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    Accounting Weekly Thread: Covid-19 and CARES Act

    April 03, 2020

    Accounting Weekly Thread: Covid-19 and CARES Act

    Weekly Thread: Covid-19 and CARES Act

    Posted: 03 Apr 2020 08:25 AM PDT

    This is a weekly mega-thread for items related to Covid-19 and the CARES Act. Covid-19 continues to have significant impact on the profession, as such posts related to Covid-19 and the CARES Act should be posted in the comments here. Other Covid-19 related threads will be removed and posters will be directed to this mega-thread that will update every Tuesday.

    Since this thread is likely to fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    Update: my wife bought me a mousepad for my sad WFH setup

    Posted: 03 Apr 2020 07:11 AM PDT

    When you still don’t understand what was said in a email from a partner

    Posted: 03 Apr 2020 01:34 PM PDT

    This is not what I signed up for

    Posted: 03 Apr 2020 10:54 AM PDT

    Work work work work work.

    Posted: 03 Apr 2020 12:35 PM PDT

    KPMG Lynne Doughtie: no variable compensation for employees in 2020, partner pay reduction, hiring freezes, no encore awards, etc...

    Posted: 03 Apr 2020 06:32 PM PDT

    To me she seems less confident about no layoffs this time around

    submitted by /u/fernthegreat
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    EY in shambles.

    Posted: 03 Apr 2020 07:31 PM PDT

    One review I came across lol

    Posted: 03 Apr 2020 06:52 PM PDT

    It’s going to be a busy summer in public accounting

    Posted: 03 Apr 2020 02:06 PM PDT

    So we just had our weekly tax department meeting. The head of the tax department informed us that we'll need to amend basically every return over the past 5 years that has had A) NOL's B) 39 year property or C) over 25 million in revenue because of the law changes with the corona virus. Additionally, we're going to dedicate staff to calculate weather we should hold off on filing 2019 1040 TR's if the client's 2018 TR would yield a bigger stimulus check. ADDITIONALLY are going to start contacting every business client to do "PPP loan" calculations to see if they can benefit from the stimulus loan being offered by the government. So long story short, there should be plenty of billable work to go around this off season. In the short term our jobs are safe and we can continue to pat ourselves on the back for choosing the riches of public accounting as our career.

    submitted by /u/CPAstonkGOD
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    Follow Director Rafiki, he knows the way

    Posted: 03 Apr 2020 12:12 PM PDT

    Coworkers dont mind cause I have an Asian accent and I sound like darthvader

    Posted: 03 Apr 2020 09:52 AM PDT

    Brave indeed

    Posted: 03 Apr 2020 01:47 PM PDT

    Pay cut

    Posted: 03 Apr 2020 03:54 PM PDT

    Lol the chair of our board just announced a 30% pay cut for all employees, essential or not. Right after having all non essential burn 2 weeks of vacation, and offering no negotiations or discussion. In the same email he announces that we will all now be working remotely, essential or not, and will receive special instructions/projects.

    Guess who's polishing off the ol resume.

    Edit: I will now be making 12.5% LESS than when I started there 3 years ago. Neat.

    submitted by /u/Mr_McShane
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    Just sent the female head of accounting a gyrating monkey emote via Teams because I thought he was just dancing...see you boys/girls in the unemployment line

    Posted: 03 Apr 2020 07:28 AM PDT

    I was trying to send a light hearted emote to celebrate a month long issue that was resolved this morning. I post it and lo and behold the monkey is monkeying around.

    submitted by /u/SwissArmyAccountant
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    I wonder what the remaining life of this asset would be...

    Posted: 03 Apr 2020 07:36 AM PDT

    Graduates of the great recession, how did you bounce back?

    Posted: 03 Apr 2020 05:07 PM PDT

    Any accounting grads from '08 or '09 care to chime in? I'm curious how job prospects were (especially in light with what's happening now), how you were able to pay off your loans, if any, and if you regret graduating at the time that you did?

    submitted by /u/jellyfishsailor
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    I want to quit the damn CPA exam

    Posted: 03 Apr 2020 09:49 PM PDT

    I passed two exams so FAR....FAR with 80 and REG with 89...I had to study for like 5-6 months for each because I've been out of school for so long...Honestly..my little kids are so little, and so cute! They are need my attention! I need to be a better mom! Why did I even want to start doing this! I failed AUD with 74 and now have to re-take that, my mind if a total CF...I am a stay at home mom, and I know people do it with kids and a full-time job, but I'm just not people.

    submitted by /u/jacksruletherealm
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    Could anyone give me an IRS career rundown?

    Posted: 03 Apr 2020 06:00 PM PDT

    Im on track to graduate in December. How does working for the IRS work? I hear the vacation time gets to be nuts if you're a lifer and you get all federal holidays off and the pension is pretty sweet.

    Assume I graduate and pass my CPA exams soon after; how do the pay grades work? How do the promotions work? Is it true you cap out at 150k/year?

    Sidebar: How could I become a tax court judge/tax court state's attorney? I'm okay with potentially going to law school.

    submitted by /u/Iluvtax
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    Live feed of me prepping PPP support packets.

    Posted: 03 Apr 2020 12:41 PM PDT

    TFW it's 1AM and you just spent two hours debugging a VBA form because you missed a letter when typing a variable.

    Posted: 03 Apr 2020 09:57 PM PDT

    Yeah. That feeling. The one that has me still awake at 2AM frustrated at my own stupidity. I only figured it out because I got pissed and copy-pasted every single variable in every single function and noticed it was literally one line up from where I spent the last two hours staring. The worst part is that nobody will ever know because nobody cares.

    submitted by /u/dicaparly
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    This is what I'm hearing all day at my small firm.

    Posted: 03 Apr 2020 05:39 AM PDT

    Still have my job

    Posted: 03 Apr 2020 08:22 AM PDT

    At a regional firm, my company isn't laying anyone off. I was told to study for the CPA.

    I will. After I play some war zone.

    The past week has been stressful wondering if I will get the Axe or not.

    submitted by /u/GeneralLedger17
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    The end is near, interns!

    Posted: 03 Apr 2020 02:40 PM PDT

    Maybe.

    I got told I'm done April 15. I suppose its a mix of me horribly blowing budgets and the uncertain future. Still been trying to work as much as I can, the pay is really nice, and I want to at least leave on a good note (that I worked hard and tried).

    Anyway, got told today by partner I can start limiting my OT and take the weekend off. I'm at 45 hours on the week. Guess I'm glad I won't have to work this weekend but sad because I know deep down thats sort of a shot at me that I'm not worth their money.

    I really sucked at public accounting. But I learned a shit ton. Before I started I didn't have many intentions of doing my CPA, because I really didn't understand much. I can honestly say now I want to get my CPA. Even if I don't work in public.

    So good luck to the rest of you interns, those of you who already got laid off, sorry to hear that. Congratulations to the ones who get to stay!

    submitted by /u/AncientWyvernShield
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    Deloitte Canada Voluntary reduction in hours?

    Posted: 03 Apr 2020 04:59 PM PDT

    Has anyone here in Audit opted for this option? They have been really pushing this option over the past few days. I do have some free time on my board near the end of summer so I am contemplating it but that's so far down the road that there is a possibility I get picked up on a client.

    submitted by /u/mak_1995
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