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    Home Unlabelled Accounting MRW Trump's tax returns are released and he pays almost no income tax

    Accounting MRW Trump's tax returns are released and he pays almost no income tax

    September 27, 2020

    Accounting MRW Trump's tax returns are released and he pays almost no income tax

    MRW Trump's tax returns are released and he pays almost no income tax

    Posted: 27 Sep 2020 03:25 PM PDT

    Everyone Is A Tax Professional!

    Posted: 27 Sep 2020 05:24 PM PDT

    When Reddit starts analyzing Trump's taxes without understanding US tax law

    Posted: 27 Sep 2020 05:11 PM PDT

    Why does it have to be this way

    Posted: 27 Sep 2020 06:30 AM PDT

    Basically half of my to-do list

    Posted: 27 Sep 2020 05:14 PM PDT

    We've got Presidential tax returns, folks.

    Posted: 27 Sep 2020 02:33 PM PDT

    Beginner's guide to learning, extending and automating your work. (Using Excel, VBA, Python, etc)

    Posted: 27 Sep 2020 08:17 PM PDT

    I'll step out the steps in an orderly manner. Something lower in list doesn't mean that they're more difficult than upper one. It just means that it's preferable to do the thing thing that's upper in the list first and lower in the list after the upper one.

    Disclaimer: I'm not a programmer so I might not be doing things in 'The Right Way' as seen from programmers perspective. But, I've learned everything myself so I hope my experience will help someone looking to extend their skills. And I don't intend to advertise any product, but I'll refer to the solutions I use for my work.

    A. Excel:

    First, learn basic features of Excel like features in 'Ribbon Toolbar' which includes Pivot Tables, Conditional Formatting, etc. Then learn useful 'functions' like SUM(),IF(),.........,VLOOKUP(), etc. As an accountant, we 'have' to know Excel. Other things are ancillary. So, if you're not so confident in your Excel skills, I suggest you take tutorials or read books that teach you useful features of Excel. Don't waste your time in those tutorials or books that teach you 'everything', because not everything is necessary for our work and if we can't apply the thing in our work then we'll forget it anyway.

    B. Extending Excel:

    There are multiple ways to extend Excel features. Maybe you want to do some lengthy task just by a click of a button? Maybe you want to automate some routine task you do? Maybe you want to generate Balance Sheet from a Trial Balance with every item in Balance Sheet linked to Trail Balance? Possibilities are endless.

    There are mainly two ways to extend Excel.

    1) Add Ons:

    I absolutely love 'KuTools For Excel'. Now I can't keep count of how many times this thing has saved my time. It's like Excel on drugs. There might be other Add Ons like this but I use this one regularly. Add Ons are easy to install and use, they require normal amount of brain cells to understand and use. To find more, use Internet.

    2) Macros and VBA Programming:

    This step requires more than average effort to learn. Is it worth it? If you use Excel most of the time then Yes! But, If you have to use other softwares too then Python might be the way.

    You want to automate something in Excel? Well, You can. Use Macros for simple automation and VBA scripts for complex ones. Every thing that can be done in Excel, can be done through VBA. I like to refer Macros and VBA interchangeably because Excel treats both as same, Excel stores Macros as VBA Script if you didn't know.

    Learning VBA is straightforward. Find some good tutorial and practice it. Use the knowledge to automate your tasks and if you encounter any problem don't be afraid to search for the solution in the Internet. For example, 'How to create Pivot Table in VBA' will yield quite some search results and voilà there you'll find a solution. Remember, Searching in the Internet 'is' a crucial step to learn programming. You don't need to learn everything, learn basic stuffs and then learn the things that'll help you the most.

    B. Python:

    Background:

    To be honest, this skill was most required after I moved from Accounting to Financial Analysis, I use Excel but use Python for number crunching. But, many accountants use it to make their work easy so don't discount it so fast. Python is fast and can be used for anything where Excel is slower and can't be used for many things.

    I use it Today to get data from API, analyze it, then store the final report in Excel. I've used it for downloading a humongous unstuctured Table from a website in a daily basis, clean the table and finally store the data in Excel sheet for further analysis in just a minute by a simple double click of the mouse button. I don't know if VBA can be used to do that but I'm pretty sure it's not quite easy in VBA like it's in Python.

    Python is so versatile, it can be integrated inside Excel sheets itself and be used instead of VBA. Python can quite replace most of the VBA. Search 'xlwings' for more info.

    Why Python?:

    (1) It's much easier than other Programming Languages (2) 'Libraries'. In Python, much of the difficult tasks has already been done by others, you only have to learn to use the Libraries (3) 'Learn one thing, use everywhere' (4) Make the computer do the boring routine stuff.

    When not to use Python?:

    If simple analysis can be done in Excel, do it in Excel. If you only need simple reports, do it in Excel.

    What is Python?:

    It is a 'Programming Language', but I like to think of it as a Software. A software that is used to make programs. Excel is used to make Excel sheets that has to be opened in Excel Software itself. Similarly, Python is used to make Python Programs (Or, Python Scripts) that has to be run via Python Software. Well, to be specific, Python files can be converted to standalone .exe files but it's usually used in the way I said earlier.

    How to learn Python?:

    Step 1:

    Step 1 -> Approach 1(Recommended):

    Goto Automate the Boring Stuff with Python and read the free book. This book is so good, Author has made it free to read. I love this book, there might be other books that are even better but I find it best.

    Step 1 -> Approach 2(Do this too with Approach 1):

    Goto YouTube and search for a Tutorial series on Python. You'll drown in the sheer number of suggestions in YouTube. I find videos from 'Corey Shafer' to be concise and to the point. Watch the tutorial series of your YouTube channel of choice and try to replicate.

    Step 2:

    Learn Libraries:

    What the heck is Python Library?:

    Libraries to Python are like Add Ons to Excel. You can use Excel without AddOns but you have to be stupid to not use Python Libraries. Most useful libraries for us are 'openpyxl' and 'pandas'. You want to interact with Excel files in an easy way? Use 'openpyxl'. You want to analyze and create a report out of a excel file containing thousands of rows? Use 'pandas'. You want to download something? Use 'requests' library. Remember, Always use Libraries. They are the things that make Python easy.

    How do I approach Libraries?:

    There are many more libraries than those that will be useful for anyone. Only learn few libraries that are useful. Remember, you don't goto every library(I'm talking about real library) in the world, you only goto select libraries and only read select Books. Similar is true in Python. First ask yourself what is the thing that you want to do and then search in Internet if a Python library is available that does that. Goto YouTube and search for Tutorials that explain how to use it, or Find a Book that teaches it. And that's it. Practice and make your stuffs.

    Step 3:

    Make Python Scripts and do whatever the heck you want. Possibilities are endless. Automate your worksheets, you emails, your everything. Enjoy what you do.

    Ok I've learned Python and I still want more, What more should I learn?:

    Idk man, I find it quite difficult to find time to learn new things now. But, I'm planning to learn more statistics (Yes, Math!) And Machine Learning / AI using Python Libraries like 'tensorflow', etc. I've heard it's quite useful in finance, but not so much in Accounting.

    Dude, you're an Accountant. Why do you keep learning those stuffs?:

    I love solving problems. If learning Maths and Computer stuffs will let me solve problems easily then why not? Also, i refuse to belive that Accounting only involves knowledge about Debit, Credit and Tax Compliances.

    Final Words:

    Sorry for the long text. And if you've read everything, maybe you're very hungry for progress. I hope you succeed in your path to learning and improvement. Don't forget to have fun while learning. Afterall, if you're not having fun, is it worth it?

    submitted by /u/YajanBasel
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    Oh that is unfortunate

    Posted: 27 Sep 2020 01:10 PM PDT

    PSA to Big 4 Partners & Managers - We're not going back to the office....EVER!

    Posted: 27 Sep 2020 08:22 AM PDT

    1. I keep hearing statements through webcasts and various emails from local leadership similar to this: "I know how much we all miss the office, and we look forward to getting back there soon!!".

    In case anyone hasn't realized this, Partners lead an artificial working life, and have usually never left their current firm. They get off on walking around the office and being fawned over by, largely, recent college grads. It's part of the reason they love all these firm happy hours and shit. They get to pretend college girls are actually interested in them. It's a total joke. We are all mostly commuting to stroke these partners' egos through incredible power imbalances at the physical office. Now they're stuck at home with their actual wives; totally not what they had envisioned for their life.

    1. Out of all the BS we hear about work life integration, literally the one thing that could actually help build a better working world would be work from home benefits. Yet, for some strange reason, I hear nothing mentioned about any planned continuation of work from home flexibility.

    We must continually speak out about how great work from home has been, and how much more productive it has made us. WFH is the one thing that has made public accounting actually tolerable. Now I know this may be different for our more extroverted friends, but even they would agree that a meager 2 days a week of WFH optionality would be something they'd appreciate, no? Eventually, one of the Big 4 is going to crack and publicly announce some form of WFH benefits, with the rest following; similar to how they all have adopted some form of a mandated Summer + Christmas breaks. The accounting firms have very timid leadership, but luckily industry is already coming out with these policies. Students doing recruiting really need to push this issue and mention how interested they are in WFH benefits as well.

    1. If we are not made whole after a year of salary "compression", staff and seniors need to start quitting like crazy. Experienced employees have been entirely taken for-granted, when they are simultaneously raising incoming, know-nothing, staff 1 offers, while freezing our raises. There's no justification for a fully booked experienced employee to be making only 1 or 2 thousand dollars more than the person below them. Though they try to obfuscate reality by mixing up profits vs. draws ,we all know they will ensure partners are made whole one way or another. In reality, most of these partners have gone from ~500k to ~400k.

    We're just asking for scraps. If we can't get compensated fairly, at the minimum, we should have some ability to choose where we will put in our 12 hour workdays; at least 2x a week. It's not like we haven't been testing this out for 8 months.

    submitted by /u/swiftcrak
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    If loved ones acted like auditors...

    Posted: 27 Sep 2020 02:51 AM PDT

    Feds promise free, automatic tax returns — a change that could send benefits to thousands | CBC News

    Posted: 27 Sep 2020 05:03 PM PDT

    Assuming no tax credits, what amount of taxable income results in a federal tax liability of $750?

    Posted: 27 Sep 2020 06:48 PM PDT

    Or, if you'd rather assume some tax credits were available and utilized, lmk the combination of credits and taxable income that results in $750 taxes.

    submitted by /u/dsm1324
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    Leave PA before making Senior

    Posted: 27 Sep 2020 03:01 PM PDT

    I've been in my position 2.5 years and expect to be promoted this December. I received a job offer at f100 in the controllers group with a 40% bump in salary. It seems like a good offer and I would appreciate the change of pace (more time w/ fam). If I leave before making senior, how will that affect me / will it hurt me in the future / does it even matter?

    Edit: I know the 40% is good, which is why I'm considering it. The question is whether the senior title will matter down the road.

    submitted by /u/waalex
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    Deloitte is auditor for what will go down as the biggest fraud in Chinese history - Luckin eat your heart out!

    Posted: 27 Sep 2020 07:44 PM PDT

    How do I survive in audit as someone with social anxiety?

    Posted: 27 Sep 2020 05:57 PM PDT

    I managed to get an offer to start out in audit full-time next year. I think the only reason why I was able to get an offer was because all the interviews were online. My social anxiety doesn't kick in when I am talking to someone on a screen. I couldn't believe how much of a different person I was when I was doing those interviews virtually.

    In real life, my social anxiety gets triggered when I talk to people who are higher ups than me (staff in networking events, partner, interviewer, boss). I also have problem with making eye contacts with those people. I just get weirdly uncomfortable and become self-conscious. I start thinking... "oh shit, am I staring too much? Are they evaluating me? Are they looking at my mouth movements? Am i blinking? Am I not blinking?." Which sometimes trigger weird facial movements such as quickly looking away, cringing, or looking like I'm in pain, or I just avoid making eye contact in general to prevent these from happening.

    HR told me that we are likely going to be at the office a few days a week at least during our training. So I will eventually have to face the people in person.

    I feel like they are going to see someone who's completely different than who they thought hired. They probably thought they hired some charming smooth talker who's extremely good with people but I am like the 100% opposite of that.

    What do I do??

    submitted by /u/gearupman21
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    what is it called when a CPA firm audits and prepares the financial statement at the same time?

    Posted: 27 Sep 2020 05:25 PM PDT

    I interned at a firm a while back where we would do substantive testing on the numbers in the trial balance, and once the numbers were substantiated, we would prepare the financial statement and issue an audit opinion on it

    I know a FS prep without any auditing is called a compilation and an audit is an audit, but what would the above engagement be called?

    submitted by /u/Intelligent-Snow-253
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    r/prequelmemes crossover

    Posted: 27 Sep 2020 01:39 PM PDT

    starting job in accounting

    Posted: 27 Sep 2020 09:43 PM PDT

    Hi,

    Is it stl worth going into accounting or will it really be gobbled up by robots? I have a lot of tax preparers/accountants in my family and. I want to go for my CPA to help one of my brothers businesses. I am in early 30s, I work as a supervisor and I have a degree in CIS.

    submitted by /u/ReceptionCrazy2933
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    Does work get better after Big 4?

    Posted: 27 Sep 2020 01:48 PM PDT

    Needing to hear some stories to motivate me and make me feel it's worth it. Looking for hope that there are jobs for us Big 4 guys to jump to after with shorter hours, good pay, and where the expectations aren't so high.

    submitted by /u/WeLoveOurBoy
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    Resume Advice for Post Big4

    Posted: 27 Sep 2020 01:53 PM PDT

    This sounds silly but I wondering if you can share how to update your resume.

    I havent compiled a resume since I was in university which landed my internship and it translated my full time role in audit. I feel embarrassed that I forgot how to create a resume and I find it difficult to translate what exactly was my role.

    I know what I did: I lead engagement planning, trained my teams, tested complex sections.

    So what are advice on how to breakdown what you did at audit firm in nice way for a resume

    submitted by /u/mag-the-whale
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    Send it to the senior who made you cry

    Posted: 27 Sep 2020 03:21 AM PDT

    Do you think job hopping is the fastest way to grow your accounting career?

    Posted: 27 Sep 2020 10:03 AM PDT

    Many people in the accounting profession say to leave your job every year or the latest every 2 years. From what I heard, you have much more leverage in negotiating salary with a new company compared to your own company.

    Just wanted to hear your perspective on job hopping and if it helped you significantly in your career?

    submitted by /u/TheAnalyst79
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