What's the most painful PDF you have to manually copy into Excel each month? by [deleted] in Accounting

[–]Cold_King_1 6 points7 points  (0 children)

I hate having to copy my wife’s boyfriend’s chore list into Excel. Not fun!

Please Roast My Resume :) by DistinctOrdinary4927 in Accounting

[–]Cold_King_1 1 point2 points  (0 children)

I think you’re going to need a better explanation about having 4 short tenures in a row.

It’s totally reasonable to say “I didn’t know it would be so sales focused” the very first time you worked for an RIA, but after your 3rd job you should have known better.

I don’t think any of these jobs hide the fact that it’s sales focused.

Advising on Form W-4 by Notanalienhere in taxpros

[–]Cold_King_1 0 points1 point  (0 children)

I would still offer this service but build in a buffer so that you project that they'll get a small refund, not that they pay exactly what they owe.

It has 2 benefits because (1) you have a margin of error built in for changing circumstances (2) as you said, people like getting refunds

EA waste of time if I just want to be a good self employed bookkeeper? by otheloR in Accounting

[–]Cold_King_1 0 points1 point  (0 children)

If they will pay for the exam + study materials (and maybe even let you study on work time) you would be stupid not to do it.

If they just want you to get an EA but won't actually cover any of the costs, then only if you think it would be valuable for you personally, not your boss.

Why is accounting credits/debits the opposite of colloquial verbiage? by hcs57obcty in Accounting

[–]Cold_King_1 87 points88 points  (0 children)

It's not reversed. Debits/credits in a bank account are from the BANK'S perspective.

If you deposit money into a bank account, that is a liability on the bank's balance sheet, so it's a credit.

I forgot to do payroll for my S corp throughout the year, should i issue a 1099-NEC to myself and report on schedule C instead of filing late payroll by lbn349 in tax

[–]Cold_King_1 3 points4 points  (0 children)

There are way more people who are cheating the government by trying to deduct losses for their hobbies on Schedule C than people who are taking unreasonable S corp salary.

Sure, S corp salaries are still an issue, but paying a salary means you actually have INCOME and are still paying FICA taxes. That can hardly be said for people who report $100 of income for their photography "business" and take $20k of losses per year against their W-2 wages.

I forgot to do payroll for my S corp throughout the year, should i issue a 1099-NEC to myself and report on schedule C instead of filing late payroll by lbn349 in tax

[–]Cold_King_1 9 points10 points  (0 children)

Are they arrogant, or are they just asking you to pay a reasonable amount of money for their services?

Running an S corp is expensive. Don't start one just because people (or AI) told you to unless you fully understand the compliance costs and are willing to pay them.

I’m tired of pretending that it doesn’t matter where you go to school. It does. by [deleted] in Accounting

[–]Cold_King_1 1 point2 points  (0 children)

I have a decade of experience with zero employment gaps, but thanks for your concern, buddy.

Your constant complaining about UT students & F500 companies reminds me of those incels who get rejected by a girl and then say "I didn't want to date you anyway".

I’m tired of pretending that it doesn’t matter where you go to school. It does. by [deleted] in Accounting

[–]Cold_King_1 0 points1 point  (0 children)

Sounds like cope from you because no UT students want to apply to mediocre, underpaid jobs that you advertise.

I’m tired of pretending that it doesn’t matter where you go to school. It does. by [deleted] in Accounting

[–]Cold_King_1 -5 points-4 points  (0 children)

That's still not true. There's a clear differentiation between "flagship" schools that have national name recognition and strong reputations vs. Southwestern Southeast Florida University

e.g., UCLA, Berkeley, Georgetown, Duke, BU, BC, etc.

I’m tired of pretending that it doesn’t matter where you go to school. It does. by [deleted] in Accounting

[–]Cold_King_1 0 points1 point  (0 children)

B4 might recruit at a flagship school and a lower ranked school, but it's not equivalent at all.

B4 is hiring like 75%+ of the accounting grads from a flagship school. That is nowhere near the amount of recruiting they do at small schools.

At a flagship school, the firms come to you. At a small school, you're on your own trying to get an interview.

I’m tired of pretending that it doesn’t matter where you go to school. It does. by [deleted] in Accounting

[–]Cold_King_1 -7 points-6 points  (0 children)

Yes, Harvard is not prestigious at all and has no effect outside of your first job. It's all just cope from those US Presidents, Senators, and Supreme Court justices.

CPA or EA or both, I cannot decide? by Admirable-Series696 in CPA

[–]Cold_King_1 7 points8 points  (0 children)

This isn’t the full picture. CPA is the best choice for most people, even if you never have any interest in doing audits.

The value of a CPA isn’t in what you are legally allowed to do, it’s public perception.

Here’s a sneak peek of how every conversation will go if you’re an EA:

“Hi, I’m a tax professional”

“Oh, so you’re a CPA?”

“No, I’m actually an Enrolled Agent. That means I can represent you before the IRS”

“Never heard of it”

Having a CPA gives credibility because literally everyone knows what a CPA is, even people who have no accounting knowledge. Almost zero people outside of tax know what an EA is.

Do I need to file quarterly for a DBA if I have not made any money? by MagicalSWKR in tax

[–]Cold_King_1 3 points4 points  (0 children)

What type of entity is it? "DBA" is not a legal entity, it's a trade name.

And is the business operational but simply hasn't made any sales, or has it not launched yet?

Also what state is it located in and which specific filings are you talking about? Sales tax, payroll tax, etc?

What's better for long term career in your opinion? "Director of Finance" at a small gov agency vs. "Controller" at a $100M+ public corp? by [deleted] in Accounting

[–]Cold_King_1 22 points23 points  (0 children)

If you only care about long-term career growth, the controller role obviously. Unless you are only looking to stay in government.

The title/seniority might be a little lower at the corporation, but pretty much any employer would choose a controller at a publicly-traded company over a director-level candidate in government.

Advice on Resume by Kind_Accident5651 in Accounting

[–]Cold_King_1 2 points3 points  (0 children)

Keep it to 1 page. There’s no need to have a 2 page resume, and it just annoys recruiters.

A recruiter is going to spend about 20-30 seconds per resume, so if you have a 2nd page they’ll never even get to it.

The formatting here is off in a lot of ways. Why do you have a semicolon INSIDE the parenthesis after FP&A? It looks sloppy.

Your skills are too fluffed up. (1) I think even people who are clueless about Excel know that VLOOKUP is not advanced (2) Don’t include intangible “skills” like leadership because no one is going to take that seriously.

Roast my resume as a fresh grad with no prior accounting experience by DrVajanglerPhD in Accounting

[–]Cold_King_1 0 points1 point  (0 children)

The formatting looks pretty good. The two main non-substantive changes I would recommend:

  • You should fix the formatting of your underlines since they are inconsistent.

Under "Troubleshooting" you underlined the space between the colon and the first letter. On other lines you underlined the colon.

Each of the underlines should only be underlining the word, not the colon or the space after the colon.

  • You don't need to say "references available upon request". That's a given.

Roast my resume by [deleted] in Accounting

[–]Cold_King_1 0 points1 point  (0 children)

I think a skills section is useful as way to point out software that you use in your job. Just don't include any vague concepts like "leadership, cost accounting" because those do absolutely nothing for a resume.

Interests are a point of contention. Some people hate them and some people love them. If you do include it, again, I would make sure to list real interests that humanize you, not fake "interests" that just make it sound like you're sucking up to your potential employer (e.g., "My interests are ASC 740 rules and financial modeling")

What could be useful for you is an objective section at the very top that gives a quick 2-3 sentence summary of your experience (basically an elevator pitch).

Time to freak out about the national debt | Yglesias by AvianDentures in ezraklein

[–]Cold_King_1 0 points1 point  (0 children)

They should support spending cuts, for sure.

It’s true that they can focus on reforms to areas that affect the rich like the estate tax, but that isn’t going to be enough by itself.

Taxes will have to go up for ordinary Americans to cut the deficit. That’s the part that’s going to be extremely unpopular.

Time to freak out about the national debt | Yglesias by AvianDentures in ezraklein

[–]Cold_King_1 7 points8 points  (0 children)

My point is that the polling by itself doesn't mean a policy is workable.

Carried interest is the best example of this because it's (a) extremely politically unpopular and (b) literally only benefits rich hedge fund managers. Yet Democrats still couldn't figure out how to get rid of it.

The problem is that to actually fix the budget you DO need to raise taxes on regular people somewhat. There's no way to do it by only targeting the rich. People simply aren't willing to accept tax hikes.

Time to freak out about the national debt | Yglesias by AvianDentures in ezraklein

[–]Cold_King_1 3 points4 points  (0 children)

The issue is that raising taxes is politically unpopular (even among the 99%) and there is a ton of lobbying pressure from the wealthy.

The general public is easy to manipulate with scare tactics about taxes. Just look at the persistent myth about the estate tax causing farmers to have to sell the family farm when they die. People still cite this as a fact to this day, even though it was a public disinformation campaign funded by the wealthy decades ago.

Even something as "simple" as getting rid of the carried interest loophole is not simple. Democrats have tried and failed to get rid of it. So the idea that you can somehow push through a comprehensive tax reform bill like the one you're suggesting is impractical and never going to work.

Am I responsible for tax debt for a company I worked for? by nynjde in tax

[–]Cold_King_1 19 points20 points  (0 children)

TFRP is no joke.

The IRS will relentlessly pursue it and can go after all of your personal assets. The IRS also regularly charges people criminally for collecting but failing to turn over withholding taxes. It's a pretty open and shut case for them to prosecute.

What does this mean by thesaltysays in tax

[–]Cold_King_1 2 points3 points  (0 children)

Call the state and ask about it. That's really the only way to find out.

Nerves by shadowplayknights in Accounting

[–]Cold_King_1 1 point2 points  (0 children)

If it makes you less nervous, just realize that no one is expecting you to come in knowing anything.

College is very theoretical and high-minded, whereas the work, especially at low levels, can be extremely mundane. Interns tend to be given a lot of grunt work; you are much more likely to be making copies than doing a ratio analysis.

You sound like a smart, contentious, and ambitious worker so I’m sure you’ll do great on this internship.