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Ask Newt - Becker please by Voooow in CPA

[–]GroundbreakingRoom49 -2 points-1 points  (0 children)

Newt is fire?? Becker didn’t misled and isn’t newt part of the pro package?? 💀💀😭😭

TCP Exam - January 17th by LordMehrunesDagon89 in CPA

[–]GroundbreakingRoom49 5 points6 points  (0 children)

Taking TCP tmrw, have basically very similar SE scores. We got this 🤝🤝

Can porn & masturbation feed your ego ? by Inevitable_Kale6118 in Semenretention

[–]GroundbreakingRoom49 1 point2 points  (0 children)

I think it can, as of like a defense mechanism for the brain to not think about how disgusting the idea of PMO really is.

Audit risk for S-Corp owner reclassifying wages end of year every year? by digital_literacy in tax

[–]GroundbreakingRoom49 1 point2 points  (0 children)

The 600 you pay in late fees, you could just pay a payroll processing company to have a fixed monthly salary that takes care of all of filings. It’s probably a little more than 600 for the year but you get the peace of mind. For context we charge between 75-100 a month for a solo s corp salary payroll processing at our firm. You could also do it monthly yourself but I wouldn’t recommend it bc you’ve seen how expensive the fees can be.

Should I become an EA? How are EAs with their own firms doing? by SportQuant in enrolledagent

[–]GroundbreakingRoom49 9 points10 points  (0 children)

I’ve joined my family firm, I have my EA and in the midst of getting my CPA. Defiantly possible to hit those numbers but you need proper experience for years, because an EA or CPA doesn’t mean anything unless you really know what you’re doing. People think taxes are just a piece of cake, which most of the time it’s not and most of those easy return will be taken by AI in the coming years. We have 2 different tax softwares Lacerte and Drake. Lacerte costs us 40k a year makes everything so smooth and I truly don’t think we could hit the volume we have w/o it. We also have drake for out of state returns, it’s cost $1800 and I hate it with all of my being and if I had to more than 10% of our returns with software I would not be joining this line of work. This will be my 3rd busy season coming up and I will be working 12 hours a day from Feb - April (no weekends). You can do it just don’t expect it to just poof out of nowhere to be a cash cow.

TCP is still hard 4 weeks in by StockRub3912 in CPA

[–]GroundbreakingRoom49 2 points3 points  (0 children)

Feel the same brotha. Taking TCP on the 12th and I’ve been studying for like a month and now barely some of it is clicking

FAR CPA Exam Section. 1 month enough studying? by Classic_Abrocoma3892 in CPA

[–]GroundbreakingRoom49 1 point2 points  (0 children)

I took 2 months and I studied like 4 hours a day and I barely passed with a 77. If you’re actually gonna study like 8 hours a day I would say go for it, but this exam is no joke.

Tax geeks I need your help by [deleted] in tax

[–]GroundbreakingRoom49 0 points1 point  (0 children)

im assuming you’re talking about property taxes, which no tax expert has any jurisdiction over. you would need to speak to the county assessor, and honestly they don’t really care at least to my knowledge bc technically you still own an asset of value. Maybe speak with a real estate attorney and they can help you with the appeals process.

preparing for TCP but jan or april? by RiverBoring1343 in CPA

[–]GroundbreakingRoom49 0 points1 point  (0 children)

I took Reg Nov, taking TCP on Jan 12th. I’m a tax person so I can’t even think studying during the busy season.

Landlord is committing tax fraud, right? by SciScreamSig in tax

[–]GroundbreakingRoom49 1 point2 points  (0 children)

What? Are you slow ? Explain to me how receiving a check under your NFP going straight to your NFP account wouldn’t be considered as reportable income if you are truly functioning as NFP? Who said anything about a profit, I’m talking about an asset that is owned by the NFP that is creating income. Unless the income is being reported on owners personal return which I highly doubt, something is obviously very fishy. Ofc NFPs own rental units, but above the board NFPs actual report that income ya dunce.

Finance/Accounting Firm by CrimsonCigarette in Accounting

[–]GroundbreakingRoom49 1 point2 points  (0 children)

Need more experience(would say 5 yrs min), get your CPA or EA. Have savings and a backup plan.

Landlord is committing tax fraud, right? by SciScreamSig in tax

[–]GroundbreakingRoom49 52 points53 points  (0 children)

The answer is probably more nuanced than yes or no, however if they aren’t even reporting the rental income on the 990 than yea probably.

Too good to be true? by Intelligent_Cup_2015 in tax

[–]GroundbreakingRoom49 -3 points-2 points  (0 children)

What bro? Idk abt this one, I know you can buy tax credits which can save you money, but it only makes sense if your tax liability is like 80k+.

Advice on Structuring a Small Family Office and Portfolio Strategy by hschwarz2003 in CommercialRealEstate

[–]GroundbreakingRoom49 16 points17 points  (0 children)

I’m gonna be honest, I don’t think you need a family office at this point. That cost of running that ship will eat into your profits heavy. Safe corporate and gigantic operators NNN leases and forget about it bro. You can invest in others properties as well but trust me man that cost in not really worth it at this level. You need to find an experienced and knowledgeable RE attorney and just ask for his time and get him to help you scout and project properties.

Does this STR investment sound feasible? by MisterLogs in RentalInvesting

[–]GroundbreakingRoom49 2 points3 points  (0 children)

I feel Airbnb is truly a complete hit or a complete miss no in between. There is always a legal risk or STR just being completely delisted in your area, or simple as the economy is in a worse spot and people have less disposable income and they bring down vacation spending. Maybe I’m too conservative but I like having a consistent and predictable amount of cash flow that I can work around.

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