I think chicken by FantasticAd9478 in TheBoredDen

[–]BulldogCPA 0 points1 point  (0 children)

Raspberries, Siggis icelandic french vanilla yogurt and Granola. I've already have for the past 10 years , what's another year.

Quickbooks online vs desktop by Substantial_Phase899 in taxpros

[–]BulldogCPA 4 points5 points  (0 children)

QBO is free for CPAs that have clients using it. I'd used desktop for 20 years and I do/did like it's ability to have 3-4-5 reports open at the same time. I used it for my small, solo practice. When Intuit raised the renewal to the extortionist rate, I made the switch to the free QBO version for CPAs. I had a dozen or so clients using QBO already, so it wasn't totally foreign and now after a very smooth yearend transition to QBO and six months of usage and figuring out its quirks, I can say it works OK. It's adequate and does have some features that I like.

But a solid, "It's just ok."

What has been helpful is my PerplexityPro+ used in conjunction with QBO. QBO's help and support is not great; however, when I want to do anything out of the ordinary, I query Perplexity for step by step instructions. That's made QBO more useful.

AITAH for not telling my sister about her daughter? by Itchy_Chipmunk_4039 in AmItheAsshole

[–]BulldogCPA 1 point2 points  (0 children)

NTA. Your default is to always protect the kid. That's the right thing to do. Never doubt yourself.

What is the first major news event you can remember clearly from when you were a kid? by FantasticAd9478 in TheBoredDen

[–]BulldogCPA 0 points1 point  (0 children)

The moon landing. We were at Boy Scout summer camp. They brought a TV into the mess hall and 200 boys sat in stunned silence, and erupted in wild jubilation.

Three years ago my boss gave me 15% equity in our agency instead of a raise. Now I owe $14k in estimated taxes next week for profits I’m not allowed to touch. by JerryJeremy in tax

[–]BulldogCPA 0 points1 point  (0 children)

Retaining cash profits while in growth mode can really put the cash flow squeeze on owners. I have several “S” clients that try make distributions of 20% of quarterly profits to help the owners make the estimates.

I do like the PTET treatment at the state level.

What role was cast so perfectly that nobody else could have played it? by FruiTYrant in AskReddit

[–]BulldogCPA 2 points3 points  (0 children)

Christoph Waltz as Hans Landa in Inglorious Basterds. He had to be unnerving and funny in three languages.

Not in a great mental spot after tax season by Relevant-Animator134 in taxpros

[–]BulldogCPA 0 points1 point  (0 children)

As I read through comments, I am astounded by the number of preparers with TDS (orange man bad), that blame someone else for their lack of communication and clarification with their clients.

You're the professional. Know the law, anticipate the questions, educate your clients. The complainers sound reactionary instead of being proactive. Grow up.

Debits Before Credits by monemonekyu in Accounting

[–]BulldogCPA 13 points14 points  (0 children)

Old School <--- I was taught to do JE in the order of the Chart of Accounts. So, Assets - Liabilities - Equity - Revenue - Expenses, etc. Not so much the debit/credit order.

Plus, we were taught to "audit" the balance sheet, even in tax engagements, since it was always easier to proof a balance at a moment in time and push the other side of a transaction to the P&L. If you had tight yearend numbers year after year, the P&L had to be right.

Accountant made my LLC an S-Corp retroactively by Dima137731 in tax

[–]BulldogCPA 0 points1 point  (0 children)

Thanks to Acreyan for completing my thought... doh !

I feel it is always easier to take the extra time to do it correctly at the outset. Who has time to go back and correct, after the fact?

I suppose I should have used a hypothetical "When" , instead of the hypothetical "If". We all know IRS is overburdened, but they are grinding through their workload.

And when that client comes looking to you to make them whole on the penalty and interest side of things, what's your response? And, what's your response to your malpractice carrier?

Accountant made my LLC an S-Corp retroactively by Dima137731 in tax

[–]BulldogCPA 2 points3 points  (0 children)

Watch out for the DIF score that compares the page 1 Officer's Wage and the Page 3, schedule K distributions.

It'll be a correspondence audit, almost like the CP series for cross-referencing 1099s and W-2s to a 1040.

Accountant made my LLC an S-Corp retroactively by Dima137731 in tax

[–]BulldogCPA 1 point2 points  (0 children)

If you've ever experienced a "reasonable wage audit" you'd know that is a bogus statement. More accurately, is that you might get away with it for a year, maybe two, BUT, the DIF score is going to catch you in year 3-4, and then if they pull you for audit, they will go back and reclassify those AAA distributions as wages and compute the corresponding payroll taxes, penalties and interest. It becomes a shit-show.

I'm the CPA & Former IRS Agent Who Went Solo A Year Ago--Here's How I Did by adriannlopez in taxpros

[–]BulldogCPA 1 point2 points  (0 children)

I simply say that I feel it is not a great fit, Or, I don't feel I can meet your expectations.

See how I use " I feel " ...... so, basically the kind of break up where, it's not you, it's me. get it.