Small Town CPA @smalltownCPA
CPA Accounting manager in a small firm in the Rural Midwest. Joined May 2023-
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The Local credit union’s app has been down for an entire week. Local banks have huge perks and often better rates but dang this is frustrating and likely wouldn’t be a thing with a larger bank.
We’ve had two leadership meetings post tax season and they have got me really excited about the future of our firm. This tax season was brutal and I’m hopeful better times are ahead!
When does the tax season craving for junk food leave? Today I raided the kids’ cereal for breakfast (captain crunch) and settled on a pb sandwich, manderin oranges and a juice box for lunch. Recovery me is apparently a 4 year old.
Nothing like coming to the office for a single appointment when you’re closed because the client requested it and they don’t show. Looks like I’m walking next door for Ice Cream (well dairy free pretend ice cream) 🍨
Me: “we’ve maxed out sect 179 and bonus depr rules have changed but this projection includes full bonus depreciation. Here is the amount we suggest you pay with your extension as you’re going to owe” C: “that amount of tax doesn’t work can you take more depreciation” 🤦♂️
Buying equipment every. single. year. to avoid taxes is not tax planning.
Me in my head “Why is this new clients depreciation schedule so big”….starts setting up schedule….all sorts of de minimis assets 🤦♂️
Client brought in his documents today because he thought he was doing us a favor by waiting until closer to the deadline for things to “slow down.” He was shocked when admin told him he made our cutoff by one day from auto extension.
As a foster parent I automatically assume my return will be rejected. This year’s reason is dependent ID pins due to our placements’ socials being misused on the past. Looks like I’m paper filing again.
A lot of talk about the 150 hr rule for CPA licensure. I’m in support if the additional hours are accounting/business specific but opposed if they can be in basket weaving and quidditch. My undergrad was financial planning and I used the addl hours to get my Accounting Masters
I love knowing this S corp extension is rejected for the 3rd year in a row because the 2553 still isn’t accepted in the IRS system.
This is my exact motivation to revamp my practice. Small tax penalties, any balance due, marginal bill increases, and not turning around returns instantly make many simple 1040 clients go unhinged and not worth the effort. I’ve about had enough of it.
Friendly reminder that paying on the principal amount of your debt is not an expense. Cash flow doesn’t equal income/expense
If you give me junk financials chances are your tax return will also be junk.
New client with a legit fully self employed Sch C business came in today because they felt their old preparer was checked out and no longer diligent. Total cost of the return he charged from last year: $190. Included CTC, EIC, and education credits. No wonder he’s checked out
#taxtwitter thoughts on the cheaper softwares for a small/solo firm primarily Drake vs Atx. A prior firm I was with used pro systems and it was pretty good. This is my second year using Drake and I’m still not super impressed so I’m looking at affordable comparisons
Business owners - STOP FOCUSING ON NOT PAYING TAXES MORE THAN YOU DO MAKING MONEY!!!!!!!!!! Sorry, had to get that off my chest.
Costco recently opened up in my area so we got a membership. How long after shopping there do I become a millionaire? Isn’t that how Costco works?
Taking suggestions- aside from raising prices what else have you done to reduce 1040 clients and be able to focus on more valuable less transactional work?
Client #1 of the tax season that was not so gently encouraged not to come back next year.
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So I’m a partner. I am not happy. Various reasons have been included in my posts, but I’m pretty sure I’m not crazy and need out. The straw that broke the camel’s back was a 3.5 hour text conversation about how I didn’t finish 3 returns a day. Idk guys. #taxtwitter
Playoff hockey. Nothing like it. The Bolts aren't as good as they have been in recent years, but they can do this. Look out, Panthers. Lightning are coming for you! #GoBolts
I missed a few questions during due diligence for the firm I acquired last year, but the question I never thought to ask: what % of your tax returns go on extension? Apparently, it was very low (but they only had like 70 tax clients and 2 FT tax people), and the acquired clients…
In the past 2 weeks I've been sent 3 sets of financials from sellers where the net income on the balance sheet does not match the net income on the income statement. This literally takes 2 seconds to check for and is an immediate sign the financials you're being sent are wrong.
Before I met #TaxTwitter, I was miserable, stressed, and annoyed. It felt like I was facing tax season alone. But now, I know we are all miserable, stressed, and annoyed. At least we are facing tax season together.
My favorite clients? I’m so glad you asked. They live in Florida, Texas, Nevada, Tennessee, Washington, and Wyomi-
@olsonplanner Or how about this one? If you're getting your return to your tax pro on March 28 and your return gets done, that tax pro either REALLY LIKES YOU or reallllllly hates you and wants you to go away ASAP, and it'll be up to you to determine which one of those things is true!
Is every IRA’s taxable amount “Not Determined”?
@camgomersall Email. We don’t take any unscheduled calls, even from current clients.
@IraGilligan Quote of the day: "raw dogging cubicle life" 😂
Hey, if you’re comparing total taxes paid by a sole proprietor versus a single shareholder S corporation And omitting QBI from your analysis You’re wrong and need to stop.
Officially going to @PASBAaccountant’s spring conference. Looking forward to learning from @CPATaxTeam, seeing @Love2Travel and many other knowledgable and impressive friends, and mayyyybeee listening to @JStaatsCPA bloviate, too. 💻 🏖️ 📖 😎 🧮
when the estimates you provided leave the client within $100 of the projected outcome. #taxtwitter
I did this 4-12 times a day during my first busy season
Associate nightmare fuel in four easy steps: (1) Add up your annual billable & nonbillable hours (2) Divide your salary by that number to get your hourly pay rate. I.e, your pay per each hour actually worked. (3) Compare to your actual billable rate (4) 😭
@LoganGrafTax I love all the responses justifying keeping their rates low and their own working hours high
The wild thing about preparing individual taxes is you can go from 1 client who shrugs off owing $500,000 to the next that's angry they owe $60 and wants to rerun it on their own using turbotax.
I'm once again asking you: PLEASE send ALL pages of your brokers statements. #TaxTwitter
Income Tax = Major Expense Tax Return Prep = Minor Expense Tax Planning = Investment Few understand the difference. Those that do, don’t try to get their tax bill to $0 every year. #smb #selfemployed #tax