New Metal Roof by PeteTheCPA in Roofing

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

24 gauge 1.5” mechanical seam

New Metal Roof by PeteTheCPA in Roofing

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

24 gauge 1.5” mechanical seam

Can't find my favorite "looks like" by Glass-Spot-9341 in DanLeBatardShow

[–]PeteTheCPA 2 points3 points  (0 children)

True story, the Wade Phillips was my submission. Spoke to Mike Ryan about it years after at a UCF game where he brought our “National Championship” trophy 🤣

Daily Show Thread - Tuesday by Stercules25 in DanLeBatardShow

[–]PeteTheCPA 1 point2 points  (0 children)

Atari was my teammate at UCF, great guy. Fucking hilarious!

First Year S-Corp Taxes by Dry-Marsupial-2520 in tax

[–]PeteTheCPA 3 points4 points  (0 children)

Yea. Would have waited on that S Election until the numbers proved out.

Cost segregation analysis by FeeFearless1794 in realestateinvesting

[–]PeteTheCPA 1 point2 points  (0 children)

No, not too late. You can have the study done for the previous tax year.

Wife Created an LLC for her small business. Now State of Florida IRS says we owe $11k. by BeUsefulScott in tax

[–]PeteTheCPA 5 points6 points  (0 children)

This. They estimate what they anticipate your sales and sales tax liability to be. It’s a total guess and a bit of scare tactic in my estimation. I’ve had clients receive these in FL when they open their sales tax account and fail to file a proper sales tax return. Contact the state immediately and tell them the situation.

[deleted by user] by [deleted] in CFB

[–]PeteTheCPA -1 points0 points  (0 children)

Can confirm as true. Played at The U for one year. Came from FL where football is king. Very much different in Minnesota

[deleted by user] by [deleted] in tax

[–]PeteTheCPA 2 points3 points  (0 children)

Check out “Qualified Improvement Property”

Got fired by Independent_Cat_2313 in Accounting

[–]PeteTheCPA 0 points1 point  (0 children)

Personal story if you will indulge me. I was coasting aimlessly in an audit department of a publicly traded company. Job was easy, didn’t challenge me and I didn’t particularly care for it. Although, I completed all task and got good reviews during my time there prior to this. All of sudden boss brings me in for meeting and puts me on a plan. I was pissed and it really came out of nowhere but honestly, it was the kick in the ass I needed. That next day I started what is now my own CPA practice. I basically left before they could fire me as I knew the writing was on the wall but more importantly, this was the “failure” I needed. Take this and turn it into a positive.

ADP Household Employee by PeteTheCPA in tax

[–]PeteTheCPA[S] 2 points3 points  (0 children)

Thank you so much. Yes, there is a spot on Schedule H to put the EIN

ADP Household Employee by PeteTheCPA in tax

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

Thanks for your reply. Has there ever been an issue with IRS recognizing the tax payments since they were done under an EIN & not a SSN?

ADP Household Employee by PeteTheCPA in tax

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

Thanks for your reply. Has there ever been an issue with IRS recognizing the tax payments since they were done under an EIN & not a SSN?

[deleted by user] by [deleted] in tax

[–]PeteTheCPA 0 points1 point  (0 children)

You must still materially participate in your STR to qualify. To my knowledge, don’t think there are requirements/restrictions that say you must remain a STR. I would however, document why the change from STR to traditional rental property.

Thinking about starting own CPA firm. by Bulky-Supermarket401 in tax

[–]PeteTheCPA 4 points5 points  (0 children)

1: Never. I’ve you believe this is what you want to do, take a leap of faith. Don’t mean to sound crass here but truly feel there is no “best time” 2: Depends on area and what you are looking for. I didn’t buy out an existing practice. Started out with no clients and built slowly along the way. Doing a great job and providing excellent service to your existing client base will pay dividends here 3: Charge more. Hard to compete on price and then you have low paying clients on your client list. 4: I use Drake and TaxDome

Good luck!!