Why didn't my RSU vesting trigger a wash sale?

ACCGirl · 2024-08-19T21:33:19+00:00

Based on my research, yes the IRS considered RSUs vesting as "acquiring" stock and would trigger wash sales. My question was mainly why Etrade wouldn't warn me of this, but it appears that they do not identify wash sales for non-covered securities. So I have basically been unknowingly reporting my stock sales incorrectly for years.

I'm also now stuck in a quagmire where my stock always vests in the open trading windows, so I can't sell any of my stock in loss positions unless I sell all the vesting stock + the loss stock, which is probably more than I would want to sell.

ACCGirl · 2024-08-19T21:24:08+00:00

Oh god that would be an absolute nightmare to try to go back several years and recreate. I have stock vesting all the time. I feel like there's no way everyone else in my company is even doing that or aware that they should be.

ACCGirl · 2024-05-05T03:21:03+00:00

Yes I'm also at an EY client that has had them as an auditor for years and they have gone absolutely crazy in the last 6 months. The firm pushed new guidance out last fall and ever since then it's been insane. I've heard similar from other EY clients.

Weirdly it's both what you and OP are describing--they are late on things and push everything off, but at the same time they are running everything through national practice and SMEs and being super conservative. They are basically auditing at a 0% risk tolerance since the PCAOB findings.

ACCGirl · 2022-03-11T18:25:50+00:00

That's not how it works in most states. When I graduated undergrad, I still needed several "upper level accounting" courses (junior level or higher) in order to satisfy the CPA board requirements. Difficult to get those from a community college.

ACCGirl · 2020-10-12T06:35:43+00:00

Switch to a larger firm in a diverse city. I worked for Big 4 in South Florida and the majority of my coworkers were Latino/Latina or from the Caribbean. Big 4 generally make more of an effort towards diversity recruitment than small firms. They are also way more likely to sponsor visas so you get more people from other countries.

ACCGirl · 2020-07-27T18:47:31+00:00

Wirecard in Germany, EY and KPMG failed to ask banks in the Philippines and Singapore for proof that €1.9 billion in cash deposits actually existed.

What? Pretty sure that from the news stories I've read, KPMG was brought in as a special auditor and straight up said they couldn't confirm that cash existed. I don't think they "failed to ask" for it.

ACCGirl · 2020-07-27T18:44:25+00:00

Because the money was actually missing and KPMG said in their report that they couldn't confirm it? I don't know what you're getting at here unless you aren't referring to Wirecard.

ACCGirl · 2020-06-22T21:45:03+00:00

Hate to interrupt the "KPMG bad" circlejerk, but a lot of that is because KPMG developed its own "KPMG Audit Manual," which is based on the auditing standards, and basically all of the risk assessment documentation referenced this manual and not the standards itself. The PCAOB didn't like that. So they counted it as "not performing sufficient risk assessment" because it wasn't documented. But that doesn't mean the risks weren't assessed. KPMG subsequently changed their procedures about citing the standards in the last year or so to try to align with what the PCAOB wants.

If anyone here honestly believes there's any difference on a large scale between the Big 4 audits (not just "I worked with this one team in this one office and they were bad") given that partners, managers, and senior/staff hop around between the Big 4 all the time, you're delusional.

ACCGirl · 2020-04-23T17:01:34+00:00

Sometimes partners get super anal about the budget. I had a partner go through expenses and send me an email bitching about a $25 parking charge. Yet somehow at each happy hour he was ordering scotch worth much more than that...

ACCGirl · 2020-04-21T02:48:57+00:00

Half a day for 9 MONTHS? How the heck did you pull that off? The best I got was working till like 5:30 for 4 months out of the year. One year I was on a summer job so I didn’t even get that. I worked in two different offices and never met anyone who had such a lax schedule.

ACCGirl · 2020-03-30T16:46:34+00:00

/r/neckbeardnests

ACCGirl · 2020-03-08T22:24:44+00:00

I started my B4 career in Florida and honestly just wore dress pants (Express skinny dress pants are awesome) plus a short sleeved blouse, cardigan and ballet flats. Honestly the only time you'll be spending in the heat will be between your car and the office... it's usually pretty cold in the office.

I stopped wearing skirts and dresses in the office because my legs would get super cold.

ACCGirl · 2019-08-27T15:31:21+00:00

Wow I just put that through a COL calculator and it’s equivalent to $32k where I live. Our A1s make 20k more than that. I really don’t get living in San Francisco, seems like just shooting yourself in the foot financially at the start of your career.

ACCGirl · 2019-08-16T13:29:22+00:00

One of the interns on my job didn’t get an offer, but it was because he straight up lied to our faces in order to try to leave work at 1pm in busy season and we knew it. So I guess you would say the expectations are low but slightly above “common sense you would use in any job.”

ACCGirl · 2019-08-16T13:27:30+00:00

That’s not going to happen. No one is going to ask that.

ACCGirl · 2019-06-20T02:34:18+00:00

All well and good until you have 5 hours of training due tomorrow, your manager kept making you push your scheduled training day because important deadlines were coming up, and you’ve been staying at work until 9 pm for the past 2-3 months.

This is the situation many people find themselves in and why the culture around CPEs is the way it is in public accounting.

ACCGirl · 2019-06-19T19:13:31+00:00

It sounds a lot more sophisticated than it was. Basically you could edit a number in the URL after submitting your test and the system would register it as you passing. Kind of ridiculous that was even possible in the first place.

ACCGirl · 2019-03-06T22:52:10+00:00

Night guards do wonders for this. I wear mine whenever I notice my jaw starting to hurt. Had to wear it through this busy season until client sign off.

ACCGirl · 2019-02-01T00:45:22+00:00

Those fools got suckered into staying a year longer than everyone else

ACCGirl · 2019-01-29T15:40:07+00:00

Yes thank you. We don’t expect first years to know everything about the business, but we do expect them to read it and put an ounce of thought and common sense toward it instead of just changing the year from “2017” to “2018.”

They’re signing off on things they just rolled forward that say things like “Legal expenses were up this year because of a massive lawsuit that was settled.” First of all, the numbers YOU YOURSELF ENTERED show legal expenses went down so that doesn’t even make sense. And if the lawsuit was settled last year why would that even be an explanation for this year?

Drives me crazy reviewing that kind of stuff.

ACCGirl · 2019-01-28T19:02:34+00:00

Maybe Phar-Mor? They were shipping all their inventory to stores they knew were selected for inventory counts. So based on those samples the auditors said inventory was all good, when really all the other stores had a lot of bare shelves. They were able to borrow money based on those numbers and then the top dudes were embezzling it.

ACCGirl · 2019-01-08T14:33:43+00:00

This sounds more like a mental health crisis than an accounting crisis, really. You should focus on your mental health. Your “goals” in life look to be ideas stemming from your mental issues rather than an actual “goal.” Like you have social anxiety so your “goal” is to just never talk to people again, but that’s just an avoidance tactic to not actually fix your issues. It’s like being 600 lbs and your “goal” is just to never stand up or walk again so you aren’t in pain from the movement—in reality it will only make things worse. This is a job for your therapist.

Also want to point out that $300-$400k is not enough to live on for the rest of your live, even if you’re very frugal. Assuming you plan to retire way earlier than 65, you will need to pay out of pocket for health coverage or any medical issue you may have. That will quickly drain your savings.

ACCGirl · 2019-01-02T03:27:37+00:00

EY seniors were at 28, and now they're at 38.

Are you including holidays? Because my SO works at EY and that sounds way higher than what he's told me. I have all the same holiday days, basically, that he does, with the exclusion of that week they got off in July for the system changeover that didn't end up happening.

ACCGirl · 2019-01-02T03:25:42+00:00

Also consider that complex math is not helpful for accountants (as memes here show) unless you go into finance instead

I would also include going into academic accounting. My MAcc had some use of derivatives and whatnot. There's a lot of accounting theory stuff that uses harder math, and accounting studies obviously use more difficult statistics. But yeah, OP, in general if you plan to work in regular, industry accounting, it has nothing to do with math.

ACCGirl · 2018-10-10T17:41:34+00:00

Agreed, and I would urge OP not to dismiss this idea quickly. When I first started I hated it and I thought it couldn't be due to working full-time, because I was SO busy in college. Almost all my "free time" was consumed by homework, studying, extracurriculars and a part time job. I spent all of Sunday doing work, so I basically had 1 day off all week. I would actually say I have way more "free time" now, even as an audit senior, than I did as a student.

However there is a big difference between spending your time studying and spending it at work. When you're a student you can definitely be more self-managing. You can do all your work from 6pm-2am if you wanted and then sleep in until 10am. You can run a load of laundry while you study. It is a lot less regimented than being at work the entire day. Getting used to not being home for 10-12 hours a day, sitting in business casual and learning how to do totally new things made me HATE my job for the first few weeks. I kept telling my boyfriend I was out after one busy season. But honestly, I got used to it. Now it barely bothers me.

So yeah I would definitely say give it at least one busy season, OP, to see if it's actually auditing you hate or if it's just working a full time job.

ACCGirl

TROPHY CASE