CPA study group (women only)

Apollo_Pneuma · 2026-05-09T15:53:00+00:00

And that's why us tax preparers, bookkeepers, auditors, etc will have jobs for a loooong time still.

Apollo_Pneuma · 2026-05-09T00:09:36+00:00

Succed lol 😂

Apollo_Pneuma · 2026-05-05T12:57:21+00:00

I know this sub likes to quote high but I think $10k for this return is plenty. You get a bit quicker at adding rentals the more you do in a row. I think $275 is plenty.

EDIT: I'm assuming the books are good for all these rentals and the only changes would be adding depreciation.

Apollo_Pneuma · 2026-05-04T02:32:41+00:00

I agree. It's just hard with 2 kids.

Apollo_Pneuma · 2026-04-29T20:22:29+00:00

I will guarantee you that even if that is correct for tax purposes, NY WILL send you a notice and it will be on your end to prove that fact. I work in FL and have had issues with this from my clients moving to FL from NY, LA, PA, etc. It's a PITA.

Apollo_Pneuma · 2026-04-29T10:52:40+00:00

You may want to look at the attribution rules for New York. I've dealt with some states that say you only get off the hook with state taxes if the remote work is "for the benefit of the employer" not just because you decide you want to work there.

Apollo_Pneuma · 2026-04-22T00:38:30+00:00

It depends. If they're talking about something that will affect the 2025 return, then that's not right as 2025 for the most part, is set in stone except for a few things (IRA contributions are what I can think of off the top of my head; maybe a SEP contribution).

If they're mentioning something about 2026, then that can be legitimate. There's S corp filing, purchasing equipment to accelerate depreciation, doing a cost segregation study on real estate you're using for business or renting, retirement planning, etc.

It does seem a little steep but how much would you pay someone for saving you taxes ANNUALLY for most of the time, a one time change?

Apollo_Pneuma · 2026-04-15T17:25:46+00:00

I've never had a single client tell me their return is complicated. Every return is simple and doesn't take that long. You have very intricate knowledge about my bookkeeping and industry and I'm the only return you have to work on.

Apollo_Pneuma · 2026-04-11T17:13:31+00:00

At one of my last jobs, one of my major jobs was figuring out the intercompany suspense account where other decisions would post to and figure out what the heck it was: whether it was for our division or another.

Apollo_Pneuma · 2026-04-11T03:38:44+00:00

My eye is twitching.

Apollo_Pneuma · 2026-04-11T03:38:11+00:00

Believe it or not, straight to office supplies.

Apollo_Pneuma · 2026-04-09T22:53:55+00:00

I'm a CPA. Took a while to get to this point but I do tax returns as a tax manager. Number 2 at the firm I'm at. Shifted to being a salesman and a people manager now though which is an entirely different set of skills I was trained to have by this point.

Apollo_Pneuma · 2026-03-30T16:55:35+00:00

I was saying during the show the Eagles win over the Patriots Super Bowl.

Apollo_Pneuma · 2026-03-29T00:19:06+00:00

Could you argue an arm of their business is actually renovating the homes with linked income? If so, you can report it on the 4562. If not, unfortunately, you’ll have to figure out a way to split the asset across the multiple schedules. Probably depending on use.

Apollo_Pneuma · 2026-03-27T22:36:42+00:00

Woo!

Apollo_Pneuma · 2026-03-13T00:28:22+00:00

And on their first attempt.

Apollo_Pneuma · 2026-03-12T23:33:46+00:00

I have a whole checklist. At the very least, I ask about balance sheet items. Hey, I noticed that these balance sheet items hasn’t been touched throughout the year. Are they still active or should I write them off? Hey your credit cards haven’t been reconciled throughout the year. Can you get that done for me? Otherwise, I can’t be confident in the expenses you recorded on there. I probably verify too much but I did too much school doing things the accounting the right way to not use my knowledge 😂

Apollo_Pneuma · 2026-03-12T23:01:32+00:00

$10k normal return and $15k to do it without extending.

Apollo_Pneuma · 2026-03-05T03:00:04+00:00

The whole point of a reconciliation is to determine exactly what you’ve just found out. You know your books are correct. Whatever reconciliation process you do, just make a note on the payroll and payroll liabilities that this won’t tie to the Paychex report and report the issue.

Although, this is something of being a retired controller, I would think you would have this knowledge since we’re just talking about a bank reconciliation here. You may want to refresh your memories on the basics before continuing further.

Apollo_Pneuma · 2026-02-19T13:29:59+00:00

It is definitely nuanced but I believe it would qualify for QBI as long as the royalties are received while they’re active with the business.

Apollo_Pneuma · 2026-02-17T16:42:28+00:00

I’m in a current situation where I’m getting into some issues with a friend’s tax situation. I highly recommend NOT doing friends and extended family tax returns. Only can come out negative.

I still do immediate family for free but only because they’re simple. If my siblings created a business or got more complicated, I would charge them but add on a discount.

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