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Is it insane to give staff members letter grades on tax returns they prepare? I've been measuring performance by number but like, some people can do a lot of returns kind of badly. I'm thinking something like: A: Return approved to send to client with no notes B: Return has minor errors only C: Significant errors but not something we'd get an insurance claim on D: Inexcusable understatement or overstatement of liability by greater than 25% F: We'd go to jail if we filed this what are you doing
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May 30, 2023 20:27
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Been getting unlucky so far with job offers week 4. Got any tips to make the waiting for the job offers easier?
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May 30, 2023 20:52
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Annointed posted:Been getting unlucky so far with job offers week 4. Got any tips to make the waiting for the job offers easier? Whenever I get antsy about hearing back, I take my mind off of it by filling out another one, two, or however many it takes for my brain to feel like it did something and shut up. This also stuffs the pipeline so if you hear back with the answer you didn't want, there are more in queue  It is a soul-sucking process though; not sure that I can help with that part 
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May 30, 2023 21:15
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Annointed posted:Been getting unlucky so far with job offers week 4. Got any tips to make the waiting for the job offers easier? Do you have a LinkedIn and any recruiter contacts? Ideally you let them do the work for you. To answer your actual question, kindle unlimited is a pretty good deal if you appreciate vast piles of mediocre genre fiction and Diablo 4 comes out Thursday
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May 30, 2023 21:20
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You're looking specifically for industry roles, correct? Not considering public? I can only really help with public, but if you're CPA eligible, it's just a numbers game, you will find a job, just keep sending out your resume. Check LinkedIn, decent source for job postings. Looking for work sucks regardless though. I always go half insane, working out helped a little last time around.
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May 30, 2023 21:42
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Zarin posted:Whenever I get antsy about hearing back, I take my mind off of it by filling out another one, two, or however many it takes for my brain to feel like it did something and shut up. Thanks for condolences Good Citizen posted:Do you have a LinkedIn and any recruiter contacts? Ideally you let them do the work for you. Yeah both indeed and linkedin and a lot of recruiters. Yeah gaming has helped stave off the crippling depression. PatMarshall posted:You're looking specifically for industry roles, correct? Not considering public? I can only really help with public, but if you're CPA eligible, it's just a numbers game, you will find a job, just keep sending out your resume. Check LinkedIn, decent source for job postings. Looking for work sucks regardless though. I always go half insane, working out helped a little last time around. EDIT: Feeling stupid I keep fumbling these accounting assessment tests these companies keep giving me. Annointed fucked around with this message at 00:31 on May 31, 2023 |
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May 31, 2023 00:29
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Annointed posted:Thanks for condolences Are you willing to relocate?
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May 31, 2023 01:48
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Zarin posted:Are you willing to relocate? Can't relocate stuck living with parents. So Cal housing and rent rear end.
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May 31, 2023 02:12
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All three CFE days are done! I hope to God I don’t have to go through that again. The convention centre was so cold.
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Jun 1, 2023 19:15
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Wednesday another interview down and Robert half representativr helping me out. Please world I just want my new job.
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Jun 7, 2023 21:35
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Annointed posted:Wednesday another interview down and Robert half representativr helping me out. Please world I just want my new job. Definitely reach out to other recruiting firms also I’d recommend trying to build a relationship with 2-3 recruiters. I personally dont source from RH even though I worked their as an sps consultant and they just placed me in another CFO role like… they are like the Walmart of recruiting to me.
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Jun 8, 2023 07:16
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pseudanonymous posted:Definitely reach out to other recruiting firms also I’d recommend trying to build a relationship with 2-3 recruiters. I personally dont source from RH even though I worked their as an sps consultant and they just placed me in another CFO role like… they are like the Walmart of recruiting to me. I worked at RH as well, now a CPA, and echo everything above
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Jun 8, 2023 14:09
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I know there's a couple folks here that deal with international taxation issues. I have a potential client who lives here in NYS, not sure if he's a citizen or a permanent resident, but he wants to start a corporation that will operate in El Salvador and have two shareholders who live there. I told him it's not my wheelhouse at all but if there's someone here interested in taking on a new client that's willing to navigate his needs I'd love to put you in touch. PM me if anyone is interested.
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Jun 12, 2023 18:29
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I just had a job interview today. The person is definitely really interested in me and the reason why I know that is because I am maybe not so interested in him? See, I was honest about my concerns and he gave me a few days to think it over before the second round interview. When someone says what I said about concerns and is still interested that's why I think he will be interested in another round. My concerns are kind of simple: a company is starting a new division that is going to be a bookkeeping company. The confusing part is that the guy in charge of it all is not an accountant. He ran a management consultant firm. Sold off his shares and is now interested in starting a bookkeeping company. He has no idea about systems or how one of these companies are structured. He wants to hire someone to set all that up for him and work with him to grow and setup this business as they get clients and acquire other firms. He feels they can get people in because they have outside referrals they can bring in and they have capital to acquire firms. But, he said he isn't an accountant and would change the systems as soon as someone they acquire has a better idea. Basically, my concern is that the guy seems like he would be a super nice boss and he apparently has money behind him, but I don't think he's planned this out properly and I don't know if this business will work out for him. I told him usually businesses like this are started by accountants and usually by taking a client base already cultivated while working under someone else. So, it's an odd way of doing things and I mentioned my concerns on how things will pan out long term and that I'm looking for a long-term position. Basically, it's a startup and I'm not sure how to feel about it. Also, 90k in NYS for such a position might be on the low end. There was a part of me thinking "if I wanted to do this, why wouldn't I just start my own firm?" I just have to think about it, I suppose. It might be great or it might all crash down. Covok fucked around with this message at 20:05 on Jun 12, 2023 |
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Jun 12, 2023 19:57
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The most successful tax practice I ever worked for was started by people who were not really accountants. One of them got an EA along the way but neither of them ever did tax returns. They had money and marketing know how, and the company appeared to be doing really well. Honestly they were pretty good bosses at it goes. But, that fact did play a part in me leaving when I got an offer at a similar firm where the bosses were actually in the trenches, so to speak.
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Jun 12, 2023 20:07
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Do not take a job at a startup without some equity/ownership component to your comp
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Jun 12, 2023 20:10
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Hellblazer187 posted:The most successful tax practice I ever worked for was started by people who were not really accountants. One of them got an EA along the way but neither of them ever did tax returns. They had money and marketing know how, and the company appeared to be doing really well. Honestly they were pretty good bosses at it goes. But, that fact did play a part in me leaving when I got an offer at a similar firm where the bosses were actually in the trenches, so to speak. Maybe it's not a big deal then? But, were you like the first employee, though? That's my concern. Like, I would be the one setting up all operations and I just can't help but worry about the risk involved.
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Jun 12, 2023 20:10
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No, I started like five+ years in, they were already thriving.
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Jun 12, 2023 20:17
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Good Citizen posted:Do not take a job at a startup without some equity/ownership component to your comp Yeah, it just pays 80k to 90k in Long Island. I kind of skimmed the job interview when I applied and, when I researched the company, I couldn't find anything on any of the companies listed. Apparently the entire idea started in November so I couldn't do any research. This is the actual job summary, for the record. quote:
Hellblazer187 posted:No, I started like five+ years in, they were already thriving. If it was this, I wouldn't care. It's been the person setting everything up and basically having someone above me who will supply the money but doesn't know how anything works that got me iffy. Covok fucked around with this message at 20:26 on Jun 12, 2023 |
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Jun 12, 2023 20:18
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I probably wouldn't leave stable, decent employment for that, but if you're currently unemployed or your current job sucks rear end in some way, I'd consider it.
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Jun 12, 2023 20:28
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Hellblazer187 posted:I probably wouldn't leave stable, decent employment for that, but if you're currently unemployed or your current job sucks rear end in some way, I'd consider it. I am unemployed, but i have 6-12 months of expenses in cash without touching retirement. So, I see what you are saying, but I guess I got to see if its too risky.
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Jun 12, 2023 20:35
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It doesn't matter. I just got an offer for 90k at a local business pending a background check and drug test that was with a company that I was interested in.
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Jun 12, 2023 21:11
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Covok posted:It doesn't matter. I just got an offer for 90k at a local business pending a background check and drug test that was with a company that I was interested in. WOOHOO BEST OF LUCK WITH THE JOB COVOK. WE BELIEVE IN YOU
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Jun 12, 2023 21:21
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Epi Lepi posted:I know there's a couple folks here that deal with international taxation issues. I have a potential client who lives here in NYS, not sure if he's a citizen or a permanent resident, but he wants to start a corporation that will operate in El Salvador and have two shareholders who live there. I told him it's not my wheelhouse at all but if there's someone here interested in taking on a new client that's willing to navigate his needs I'd love to put you in touch. PM me if anyone is interested. I'm not looking for new clients, but a lot of the structuring is going to come down to whether this would be a controlled foreign corporation or not. If this guy will own 1/3 and the other 2/3 are owned by non US persons, then it may not be a CFC. My first thought is to form an eligible entity in El Salvador and make a check the box election. The business income will be taxed in El Salvador, but we do not have a tax treaty, so dividends would be ordinary income. Pretty high tax. With a CTB election, income would pass through every year, but so would tax credits. Again, assuming this isn't a CFC or PFIC. You are right that he probably needs to hire an international tax specialist for this, my usually charge for this kind of work is 15 to 25k, depending on the complexity, which I suspect is way outside what this guy is looking for.
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Jun 15, 2023 03:04
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PatMarshall posted:I'm not looking for new clients, but a lot of the structuring is going to come down to whether this would be a controlled foreign corporation or not. If this guy will own 1/3 and the other 2/3 are owned by non US persons, then it may not be a CFC. My first thought is to form an eligible entity in El Salvador and make a check the box election. The business income will be taxed in El Salvador, but we do not have a tax treaty, so dividends would be ordinary income. Pretty high tax. With a CTB election, income would pass through every year, but so would tax credits. Again, assuming this isn't a CFC or PFIC. You are right that he probably needs to hire an international tax specialist for this, my usually charge for this kind of work is 15 to 25k, depending on the complexity, which I suspect is way outside what this guy is looking for. My understanding is there will be 4 shareholders, him here in NY, a person in CA and 2 people in El Salvador. And yeah, I'm pretty sure that's more than he's willing to pay.
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Jun 15, 2023 03:17
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I got another chance working with Apple one. Hopefully this one lets me get more work.
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Jun 15, 2023 05:17
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Epi Lepi posted:My understanding is there will be 4 shareholders, him here in NY, a person in CA and 2 people in El Salvador. Ok, so sounds like it probably won't be a CFC, assuming a single class of shares and no outsize voting rights and assuming this is an active business and not a PFIC. My inclination would be to form a Ltda (not an SA) and elect for it to be taxed as a partnership for US purposes. Corporate tax in ES is 25 to 30%. If the entity is a partnership for US tax, then income and credits should flow through to the US owners. Likely little to no residual US federal tax given the high tax rate in ES. Distributions would be subject to 5% withholding tax in ES, which is potentially creditable, and would not be subject to tax again in the US (already taxed when earned). State and local taxes could also apply and may not allow a credit. Phantom income could arise in situations where there are earnings at the ltda and no distributions and the US tax is not covered by credits (could happen due to base differences, etc.). Likely would want to provide for special distributors in the LTDA agreement in these situations, if that is possible under ES law. Contrast to a purely corporate structure which would be taxed thr same in ES, but credits for direct corporate tax would not flow through (withholding tax on dividends should be creditable) and dividends would be taxed in the US at ordinary rates up to 37% (plus state). This is hypothetical and is not tax advice and he should probably still engage a professional, wish I knew someone in the middle market who could handle international planning for a reasonable rate. He'll also need legal advice in ES and his home state on setting up the entity, liability, registrations, etc. And an ES advisor to handle ES compliance and considerations.
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Jun 15, 2023 07:38
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PatMarshall posted:wish I knew someone in the middle market who could handle international planning for a reasonable rate. You do, it's me! And I agree with your inclination towards limitada and check the box, fwiw.
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Jun 15, 2023 16:32
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Covok posted:It doesn't matter. I just got an offer for 90k at a local business pending a background check and drug test that was with a company that I was interested in. Glad you found something else. 90k per year to basically build an accounting firm from scratch seems insanely low to me.
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Jun 16, 2023 06:06
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Hellblazer187 posted:You do, it's me! Nice! good to know
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Jun 16, 2023 08:27
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I have yet to have a meeting with the other partner whose office I'll be moving to (I got the official "we're closing this office and we need to know your plans" letter a few weeks ago), but I think I have more leverage in negotiating a pay raise than I thought. The soon-to-be-retired partner I work for had me do some fix-ups on a file. Apparently, that client (or one of the other owners of a holding company, I forget) was transferred to the other partner because of retirement, and they weren't happy with his work. The main reason we're still retaining this client is because my boss said that I'd be transferring there, and that kept them happy so they'll be dealing with me instead. Now, I'm still not a CPA, but I think that's a good sign that I could probably negotiate a "I'm moving to a higher COL area, plus I have more responsibility, plus you need me" raise. I just don't know how much to shoot for. I'm due for a regular COL increase (the previous two were $2/hour per year), and now I'm wondering if I should shoot for. Currently, I make C$33 per hour.
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Jun 19, 2023 16:06
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Intern asked me at happy hour if we do these twice a week all year and I didn’t have the heart to tell them it’s just a recruiting tactic
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Jun 28, 2023 00:23
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Ungratek posted:Intern asked me at happy hour if we do these twice a week all year and I didn’t have the heart to tell them it’s just a recruiting tactic Let them know it’s ok, public accounting induced alcoholism just becomes homework instead of a group project after their internship
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Jun 29, 2023 02:38
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Just had a really loving fun meeting with my company's CPA coordinator about registering for PEP and the practical experience requirement and I've got a feeling I'm about to be hosed badly. there's a PPR Practical Experience Reporting approval for my job in Ontario and Quebec, but I'm in BC, I'm the only accounting employee in my company west of Ontario. So I had a 45 minute meeting of them basically saying they don't know what the gently caress I should do if I should register under BC and just blindly hope they accept PPR approved under CPA Ontario or register under CPA Ontario (even though I'd have to go to Ontario for all the exams and workshops). Making this even more fun is that CPA Ontario and CPA Quebec pulled out of CPA Canada two weeks ago so the whole thing is just a giant shitshow with no clear answer. My gut feeling is that the Preapproved route is basically off the table and I'm going to have to go the experience verification route (wasn't described as too fun by the coordinator) and I've got to decide what the hell I should do pretty quick.
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Jul 12, 2023 20:52
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Regarding the cpa…how can I guarantee I meet the eligibility? I got my bachelors in 2005 which was an accounting degree. Fast forward to 2019 where I got an MBA and masters in finance. I think I meet all the requirements but is there a way to verify through some committee?
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Jul 12, 2023 21:03
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Submit your transcript to the State CPA board and note that you’ve got the total credits and the specific credits they’re looking for. They should have a checklist online. I did this in Virginia before sitting for any exam. Undergrad 2009/Masters 2019 so similar situation.
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Jul 12, 2023 23:48
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Annointed posted:WOOHOO The job itself is really nice. We only work late one week a month. After 3 months, I can work from home on Tuesday and Friday. The pay is the same as my old job. The benefits are better: more insurance, better insurance, and better employer match. My boss is nice and my coworkers are nice. My issue? They said the ERP system they use was similar to ones I used but I don't see it. Then, I looked closer and it turns out my prior software experience, Salesforce, is actually a CRM, not an ERP. So, perhaps that's why. And it's leading to me making dumb mistakes. Like, I understand how things should work but getting them there is difficult and I'm worried I'm looking stupid in front of my boss. Like, the bank rec. I was having trouble because I didn't know how to get a clean look at the bank activity. My boss showed me after close how to do it, but I couldn't solve the rec issues because I didn't know how to get everything in front of me. My boss saw me trying to click through the individual entries and match that way. But it wasn't efficient and wasn't working. Though, I probably never would have got it on my own because the last month's rec was wrong. They were understaffed at the time so the manager had to fit in the companies I am now monitoring into his own work before I was hired. I noticed something wasn't working in June and I found some of the errors in May and then my boss wanted to take over and redo May and did June too when he realized May was done incorrectly. But some of my errors are just dumb things. Like, today, I checked the clearing account for errors and found a 3 sided transaction. So, I brought it up with AP but they couldn't understand it. My boss got involved and found out what happened. As he explained to me, since my company is international, if AP puts the voucher in the USD account then the system converts it into CAD automatically. So, the fourth line was there but it was still wrong and needed to be fixed because it wasn't the right amount. Since I didn't know that, I ignored the relevant item all together because there was no way it could be related given the amount. But it was and I could have realized it if I took my time and investigated the entire ledger first. Or just dumb mistakes. Like, also today, I did an analysis of the cost variance account and found it concerningly high. I told my boss and he agreed and told me to make a report and send it to him and he sent it out. And somehow I forgot he told me to send it to him first and sent it to AP directly. He said that the report looked fine and I sent it to the right spot and, in the future, its fine for me to do that, but he wanted to send it for me so he could check it first since I had never done it before. I really like the job and I want to do it well and keep it. So, I guess I just need to try harder. I'd just wish I'd stop making dumb mistakes. Covok fucked around with this message at 23:44 on Jul 17, 2023 |
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Jul 17, 2023 23:19
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it always fuckin sucks to get a new job with something you haven't done a ton of before. hell, i've had similar experiences going from sorting books and moving boxes at a thrift store to sorting mail and moving boxes at USPS. (hopefully, moving boxes will be out of my job description in december when i have my degree.) It sounds like- unless there's other stuff you haven't said- you're getting alright feedback and people aren't like, hammering you? It just takes time to learn stuff. And while you're learning stuff, it makes it harder to do your regular work because you're taking on the mental overhead of absorbing a bunch of new information. I don't know that the solution is to push yourself harder. Be patient with yourself, it takes time.
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Jul 17, 2023 23:38
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I’m about to make a grave mistake. I’m in the military where I actually teach financial/managerial accounting at our service academy. I got a bachelors in accounting 20 years ago and I’m three years from retirement. I also picked up an MBA and master of science in finance while I’ve been in. I’m trying to see what’s next in my life and stumbled upon getting my cpa. I’ve got the requisite education and experience to sit for the exams. The military will pay for all 4 exams and I’m trying to figure out a way to get them to pay for prep materials (ninja, Becker, etc) as well. I figure the job market needs accountants now so having a cpa wouldn’t be horrible and would ensure job security doing a few different things. Not sure id do income taxes, but that’s what I liked doing back in undergrad…when I was single with no kids. Now the new requirements allow me to take all 4 exams within 30 months so I think that’s entirely doable while working full-time. Questions: Reddit says a ton about “oh take this test now (AUD) because the test is changing in 2024”, but it seems like tests change every so many years anyways. -Is there any test I need to make sure I get out of the way before x date because new rules are going to make it way more complicated? -what order would you recommend I take them? -what prep materials do you suggest/why? I can do some studying at work when I’m not teaching, but other than that it will be first thing in the morning for an hour and another hour at night…see how that goes for a bit. Ok tell me I’m stupid.
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Jul 19, 2023 02:58
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nwin posted:I’m about to make a grave mistake. I’m a decade out from passing, but I would take them hardest-first assuming that the expiration timer is still in effect once you pass an exam. In my day, that was FAR, then REG/AUD, then BEC. I used Becker, and I would just grind multiple choice test banks from prior exams. I actually saw several of those old questions appear on the exam, and got free points as a result. You’re not stupid, but it is a grind.
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Jul 19, 2023 03:49
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