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    Accounting Someone doesn't understand deductions

    November 30, 2017

    Accounting Someone doesn't understand deductions

    Someone doesn't understand deductions

    Posted: 30 Nov 2017 06:56 PM PST

    PwC's Hong Kong Office Accepts Bitcoin Payment

    Posted: 30 Nov 2017 09:54 AM PST

    [CAN] Pre-CFE Results SALT THREAD

    Posted: 30 Nov 2017 06:34 AM PST

    FUCKING CPA, WHAT EVEN IS THIS DEGREE. ANXIETY IS AT AN ALL TIME HIGH. I SWEAR IF I FAIL I'M DOING SOMETHING ELSE. FUCK THIS STUPID EXAM. FUCK THIS STUPID CAREER. FUCK THIS STUPID SUIT. FUCK LIFE.

    submitted by /u/Ipad1234
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    PwC Accepts Bitcoin as Payment

    Posted: 30 Nov 2017 11:20 AM PST

    I freaking hate BEC

    Posted: 30 Nov 2017 04:24 PM PST

    So many people were saying that this was going to be the easiest section. What the flying fuck is this shit?! Becker is doing a shitty job at helping me understand these concepts. Angie, girl stop looking so sad all the time. I'm already miserable, so seeing you sad makes me even more miserable. Mike, wtf is up with you? You are just so mumbly, you can be a new mumble rapper. Peter, you talk too much baby, shush a bit. Yo I want to throw shit so badly. These multiple choice questions are on crack. How the fuck am I supposed to answer a novel within a minute? FUCKKKKK!!!

    Sorry, just needed to vent.

    submitted by /u/i_smell_like_money
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    [CAN] Good luck to all CFE writers

    Posted: 30 Nov 2017 06:53 PM PST

    Just keep in mind that the result has already been on someone's desk for a month, I'm sure you killed it!

    submitted by /u/iouzip4
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    Thank you guys!

    Posted: 30 Nov 2017 06:05 PM PST

    Sorry for the shit post. BuI Just wanted to send out a quick thank you for all the advice all of you guys put on here for students. With everyone's advice ive been able to land my first internship! At one of my favorite companies for that matter. thanks again everyone, you're all beautiful! I don't care what your boss says about you

    submitted by /u/Jt924
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    Big4 to Local in Audit. Should I make the move?

    Posted: 30 Nov 2017 06:23 PM PST

    I have an opportunity which will allow me to make a move from Big4 to a local firm that involves a BIG bump in pay and busy season hours that don't exceed 50. Right now I've been in non-stop busy season for the past 12 months and work as little as 60hrs a week, but normally 70-80 in the "off-season", and usually 80+ during "busy season". Needless to say I've received a great deal of experience but to say I'm burned out is an understatement. I was wondering if anybody had any experience making this kind of move?

    Note: While in the Big 4 my scope of audit work hasn't been limited and I have nearly touched on nearly every type of transaction and have extensive experience in all of the major process areas.

    submitted by /u/remoteplanet
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    [CAN] I am so burnt out from studying. How do you cope?

    Posted: 30 Nov 2017 05:45 PM PST

    I've been in school my whole life. Went straight from high school, to university, to CPA. I'm currently on my second CPA elective and I'm struggling so much. Not with the material, but with the motivation. My exam for this module is less than a month away and I can't focus anymore. I'm worried I won't even pass in enough work to get the grade to write the exam. I'm on track to write it right now, but I don't have a whole lot of wiggle room. I'm trying to get the immersive case done for this week on Thursday (tonight) so I don't end up in the Friday crunch I find myself doing every week lately, but I just can't do it.

    I found myself getting better as the first three modules went on, I got into the groove of doing the work, and I even got a pass with distinction on a couple areas of the last module. Now I just hit the wall. My brain feels fuzzy. I can barely focus. I get my big break between elective 2 and Capstone 1 after this exam, but it feels like it means nothing to me.

    What can I do? Can anyone relate? I feel like I'm drowning.

    submitted by /u/Succubista
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    Accounting Degree on top of Finance Degree

    Posted: 30 Nov 2017 05:11 PM PST

    I returned to school at the age of 30 to finish my degree. I opted to major in finance as I could complete that degree in 3 semesters instead of 4. I have the opportunity to complete an accounting degree at the same time with one additional semester added on.

    How much more valuable do you think a degree in both over just the finance?

    submitted by /u/ScottEATF
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    Short-Term Contract Work in Accounting: thoughts?

    Posted: 30 Nov 2017 08:29 PM PST

    After a long interview process, I just accepted an offer for my dream job! Only problem: it doesn't start for another seven months.

    Until then, I've just started a short-term contract position doing AP while I study for the CPA exam. This is a well-known and high-producing national tech company, with a reputation for hiring employees as contractors before extending a full-time offer. Right now, they're in a whirlwind growth phase, and things are quite, erm, disorganized.

    My first week has been...interesting. Although I genuinely enjoy the work, my team, and my manager, there is a very large division between FTEs and contractors in this company. We have perhaps 150 to 200 workers at our location, and easily 30% of them are contractors. I am the only contractor on our accounting team of about 10 people.

    For perspective, I was recently called to a staff meeting with my manager and the rest of the team to discuss the status of the project that I was hired to work on. My manager's supervisor, who works off-site, remoted in by camera in the conference room. After noticing me on his screen, the Big Boss informed us that contractors are not allowed to attend staff meetings, and asked me to leave the room in front of the entire staff.

    AAMOF, this is a company-wide thing. We recently had an all-hands meeting that we were all supposed to remote into last week regarding major events in the news regarding the company. At the time, I hadn't realized that "all hands" means "all FTEs." After rescheduling several calls with outside vendors to accommodate the meeting, I was told upon showing up that I'm not to be attending any sort of staff meeting and that FTEs are not allowed to share or discuss company-wide memoranda with me. I can understand why this is, especially since this particular meeting was about a well-known lawsuit the company is facing. Still, it rubs me the wrong way and suggests that they don't respect my contributions (or my time, seeing that they didn't feel it was important to let me know I wasn't supposed to be in the meeting until I'm already in the room.)

    Is this kind of thing common in contract accounting jobs? The FTEs on my team have shared that they're frustrated with having to watch what they say when I'm around, which doesn't make me want to connect with them. I don't intend to accept an FTE offer from this company if one is made, but I'm just curious on how often contractors have this problem. For anyone that has been a contractor before, how did you deal with this?

    submitted by /u/obxbeachgoer
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    [US] Career Path Advice

    Posted: 30 Nov 2017 03:29 PM PST

    Hello all,

    I'm a recent college grad in the Bay Area. I didn't get any offers for of the Big 4 because my GPA was sub 3.0 throughout college (managed to bring it just above 3.0 in my final semester). I was lucky enough to land a job within industry in an entry level tax position. I've been working here for about 6 months now and I have to say the work here is so slow. I'm planning on getting my MST next fall and taking classes part time as my employer will help pay for it. Once I'm in the program, I want to join the accounting club to get exposure to Big 4 firms.

    I do like the balance this job provides but I feel like I'm too relaxed right now and need to be using my time more wisely. I have learned a lot here but it is only in spurts. I really want to work for the Big 4 not because everyone else is doing it, but because I believe in the mantra that this is the time when I should be "paying my dues." Also, none of my bosses (from managers - VP) have a CPA or have inactive ones. A move to Big 4 helps me with the experience requirement. From the looks of it, most people start off as an intern at the Big 4 though- is that true? Financially, I can't afford to start off as an intern (For one, it's my employer that will pay a majority of my MST tuition).

    I just wanted to ask anyone for advice of what would be the best way to plan my career going forward. Any advice is greatly appreciated. Thank you!

    submitted by /u/JustGraduated2017
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    (Another) Which offer should I take?

    Posted: 30 Nov 2017 01:29 PM PST

    After going through an unsuccessful public fall recruiting session I was able to land 3 offers but have no idea where to go from here. I'm interested in Tax and will be graduating next year.

    1) Tax season intern for local firm. The firm size is around 50-80 people but they only have one office.

    2) Accounting intern for an industry company. It's in a sector I have a lot of interest in (robotic company).

    3) Internal audit for an industry company. This company has by far the biggest office but is about an hour commute (with traffic).

    I know the tax season job should be the obvious choice. But I had a tax season job last year and kind of want to branch out and try out some other things. Also I don't have any summer internships lined up so would like a job that last longer than a couple of months like in tax.

    Edit: thanks for all the responses. I was leaning towards #2 and feel much better about it now. It's a year long internship which could set me up in a very good position for next year.

    submitted by /u/Texasisamazing
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    Accounting resume review and critique

    Posted: 30 Nov 2017 09:57 PM PST

    Hey how's it going anybody that stumbles upon this. I'm currently in the market looking for a job with a CPA or accounting firm and I was trying to get some fresh pairs of eyes on my resume to see what I can do to improve it. Just so you can get some context, I'm currently going for my MBA and then after I finish I need to take 2 more classes to be eligible to sit for the CPA exam and then go through that whole process. I want to start off working for a CPA firm that way I can move up once I attain the license. Anyway, let me know what you think!

    Here's the link to the resume:

    https://drive.google.com/file/d/1B_pA8q-K1XM8V_SIjwRzuOXnFV37RzIb/view?usp=sharing

    submitted by /u/juando_
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    Update : Should I uproot my family and move for new job...?

    Posted: 30 Nov 2017 06:11 PM PST

    Update: I took the job and we will relocate the family. I put in my first week this week. The company is being flexible with my relocation timeline, and commuting me back and forth for a few months until we get everything buttoned up here. My friends and family are happy for us. It's going to be difficult, but nothing in life that is worth it is easy. This is a great opportunity with a growing company in an elevated position I am happier now with my decision since I've been here for a week. Thanks for the advice everyone. I can't wait to start asking questions about WIP. And job costing.

    Background: Currently work as a Financial Analyst. Salary is ~70k + VERY GOOD bene pkg (no bonus though). Passed 3/4 parts of CPA. Waiting on score for last art in Dec. I have every intention of looking for something new when I am finished with my CPA, but Ideally I wanted to get some experience with a firm in order to gain the knowledge that I need to eventually start my own firm (down the road).

    Here is the situation I am struggling with: Our CPA mentioned to me in passing recommending me for an Assistant controller job in a different state working for my former boss. This position would be pushing 110-125k + benes for a company that is about 10x our size with much greater mobility.

    Here is the problem though...I don't really want to move. I have 3 kids under 5, I LOVE the neighborhood I live in (we just built a new home 2 years ago here), My wife has a business in our current locale (she could probably run it remotely, but she hates the idea of leaving it here), ALL of our family is within 5-10 miles of us right now some of them live across the street (great for helping to support the kids). The area of the new job is a higher cost of living area. Also I don't really want to "stay in corporate", I want to find a way to build something of my own.

    There are the negatives, ^ but the positives, aside from it being substantially more money, are I would have mobility in corporate, title, I would be in a supervisory position, continued relationship with our current CPA, who has talked much in the past of joining his firm, which happens to be in the new area. Im sure there are more positives, but I have never considered leaving my current home, so I am having a hard time grasping the idea.

    I can tell I was being "felt out" when it was mentioned to me. I reacted positively to it, because I never want to take anything off the table until I consider it more. I am going to have a discussion with my wife later about it, but I wanted to reach out for the sage advice of the /r/accounting community, because I know that people in here have probably had similar experiences.

    Thanks for listening

    submitted by /u/contango911
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    How can I S.H.I.T. post my general journal entries?

    Posted: 30 Nov 2017 09:45 PM PST

    I have heard a lot about S.H.I.T. posting in this subreddit and would like to know how used it is in the industry? Also, is it ok to use it under GAAP or IFRS? Should I S.H.I.T. post my accrued entries as well?

    Thank you in advance!

    submitted by /u/ScrumpledStudent
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    Can Tax CPA help me with this question?

    Posted: 30 Nov 2017 09:44 PM PST

    So I'm not sure how to go about it but the problem says that

    Rental Income is 50,000 Maintenance and repairs 2670 Gardening 2400 Water/Trash 1920 Property Tax 11250 Mortgage interest 32,210.

    Depreciation related to this is 18,000

    My Dilemma is that I don't know if these are passive loss that can be deducted against rental income. If they are... wouldn't property tax and Mortage interest be categorized as itemized deductions? which means these two categories will be excluded from passive loss deduction. They will just be factored into itemized deductions and other expenses will be deducted against rental income.

    Also if you add all these operating expenses of rental activities then they are greater than the rental income which means that there's a rental loss. This means that X amount of rental loss can be directly deducted against AGI?

    Which is the right option? I'm getting super confused which one to use..

    submitted by /u/ryan95227
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    [R&D Depreciation] A question I had on FAR has been bothering me for the past few days...

    Posted: 30 Nov 2017 09:00 PM PST

    Basically the MCQ had me figure out what portions of R&D could be capitalized vs expended. After that, it asked for amortization expense under IFRS. I know IFRS allows an election to amortize based on the percentage of cash-flows realized vs realizable. Their other option is straight-line.

    I ended up doing both methods and they were both an answer choice. I chose straight-line since it was the lesser of the two. Does anybody happen to know which to be used under IFRS? Is it always percentage of cash-flows realized unless otherwise stated? Is it the lesser of the two?? Did I remember wrong and straight-line wasn't an election??? This was the only MCQ on the FAR exam that really threw me for a loop.

    Thanks, all!

    submitted by /u/sdpthrowaway3
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    CA Foundation Accounts Chapter 2 Double Entry principle

    Posted: 30 Nov 2017 08:59 PM PST

    Walkthrough of shoe tying process

    Posted: 30 Nov 2017 04:46 AM PST

    I was trying to explain to a friend how ridiculous our documentation procedures can be at times. I remember reading a while back (either in a comment or in a post) someone walking through the process of someone tying their shoes. The way the spoof was written is a perfect example for my friend.

    I tried searching and I cannot find it. Was hoping one of you had it saved and could share. Thanks!

    submitted by /u/skwrlmaster
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    Inheriting family accounting firm

    Posted: 30 Nov 2017 02:46 PM PST

    I'm a sophomore in high school (tx) and I'm very interested in accounting. My grandpa currently runs the small firm along with 6 other family members. I'm probably gonna be the only one in my generation of cousins to pursue accounting.

    Any advice? Do I double major in b. admin and accounting?

    I'm also willing to sacrifice salary to avoid working big corporate companies, they seem terrible.

    submitted by /u/spelingwiz
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    [US] I own a property in California. It is rented out. I do not live in California, but in Hawaii. Do I have to file a California tax return and pay excise tax on the rental income?

    Posted: 30 Nov 2017 08:41 PM PST

    [US] I own a property in California. It is rented out. I do not live in California, but in Hawaii. Do I have to file a California tax return and pay excise tax on the rental income?

    Appreciate any advice you can give me.

    submitted by /u/The_Void_calls_me
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    Bachelors in Accounting

    Posted: 30 Nov 2017 04:32 PM PST

    Hi so im finishing up my 4 year 120 credit program (only took me 3 years) this upcoming May. I am going to attend grad to school to become 150 credit ready and eventually get my CPA. I was wondering what are some good entry level accounting Jobs I could apply to with my bachelors and I can work full time while doing online grad school? I was thinking maybe something like AP/AR? What do you guys think? Thanks!

    submitted by /u/Cannons9
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