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    Accounting 06/08 Weekly Thread: Covid-19 and CARES Act

    June 07, 2020

    Accounting 06/08 Weekly Thread: Covid-19 and CARES Act

    06/08 Weekly Thread: Covid-19 and CARES Act

    Posted: 07 Jun 2020 09:04 PM PDT

    With virtual finals coming up, the mod team would like to remind students of the subreddit rules, specifically number 3. That being said, any solicitations for assistance on exams will be REMOVED and posters will be be PERMABANNED, no exceptions.

    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 Monday.

    US PUBLIC ACCOUNTING UPDATES

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms tends to be the most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Firm Layoffs Bonuses Salary Partner distribution reductions PTO Honoring Internship / FT Offers
    PwC No Covid-19 layoffs planned Bonuses to be paid out based on firm performance No raises for non-promotes NA NA Yes
    EY No Covid-19 layoffs planned No fiscal 2020 performance based bonuses NA Yes NA Yes
    Deloitte 3% - 5% layoffs, 1.5% furloughs, hours reductions NA Tax - No raises for non-promotes Distribution Reduction NA Yes
    KPMG No Covid-19 layoffs planned No fiscal 2020 variable compensation, encore awards frozen NA Yes NA Yes
    GT No Covid-19 Layoffs No bonuses No raises Partner draws reduced by 25% through July, leadership taking 20% salary reduction through fiscal year, partners to answer capital call NA NA
    RSM Layoffs, furloughs for underutilized LoS Possibly deferred, but to be paid out No NA NA No PTO accrual for second half of 2020
    BDO NA NA 5% - 10% reduction from 5/1 to 8/1 Yes NA NA
    Clifton Larson Allen NA NA 10% reduction from 5/1 through 10/31 NA NA NA
    Moss Adams 300 Furloughed, 200+ reduce schedules NA 5% - 20% reduction 20% partner reductions NA NA
    Crowe Yes NA NA NA NA NA

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms seems to be most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Got something to add about your firm? Leave it in the comments and we'll update the following week.

    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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    Bonus points if it's faxed

    Posted: 07 Jun 2020 10:58 AM PDT

    Pros and Cons of working from home..

    Posted: 07 Jun 2020 04:08 PM PDT

    Pros:

    1. No commute,
    2. no physical interaction with the office workers or awkward nods with strangers while going to a communal bathroom,
    3. sleep in later,
    4. fewer people bugging me,
    5. eat whenever,
    6. better screens and chair,
    7. temperature at home is way better than at the office, office felt like a sauna everyday
    8. no physical client meetings.

    Cons: none lmaoo

    I don't know what you all but I'm enjoying working from home. Not looking forward to commuting to the office.

    submitted by /u/GokutheAnteater
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    Luckily he doesn't have a scanner at home, otherwise he'd definitely still be printing out the audit file to review

    Posted: 07 Jun 2020 11:13 AM PDT

    Public accounting seniors be like

    Posted: 07 Jun 2020 11:20 AM PDT

    When a staff thinks the intern is ready to be thrown into a task without any supervision

    Posted: 07 Jun 2020 04:05 PM PDT

    I felt that...

    Posted: 06 Jun 2020 11:01 PM PDT

    I don’t want to be promoted.

    Posted: 07 Jun 2020 12:36 PM PDT

    Title says it, I'm content as a senior and don't want the added BS that comes with manager (I'm getting promoted, effective in a few months)..

    I just wanna do my work, get my paycheck and be content. Idc about the whack raise I'm bout to get I don't want all the extra stress and anxiety.

    I've got to be alone in this thinking right?

    submitted by /u/burner3815679
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    Feeling down about Canadian Accountant Salary Progression.

    Posted: 07 Jun 2020 04:04 PM PDT

    The more I study my boring, dry accounting material, the more depressed I get about our salary progression in Canada. Are we seriously only making 45k in Public after graduation? Post CPA I am hearing around 65-70k as a senior in Toronto. This is of course livable, but still so disappointing when looking at the amount of work we put in, and how boring the work is. Please correct my numbers if I'm wrong (hopefully things are less bleak).

    I could have studied literally anything else in the US, and would be making more when accounting for USD. You US accountants have it so good.

    submitted by /u/JetstreamRam
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    Based on a real life story

    Posted: 07 Jun 2020 07:55 PM PDT

    Ah, the typical busy season

    Posted: 07 Jun 2020 07:50 PM PDT

    #1 Reason to be a forensic accountant

    Posted: 07 Jun 2020 08:17 PM PDT

    Can't wait for my first desk pop.

    submitted by /u/FshIce
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    When you've agreed to do something in the planning meeting... and it turns out the PY workpaper is complete trash.

    Posted: 07 Jun 2020 04:39 PM PDT

    Should I be worried about my job if my firm is thinking about outsourcing some of our tax work?

    Posted: 07 Jun 2020 09:55 PM PDT

    I work in tax, and management has mentioned they will probably be doing this beginning next year. It is a small firm, but worried about layoffs if they go through with this. Is that something that tends to happen?

    submitted by /u/zzzthrowzzzaway13
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    Maybe one day we’ll get to see this or at least have more time to dream about it

    Posted: 07 Jun 2020 03:03 PM PDT

    Deloitte SF vs. Deloitte Costa Mesa

    Posted: 07 Jun 2020 09:00 PM PDT

    Hey everyone! Incoming deloitte SF tax intern here. I'm living in Berkeley now and trying to decide between Deloitte SF or Deloitte Costa Mesa after graduation next year. Unfortunately, the summer internship got condensed into a two-week virtual program so I have no idea what it'll really be like working in the SF office :( but Costa Mesa office is close to home and I can save on rent and be with family.

    Any thoughts about which office is better in terms of pay, benefits, exit opportunities, promotion, culture, and clients? Thanks so much, I really appreciate any help!

    submitted by /u/South_Tea_9637
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    Advice to help get first internship

    Posted: 07 Jun 2020 08:23 AM PDT

    So back in November to January I was applying to internships trying to get my first one as I was going into my final year (graduating undergrad in Dec. 2020). My GPA wasn't the best, as it was a 2.92 but got it up to 3.05 and now it's a 3.24. I applied to probably at least 12-15 internships and only got a call back for one. I was thinking it was my gpa bc a lot of them were looking for minimum of around 3.2 which I didn't have back then. I think it's bc I had no prior experience and my GPA wasn't the best at the time. Anyone else have similar experience? How did you get your first internship?

    submitted by /u/bosco2434
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    Journal Entry - Aquisition

    Posted: 07 Jun 2020 08:45 PM PDT

    What is the journal entry when a company goes from a 75% interest to a 100% interest in a subsidiary?

    submitted by /u/Lefty1992
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    Government jobs with a masters degree

    Posted: 07 Jun 2020 10:11 AM PDT

    I will be graduating with an MSA (with a non-related bachelors and no previous accounting experience) in Fall 2021 or Spring 2022. My goal is to work for the state or federal government. What GS level pay grade would I be starting with? Also, is it difficult to get these positions without experience?

    submitted by /u/blueridgemountains12
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    Accounting Recruiting Question

    Posted: 07 Jun 2020 08:20 PM PDT

    Should I apply for current open positions right now, with a desired start date for 2021? or no?

    I have entry-level accounting experience, but should I apply ASAP and just put desired start date 2021? or pointless

    I will graduate in Summer 2021 and be CPA ready by Fall 2021/Winter 2021 with a BBA in Accounting and a Minor in Finance

    submitted by /u/N_Ali2
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    Did anyone try to negotiate their entry level salary at B4 audit or tax?

    Posted: 07 Jun 2020 10:33 AM PDT

    Personally, I felt it would be inappropriate to try and bump up my salary for my first job out of school. If anyone tried it, did it work? If it didn't work, were there any repercussions?

    submitted by /u/Strike-out-throw
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    How likely is someone to make Partner at a Big4?

    Posted: 07 Jun 2020 01:05 PM PDT

    Golden Gate University- Master of Science in Taxation

    Posted: 07 Jun 2020 07:03 PM PDT

    Hello all,

    I was wondering how many classes people take in this program online while working full-time and/or studying for CPA Exam? I am wondering if I should take 1 or 2 classes? I will not be working, just studying for the CPA Exam. I would like to do well.

    Also, does anybody know the acceptance rate for this program? Specifically, for people who meet the general GPA requirement?

    Thank you!

    submitted by /u/Blondie4CPA
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