I don’t think age matters in that as long as you’re willing to make it irrelevant it will be irrelevant i.e. treated the same as a 22 yr old new grad.
They probably serve a very specialized client or base then. Feel free to shoot me a PM if you want to chat with more specifics.
Any industry folks in here that use Corptax? Just wondering if everyone else thinks it's as miserable of a software as I do. They still haven't even made any international tax forms available for 2018 yet, and they're not expecting to until mid to late July
Honestly, regardless of age, I think really going deep in data analytics and being able to sell that to a mid tier Company to automate controls is going to be really valuable and lucrative. My client is very large and beginning to explore that. Everyone always talks about disruption but seems the firms, at least segments and growing, are really starting to understand the potential.
It depends on what your situation is and what your goals are. Working for a Big 4 has tremendous advantages but if those don’t really pertain to you then yeah what’s the point.
If I'm entering public accounting, I'd focus on a core service line for a year or two and then get involved with technical areas (new standards) or other niche consulting type engagements. The demand will continue to grow with 606 and 842 and its associated complexities and difficulty to implement.
Trust me man, I'm trying. Problem is, I'm in tax and I absolutely hate it. I want to get out of tax altogether and I'm just at a loss about where to go and what to do. I could probably request a switch to audit and then bounce out of public, but that would mean a significant career setback. I'm about to be promoted to senior manager and don't really feel like walking away from that salary or title. I did a pretty damn good job of pigeon-holing myself.
I think that’s good short term experience until the new standards become the norm The areas will take time to learn but don’t have the depth like 805. I would probably tell somebody to go that direction
Jesus dude that’s a lot of busy seasons for an area you hate. Sorry to hear it but there are ways out I promise
What is it that you want to do? Everyone has their own journey. I like to pretend that if I ever reached your point I’d start back and work my way up. I wouldn’t let money be the deciding factor. But again, that’s probably naive of me and I haven’t been there. I’ve hated audit at times, but I don’t question wanting to do accounting. Surely there’s a recruiter that could get you some experience elsewhere potentially. But that’s its own beast since most recruiters suck.
Random thought in the accounting thread but the versatility of this type of degree cannot be understated. Been almost 10 years since I left public accounting. Now doing pricing work within finance at a fortune 500 driving the adoption of machine learning and data analytics to improve decision making. That focus is the cash cow of the future.
If you’re this unhappy and it’s not just post busy season talk then what do you have to lose by seeking a change? I’ve gotten close to this point a few times over my career, but I’ve changed locations three times (once was international) and changed industry focus twice. That helped a ton, but I also found I enjoy what I do. I also found that those feelings were connected to specific clients, specific bosses or just a general disinterest in the types of clients I was serving at the time. Not sure how big your firm is, but I’d look for rotation opportunities (national office, secondment/expatriate assignment, ITAX, tax consulting or other consulting, even audit).. a short term rotation would be ideal obviously. Otherwise, I’d try to find a role in private that leverages your experience while providing opportunities to learn new skills. I almost went that route with a small family office where Id be the controller, but also work closely with the CIO. Doesn’t have to be that exactly, but just something where you can leverage what you’ve done. I don’t think I could start over either. Tax knowledge is always valuable. I’d rather have that background than audit if I was going private.
I have an IT background as my minor in college, so I understand how things work but am not actually doing the IT side of things. Making the connections is done by a central team I feed my requirements into. I work on the algorithms more and pathfinding new math to help out the org.
Couple quick questions for you guys about withholding social security taxes. Let's say I'm a part-owner in two LLCs and that I make $150,000/year from Company 1 and $25,000/year from Company 2. 1. Am I required to withhold 12.4% on the entire $175,000 even though the social security max is $132,900? 2. If not, what do I withhold from Company 1 and what do I withhold from Company 2?
1) You don't pay yourself a salary if you are working in a sole member LLC / Sch C or in a partnership as an owner. If your LLC is a S Corp go to number 2. 2) You only withhold up to the maximum wage limit on your salaries combined(technically the 25000 doesn't need to withhold SS and the amount greater than the limit would stop withholding after the maximum). You do get a refund on your 1040 if you withheld too much though. Employer would have to amend quarterly returns to get a refund. Does your business have an accountant or are you self preparing?
https://www.houstoncpa.org/docs/lib...nt-library/habeeb-gnaim.pdf?sfvrsn=db59f5b1_0 Had this open in another tab and figured you might find the discussion of the Castigliola case interesting or useful.
My wife is about to make senior manager in Tax at the big D. I can't imagine how miserable she would be if she didn't love what she does.
I'm self-preparing. I receive a salary from Company 1, which is a member-managed LLC, has an accountant, and taxes are withheld. Company 1 is my day-to-day job. Company 2 is just a company that has an interest in another company (Company 3). If Company 3 makes money, it makes distributions to Company 2, and then Company 2 makes distributions to me. Company 2 is manager-managed and I'm not the manager. It also does not have an accountant and nothing is withheld from the distributions. I'm trying to figure out what I need to set aside to pay taxes on the money I receive from Company 2.
You should really get an accountant for this. These sound like partnerships? If you have a set "salary" in company 1 it should be a guarantee payment and not a w2. But best I can tell it sounds like you aren't taking w2 salary but just cash draws, which is correct too. Secondly you will need to know your pass through income totals and pay in estimated taxes on the estimated pass through income. If you think your draws are a good representation of your business income then I suppose that is a good idea just to use them. But there are so many deductions to consider such as health insurance, 199A, itemize vs standard deduction, etc on top of the business income, which can all lower what you owe or estimating to pay in.
Couldn't colonel_forbin just adjust his W-4 withholdings at Company 1 to take into account the income from Company 2? The IRS updated their online withholding calculator in the past couple of weeks
If company 1 is a partnership technically shouldn't be taking a w2 salary. That aside if you are referring to Federal withholding then yes. The social security and Medicare are flat percents that are calculated based on gross pay and can't be adjusted. What he should do and what I was saying in my first response is withhold no social from company 2 (if getting a W-2 salary, but if taking cash draw then there is nothing he needs to do in terms of social but take the cash and pay estimated taxes) and withhold all social tax at company 1 w2 pay. When company 1 reaches the social max he will had withheld his required social amount and not over withheld and save company 2 from making the matching contribution on his social withheld. He gets his cash sooner than being refunded when he files his 1040 and saves the company cash avoiding paying the required company match.
I now have a client that has about 100 K-1’s, mostly from PTP’s. Guess what this guy is doing during the noon kick window tomorrow?
Update to this since I know everyone has been wondering: The corporate extended deadline is October 15. Corptax just released an update on 9/23 that finally has the Form 1118. Prior to this, our international people were manually calculating all sourcing and FTC amounts thinking we might have to manually fill in that form to file. Now today Corptax says they will not have the e-file capability for Forms 1118 and 965 prior to 10/1, and they're not sure it will even be next week. Their serious answer when people keep asking them about these forms so that companies can file is to use the forms available on the IRS website and manually fill them in. It has to be a non-zero chance of a lawsuit coming out of all this debacle at this point
Manager. Tax manager in industry with a company that recently delisted after being purchased by private equity. The current director is looking at retirement in the next few years and real flexible on working hours so long as work gets done. I worked 18 Saturday’s in 2019. I can’t wait to have that behind me.
Good for you man. In my honest opinion, I think everyone should leave Public as soon as they can get a salary in industry that they are happy with. If you're good, you'll see that you will be promoted pretty quickly and catch up to that Director exit salary with the quickness.
I put in 3.5 years Big Four and then 3 and change at a top 25 firm. While the latter wasn’t as incredibly soul-crushing there’s just so much more baggage that goes along with it as you move up I realized I don’t want that to consume my life beyond what the work does.
Yeah currently going through this now, although if I exit it will likely be after we have kids as my wife and I can't have kids naturally and public accounting benefits for IVF are just absurd compared to everyone else.
I know that feel. Had surgery two months ago to fix my issue....we should be good to go. It's Mich easier when it's the male with the issues, but we likely won't have to go the if route. Smart move staying put until you have however many kids you want. Fertility is expensive
I can't speak to your situation but holy shit the health benefits at the company I'm moving to are so much better than what I currently have. IIRC correctly you work tier below B4 though.
No work Big 4 (EY) and last year at Manager, started at tier below Big 4. $25k dollar for dollar reimbursement for alternative birth options. Had one interview and tried to get this baked into the salary but they had a hard salary band so curious to see how it all plays out. Sounds like you have a great gig though, congrats!
Thanks man. Ah, thought you mentioned working at GT or similar in the past. Yea, I don't blame you for wanting to see it through for that. Money isn't everything but in a case like that it's probably worth.
Yeah we are starting in the next year or two so if we leave $25k out of pocket and yeah used to work with GT and did a year of industry before coming back to public with EY.
weird taxability question: i work in our business expense department. business travel has been under HR for years and is slowly transitioning over to us. i've started getting looped in for quarterly meetings with our travel partners (airlines/hotels/rental car agencies) and learned of a particular "amenity fund" that is part of the contract with one of our airline partners. There is an annual deposit to the amenity fund and additional funds are added based on contract performance. The amenity funds can be used for upgrading someone's already purchased seat, purchasing beverage vouchers, one-time passes to the flight club, buy status for an employee, yearly club membership, waivers for change fees, etc The old travel manager hasn't used these fees, and they expire at the end of the year (a new fund would start 1/1/20). She hasn't used them because they couldn't figure out a fair and equitable way to choose who should get redemptions. seems like a dumb reason to not use something that i'm assuming she was active in negotiating in the first place. anyways - if we decided to redeem these funds for the benefits mentioned above, are there any tax implications since the employees could use certain benefits like status upgrades and club memberships both business travel AND personal travel? i spoke with our tax department and they said it would be taxable, but we would have to determine the value of the benefit, since the redemption value has an arbitrary $ amount assigned to it, but isn't necessarily what the value to the employee would be. essentially i want a 2nd opinion because it seems ridiculous to have this be part of the contract if we can't even redeem the damn funds.
This is the answer. Former B4 Audit/Advisory who went in house at a F100 Company doing data (which I knew zero about before the engagement). 40% comp bump when I left and 10%+ annual raises ever since. If you can apply even a fraction of the B4 work ethic combined with a little bit of patience it is really easy to earn big bucks in a relaxed environment.
Two weeks in industry so far. I won’t say people don’t care but everything isn’t a fucking emergency or dumpster fire constantly. Company I went to delisted and has a bunch of short period returns to wrap up right when I start. Public: work nights and weekends until they’re finished. Industry: they’re already late, let’s just get everything done by 12/15.
I wouldn’t think it should be taxable. If anything when an employee uses a perk on personal travel it could maybe be considered a business gift to them. The whole thing would create a huge hassle of tracking who uses what and when they use it too and doesn’t sound very worth it to me