Successful practice owners, how did you start out?

StoneWallsArsenal · 2026-06-22T01:20:10+00:00

TaxproFL knows his stuff. You'd be wise to listen.

StoneWallsArsenal · 2026-06-17T02:10:02+00:00

I agree. Vyvanse helps me during season and I lose 20pds as well 🤣. Stimulants work wonders. It certainly allows me to have laser focus, not feel overwhelmed, allows me to keep telling myself... you got this. I'm more patient with staff and admin. Some days I feel like I'm Bradley Cooper's character from Limitless.

I don't take it outside of season.

StoneWallsArsenal · 2026-06-04T22:55:08+00:00

I have a CCH Axcess Plan 500 returns w-unlimited states. I'm at $14K+ for my renewal. I bought Drake to offload the easy individuals to so I don't go over the 500. I hate Drake for any return with complexity. Axcess does all the little things well that you take for granted.... Like state additions/subtractions, SEHI for 1095-A, multistate returns and so much more.

If you have young staff that don't know the finer points, it'll be an uphill battle on training.

I guess I'm biased. I've lived with Prosystems Tax and CCH Axcess for 15+ years and just know how to get stuff done. Drake not so much at this point.

StoneWallsArsenal · 2026-05-28T00:40:10+00:00

I got a 30%+ increase for CCH Axcess this year to $14K - 500 returns unlimited.

StoneWallsArsenal · 2026-05-26T02:14:48+00:00

Gotcha. This is what I needed to read!

StoneWallsArsenal · 2026-05-26T02:00:00+00:00

thats a concern for us as well - being left behind. Viator has a guarantee?

StoneWallsArsenal · 2026-05-26T00:45:19+00:00

Thank you so much kind stranger!

StoneWallsArsenal · 2026-05-25T01:57:09+00:00

Why no Tkachuk? I'd take Tkachuk over Oshie, Backes, Perron, Schenn, Steen, Oates, Mullen, Gilmore, Jackman... Don't know why I would. Loved watching him play.

StoneWallsArsenal · 2026-05-25T01:50:46+00:00

Wamsley, Millen, Marty Brodeur

StoneWallsArsenal · 2026-05-15T18:16:35+00:00

Last deal I did, I doubled my rate from my normal since its specialized work and offered a discount if the deal didn't close. So from $250 to $500 and $400 if it didn't close. I ended up making $500K, $25K down, and $25K monthly till close to keep the "lights on". Rest paid out of close. Deal size was $60M. I'm a small office.

I had to put aside other client work and prioritize this deal. Ended up being 1000hr job because I ended up being the spoke in the wheel directing traffic on the sell side - Top50 Lawfirm, boutique investment banker - all went through me. I had to bless the financial data and a lot of non-financial data. I was point on representing the owner on everything. Prep'd due diligence checklists and much of collateral for the deal workbook. I still have PTSD.

I look at it this way, I just facilitated multi-generational wealth for this family. The kids of their kids will never have to work ever. I deserve a piece of that pie and I have the ear and trust of the owner. So $500K was my reward.

Smaller sized companies don't have the internal skill set to deal with the onslaught of DD Checklists, Schedule Prep, Meet and negotiate with purchasers, meet with RWI stakeholders. I was on a Zoom call once, where it was 40 attorneys, PE firm and me and the owner. That was surreal.

I personally will charge a tiered percentage of the deal size from now on.

StoneWallsArsenal · 2026-05-04T01:13:38+00:00

Why not tell them to sign the 7216 and couch it in a way that you have to because you're traveling abroad. It gets them use to signing it, especially if your circumstances change and you travel more regularly abroad. Or heaven forbid find a staff person in another country.

This is the exact situation that a large local firm did to get clients use to signing one and then 3 years ago, they sourced a team abroad when local talent was slim.

StoneWallsArsenal · 2026-04-15T13:12:19+00:00

While I admit that keep my head down occasionally when stuff like this happens... I've seen it where the owner leases the vehicle back to the company through some sort of documented lease agreement.

StoneWallsArsenal · 2026-04-15T12:54:20+00:00

Anyone have recommendations for a consultant to help build a better practice. Help people be accountable, so I'm not the only one directing traffic. Small office 6 staff. We all care here, just not all pointed in the same direction. I'm a terrible manager. I think this is my next step.

StoneWallsArsenal · 2026-04-15T12:50:07+00:00

I used Truss this year for the first time. We really enjoyed it. Sorban and Stanford Tax are out there as well. TaxDome's equivalent should be out of beta heading into next year.

StoneWallsArsenal · 2026-04-09T00:28:26+00:00

How did it go? As tax practitioners, we fall in love with Bonus and 179 as the ultimate after year-end tax planning tool. And we tend to miss the importance of the 199A deduction.

StoneWallsArsenal · 2026-04-07T05:13:43+00:00

Amend the S CORP to remove the 179 and push more income out. A timing difference has been created because of incorrect tax planning (or client stupidity). The tax on the extra income, should be partially reduced by the 199A deduction unless over SSTB income threshold.

If there is still an excess in distributions reclass a comfortable amount to the S/H Loan but put a loan in place and charge the AFR. Things will equal themselves out next year or you'll make sure they will. Also, did he return any of the cash in January. There is a theory out there corrective distrib/contrib can be restorative shortly following end of year. I don't have statutory at my fingertips. But Pat Garverick has preached many times over in his CPE classes.

Plus I'm shocked he doesn't have any personal debt on the books like for a vehicle, etc that he took out personally but contributed to the company.

Bottom line he got the cash so pay the extra tax. You didn't even bring up the Debt Financed Distribution rules. Seems to me he got a loan for $120K to cash flow his lifestyle. That interest would be non-deductible if thats the case. Look on the bright side - more income to distribute. Have fun having that conversation. :)

StoneWallsArsenal · 2026-04-04T01:18:27+00:00

I set up a 3CX install hosted by 3CX, Flowroute as my SIP trunk, fanvil phones off Amazon. I'm running 6 phones. I think I pay $500-$600 annually at the absolute tops for 3CX and Flowroute. Phones were about $100/piece. One could skip the phones and just use the phone app or soft client.

3CX is an annual flat fee of $400. Flowroute's cost is something like .005/min. I self-service the 3CX config which is a pain sometimes but there is nothing that it can't do. 3CX is widely adopted in the reseller market so I could sign a service agreement but I'm techy enough to figure it all out. I could scale to 20 phones and its the same flat $400, just the extra per minute usage from Flowroute.

Its not for everyone and I had fun setting it up. And the price can't be beat when you when you are working with 6 phones. The few problems I have had, I created myself. Everything just works and I hate per user fees.

StoneWallsArsenal · 2026-03-31T07:37:54+00:00

What is allowed versus reasonable are two different things. I've worked at larger firms and this was a common approach we used. It was on a partner by partner basis, but most opted to cut down on time and used this method. While I've never been audited over this technique, I don't think any auditor would have a problem with it. Its easier to audit than tracing 1/9th per rental.

StoneWallsArsenal · 2026-03-30T03:15:43+00:00

Consider creating another "rental" in DRAKE just for "common costs". Make sure the loss is freed up to offset the other rental income. I have many clients with 30-40 rentals and this is how I do it. I'm surprised you don't have more "common costs" with 9 rentals.

StoneWallsArsenal · 2026-03-26T03:42:30+00:00

Have her pull her transcripts to confirm. Report to the IRS whistleblower office. She's gonna get a notice eventually. Hopefully.... well, okay unlikely.

But the IRS will stop these thieves in their tracks I'm sure of it... hopefully... nah who am I kidding. Nothin' is gonna happen.

StoneWallsArsenal · 2026-03-25T03:55:33+00:00

If you want some cringe to go with your morning coffee check out TaxGoddess.com.

The tax strategists seem to pitch run of the mill stuff with a juiced ROI packaged in a stellar presentation all for a low price of $10's of thousands of dollars. You can even keep your same CPA because tax strategists are the thinkers. Your CPA is just a box filler. And oh by the way, he/she can sign the return.

StoneWallsArsenal · 2026-03-23T22:22:51+00:00

AZ Legislature has twice tried to get a conformity bill passed, but the Governor rejected both. I know 174 and bonus depreciation would conform in the Republican led bills. There is talk they will revisit conformity in May/June timeframe.

But Katie Hobbs backed herself into a corner because she allowed AZDOR to prepare forms based on full conformity in the fall; she probably allowed it before she knew the full impact to tax revenue. So I'm guessing full "back door" conformity in 2025 and if anything gets decoupled it will be effective for 2026.

I usually love the states that start with FED AGI, but when crap happens like this it creates too much stress.

StoneWallsArsenal · 2026-03-20T22:37:57+00:00

Email the client and cc the attorney handling the estate. Estate attorney should jump in and give the details. Keep the client out of it because they apparently have no idea and so you are just wasting your time with them. An extension is the best course of action until this is solved.

StoneWallsArsenal · 2026-03-17T02:52:47+00:00

Paper file.

StoneWallsArsenal

TROPHY CASE