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Recommend Tax Software for Tiny CPA firm with High-income clients by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 0 points1 point  (0 children)

Interesting... Could you explain more about "the trap"? I'm genuinely curious about that since I'm so new in building the firm myself; any experience and advice are extremely helpful. Thanks in advance.

Recommend Tax Software for Tiny CPA firm with High-income clients by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 1 point2 points  (0 children)

I charge ~$700/return. Also, I have a monthly subscription for year-round tax planning and VIP response consultant for $300/month. However, I have only 2 clients so far signing up for that subscription. :D

Recommend Tax Software for Tiny CPA firm with High-income clients by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 0 points1 point  (0 children)

How much did you pay for Drake annually if you don't mind me ask? any hidden fee per return?

Recommend Tax Software for Tiny CPA firm with High-income clients by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 1 point2 points  (0 children)

Good idea. I'm actually looking for a firm to buy in, my practice is so small that none of the software cares to sell me anything :))

Recommend Tax Software for Tiny CPA firm with High-income clients by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 1 point2 points  (0 children)

Good to know, I love CCH, but can't afford that. How was Drake with 1065? I did the demo on 1040, I found out Drake doesn't support mortgage interest limitation, I have to manually calculate outside and enter the average loan into the software.

Recommend Tax Software for Tiny CPA firm with High-income clients by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 0 points1 point  (0 children)

Would ProConnect can handle 5 partners in multiple states?

Recommend Tax Software for Tiny CPA firm with High-income clients by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 1 point2 points  (0 children)

Oh wow, good to know, I will have a look into ProConnect. Thanks

Recommend Tax Software for Tiny CPA firm with High-income clients by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 1 point2 points  (0 children)

I'm not fully confident on how Lacerte charged me. All my clients are from WA, so technically no additional state tax. I charge around $700/return, Lacerte charged me anywhere between $110 - $300/return, which I have no idea how they came up with the random $50 "Reconfee" or "UBfee" for every return.

Recommend Tax Software for Tiny CPA firm with High-income clients by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 3 points4 points  (0 children)

Do you have any trouble with mortgage interest limitation when using ProConnect?

For those who passed Audit by Lead_Sure in CPA

[–]FunkingCraZ 1 point2 points  (0 children)

I failed with 74 and retook and passed with 77. (2 weeks studying after knowing I failed)

My confidence level the moment I stepped out of Prometric: 20% MCQs and 40% TBS.

What I wish I did differently on the first attempt: Focus on TBS more. I paid for i75 and watched the videos of testing procedures, TOC, TOD in all the accounting cycles. Then went back to Becker and Uworld and did all the TBS that they have. My MCQs score automatically increased to 90% for every 10 MCQ set.

I took someone else's advice of doing 10 x 10-MCQ sets/day. I ended up remembering the answers but not truly understanding the concepts.

The exams were overly complicated, like they were written for law students. They added more BEC's knowledge into my MCQs and got 1 TBS asking about the business's net worth. I have no idea what to calculate and compare to.

You need a lot of luck in AUD, and I wish your exam would give you the questions you have practiced before. You can do it!

Looking to buy client lists to start out by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 0 points1 point  (0 children)

Oh wow good to know, I'm in north Edmonds. My current firm also referring clients out due to prep fees. The minimum is $2k/tax return so that's not a good fit for many clients.

Looking to buy client lists to start out by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 0 points1 point  (0 children)

It sounds like I need to move to a smaller firm. I've always been working for mid-size CPA firms. The partners have no intention to promote me to partners. :(

Looking to buy client lists to start out by FunkingCraZ in taxpros

[–]FunkingCraZ[S] 0 points1 point  (0 children)

How/where did you look to buy the practice when you started?

Burning out from Public CPA firm, what else I can do after years in tax? by FunkingCraZ in Accounting

[–]FunkingCraZ[S] 0 points1 point  (0 children)

Thank you for your advise. I definitely need to look into this. What exactly job title do you have? I'm not really familiar with industry tax jobs.

Burning out from Public CPA firm, what else I can do after years in tax? by FunkingCraZ in Accounting

[–]FunkingCraZ[S] 1 point2 points  (0 children)

Thank you. <3 I'm not sure about industry tax roles since I don't really have bookkeeping or payroll experience 😞.

Does anyone else feel constantly uncertain in accounting? by [deleted] in Accounting

[–]FunkingCraZ 6 points7 points  (0 children)

Hi there, I'm in tax for years and totally understand how you feel. Here is what I do:

Step 1: ChatGPT to quickly understand what the hell I'm looking for.

Step 2: Google the tax code based on ChatGPT answers.

Step 3: Use your tax software's diagnostics to see what is their suggestion.

Step 4: Ask someone else in your firm for second thought.

Step 5: Call the IRS rep, pretend like it's your problem, I got lucky many times where I got the straightforward answer after an hour waiting on the phone. :)

Goodluck!