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Elephanthead
Sep 11, 2008


Toilet Rascal
If you are in a decision making accounting area of a substantial sized private firm you are in a better position then a recent graduate wanting to get into public accounting. I would be wary of a firm wanting to hire a recent graduate as a controller unless they have some fraud they are looking to dump on some fall guy. It may just be that I am skeptical of everything.

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Elephanthead
Sep 11, 2008


Toilet Rascal
I doubt your board of accounts does background checks. Don't they just ask for felonies anyway?

Elephanthead
Sep 11, 2008


Toilet Rascal
I don't think a masters helps you at all in public accounting, but if you get hired by a government you will make more money. It probably helps getting a job in industry though. I took classes I wanted to to get over 150 hours and did not get an additional degree so now I can tell you all about Latvia but don't ask me about pension accounting.

Elephanthead
Sep 11, 2008


Toilet Rascal

black.lion posted:

Just charge out the rear end for good bookkeeping; people around here that have bookkeeping-only businesses charge sooooo much for bookkeeping, and they still do it wrong and we end up having to fix it to do our mutual clients' returns. They literally are like "pay us $150/hr for bookkeeping but fyi we don't do payroll stuff bc we don't understand it"

If I didn't love my job I'd be doing freelance bookkeeping remotely from a coffee shop bc apparently its lucrative af

This. There are so many clients that pay a ton for terrible work and have no idea how bad it is even large entities that are getting crap at high prices. I picked up a 75k a year clent whose bank rec was off 3 million bucks. It takes a day to enter a month's worth of their transactions. It costs maybe a couple hundred bucks to start a firm in your state if needed to maintain your licensing requirements. I used upwork to get started, most of the people there are crazy, but your resume is public and people will contact you including the whale that just called me out of the blue and said I need help. Take my money. Even if you just use quickbooks online for small clients they make it super easy to maintain and bill right from the software. (Pfft account controls are the auditors problem)

Elephanthead
Sep 11, 2008


Toilet Rascal

Texibus posted:

Elephanthead, if you come back to this dying forum and thread, I'd like to talk to you about your Upwork Success.

Really it was just having my resume on there and having a guy that was looking see it. I am just a lazy goon. I had a pretty good resume with lots of upper level public accounting experience that surely helped though. It wasn't even a listed job the guy (director) was just browsing. It worked for me because I was under a local non solicitation agreement to get a fat severance package so I needed geographically neutral work.

Elephanthead
Sep 11, 2008


Toilet Rascal

AFewBricksShy posted:

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.

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.

Elephanthead
Sep 11, 2008


Toilet Rascal

Blotto_Otter posted:

Any of y'all audit and assurance types ever had to deal with fuckery on a client representation letter? I'm trying to wrap up an old financial statement review for a smallish (and notoriously tardy) client, and nearly two weeks after sending the rep letter template (with explicit instructions to talk to me before changing any representations), I just got back a signed rep letter... with the two specific representations about knowledge or allegations of fraud conveniently skipped over, then a half-page's worth of representations missing as if another page was printed and not scanned, and then the paragraph numbering monkeyed with to make it end on the same paragraph number as the original template. Also the automatic page numbering from the template's footer is gone, meaning I can't tell if they printed 3 pages and simply forgot to scan the middle one, or deleted a ton of paragraphs and said "well it's still the same page length and ends on the same numbered paragraph as the template, maybe he won't look at it very closely".

I responded with something to the effect of "hey it looks like a page is missing from the scan and uh also these missing paragraphs about fraud are mandatory, we need to talk about why you removed them", and got a response from a different person that it was all accidental, and so-and-so was using "some type of publisher" (???) and this was either a glitch or user error. Hm. OK.

Been doing audits (and some reviews) off and on for about 12 years, this is the second time I've had a noteworthy fuckup or manipulation of a client rep letter, and at least the first one (different client, years back) had the decency to make their change subtle and not insult my intelligence.

Recall your review.

Elephanthead
Sep 11, 2008


Toilet Rascal

Ungratek posted:

Not sure what’s going on but there’s a large influx of people coming to me the last week or March asking if I can take them as a client and bring aghast when I say no

Send pictures of them carrying the totes full of receipts

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Elephanthead
Sep 11, 2008


Toilet Rascal

Gabriel Grub posted:

I've found that small business owners tend to get way too detailed/philosophical about their expenses and end up using and creating tons of unnecessary expense accounts.

Also expensing things that are not expenses.

Look if I don’t have cocaine I can’t work enough hours, it is a business expense.

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