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poo poo happens with partners, a few years back we hired a direct admit partner and I’m absolutely convinced he killed himself because the 2017 tax reform passed.
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Feb 15, 2022 20:12
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We had a partner who got himself fired for completely egregious mileage reimbursement submissions. Imagine torpedoing your career over 50 cents a mile Also another that got fired for sleeping with the CFO of a company they were auditing. Kept showing up to partner events afterwards cause they had no other friends and it was super weird. Good Citizen fucked around with this message at 20:30 on Feb 15, 2022 |
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Feb 15, 2022 20:28
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Blotto_Otter posted:I don't suppose any of y'all happen to work at Mazars and feel like filling us in on the behind-the-scenes chatter that led to this masterpiece of how to fire a tax client All that "cover your rear end" language in engagement letters coming in handy I reckon.
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Feb 15, 2022 22:59
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Where do you guys work? Those are some insane stories. That said, after I left KPMG, I later found out my manager at KPMG was later arrested and convincted of rape.
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Feb 16, 2022 01:57
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There's starting to be reports within the Twitterverse that the IRS is preparing to provide "additional transition relief" regarding the sudden K-2/K-3 change they made. I was guessing that we wouldn't see this for another four weeks or so, but maybe they were a bit too stupid this time.Audax posted:All that "cover your rear end" language in engagement letters coming in handy I reckon. I'm sure their legal counsel and their E&O carrier have been spending weeks reviewing what i's weren't dotted and which t's weren't crossed before sending that letter. Still, it's fascinating to see what it looks like to disengage from a famously litigious client six days before their filing deadline.
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Feb 16, 2022 02:27
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Partner at a friends firm went from “my wife and I bought a house to renovate” to “the wife and kids are staying at the original house while I manage the work at the new house” to “my wife left me” over the span of a filing season. Would have been sad if he wasn’t inviting female staff over for dinner with “him and the family” in between steps 2 and 3 above.
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Feb 16, 2022 02:53
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On the Trump/Mazars saga, “he just tweeted it out” except the “it” is Mazars 6/30/14 Compilation Report disclaimer and list of GAAP departures. https://twitter.com/timobrien/status/1493754132829773829?s=21
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Feb 16, 2022 03:02
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Unrelated, but is there any reason I shouldn't accept a link by a recruiter on LinkedIn to register for a regional salary guide? The only thing he's mentioned is that they'll send me annual ones unless I opt out. Link for the curious. Had a small pre-tax meeting that the partners of my small firm are entertaining being bought out by a larger national firm. Very, very preliminary, but if it goes through, I could probably transition into the audit work I need for my CPA experience, but I don't think I want to wait a year or however long it'll take for all of this to happen if I'm already halfway through my 30-month experience requirement. That is to say, I'm definitely starting to look for a new post-tax audit job.
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Feb 16, 2022 16:24
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Missing Donut posted:There's starting to be reports within the Twitterverse that the IRS is preparing to provide "additional transition relief" regarding the sudden K-2/K-3 change they made. I was guessing that we wouldn't see this for another four weeks or so, but maybe they were a bit too stupid this time. Yep, I'm hearing you won't have to file if you have no direct foreign partners, no foreign activity or foreign source income, and you have not historically been asked to complete line 16 and 20c (14 for S-Corp). That right there should eliminate the vast majority that we've spent the last few weeks preparing to file lol. Oh well, good news all the same. Aha, they just updated the FAQs: https://www.irs.gov/businesses/schedules-k2-and-k3-frequently-asked-questions-forms-1065-1120s-and-8865 See number 15 PatMarshall fucked around with this message at 19:03 on Feb 16, 2022 |
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Feb 16, 2022 18:53
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Banzai 3 posted:On the Trump/Mazars saga, “he just tweeted it out” except the “it” is Mazars 6/30/14 Compilation Report disclaimer and list of GAAP departures. I think one of these reports has been leaked out before, but I don't remember the list of GAAP departures being so long - what's left in there that is GAAP compliant? After all the stories about Deutsche Bank over the years, I guess I shouldn't be surprised that stuff like this is what passes for due diligence
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Feb 16, 2022 19:25
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PatMarshall posted:Yep, I'm hearing you won't have to file if you have no direct foreign partners, no foreign activity or foreign source income, and you have not historically been asked to complete line 16 and 20c (14 for S-Corp). That right there should eliminate the vast majority that we've spent the last few weeks preparing to file lol. Oh well, good news all the same. Cowards, should have made it harder. I’m stuck becoming a K-3 expert being in a London US tax practice serving almost exclusively European asset managers, and I want dipshits with a general partnership in Nebraska filling this out too.
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Feb 16, 2022 20:05
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Hurt Whitey Maybe posted:Cowards, should have made it harder. I’m stuck becoming a K-3 expert being in a London US tax practice serving almost exclusively European asset managers, and I want dipshits with a general partnership in Nebraska filling this out too. I wouldn't be entirely surprised if K-2/K-3 is going to be a normal part of tax preparation moving forward. Once I learned about the IRS' change, I learned it and it wasn't really that bad. I imagine that some software will be able to partially automate this for US-only clients next year. And if it's going to help the IRS track and audit international tax issues moving forward I'm more than happy to do the work and charge my clients for it. A new 19 page schedule makes it really easy to justify a fee increase with. My problem is the surprise the IRS pulled on us by making changes to filing requirements in January. If they had stated their intent with the original instructions, we could have done our CPE in the normal CPE season and be prepared for our clients. But they just put it on the website, didn't update the PDF instructions, and did so quietly. That's the problem.
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Feb 16, 2022 20:56
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Getting recruiting e-mail from the big 4 you left because every day was an unlivable unending hellscape is pretty lol. I think I'm good, but thanks!
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Feb 18, 2022 18:15
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Good Citizen posted:Getting recruiting e-mail from the big 4 you left because every day was an unlivable unending hellscape is pretty lol. I think I'm good, but thanks! After these past few years in industry, I’m certain I could do big 4 work at a much higher level than I did out of college with no experience. They’d just have to offer a salary starting at $250k for it to be an option. Though I guess it says something about my networking/LinkedIn update ability that big 4 is going through a crushing staffing crisis but I haven’t gotten a recruiting email 
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Feb 18, 2022 18:43
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Gatekeepers gonna gatekeep.
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Feb 18, 2022 19:07
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Any recommendations for low cost CRMs that a reasonably computer literate person could implement for a small firm without hiring a developer?
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Feb 24, 2022 16:44
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The boss wanting us to raise fees got me on edge tbh. Right now we are 5% higher but it's got me tripping.
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Feb 24, 2022 23:11
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Covok posted:The boss wanting us to raise fees got me on edge tbh. Right now we are 5% higher but it's got me tripping. Come on son, you’re talking like $50 on a big client. Get aggressive. Say this phrase in the mirror “In this inflationary environment…”
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Feb 24, 2022 23:24
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Hellblazer187 posted:Any recommendations for low cost CRMs that a reasonably computer literate person could implement for a small firm without hiring a developer? Hubspot CRM, free.
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Feb 24, 2022 23:45
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yeah a 5% increase is still a decrease in inflation adjusted terms
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Feb 24, 2022 23:58
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aperfectcirclefan posted:Hubspot CRM, free. thank you! I'll look into it.
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Feb 25, 2022 00:21
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Hurt Whitey Maybe posted:Come on son, you’re talking like $50 on a big client. Get aggressive. Say this phrase in the mirror “In this inflationary environment…” No, not the fees. We have only COLLECTED 5% more than we did the same time last year AFTER raising fees by 10%. I hope it's just because so many people are delaying their appointments.
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Feb 25, 2022 02:03
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Covok posted:No, not the fees. We have only COLLECTED 5% more than we did the same time last year AFTER raising fees by 10%. I hope it's just because so many people are delaying their appointments. I usually don’t even look at my comparative P&L at this stage of tax season. No two tax seasons are alike enough for interim revenue comparisons this early to be meaningful. In your shoes I would concentrate on getting work completed and out the door (with payment, of course), and the revenue will sort itself out by the end of tax season.
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Feb 25, 2022 05:44
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Figured I'd ask this here: Just had a client call up and ask me if I could apply for an EIN for corporations his sons own (but he runs). Turns out he's been having problems registering online. Everything I'm reading says that as a foreign corporation, it has to be submitted with a form via mail. Is there anything else I need to submit other than SS-4? For reference, the two corporations are CCPC's (Canadian Controlled Private Corporations), each owned by a respective son, who are each partially invested in a US LLC. I tried to pass him off to my boss who he mostly deals with, but his US tax info is mostly to do with filing low-level exempt-income or nil-income 1040NR's so I might as well look into it.
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Mar 1, 2022 17:25
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Yeah, SS-4 is correct. If you get a signed version with yourself or another associate listed as 3rd party designee, you may be able to get the number over the phone after you fax in a copy of the form. The number to call is 267-941-1000. Good luck getting through. If you do get through, the agent should give you a fax number, then they'll go through the form and spell everything and if everything goes to plan, they'll read out the EIN over the phone. Otherwise, wait 4 to 8 weeks for the letter in the mail with the EIN.
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Mar 1, 2022 20:58
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A nice trick is to not fill out the Third Party Designee until you get the signed copy back, just gives you more flexibility with who calls.
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Mar 1, 2022 21:36
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PatMarshall posted:Yeah, SS-4 is correct. If you get a signed version with yourself or another associate listed as 3rd party designee, you may be able to get the number over the phone after you fax in a copy of the form. The number to call is 267-941-1000. Good luck getting through. If you do get through, the agent should give you a fax number, then they'll go through the form and spell everything and if everything goes to plan, they'll read out the EIN over the phone. Otherwise, wait 4 to 8 weeks for the letter in the mail with the EIN. Thanks, although I think that number might be for internal registrations. I sent the pdf to the client, and told him what I found out. I think my boss wants to be hands-off on this wrt. third-party designee, but since the guy emailed me back pretty quickly, that probably answers the "But does he want to pay us to do it for him? question. Client said he's called over 30 times and gotten no answer, so I think fax will probably be best.
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Mar 1, 2022 22:17
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It seems like this thread has migrated into being almost all public accounting?
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Mar 15, 2022 09:48
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perhaps? wbu?
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Mar 15, 2022 12:12
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I think it's because public exp and salary talk is way more transferrable and exit ops/timing matters. For industry, it varies by company and responsibilities but career paths are typically get lucky or job hop every couple years so ther w not much to discuss. I feel like any industry accounting questions I'd ask would align with the corporate thread more.
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Mar 15, 2022 17:25
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This thread is mostly for complaining and people in public have the most to complain about. That’s my take
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Mar 15, 2022 17:43
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Eigo posted:I feel like any industry accounting questions I'd ask would align with the corporate thread more. Yeah, the issues/problems I faced back when I was in industry were much more generic and corporate-related than accounting-specific, so I could vent or take advice from my friends elsewhere in corporate America. pseudanonymous posted:It seems like this thread has migrated into being almost all public accounting? It doesn't have to be.
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Mar 15, 2022 17:58
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Well I consider myself an accountant, but I’m a finance director, did a bachelors and masters in accounting, almost went public as a valuation specialist but I was 2nd choice like 3 times and ended up not. Have HR and info under me, 4 staff/seniors and 2 ap people.
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Mar 15, 2022 18:19
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pseudanonymous posted:Well I consider myself an accountant, but I’m a finance director, did a bachelors and masters in accounting, almost went public as a valuation specialist but I was 2nd choice like 3 times and ended up not. I think that counts. It definitely sounds like a good thing that you were 2nd choice on the valuation roles. I used to be a CFO/Controller/whatever job title I was given on odd-numbered days for a weird privately-held company; after a nasty family ownership fight broke out I stayed and helped stabilize it and then made my side practice into the full-time gig.
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Mar 15, 2022 18:33
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Busy szn is wrapping up so all the public accountants are either complaining online or dying from filing day fire drills
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Mar 15, 2022 19:06
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pseudanonymous posted:Well I consider myself an accountant, but I’m a finance director, did a bachelors and masters in accounting, almost went public as a valuation specialist but I was 2nd choice like 3 times and ended up not. Sounds like that qualifies to me. Complain away
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Mar 15, 2022 20:20
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Good Citizen posted:Sounds like that qualifies to me. Complain away Okay, I just bent over loving backward and spent months positioning and using my political leverage to create a role for someone who was a contractor and I gave her the salary she asked for, even though it makes her the 3rd highest paid person in the org, and she accepted and then it wasn't an easy handover due to political bullshit and she now doesn't want to stay; and wont even stay for a month or two even though I let her be the implementation person for two software projects in order to help secure her role. So now I have to hire a staff accountant and some kind of database person.
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Mar 15, 2022 20:47
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Today is the first time I ever fired a client. Indian who needed tax treaty disclosure. It was getting too complicated. They apparently needed a return with no ssn for all the kids but claiming the credit so they could go to the IRS to get them ITINs and they needed a treaty disclosure under Article 21 for a researcher. They were recommended by a friend and today I just sent an email saying this is too complicated for me, please seek consul elsewhere. It feels weird and anxious doing stuff like this.
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Mar 15, 2022 23:24
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Yeah no shame in that, better to tell them to look elsewhere than file something you are not comfortable with or that doesn't make sense for your practice. I've unfortunately tried to power through as a favor on a couple of 1040 jobs, and I always end up losing my shirt when i should have sent them to someone else from the start.
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Mar 16, 2022 04:59
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PatMarshall posted:Yeah no shame in that, better to tell them to look elsewhere than file something you are not comfortable with or that doesn't make sense for your practice. I've unfortunately tried to power through as a favor on a couple of 1040 jobs, and I always end up losing my shirt when i should have sent them to someone else from the start. Not just that but fees came up. I originally said I'd assess and come back with an estimate of fee. My estimate was about 1.5k to 3.5k. As I am finding out on reddit, that may be an underbiling as many listed their fees for similar work at 6k to 10k. He countered with...$150. Made the decision easier.
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Mar 16, 2022 21:05
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