:14
|
|
|
Covok posted:What are you working in that doesn't have a busy season? Corporate financial reporting for a public company my dude. Auditors bug me for a few months out of the year but if they contact me out of work hours they're poo poo outta luck unless I'm feeling generous It helps that I'm insanely efficient. I can do things in a couple hours that everyone assumes takes me days to accomplish. I spend a good portion of my day reading books or playing iphone games these days. Good Citizen fucked around with this message at 06:26 on Dec 21, 2020 |
|
#
?
Dec 21, 2020 06:18
|
|
|
I just entered federal taxation2 which focuses on corporations and I want to kill myself. I understand like every fifth word. Guess I don't love taxes as much as I thought I did, rip
|
|
#
?
Jan 13, 2021 23:45
|
|
|
There's a learning curve, don't worry, it will make sense eventually. I find corporate tax easier to understand conceptually than individual tax, since you don't have to worry about all the different deductions, credits, etc. administered through the tax code for individuals. Its generally just business income and business deductions and a flat rate (OK, I'm oversimplifying). Also helps to think about the code as following the lifecycle of a corporation, formation, operation, distributions, liquidations/sale/merger. Finally, consult Bittker & Eustace, Federal Income Taxation of Corporations and Shareholders if you would like more depth on any aspect. This has long been regarded as the definitive corporate tax treatise. Your school library should have a copy or should be able to get it.
|
|
#
?
Jan 14, 2021 00:29
|
|
|
Empress Brosephine posted:I just entered federal taxation2 which focuses on corporations and I want to kill myself. I understand like every fifth word. For Tax Cut And Jobs Act keep the thresholds on a written piece of paper and keep that poo poo on your desk. Most things are a complicated formula that turns a very big number into a very small or negative number that you derive tax liability from. Enjoy~ accept the girft into your heart but never call it a girft out loud. Pop into the CSPAM econ thread to type out the rediculous provisions you must memorize to help with retention.
|
|
#
?
Jan 14, 2021 01:23
|
|
|
That sounds way better on both counts than whatever the hell I just learned about distributions and family ownership etc!
|
|
#
?
Jan 14, 2021 01:52
|
|
|
I remember my corp income tax was all about different kinds of mergers an reorganizations and it has essentially never come up in practice for me.
|
|
#
?
Jan 14, 2021 03:51
|
|
|
Yeah it's basically that, stuff that seems so specific case. Good to hear though that it doesn't really come totally into play
|
|
#
?
Jan 14, 2021 04:33
|
|
|
On the other hand, multiple times at meetings I've had to you know... say I'll come back to you on that when asked about reorganizations because I loving forgot that poo poo the day after the test.
|
|
#
?
Jan 14, 2021 14:35
|
|
|
Audax posted:On the other hand, multiple times at meetings I've had to you know... say I'll come back to you on that when asked about reorganizations because I loving forgot that poo poo the day after the test. That's how it is with any moderately complex topic in the real world. You're not actually gonna remember most of this poo poo after you pass the exams, the goal is to make sure you know where and how to look it up again once you're on your own.
|
|
#
?
Jan 14, 2021 18:05
|
|
|
I'm a terrible fake long unemployed accountant but I just stumbled on this thread and it rules. Thanks y'all.
|
|
#
?
Jan 15, 2021 05:15
|
|
|
Reorgs come up all the time. Kinda depends on your practice, I guess. Anyway, the distributions stuff youre talking about are probably the section 302 and 304 rules designed prevent using redemptions and related party sales in order to convert distributions that are essentially equivalent to a dividend into transactions taxed as sales or exchanges that allow recovery of basis (there also used to be a rate differential before 1(h)(11)).
|
|
#
?
Jan 15, 2021 07:49
|
|
|
Those sure are some words, I even recognize some of them. Sure am glad I work at a passthrough shop
|
|
#
?
Jan 15, 2021 07:58
|
|
|
PatMarshall posted:Reorgs come up all the time. Kinda depends on your practice, I guess. Anyway, the distributions stuff youre talking about are probably the section 302 and 304 rules designed prevent using redemptions and related party sales in order to convert distributions that are essentially equivalent to a dividend into transactions taxed as sales or exchanges that allow recovery of basis (there also used to be a rate differential before 1(h)(11)). Yeah it was this I believe. I guess the good thing is like Johnny I do understand some of those words now  These past two chapters were stock holder distributions & reorganization so hopefully it gets into actual fun (I guess…) stuff soon. I don’t know why I really enjoyed Personal taxes, I am broke brain.
|
|
#
?
Jan 15, 2021 14:52
|
|
|
Empress Brosephine posted:I just entered federal taxation2 which focuses on corporations and I want to kill myself. I understand like every fifth word. There’s something I really gotta ask you...it’s why I followed your posting this far. Have you ever... loved taxes? I... I was wondering if even accountants fall in love? Do you think love can bloom, even during busy season?
|
|
#
?
Jan 15, 2021 18:39
|
|
|
Mush Mushi posted:There’s something I really gotta ask you...it’s why I followed your posting this far. Have you ever... loved taxes? I... I was wondering if even accountants fall in love? Do you think love can bloom, even during busy season? Love can always bloom in the warmth grasp of a 1040. I always enjoyed doing my taxes, and I went into accounting because every accountant I ever dealt with in my professional life was dumb as bricks and didn't know how to use a computer so I was like "I could do this" Still have no explanation for those people
|
|
#
?
Jan 15, 2021 18:47
|
|
|
Don’t you dare disparage the fine people at TaxDoctorRelief911Refund not a medical doctor LLC
|
|
#
?
Jan 15, 2021 19:23
|
|
|
I grew up playing Dungeons and Dragons, auditing character sheets is mechanically very similar to auditing tax returns. It is a sickness.
|
|
#
?
Jan 15, 2021 19:50
|
|
|
Mush Mushi posted:Have you ever... loved taxes? No. Mush Mushi posted:I was wondering if even accountants fall in love? Do you think love can bloom, even during busy season? No.
|
|
#
?
Jan 15, 2021 21:47
|
|
|
Mush Mushi posted:Have you ever... loved taxes? I... I was wondering if even accountants fall in love? Personally I didn’t want to spend 30 years trying to find out if I could learn to love taxes, so I went into auditing (and then corporate accounting) (and then auditing again because I’m dumb but at least it’s at a firm with no unpaid OT now) To be clear, I don’t love any of this either
|
|
#
?
Jan 16, 2021 01:50
|
|
|
The only thing I love about doing taxes is that because I do them, my employer sends me a bunch of money every two weeks. I’m 28 and making $93,900/year, with a $6,600 bonus back in October, and a $18,800 bonus due April 16 (this is a bonus for making manager, paid after my first spring busy season for obvious reasons). We even got a 3% raise effective today’s paycheck because the partners decided they undershot raises last summer because of Covid uncertainty. Of course that all sounds great until I decide that $100k is immaterial and pass on figuring out why the check figure is off until next year. God drat my clients have a lot of money.
|
|
#
?
Jan 16, 2021 03:06
|
|
|
Hurt Whitey Maybe posted:The only thing I love about doing taxes is that because I do them, my employer sends me a bunch of money every two weeks. I’m 28 and making $93,900/year, with a $6,600 bonus back in October, and a $18,800 bonus due April 16 (this is a bonus for making manager, paid after my first spring busy season for obvious reasons). We even got a 3% raise effective today’s paycheck because the partners decided they undershot raises last summer because of Covid uncertainty. that’s the reason I love actuarial GAAP reporting, boy is the year end bad but they sure do pay for it
|
|
#
?
Jan 16, 2021 04:04
|
|
|
For all you public auditors about to get into another full-on busy season, at least you don't work for this guy: https://www.goingconcern.com/this-ey-managers-expectations-of-staff-are-slightly-unreasonable-and-by-slightly-we-mean-holy-fck-dude/
|
|
#
?
Jan 16, 2021 04:15
|
|
|
Hurt Whitey Maybe posted:The only thing I love about doing taxes is that because I do them, my employer sends me a bunch of money every two weeks. I’m 28 and making $93,900/year, with a $6,600 bonus back in October, and a $18,800 bonus due April 16 (this is a bonus for making manager, paid after my first spring busy season for obvious reasons). We even got a 3% raise effective today’s paycheck because the partners decided they undershot raises last summer because of Covid uncertainty. That sounds sweet
|
|
#
?
Jan 16, 2021 05:23
|
|
|
Yeah, pays well, not as well as biglaw, but that ship has sailed for me. I think my quality of life is probably slightly better than in a law firm, but client service kinda sucks regardless. I guess most work does, I suppose.
|
|
#
?
Jan 16, 2021 06:28
|
|
|
Empress Brosephine posted:That sounds sweet I bitch a lot but the money is real good to me. Can’t imagine how someone describes this as a passion though, still think the partners are psychopaths.
|
|
#
?
Jan 16, 2021 18:43
|
|
|
Are you a cpa
|
|
#
?
Jan 16, 2021 19:20
|
|
|
Empress Brosephine posted:Are you a cpa Indeed I am licensed by the state of Georgia to practice public accounting. Working in Big 4 asset management (investment partnerships basically, with a focus on real estate in my office) tax to answer your next question.
|
|
#
?
Jan 16, 2021 22:54
|
|
|
That's sweet ii don't think I'm smart enough to get a cpa but I am still impressed
|
|
#
?
Jan 16, 2021 23:18
|
|
|
Empress Brosephine posted:That's sweet ii don't think I'm smart enough to get a cpa but I am still impressed like most things in accounting, becoming a CPA is more about giving up all your free time than being smart
|
|
#
?
Jan 16, 2021 23:20
|
|
|
|
| # ? May 12, 2024 00:07 |
|
|
PwC? I recognize that bonus structure lol. I left B4 2 years ago to return to a midsize firm, its cool in some ways since I have a realistic shot at partner in the next 2 years, but I miss the sophisticated clients. I get a lot more facetime with clients, but now I'm trying to build a practice and business case and the stress is real. COVID ain't helping.
|
|
#
?
Jan 17, 2021 01:54
|
|