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    Home Unlabelled Accounting Please consult your tax advisor.

    Accounting Please consult your tax advisor.

    April 03, 2021

    Accounting Please consult your tax advisor.

    Please consult your tax advisor.

    Posted: 03 Apr 2021 02:51 PM PDT

    It hurt itself in its confusion!

    Posted: 03 Apr 2021 03:32 AM PDT

    I think impending PIP

    Posted: 03 Apr 2021 04:56 PM PDT

    I think the end of my big4 career is coming after this busy season. I can tell I work slower than all the other seniors. I got decent reviews last year but this time around I feel like they expect me to know more and I'm just not meeting expectations. I haven't minded working all the hours. I feel like I'm working harder not smarter. I'm not efficient with set up work papers. I do ask for help when I get stuck. I just feel like I get confused easily. It's also so hard to get anything done when I'm working on something but then have to put it down to start something else. I'm just continuously trying to hop from one thing to the next. I have deadlines this week that I feel like I'm not going to make it. I just feel like my brain is fried. I can't keep my train of thought I'm all over the place.

    submitted by /u/CPeeA
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    Hope after public accounting

    Posted: 03 Apr 2021 07:41 AM PDT

    I just got promoted to Accounting Manager yesterday. I left public accounting 1.5 years ago and started working for my current employer. I only did PA for two years, but honestly that was all I could handle. Yesterday I got a call that one of our Assistant Controllers took another job and that they want me to fill the position. Basically, offering me Accounting Manager for now with the plan of another promotion to Assistant Controller in about 6 months. Since I haven't had a ton of experience (again, it's been 1.5 years) and haven't managed people before, they want to make sure I feel supported and ease me into the AC role, hence the two step promotion. I'm so happy. I love this company (large accelerated filer for reference). All of my bosses are incredible and culture is a huge focus.

    I was miserable in PA. But even then, I was nervous about leaving. For anyone struggling in PA, please know industry can be so much better. I know not everyone will find such a great place to work first thing after leaving, but good companies are out there. You don't have to stay that long in PA to still get a lot of interest from employers.

    Anyways, I'm excited and wanted to share. Thanks for listening!

    submitted by /u/kadavids23
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    When manager tells you that he will give you a bad annual review, but you plan on quitting anyways

    Posted: 03 Apr 2021 08:28 AM PDT

    Baba booey

    Posted: 03 Apr 2021 06:24 PM PDT

    Have an opportunity to strike out on my own a bit (start a tax practice within a successful financial planning firm) anyone have experience with this?

    Posted: 03 Apr 2021 03:56 PM PDT

    I'm a manager in big 4, the CFP firm that my husband and I use for our personal financial planning (a pretty successful, but small practice) reached out and wants to start a tax arm and has offered me a 50% partnership in the tax arm, he's also open to offering full service bookkeeping for small businesses (which is more of what I'd like to do).

    Has anyone walked a path like this?

    If I did do this I think I'd try to negotiate in a buy in to the financial planning arm, as I think both businesses would benefit from me being in there.

    submitted by /u/thatgirl2
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    Spotted the moron!

    Posted: 03 Apr 2021 05:55 PM PDT

    Career Advice

    Posted: 03 Apr 2021 05:22 PM PDT

    Not sure how to frame this but basically my question is: should leave my current stress-free government job where I work 40hrs/wk to work in large public accounting and stress out working lots of hours and get paid (sort of a lot) more?

    Background on me: Recent-ish accounting graduate, graduated May 2020 with a Masters in Accounting, currently 23y/o. Planning to sit for my first CPA exam (FAR) in May. I have a serious girlfriend but she will be attending law school so we're both not planning on having kids anytime soon, hence the reason that I honestly wouldn't mind working the extra hours.

    To be honest, the pay is the greatest motivator to leave because I have my own personal wealth-building goals (real estate investing and stocks), and also my parents are getting older and they don't have retirement money so I'll have to take over the mortgage payments (not too high since we've had the house forever) sometime in the next 5 years. Also, the career/pay progression in public is a lot nicer, the chief of our division (maybe director equivalent in public) is getting paid around the same as a supervisor probably would in public. Also, a lot of my buddies from school are working at firms getting paid more ($1k net pay more per month, ends up being net $12k/yr + bonus) than I currently am but working a lot more hours and stressing out, am I stupid for considering leaving?

    ALL of my co-workers are a lot older than me with families so they are perfectly okay with getting paid "eh" since I understand the time with family/kids is valuable. To be honest, working only 40 hours is awesome, I get to gym, read books, go out often, and there's so much flexibility when requesting days off. But, I'm looking at the career progression here and I see promotion opportunities that would take me from getting paid "eh" to "less eh" since 20%-ish of our pay is obligated to go straight to the pension. Maybe this is my biggest peve, since I'm not retiring for at least 30 years seeing so much of the pay going to the pension when I'm really not going to be retiring anytime soon, I'd rather invest that money myself. I want to note, I'm not putting down my co-workers as lazy, they're awesome people and a lot smarter than me but they're just at a different place in their careers, ya know?

    Sorry if this is a stupid question, thank you for reading if you actually got this far!!! I'd appreciate and welcome any feedback.

    submitted by /u/Wumboski
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    First Year S-Corp Tax Woes - Is my Accountant wrong?

    Posted: 03 Apr 2021 09:02 PM PDT

    Hey All,

    I setup an s-corp this year for the first time at the advice of a new accountant who specializes in the entertainment industry. It's a common practice to work as a "loan out" in the industry (single employee s-corp) who is hired by productions instead of being w-2'd by the production company. They said my income level was at a point that under current tax code that it would make sense, and being that they have 30+ year experience I followed their advice. I should have done a better job of educating myself as to how it all worked, but I thought that was what I was paying a seasoned accountant for.

    So I'm going through my 1120-s and 1040 this week before sending them into the IRS trying to educate myself on how it all works now that I can see the numbers in front of me and I'm starting to be concerned that I may have been lead down a path that seems a little questionable.

    The numbers: The s-corp generated roughly $75k in gross receipts (line 1a 1120s). I would say 80% of that was generated from my labor (being loaned out), and 20% was from equipment rentals. I never paid myself. I had money set aside for my personal expenses and so all of the money sat in the corp account. I kept asking throughout the year how to pay myself and was told to just write myself a check from the corp if I needed it, but I never did. Thus compensation of officers (line 7) is listed as 0. Salaries and wages (line 8) is listed as 0. Total deductions (line 20) were roughly $35k, leaving OBI (line 21) at $40k. All of the OBI was then passed through to my Schedule 1 (1040) under line 5.

    So my questions are these:

    1. Is passing through all of the OBI through to my personal returns common practice and/or legal and ethical? From just a few simple google searches it seems as though the proper way of doing this is I should have been w-2'd from the s-corp "a reasonable salary," and then the rest of the obi could be passed through. I asked them this very question and the response was it's a matter of "tax strategy." I have no idea what that means. If that means it's fine unless you're audited, or if that means it's actually fine.
    2. If this is unethical and the incorrect way of doing it, is there anything I can do at this point before sending them in to rectify the situation?
    3. Can the s-corp give a SEP-IRA contribution of 25% based on the OBI passed through, or can contribution only be based on w-2 (salaries and wages)?

    Thank you all for your time. Much appreciated.

    submitted by /u/CAlexander00
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    So is “reasonable assurance” just corporate-speak for “but idk tho”?

    Posted: 03 Apr 2021 09:54 PM PDT

    I’m so grateful for my public accounting internship.

    Posted: 02 Apr 2021 11:48 PM PDT

    It's taught me exactly what I don't want to do and what type of firm I don't want to work at. I guess the experience and pay is cool too.

    submitted by /u/SirLays
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    CSUF VS UCI [For Masters]

    Posted: 03 Apr 2021 07:01 PM PDT

    I got accepted to both, and my goal is Big 4!

    UCI is ~32k to attend, whereas CSUF costs less than 10k.
    Pals, I need your advice/recommendation. Where would you go if yo were in my shoes?

    Appreciate your help.

    submitted by /u/SnooSquirrels2808
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    Physical CPA License

    Posted: 03 Apr 2021 11:44 AM PDT

    Does every state send an actual diploma-looking license to you or only certain states? I got a very small card type thing - is the actual full license coming?

    submitted by /u/kingofqueens16
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    When it isn't April 15th yet but you're trying to stay positive

    Posted: 03 Apr 2021 08:47 AM PDT

    Should I launch a Complaint with the CPA Board?

    Posted: 03 Apr 2021 06:36 PM PDT

    My father is being audited by CRA. Which is fine we are complying and one of the first things we did was reach out to our accountant for all the documents. We needed 5 years worth, but he only gave us four. Unfortunately, we didn't keep the originals hence we needed them from him. Whenever we reached out he kept saying he had already emailed them. But he barely replies and has been very abrupt as though he's afraid he will get into trouble. He's the one who did our taxes why would he need to keep at such arms length? All we asked were the copies of the tax summaries, his calculations, copies of receips, bills, etc.

    During the last call I begged him to have some patience because I simply could not locate the documents and asked that he check the email with me. He said I was wasting his time, absolutely refused to assist, said I was incompetent and should read the email before hanging up on us. We printed every page of what he emailed us, but we are still missing that one year. Not only that he spoke with the CRA auditor advisng them there was a ledger. We never had a ledger, but thought he had created one so we asked him for the ledger, but he outrights denies ever having spoken to CRA.

    He has been rude, condescending, and outright unprofessional. I never expected this at all. We have been using his services for 5-6 years. He charges $1500+ each year to do my father's taxes, yet he just left us hanging. I would really like some insight and advice on what we can do at this point? I honestly want to launch a complaint with the CPA board, but will it go anywhere?

    Just to note he was shouting at us over the phone. It wasn't said as a matter of fact. He was shouting at us saying he emailed it, how blind I must be. To check "the stupid email", "Can't you get the years straight?!", "[name] you can't do anything right", "you're f*#king wasting my time". It was a total of 4 documents, when he argued saying he sent five of them.

    submitted by /u/Soupergrill
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    How/why do politicians claim Corporations pay 0 Federal income taxes but their Cashflow and Income Statements show income taxes were paid?

    Posted: 03 Apr 2021 06:33 PM PDT

    Newsletter Article Topic Suggestions Wanted

    Posted: 03 Apr 2021 06:13 PM PDT

    My CPA firm (60 or so employees) releases a monthly newsletter on new guidance and advice for our clients and potential new hires. I'm scheduled to write an article for it (I'm a first year in tax) and I have no idea what to research for mine. It's due in three weeks, so I have some time, but I'm have no good ideas for what to write.

    submitted by /u/DangerDino21
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    Thought on extended hours after April 15th

    Posted: 03 Apr 2021 10:20 AM PDT

    Hey everyone,

    Wanted to see what you public accounting (tax) folk think of an expectation that we will keep up extended hours after April 15th and up to May 17th. I was told it won't need to be the 60 hour weeks we are doing now, but maybe closer to 50 (with hopefully no Saturdays).

    I was under the impression we were going back to normal hours after April 15th and this kind of caught me off guard. I wanted to see what the Reddit world thinks before I talk to my boss.

    For some insight, we are a small public accounting firm (15 people) in the Midwest with a pretty open door policy and as of now, are understaffed by probably a full time CPA and an intern.

    submitted by /u/biguhhbran
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    They wrote me a bad review in the middle of my internship engagement, and I lost all my motivation.

    Posted: 03 Apr 2021 01:50 PM PDT

    I honestly don't mean to sound like a bitch. The thing is I've been putting all my time and effort on this long ass client engagement. I've been working overtime even though they don't pay us overtime. Even one time my manager told me I don't have to work like that and "get some rest". I understand that my works have not been that perfect, but I thought I did ok as an intern because every time I submitted something, they only sent me a few points to clear off.

    Right in the middle, my manager asked me to send a feedback request. When I did, she sent it forward to some seniors in my team. When I saw the results, I got so pissed off that I didn't even know what to do about it. I kinda gave up because I know I'm already trying to do my best. It's to a point that even if I get an offer, I would think about not signing it.

    Am I overreacting to this? If you were me, how would you motivate yourself to do better? I still got two more weeks to work with them. This shit was already stressful, now it just got worse.

    Edit: I forgot to add that my other 3 performance evaluations from other teams are pretty good. That's why I think I'll probably be able to get a full-time offer.

    submitted by /u/Btxfornow
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    Question about 475 Election (Mark to Market) as "an individual"

    Posted: 03 Apr 2021 09:06 PM PDT

    Hope someone can help me answer this question.

    I've been day trading for about a year and plan to make the 475 election for 2021 (thus submitting IRS a letter before April 15, 2021).

    My question is:

    Can I make an election as an "individual trader" (Not as a sole proprietorship, s crop, LLC etc)?

    I currently have an LLC that has nothing to do with day trading. So I am not sure if I can still make a 475 election as an individual while having an LLC.

    ​

    I checked consulting from greentradertax, but their default rate is $325, which is a bit high for me to just ask one question.

    submitted by /u/anothereddituser101
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    Is the future of external auditing considered bleak?

    Posted: 03 Apr 2021 03:25 AM PDT

    Heard a partner talk about it. While we will continue to need auditors to ensure the financial statement is ok, the business model of it is getting squeezed out.

    Basically it is a race to the bottom in finding the cheapest fees. Companies just don't see the value in paying for it. Thats why you're seeing partners trying to find other sorts of business that is borderline advisory but doesn't conflict with audit.

    With constantly decreasing fees, there's less money coming in which obviously will affect the way things are done.

    submitted by /u/blackupsilon
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