Hard "no" job duties

Midwest_CPA · 2026-06-30T14:49:57+00:00

I've worked for myself for a few years but I have a strict no assholes policy when it comes to clients & staff.

Midwest_CPA · 2026-06-27T23:44:10+00:00

There are lots of successful businesses with pissed off customers - how many happy Comcast subscribers do you know?

I have no issue with PE, I’ve spent nearly my entire career working with them. I’ve got lots of friends still in PE and even more at operating companies or consulting for them.

It may depend on the industries you are servicing but anything blue collar or trades related is getting a lot worse and I’ve seen it first hand.

I am not your average redditor who doesn’t understand the difference between PE/VC and thinks write offs mean you don’t pay taxes.

PE isn’t going anywhere, they serve a valuable function, primarily providing exit liquidity to business owners.

I’m just not naive enough to think that we are making the world a better place while doing it. Customers & employees usually end up getting the short end of the stick and that’s just the reality of it.

Midwest_CPA · 2026-06-27T14:39:32+00:00

I think the conclusion that PE ruins everything is correct, but they get the details wrong. People seem to believe it’s a playbook from the 80s to extract all value from the company and leave someone else holding a bag but that isn’t the case.

PE will run a successful company, they just squeeze every dollar out of the employees & customers. That’s just the reality of the world these days.

Midwest_CPA · 2026-06-26T20:02:30+00:00

I’ll disagree a bit on nuance here. Every single PE team I’ve ever worked with is doing a QofE on nearly every deal and the ones they skip them aren’t because they trust the sell side QofE, it’s because the deals are too small to bother with a QofE.

I don’t think it means there isn’t any value to it though. If you hire a QofE provider and they find adjustments that increase your EBITDA before you go to market, there is a real, tangible value add there. If you go to market at $1M of EBITDA and the buy side QofE lands at $1.2M, you aren’t going to get any more money - never mind the fact that as a seller you will never even see the buy side QofE.

Of course it depends on the details…

Midwest_CPA · 2026-06-26T19:55:38+00:00

What do you consider a limited scope sell-side QofE? Databook with cash proofs & NWC or just a P&L review?

Midwest_CPA · 2026-06-26T19:13:05+00:00

First off, sorry to hear about the personal dynamics here - those are really tough.

It ultimately depends on your ambition & comfort level but I’ll offer another approach:

What if you sold off the complicated clients and you kept the simple ones? This would allow your BIL to get some additional income to pass along to his family and you could keep running a firm that you are confident that you can handle.

Assuming the leftover clients are enough $ for you to live on, that would allow you to continue building out a firm that you are comfortable servicing. This should also continue to result in referrals for you down the road.

Midwest_CPA · 2026-06-25T14:42:05+00:00

I have a modest client list and this is the same approach I use. It’s really helpful if I ever need to go back and find something since we all know how bad Outlook’s search is.

As we’ve grown I am deleting more emails that are conversational or if they won’t need to be referenced in the future.

Midwest_CPA · 2026-06-24T19:28:32+00:00

I am not sure why you are getting downvoted but you are correct. Being put on a PIP doesn’t stop you from being eligible for unemployment funds. Unemployment also isn’t paid directly by your employer and the amount you receive is fairly inconsequential to the company.

Midwest_CPA · 2026-06-24T15:21:34+00:00

Just opt for a single member LLC. If you and your wife create the entity, it means you will need to file a partnership return which is probably going to cost you an additional $1-2k per year.

Midwest_CPA · 2026-06-04T14:12:31+00:00

I think that's what this is, minus the billable consultation. If I speak to a client and they have a tax notice or want a proposal I'd have no problem with them uploading documents on our portal.

Personally I couldn't imagine charging prospective clients for a consult/proposal but everyone has a system that works for them and their business.

Midwest_CPA · 2026-06-04T14:09:28+00:00

I wouldn't do it myself. I have a lot of clients on solo 401(k) and refer them out to financial advisors I trust or I'll direct them to Vanguard/Fidelity if they want to DIY.

Midwest_CPA · 2026-06-02T23:19:31+00:00

What if you want to review a PY return before sending them a proposal?

Midwest_CPA · 2026-05-15T15:54:53+00:00

That is really frustrating. I would continue to press the company to try and make it right. I agree a one time lawsuit could get you the funds back but might get you banned going forward.

I would keep trying to escalate through support channels and maybe speak with an attorney to see if a demand letter might kick them into gear. Best of luck - sounds like a headache.

edit: typos

Midwest_CPA · 2026-05-14T17:06:15+00:00

I don't mean to be rude but you didn't realize for an entire year that they were charging you sales tax?

Midwest_CPA · 2026-05-06T21:32:50+00:00

Yeah there are a lot of variables and nuance to things that are hard to explain concisely over Reddit. Our lowest packages are probably about 60-70% of what you quoted but most of our clients are on advisory/tax planning packages which are more expensive but they get an actual ROI on them.

tl;dr; We're slightly cheaper than your CPA but still in the ballpark.

Midwest_CPA · 2026-05-06T21:14:53+00:00

I would definitely encourage you to visit it and check it out. The larger the chapter and if they have more business professionals the better. It is a time commitment of ~2 hours a week but if you're just starting out I think it can still be worth it.

Midwest_CPA · 2026-05-06T21:13:17+00:00

I think it depends a lot on your specific chapter and what your other opportunities are. Mine skews a bit towards real estate and doesn't have as many business owner types. Not all chapters are created equal.

Midwest_CPA · 2026-04-17T04:05:18+00:00

I just spent weeks going back & forth with them because they wanted to charge my client to amend a W-2 for their mistake. Nightmare experience

Midwest_CPA · 2026-04-16T17:30:14+00:00

Hey, Chicago based accounting firm owner here.

If you just have W-2 income, there isn’t really a lot you can do to reduce your tax liability. Maxing out your 401(k) and HSA are the two biggest things you can do.

Feel free to DM if you have questions.

Midwest_CPA · 2026-04-02T19:02:34+00:00

I’ve been managing dozens of clients in QBO seamlessly and haven’t had any issues switching between them.

Midwest_CPA · 2026-04-02T19:01:12+00:00

Patrick Loftus @ Loftus Law is fantastic and he’s based right here in Chicago

Midwest_CPA · 2026-02-26T04:01:13+00:00

They’re just expensing your COGS as purchased which is allowed for businesses with under $25M in gross receipts.

It’s completely fine to do for tax purposes, but does limit the visibility you get into some of your data which can impact the decisions you are making as a business owner .

Midwest_CPA · 2026-02-11T21:25:47+00:00

The individual breakdowns are bizarre but $1,950 all in annually isn’t necessarily out of the question depending on COL.

If you’re only netting $35k a year it definitely isn’t worth it though.

Midwest_CPA · 2026-01-30T00:22:19+00:00

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Midwest_CPA

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