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Well you get better at it and it goes faster when you've done several thousand instead of just one. The money tends to cushion the blow as well. All the same, I definitely prefer consulting work, but compliance is an inevitability.
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Dec 1, 2022 18:47
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Are you CPA eligible? Are you interested in public? Cause there should be plenty of opportunities if so.
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Dec 4, 2022 00:30
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I mean are you eligible to sit for the exam. Aka, do you have your 150 credit hours or your states equivalent. Anyway, I'd recommend talking to career services. The window for entry level hiring for the next busy season is probably finished, but people are always dropping out so I'm sure HR and recruiters should still be interested in talking to you. LinkedIn is also a useful resource.
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Dec 4, 2022 20:05
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Also, not to cross any lines here, but I can get your resume at least looked at in my firm, so feel free to PM if you like.
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Dec 7, 2022 03:22
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How many days are you doing? Generally I've just done one day and get either assigned to intake or if your experienced you go upstairs and work on prep.
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Dec 31, 2022 00:59
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Starting salaries aren't great, but your salary increases quickly as you move up, at least in my experience. You can definitely grind your way to a comfortable life in accounting.
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Jan 19, 2023 05:27
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I do international tax, anything that can be automated would be welcome, as its the least interesting part of my work. I don't particularly see the need to get out of tax. I make a lot of money doing tax planning and compliance and I enjoy my work.
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Jan 19, 2023 06:28
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Yes. You absolutely need insurance. Also clients. I've heard it may take 2 years or so to get enough clients to be entirely self sufficient.
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Jan 21, 2023 05:58
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Grats Annointed! I'd refer so much business to a good bookkeeper, I have a bunch of clients who invest from outside the US and we form structures for them, but they always want us to do the bookkeeping in addition to the tax once its set up, and we just can't for a reasonable price.
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Jan 24, 2023 00:05
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God I hate CaseWare. Literally the slowest program in existence, especially if there is more than one person in the file. We moved to CCH engagement and I like it a lot better, but we still have a bunch of legacy tax stuff on CW.
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May 11, 2023 21:31
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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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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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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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Hellblazer187 posted:You do, it's me! Nice! good to know
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Jun 16, 2023 08:27
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That's great!
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Sep 12, 2023 19:48
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The idea is to preempt any attempt at a wealth tax. This court, they'll probably go for it.
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Sep 30, 2023 04:15
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Yeah the high level roles are still there, at least in public, the question, as always, is is it worth it? I can only say maybe.
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Nov 5, 2023 21:34
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Yep, the game has changed these days with Pillar 2 and GILTI, etc., but the game is the game.
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Nov 6, 2023 06:57
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I wouldn't resign myself to a life of misery just yet. You don't necessarily need a new degree to change jobs, although you will be starting from the bottom again, which probably means a pay cut in the near term, but probably worth it rather than hate every minute of your working life? My brother got an accounting degree, didn't like accounting, so he went and did a bunch of IT certs and now he works in IT.
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Nov 17, 2023 15:46
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You have to call late accounts on the phone. They will ignore emails. If its just that they don't have the invoice or forgot, then emails are fine, but if its a true late account you have to call them. Collections sucks, I have to do it to get my own clients to pay me, and its the worst part of my job.
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Dec 21, 2023 03:14
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yeah 2 monitors are standard. Your office should provide.
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Feb 15, 2024 05:15
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I'm a psychopath who's been working solely on my 14 inch laptop screen for the last four years but I do not recommend it.
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Feb 16, 2024 03:03
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Yeah my back is in bad shape! Collections are the worst, I'm going through it now. All I can say is try not to take it personally and try to get to a non collections role when the opportunity presents itself.
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Feb 17, 2024 00:41
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Yeah, it's been a weird year. Hoping things turn around.
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Feb 18, 2024 02:50
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Well, if you want to make more money, talk to Deloitte (or one of the other consulting firms). You can probably get a security clearance and be making 6 figures easily on a govcon contract. Not sure about the hours, CPA is a huge plus, but probably not needed until you want to get promoted to manager or above.
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Feb 18, 2024 04:42
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Business books on audible are also fun, smartest guys in the room and barbarians at the gate are fun listens. Also bad blood, on theranos.
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Feb 21, 2024 01:07
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I'm not your lawyer and this ain't legal advice, but yeah, any lender worth their salt will collect from the parent in that scenario. It's unlikely to ever get that far, however, as no lender is going to sign a note that would allow for that kind of use without also having parent a party to the loan. If both businesses are distressed, these lenders, in addition to charging exorbitant rates, will make sure they have assets to go after in the event of default.
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May 2, 2024 17:39
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Congrats Zoeb! OMG smif, they don't even know what type of entity they are? Yikes. Let me know if you are interested in public, I can reach out to some people at Deloitte, PwC, EY, CohnReznick, etc. Also sorry Annointed, sounds like you've been going through it. AR and AP are tough jobs, there's no sugar coating it.
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May 5, 2024 00:24
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Don't ask, there's no reason that matters. Just remind them the bill is due and you're not going to give up. That's all. They'll pay or they won't, but they can't ignore it if you make an issue of it. I hate this btw and can't stand this part of the job. But this is my own work I'm collecting and I get like 30 percent in pocket so you might want to find a better job depending on what they're paying you. You're cpa eligible right?
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May 5, 2024 06:07
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| # ¿ May 11, 2024 09:30 |
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Yeah, it's normal. Send it to collections, you did what you could. Sometimes it's a risk, I work with a lot of early stage funds, sometimes they fail and we get stiffed. Or flakes, that also happens, get what they need and disappear. I collect retainers these days.
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May 7, 2024 16:09
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