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    Accounting The Big 3

    March 03, 2020

    Accounting The Big 3

    The Big 3

    Posted: 03 Mar 2020 03:09 PM PST

    Asking for a friend...

    Posted: 03 Mar 2020 03:46 AM PST

    I have an upcoming interview

    Posted: 03 Mar 2020 05:52 PM PST

    I teach accounting and make memes for students

    Posted: 03 Mar 2020 05:16 PM PST

    EY cancelled all recruiting events firm-wide in fear of the Coronavirus

    Posted: 03 Mar 2020 12:37 PM PST

    Can I get an F in the chat for all of my fellow Accounting students in recruiting season.

    submitted by /u/ProfessorLlama
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    Pro tip #14: When the pandemic really sets in, say you have the Coronavirus and enjoy your 2-4 weeks off.

    Posted: 03 Mar 2020 06:13 PM PST

    When the number of infected hit gargantuan proportions, no one will question you if you say you have it.

    submitted by /u/TupacTuvok
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    Seriously, how do you actually network with people and maintain a long lasting relationship?

    Posted: 03 Mar 2020 03:45 PM PST

    Does anyone know of a program that converts an excel into audit format?

    Posted: 03 Mar 2020 08:29 AM PST

    Auditors seem to prefer their excel evidence converted to pdf then scanned in. Does anyone know of an online tool that quickly takes a spreadsheet and gives it that authentic deep fried audit look?

    submitted by /u/XiPingTing
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    Industry looking fine as hell this time of year

    Posted: 03 Mar 2020 12:14 PM PST

    i genuinely feel like i’m going to be fired(b4)

    Posted: 03 Mar 2020 05:15 PM PST

    i'm a tax associate at one of the b4. i don't have internship experience so everything is brand new to me. i started 2 months ago in January.

    i genuinely don't know what the fuck i'm doing. like i've literally never had an assignment handed to me that i didn't ask 10 questions on or that ive messed up. i'm pretty sure one of my SM doesn't like me because I ask so many questions. Everytime i get instructions i have to literally write everything word for word or ill forget and need to be reminded. I have no idea how to do anything. my utilization is horrible, i go over the budgetted hours my EG team gives me on everything. something my manager will say should take 5hrs takes me 8-10. most of the time i'm going through the software or reading last yrs WP to figure out whats going on and i still don't know. A senior stopped responding to me for 4 days while they were remote so i couldn't finish the task because i was told to get in touch with the senior even after speaking to a SM (different one who's super chill). it's been past due date.

    I don't know where to find anything. I basically have to eat hours because a 3 hour task takes 6. I did have one very large engagement (100h plus+ client site visit) that i found was very good and didn't struggle so badly with. and the manager gave me an average performance review. but since then it's been extremely shit.

    I feel like at this point working me in on engagements is just a negative because of how long i take. I seriously think i'll get fired after this busy season. I come in at 8:30-9 and leave at 7:30-8 each day + saturdays & sundays half day (10-3). Has anyone been in my position? any advice you can recommend? I'm very overwhelmed. and it's not the hours i'm doing. Our firm wants 50-55 billable hours but my billable hours will be like 70 extremely inefficient hours if i actually record my real hours spent on tasks with me poking around last years WP and so on.

    Sorry for the rant.

    tl;dr very nervous as someone who started 2 mo ago.

    submitted by /u/Accomplished-Advance
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    Is your work cliquey?

    Posted: 03 Mar 2020 12:04 PM PST

    I'll probably get downvoted because I'm not in a clique like you guys. But is your work super cliquey? Are you the outsider? Do you just ignore that you're being excluded?

    submitted by /u/unique74739282614273
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    Accountants, Can I see your monthly/daily hours worked for the year?

    Posted: 03 Mar 2020 08:12 PM PST

    I know there is a super accountant out there that loves creating personal things on excel like budgets and whatnots. If you tracked your hours worked daily or monthly for the entire year, can I see your data or graph? I'm curious.

    Also, please include where you work such as Big 4, public, industry, etc.

    submitted by /u/True_King2019
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    What is your education, job title and your salary in accounting?

    Posted: 03 Mar 2020 02:54 PM PST

    Trying to see if further education will be worth it in accounting, information like this will help, as I can't really trust the stats online.

    submitted by /u/TheDoggydog23
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    Do you like your job?

    Posted: 03 Mar 2020 08:16 PM PST

    Everyone here is complaining, depressed acting etc talking about working crazy hours, for not the best pay. One of the other threads some guy was working 96 hours in a week, 7 days, im in second semester of undergrad and kind of shitting myself that I made the wrong decision.

    I just want a bearable steady job with good pay but according... to just about everyone on this forum that's not the case at all. Rather its stressed, working free sometimes to meet deadlines, hating the job, constant confusion even in the midst of your career. Is accounting really really that bad? I'm really worried about where my career is headed.

    maybe i should just learn to code, i dodged that one thinking its a bursting bubble...

    ​

    Tell me, do you like your job? is the money worth it? is it bearable, busy season or not? Please don't sugar coat it, I want to know the reality however harsh.

    submitted by /u/TameLameJames
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    Can I rant here?

    Posted: 03 Mar 2020 05:51 PM PST

    Sorry for the rant, but I need to get this off my chest. I. Hate. Cost. Accounting. Seriously, I feel like the dumbest person in the class. Everyday feels like a sucker punch to my self esteem. I got a 59 on the exam (partly because I had the flu and couldn't study), but seeing the class average being an 83 really hit me in the stomach. Now I'm doing a group project and feel so stupid because I messed up both questions I had to do and they're helping me fix them. I feel like a retard and it's embarrassing for me. It seems like everyone just knows the material and I'm left in the dust.

    submitted by /u/ThrowMeAway814298
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    What do you do when unassigned?

    Posted: 03 Mar 2020 09:52 AM PST

    I'm unassigned for a couple weeks in the middle of busy season working for a Big4. I've finish all required training and already passed the CPA exam, so I have nothing to study. What do you personally like to do when you're unassigned?

    submitted by /u/cookie079
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    Big4- Breaking my back only to receive mediocre performance review. WTF?

    Posted: 03 Mar 2020 10:47 PM PST

    Guys, have you ever went on a great date with a wonderful girl who said she had a great time with you, but when you got home she blocked you on everything and all you could say is "wtf just happened?" Well that's exactly how I feel, but with my damn periodical engagement performance review.

    I worked years in industry prior to switching over to a Big4 last Fall. Much lower pay, grueling long hours, but I went into it knowing I'll get public audit experience that'd make me a more well rounded professional.

    I was assigned onto a shit show public client right off the bat. A month in, the senior went on maternity leave and they never bothered replacing her. I was an A1 without guidance running around like a headless chicken somehow made it through busy season with good reviews from the senior manager.

    Summer came, the senior came back in time to be promoted to manager, overseeing my work. I thought I had a good relationship with her, always gave her status update on my work, asked for more work, and generally worked very hard to impress her. I'd prepare things for weeks before she actually reviews it, and then the review comments would come weeks later and it was always a pain for me to backtrack and remember what I did. She seems scattered, often leaving review notes on things that are clearly there, forgetting to let client contact knows when to expect us...etc...That's fine, being a manager isn't easy, I understand that.

    What came as a surprise to me, however, was the meeting invitation for improvement with her and the senior manager. They gave me some bullet points to work on (pay more attention to details, ask more questions), which I took their advice and worked on. A few weeks later they also agreed that I've made improvement on it, and for our face to face meeting, she also said I did an overall great job with great attitude, and to keep those pointers in mind for future engagement.

    What came as a shocker to me just today, was to receive a formal below-average to average rating on the metrics of my performance (control/risk assessment/technical..etc.) and I was livid. Not even once during my face-to-face or via email did the seemingly lack of technical skills ever been brought up, and with other engagements I've never received any complaint about my understanding of what's going on. At this point I'm really concerned this botched review is going to affect my chance of being considered for promotion to senior this fall (especially since this engagement took up 2/3 of my time with the firm). I am definitely going to contest this with my PML, but at this point I'm feeling so jaded and just... disappointed.

    I'm sorry if this sounds like a pathetic rant (let's just blame this on long busy season hours), but can anyone shed some lights on what I should do from this point onward? I'm seriously lost. I'm completely blindsided by this periodical engagement review, as this manager was always so happy and cheerful during the meeting, but then turned around and slapped me with the worst score I've seen since highschool French class. I started to really like many aspects of my work (all expect this), it'd suck having to look for a job elsewhere.

    Tl,Dr: Thought I did a great job, manager said I can improve on some minor things but keep up the good work, then turned around and submit the worst technical performance metrics ever that will probably ruin my chance of being promoted to senior.

    submitted by /u/be_you_and_i
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    In high-school going into grade 11 next year.

    Posted: 03 Mar 2020 09:52 PM PST

    I was looking into jobs I may want an accounting is a field that I'm somewhat interested in. I took an accounting class for next year so that should give me a small feel for it. What grade in math is recommended and how skilled do you have to be in math? My school also has an amazing piping and plumbing program that I'll look into if accounting isn't for me. Lastly any regrets of becoming an accountant, if so what are they and what would've you have tried to be instead?

    submitted by /u/Parmar6o4
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    Important changes for taxpayers from April 1, 2020

    Posted: 03 Mar 2020 09:48 PM PST

    Important changes for taxpayers from April 1, 2020

    The Hon'ble Finance Minister, Smt. Nirmala Sitharaman, in her second annual budget speech proposed quite a few changes to the direct tax laws and indirect tax laws. Also, the GST Council through its meetings have been constantly making efforts to stabilize GST collections and improve efficiency by amending some of the provisions of GST Acts and by making changes to the way tax payers file their returns. With the new financial year beginning just around the corner it is necessary to brace ourselves to learn and implement these changes with ease. Here's a list of some of the major changes in direct tax laws that will take effect from April 1, 2020.

    1. New and Simplified Tax Regime

    One of the first and major change that was brought through the budget was the 'New and Simplified Tax Regime'. I am not sure how it is simplified but for sure it is new. Under this new scheme multiple slabs have been introduced and tax rates are kept lower as compared to the traditional slabs (which also continue to be in force).

    https://preview.redd.it/5rztep2bglk41.png?width=524&format=png&auto=webp&s=6a6b2b2af44e2b910ee3f211ae65dd876c90bda7

    As it can be viewed from the above table, there is significant reduction in tax rates in some of the slabs. But this new tax regime comes with a few riders, that is the below deductions/exemptions are not allowed for those opting the new regime.

    https://preview.redd.it/nfr9kpriglk41.png?width=687&format=png&auto=webp&s=93cf37191970616954f7df4e8b310f5f40b64bd8

    [Chapter VI-A deductions are Life insurance premium, Senior citizen saving scheme, PPF, PF, Tuition fee paid, Education loan, Housing loan principal repayment, etc.]

    https://preview.redd.it/vxi1uoknglk41.png?width=685&format=png&auto=webp&s=d9bf60ddc6dfc5badfa16e968cd534fadfaf1cf6

    • No set-off of loss or depreciation arising out of above deductions.
    • No set off of loss from house property

    So, we can clearly see that for filing the tax return of FY 2020-21, one has to compute taxes under both options and then make a decision to go with the one which is beneficial to the tax payer. But the catch is that if the tax incidence under new tax regime is lower then one may not make the tax saving investments. So, a conscious plan has to be made right from the start of the financial year whether to invest or not.

    ​

    2. Abolition of DDT

    One of the most talked about updates from the Budget speech is the removal of Dividend Distribution Tax provisions. Under the existing provisions, companies are required to pay DDT at the time of declaration of dividend. This amount has to be deposited with the Govt. However, The Finance Bill, 2020 brought about couple of changes:

    • DDT will be abolished and from April 1, 2020 onwards there is no requirement by the Company to pay DDT on declaration of dividend.
    • An amendment has been done to the TDS provisions as per which TDS needs to be deducted if the amount of such dividend or the aggregate of such dividend paid by the company to a shareholder exceeds Rs. 5,000/-. The rate of TDS is 10%.

    https://preview.redd.it/aikfhioqglk41.png?width=649&format=png&auto=webp&s=d96bc9b5ffe2d96017bbaff8c81974e8ed60f461

    So what changes is that the incidence of tax has been partially passed on from the Company's hands to the investor's hands. But what is important is that now investors need to pay tax on dividend as per their slab.

    For a resident individual who has a total income (excluding dividend) of Rs. 15,00,000 now will have to add the dividend income to it and then compute tax. So, in this case, the individual would end up paying 30% tax on the dividend income. However, if the income after including the dividend income is below the taxable limit, then no tax on the same. Clearly the rich who receive high dividends should be ready to let go more of their money towards taxes.

    Further, a new section (Sec 80M) has been inserted to remove the cascading effect in case of inter-corporate dividends, with a change that set-off will be allowed only for dividend distributed by the company one month prior to the due date of filing of a return, in place of the due date of filing return earlier.

    Come April 1, all dividends received by a person needs to be tracked, disclosed and taxed.

    ​

    3. Modification of residency provisions

    Few modifications have been done to the provisions which decide the residency of an individual/HUF.

    • Currently a person could stay in India for 182 days during the financial year and claim to be a resident. However, this has been decreased to 120 days from existing 182 days.
    • An individual or a HUF shall be said to be "not ordinarily resident" in India in a previous year if the individual or the manager of the HUF has been a non-resident in India in seven out of ten previous years preceding that year. This new condition to replace the existing conditions in clauses (a) and (b) of sub-section (6) of section 6.
    • an Indian citizen who is not liable to tax in any other country or territory shall be deemed to be resident in India.

    ​

    4. Rationalization of provisions of Start-ups

    Existing provisions provide for 100% deduction in profits derived from an eligible business by an eligible start-up for 3 consecutive years out of 7 years subject to condition that the eligible start-up is incorporated on or after April 1, 2016 but before April 1, 2021. This has been amended to 3 consecutive years out of 10 years.

    ​

    5. Deduction for affordable housing

    A. The Govt. has extended the timelines for availing deduction of up to Rs. 150,000/- for interest paid on loans taken for purchase of an affordable house. The deduction was allowed for housing loans sanctioned on or before March 31, 2020. In order to ensure more persons avail this benefit the date has been extended by one more year.

    So, do not forget to avail this deduction at the time of filing the return for FY 2020-21. However please note that this deduction is only for affordable houses.

    B. Further, in order to boost the supply of affordable houses, a tax holiday was provided on the profits earned by developers of affordable housing projects approved by March 31, 2020. This also has been extended till March 31, 2021.

    The construction companies and the buyers of affordable houses, both are benefited by this move.

    ​

    6. Tax audit limit

    A new clause has been inserted, whereby the turnover limit for applicability of tax audit has been increased to Rs. 5 crores for a certain class of persons, they are:

    A person whose aggregate of all amounts received for sales, turnover or gross receipts and all payments made for expenses during the year, in cash, does not exceed 5% of the said amounts, respectively.

    ​

    https://preview.redd.it/kofk59xuglk41.png?width=580&format=png&auto=webp&s=f80a3169cbb6360f6bfeed7a81a87814ee6f6409

    This appears to be an incentive to some of the small and medium enterprises who have been conducting their businesses fairly through digital payments and banks. But the incentive is only by way of easier compliance.

    ​

    7. Amendment in TDS Provisions

    A. TDS on Fee for technical services (194J)

    The Finance Bill, 2020 has proposed to reduce the rate for TDS in section 194J in case of fees for technical services (other than professional services) to 2% from existing 10%. This is in order to reduce the large number of litigations on the issue of short deduction of tax where the assessee deducts tax under 194C and officers claim it to be 194J.

    Not to forget that professional services continue to be at 10% and only fee for technical services has been brought down to 2%. This takes effect from April 1, 2020.

    B. TDS on ESOPS

    While the investors were expecting some changes to the tax rates on capital gains from sale of shares, the Govt. did not feel it necessary but instead brought a change to ESOP taxation. Start-ups generally use Employee Stock Option Plan (ESOP) to attract and retain highly talented employees. Currently ESOPs are taxable as perquisites at the time of exercise. The Finance Bill, 2020 has proposed to amend these provisions. Accordingly, a person being an eligible start-up, responsible for paying any income to the assessee being perquisite of nature specified in section 17(2)(vi), shall deduct or pay tax, within 14 days-

    (i) After the expiry of 48 months from the end of the relevant Assessment year; or

    (ii) From the date of the sale of such security by the assessee; or

    (iii) From the date of the assessee ceasing to be the employee of the person,

    Whichever is the earliest, on the basis of rates in force for the financial year in which the security is allotted or transferred.

    ​

    8. Widening the scope of TCS (Tax Collected at Source)

    In order to widen and deepen the tax net, the Government has proposed to amend TCS provisions:

    A. TCS on overseas remittance and for sale of overseas tour package

    An authorised dealer receiving an amount or aggregate of amounts of Rs. 7 lakh or more in a financial year for remittance out of India under LRS (Liberalised Remittance Scheme) from a person remitting such amount out of India, shall collect TCS at 5%. In non-PAN/Aadhaar cases the rate shall be 10%.

    The limit of Rs. 7 lakhs shall also apply to a seller of an overseas tour program package who receives such amount from a person purchasing such package. The TCS rate is 5% and in case of non-PAN/Aadhaar it is 10%.

    B. TCS on sale of goods

    A seller of goods is liable to collect TCS at the rate of 0.1% on consideration received from a buyer in a financial year in excess of Rs. 50 lakh rupees. In non-PAN/Aadhaar cases the rate shall be 1%. This is applicable only to those whose turnover exceed 10 crore rupees in the preceding financial year.

    However, no TCS is to be collected from State/Central Government and other related Government organisations. Also, if the buyer is liable to deduct TDS then the TCS provision shall not apply. This amendment will take effect from April 1, 2020

    Regards

    Nikhil K S

    submitted by /u/thetaxguy_India
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    Petty Cash....still relevant?

    Posted: 03 Mar 2020 09:45 PM PST

    My company still has Petty Cash accounts. What's everyone's take on Petty Cash these days? In my opinion they're no longer needed given that nearly all transactions can be done with credit cards and reimbursed via expense reports.

    submitted by /u/ThunderPantsGo
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    Can I still get a decent job with an Online Accounting degree?

    Posted: 03 Mar 2020 05:43 PM PST

    Hello Guys, I'm thinking about going back to school for Accounting but I will still need to work in order to pay for school and bills. I have two options I can work 2nd-3rd shift warehouse job and go to school in the day time or I can work in the daytime and go to school online. I do have previous online college experience. If you are curious I'm interested in a career in Corporate finance either Treasury or FP&A. Thanks!

    submitted by /u/Aysia88
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    CCH Axcess down or is it just me

    Posted: 03 Mar 2020 07:42 AM PST

    Scared

    Update: I'm back into the software

    submitted by /u/Moe787277
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