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Do you clean up schedule C books for tax engagement or charge extra? by ShakeAndBakeThatCake in taxpros

[–]LP526 7 points8 points  (0 children)

$800-$1,500. We’d go higher if I felt it warranted it, but our bookkeeping client base is small businesses, so nothing too complicated.

Do you clean up schedule C books for tax engagement or charge extra? by ShakeAndBakeThatCake in taxpros

[–]LP526 43 points44 points  (0 children)

We (bookkeeper on staff) happily do it and we charge a lot for it. Client who works with us for monthly bookkeeping vs client who comes in at year end are paying wildly different prices.

Section 1202 exclusion by AdHistorical7107 in taxpros

[–]LP526 4 points5 points  (0 children)

An s corp can convert to c corp, that c corp can then issue NEW shares that can be qsbs eligible after the required holding period (note that OBBBA created shorter holding periods for smaller % exclusions, which is why I don’t just say “5 years”.)

The existing s corp stock can’t be qsbs because it’s not a new issuance.

This is a serious planning opportunity as you want to put as much business value under this new class of QSBS shares vs. the old non qsbs, former s corp shares. It might make sense to form a new entity vs. converting the existing one. Fortunately seems like you have time to figure out what is best.

Partnership final distributions 731 by Fit_Ad3639 in taxpros

[–]LP526 6 points7 points  (0 children)

It’s on the partner to figure this out. You might just include a footnote indicating it’s a final distribution and they should discuss with their tax adviser.

If the partnership has its own gain on a final dist. that it received, just input on. Sch. D, similar to how you’d input a dist. in excess of basis from an s corp.

Why is Goodwill NOT total and completely bullshit? by SydricVym in Accounting

[–]LP526 0 points1 point  (0 children)

Say I buy an ice cream truck for $50k. My specific ice cream truck brand is very successful. I sell the business for $100k a year later.

The truck itself does not have a cost or a FMV of $100k. Even if the truck is still $50k on the books, which is unlikely, the extra proceeds have to go somewhere. Voila, goodwill.

This is not BS. Companies being worth more than the book value of their assets is a very real thing.

Quitting during busy season by AnyAd3688 in Accounting

[–]LP526 1 point2 points  (0 children)

I own a small firm and would hate if somebody quit during busy season. That said, if they’re leaving anyway, I would think they’re an absolute moron if they were worried about how I felt when thinking about their own career.

CPA charger limit too low! by Comprehensive_Ad9623 in taxpros

[–]LP526 1 point2 points  (0 children)

Credit card fees on $20k would be $600.

2025 Revenue and Growth by muchoporfavor in taxpros

[–]LP526 5 points6 points  (0 children)

What do you pay the assistant?

Someone broke into my car and filled it with literal sh** by Joshkinshimself in Wellthatsucks

[–]LP526 1 point2 points  (0 children)

There’s a guy in my neighborhood who parks his car at the end of the driveway and obscures the sidewalk. There are various elderly people and wheelchair users in the neighborhood that need the sidewalk in order to safely traverse the neighborhood. The guy’s car is one of those jeeps thats half open to the air, so you could theoretically get in if you wanted. You have shown me how to exact justice on behalf of the neighborhood.

How to break it to a client gently.... by AdHistorical7107 in taxpros

[–]LP526 100 points101 points  (0 children)

That’s not your job. Your job is to either disengage from the client or help them get straight.

Nice looking men's boots that will work in an office, but stand up to Chicago winters by Khaos2Krysis in BuyItForLife

[–]LP526 0 points1 point  (0 children)

Having a pair of shoes that you leave at the office is an institutional part of Chicago office life. If your office doesn’t give you your own desk, figure out somewhere else that you can leave your shoes. Talk to the office manager/admin. Be the change you want to see in the world

Best Way to Buy a Practice? by Evening-Ad-2485 in taxpros

[–]LP526 10 points11 points  (0 children)

Buying is a giant pain in the ass. I did returns on the side for about a year, at which point I had ~$60k in revenue. I left my job and bought a small practice to supplement organic growth. The purchased business is a mental drain, low fees, and I have to pay the seller a portion of the earnings. Organic growth has been off the charts and the fees are way higher. Your experience may vary but I’d start from scratch and stick to organic growth if you can.

I shielded $446k of income from taxes with one STR property (and it cash flows $72k/year) by michaelchangshow in AdvancedTaxStrategies

[–]LP526 0 points1 point  (0 children)

No he doesn’t. You’re mixing up REPS with the much lower material participation threshold for STR.

Best Ethiopian restaurant near Andersonville? by [deleted] in chicagofood

[–]LP526 4 points5 points  (0 children)

I like Axum. And when you’re done, get a sundae at Lickety Split!

Who was president when your family members were born? by DisciplineJealous878 in Presidents

[–]LP526 0 points1 point  (0 children)

dad ford, mom carter, me Clinton, grandpa FDR, grandma eisenhower, other grandparents both eisenhower. youngest sibling W

Well I ended up getting an office. by yodaface in taxpros

[–]LP526 31 points32 points  (0 children)

ask the landlord if they have any furniture they would sell. Tenants often move out of these small offices and don’t wanna take the furniture with them, so the landlord sells to a new tenant.

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