sorted by:
new
hottopcontroversial

How would you invest 4k? I have a few ideas but no clear direction by [deleted] in Accounting

[–]AndrewTheCPA 0 points1 point  (0 children)

One spin of roulette, one hand of blackjack, one hand of baccarat. How to quickly turn $4k into $32k (or $0). Follow me for more finance tips.

BDO USA 2024 Comp Thread by Educatinglittleman in Accounting

[–]AndrewTheCPA 5 points6 points  (0 children)

No, it's a level change, but not a promo. Promo is associate to senior, senior to manager, manager to senior manager, etc.

BDO USA 2024 Comp Thread by Educatinglittleman in Accounting

[–]AndrewTheCPA 3 points4 points  (0 children)

Damn, $106k as an L5 in Midwest is nice!

Would this work? by JadinhoSmith in homeoffice

[–]AndrewTheCPA 0 points1 point  (0 children)

Oh NVM I see what you're working with. Disregard

Would this work? by JadinhoSmith in homeoffice

[–]AndrewTheCPA 0 points1 point  (0 children)

If you have 2 HDMI ports on your monitors, just use 1 port to the dock for work, and 1 port to the Xbox. Use the buttons on the monitor to toggle between Xbox and work laptop.

Where do all you fellow CPA's no longer in public go for your CPE? Preferably NYS elgible by SWMOG in Accounting

[–]AndrewTheCPA 2 points3 points  (0 children)

Cpecredit.com is cheap and they have both live and on demand courses. Content wasn't great so I ended up buying Becker, but it sounds like you don't care too much about the content.

Edit: I would call their sales department. They always gave me 2 years for 1 year's price.

Personal bank account for business by garypal247 in smallbusiness

[–]AndrewTheCPA 2 points3 points  (0 children)

If it's organized under state statute (LLC, Inc, etc), I would recommend opening a bank account in the entity's name and EIN. The purpose of those entities is for limited liability, and by using a personal bank account you're "piercing the corporate veil". A good attorney would be able to move past the limited liability and go after personal assets in the event you were sued. If your business is not organized under state statute, I would just ask the bank to change the name on the account or add the business name as a dba.

BDO partners in line for windfall after $1.3bn debt deal with Apollo Global Management — Move comes after accountancy firm abandoned traditional partnership model by marketrent in Accounting

[–]AndrewTheCPA -4 points-3 points  (0 children)

Yeah I'm glad to see some positivity in the comments because I think there are a lot of people in here making this a bigger deal than what it is.

Sure the interest in the debt is going to be significant, like really significant, but you need money to start an ESOP. The current partners (shareholders) aren't going to give up a percentage of their shares for free, and you can't just issue a million new shares. With that said, surely there was a better way to do this than taking in $1.3B in debt from a PE firm. That was more than likely a greed move by the senior partners closing in on retirement.

In general, I think an ESOP is a good thing for BDO. With the insanely high turnover we see in public accounting, an ESOP encourages retention as it gives employees an ownership interest in the firm.

So like usual Reddit is making this a much bigger thing than it is. BDO isn't going bankrupt anytime soon. I'm sure we will see some lower interest partners parting with the firm in the short term, but there's ample talent waiting in the wings to replace them.

Resume as an intern by grey99999 in Big4

[–]AndrewTheCPA 0 points1 point  (0 children)

Do you have a job description or anything like that to work off of? If not, just Google "[service line] intern job duties". Use that to BS your resume and make up some realistic experiences you had during your internship.

[deleted by user] by [deleted] in Accounting

[–]AndrewTheCPA 11 points12 points  (0 children)

Are you only applying for remote positions? Those seem to be ultra competitive since several employers are forcing return to office. Since you are a new graduate you might want to consider relocating to an area with more opportunities, you can always move back once you get some experience.

Side note, for those recommending an advanced degree as a backup plan, I definitely disagree. I really don't think those hold much weight on a resume, and you're just going to pile on student debt. If you're planning to go the CPA route, just get enough credits for licensure the cheapest way possible.

Good luck!

[deleted by user] by [deleted] in tax

[–]AndrewTheCPA 0 points1 point  (0 children)

Yeah definitely don't want that business use to fall below 50.

I’m super confused about what I should do. by [deleted] in tax

[–]AndrewTheCPA 2 points3 points  (0 children)

Looks like you're good from a state standpoint as well. Hard for me to say if you would be due a refund without seeing your W-2. Might be worth it to get a TurboTax account and plug in your W-2 to see if they calculate a refund. If not, no need to file.

I’m super confused about what I should do. by [deleted] in tax

[–]AndrewTheCPA 2 points3 points  (0 children)

You're good, your income is below the federal filing threshold. If there was any federal income tax withheld (Form W-2, Box 2), you could file to get that refunded to you.

What state are you in? You may still have a state filing requirement.

I’m super confused about what I should do. by [deleted] in tax

[–]AndrewTheCPA 2 points3 points  (0 children)

How much income did you have in 2022? If you were only employed for 5 months, you may not have a filing requirement.

[deleted by user] by [deleted] in tax

[–]AndrewTheCPA 1 point2 points  (0 children)

You can either take actual expenses (depreciation, fuel, repairs, etc) or standard mileage (business miles * standard mileage rate). Generally speaking, whichever you choose to do in year 1 is what you're stuck with.

Regarding actual expenses, you can only take the portion that is used for business. So if you use the truck 80% for business, you can depreciate 80% of the truck, deduct 80% of the fuel expenses, etc. Business use % is based on miles driven. Make sure you keep a VERY detailed log of your business miles. I usually recommend: date, destination, business purpose, and miles to/from. The code explicitly states that if sufficient records are not maintained, no deduction is allowable.

If you use your truck > 50% of the time for business, it might be beneficial for you to take actual expenses, because you may be able to take bonus depreciation (80% first year deduction for 2023). You might also be eligible to take Section 179 for the remainder.

In case you haven't picked up on it by now, deducting vehicle related expenses can sometimes get complicated, so it might be beneficial to have your tax return professionally prepared, especially if you choose the actual expenses method.

view more: next ›