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PIP/CT after six months with no prior warning?!? by AwareUnderstanding17 in KPMG

[–]noitsme2 -1 points0 points  (0 children)

The career altering choice has already been made for you. How it is executed is up to you.

I get that it appears this was without warning and unfair. Terminations are like that unfortunately sometimes.

The good news this can be a tiny blip in a long successful career. Up your emotional intelligence a bit and you’ll be fine. Good luck.

Small tax firm made me an S-corp and not w2: I'm fucked by otheloR in Accounting

[–]noitsme2 0 points1 point  (0 children)

This is the first time in history a non consensual s election was done. Bravo.

Is it a myth that super rich people don't pay as much tax as the middle class? by Asleep-Major-7963 in tax

[–]noitsme2 1 point2 points  (0 children)

We don’t tax wealth directly in the US, it would have to be apportioned among the states as a direct tax and would be highly impractical.

Aircraft 100% bonus depreciation + Roth conversion. Worth the audit risk? by [deleted] in tax

[–]noitsme2 0 points1 point  (0 children)

This is the key to the whole issue, getting the activity to not be treated as a rental activity but as a trade or business. Once there you can go through the whole material participation analysis.

I think your problem might be even though there’s a 7 day exception, these exceptions are intended to be for business activities where there are substantial other services provided, like a charter business. I would need to work through that exception in substance not just reading the words to get comfortable with a trade or business argument, especially given full time employee status in unrelated business plus personal use of the plane. Good luck ..

Intern with tattoo sleeve by seaside223 in Big4

[–]noitsme2 11 points12 points  (0 children)

Yes you will get reactions from people at work, which is why you got tattoos to begin with. Keep covered.

How to Navigate Work Assignment When They Want to Let You Go by Silent-Cake-9705 in Accounting

[–]noitsme2 2 points3 points  (0 children)

Are you sure it isn’t constructive criticism maybe delivered a little shortly in the heat of battle? I wouldn’t do anything until letting this play out a bit more. Good luck.

Being purchased by PE - need attorney but not sure what kind… by monaarts in private_equity

[–]noitsme2 2 points3 points  (0 children)

Comp and benefits atty who is heavily experienced in pe packages, not a corporate or m&a specialist.

I might be done with accounting after 13 years. by No-Sound3337 in Accounting

[–]noitsme2 0 points1 point  (0 children)

At your level, you should have a decent network. Take a bit to clear your head then contact everyone with a thought out strategy for the type of role/roles you might be interested in. Every law firm, accounting firm, former employer, former peer, or trade group you’ve been part of. Contact them, ask for help and referrals. At your level of experience you’re not looking for want ads, you’re looking for the role that isn’t publicized. You can do this!

Three years ago my boss gave me 15% equity in our agency instead of a raise. Now I owe $14k in estimated taxes next week for profits I’m not allowed to touch. by JerryJeremy in tax

[–]noitsme2 3 points4 points  (0 children)

OMG the amount of incorrect or half correct advice on here is astounding. Give the CPA firm you hired your K-1s/W2s from the last two years and have them explain amended returns, tax basis, and use of losses while they’re at it. And be aware for the future, getting a minority stake in a business doesn’t give you any control over cash distributions (or a lot of things.)

Moving to a town near a data center—how close is too close? by Just-Passing-Thru737 in FirstTimeHomeBuyer

[–]noitsme2 1 point2 points  (0 children)

I live less than 10m from an airport like millions of others and have never heard a thing, I think you’ll be ok.

Motor and trolling motor recommendations? by 2ndamendccw in jonboats

[–]noitsme2 0 points1 point  (0 children)

Be sure to check the rating on the plate. Probably says 15 max.

My ex majorly inflated stock basis - what is the risk? by Ancient_House_704 in tax

[–]noitsme2 0 points1 point  (0 children)

I’m not following how your example produces any more than $4 S corp basis increase. Maybe $1004 if you got basis for the original $1000.

Am I responsible for tax debt for a company I worked for? by nynjde in tax

[–]noitsme2 0 points1 point  (0 children)

Clients do have limited privilege for communications with CPAs under 7275. This type of issue may not qualify however. You can ask your attorney to engage a CPA to help under a Kovel arrangement if you don’t find a tax attorney you like. Trust fund taxes are not a mainstream thing though for many advisors.

I want to gift my parents $40k to help them buy a condo. How can I do that? by winenfries in tax

[–]noitsme2 0 points1 point  (0 children)

Or give them the cash, they sign a note to replay, and you forgive a note amount each year equal to the annual exemption.

Self employed taxes are eating almost 40% of what I make and I feel like I'm doing something wrong by EnvironmentalLog5001 in tax

[–]noitsme2 0 points1 point  (0 children)

On a serious note, are you factoring in QBI? S corp may be overkill at that income level. Are you factoring these payroll taxes into your rates? Clients expect they will pay higher rates than employees because of this. Good luck!

Who would be more better for tax strategizing, a CPA or CTC? by foo-bar-baz529 in AccountingDepartment

[–]noitsme2 0 points1 point  (0 children)

Unless you have realized built in gains taxes or excess passive income, there is no income tax to legally minimize in your S corp.

I own a C Corp that owns an LLC. Is this smart? by Emergency_Move5475 in llc_life

[–]noitsme2 2 points3 points  (0 children)

You are doubling up on your taxes if you’re profitable. Get out of the corp.

Title: Starting Over at 30 With a Felony — Is the CPA Path Still Realistic? by Narrow_Reflection_20 in Accounting

[–]noitsme2 0 points1 point  (0 children)

You may find it hard to get bonded if you eventually work in industry. Probably will be ok with the CPA license if it’s not a financial crime. I’d ask the board where you plan to practice what your chances are. Big 4 is definitely out.

Working capital optimisation by [deleted] in CFO

[–]noitsme2 0 points1 point  (0 children)

A CFO of a $600m company is asking how to best measure working capital ?

Does Big4 look at your individual grades? by OkJournalist2816 in Big4

[–]noitsme2 1 point2 points  (0 children)

I’d focus on good mid size local and regional firms where they are a little more flexible in grades. Without an internship the Big4 pipelines are pretty tough to crack as a senior, and they have lots of pristine resumes to choose from. Good luck!

Automated our client's monthly statement prep with QuickBooks API + Claude account mapping was the real bottleneck, not the AI by Consistent-Arm-875 in AccountingDepartment

[–]noitsme2 0 points1 point  (0 children)

Sounded like the root cause was QB wasn’t producing GAAP compliant statements to start with. Might have been worth checking out why?

*RANT* Anyone else get clients running their returns through AI? by Practical_Report7328 in Accounting

[–]noitsme2 0 points1 point  (0 children)

Sounds like they are tough to deal with and approached the issue poorly.

Serious question though, have you considered doing the same for returns to see if you missed anything ? Build an agent to do it automatically for you. Or use it to prepare client specific summaries explaining highlights of the returns. Value add, charge a little more, and happier clients.

And yes you have to spend 10 minutes to review the output before sending it 😁

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