I'm still in public, but I've definitely noticed this difference as well. We're doing some consulting work right now for a large multi-national to help with their year-end provision. They handle everything in-house (including return prep) and I met with their tax manager yesterday to go over a few things. They didn't file half their 2018 state returns until last week. They're just like, whatever, who cares. Wish I could do that lol
Do they use Corptax? If so they likely didn’t have much of a choice, they have mishandled software and form updates all year
It looked like it was either GoSystem or OIT. We use GoSystem and had similar issues. The 1118s weren't functional until like the last week of August. State conformity/adjustments for GILTI, FDII, 163j, etc. was a joke. We had to make so many manual adjustments and it was giving me heart palps the entire time.
Sounds very similar to our issues with Corptax. They didn’t release the 5471s until mid to late August and the 1118 had to be manually populated. We have a separate group that handles all state stuff so no clue how their forms look but they were sure losing their minds when we weren’t able to file until 10/10
I have a client that wants to create an LLC to buy a rental property. Is it more tax advantageous for him to be a single-member LLC, or to own the LLC jointly with his wife? Or does it matter?
It’ll shake out the same on their 1040 from a final tax liability standpoint regardless. If they live in a community property state they could file as a partnership with a 50% interest for each. That makes it a little cleaner accounting-wise as it gets tracked outside of their individual return. For one rental property it probably doesn’t matter though.
There are likely legal implications for why they may want to structure it one way or another. They should be looking at that rather than from a tax implication standpoint.
Partnership tax law is complex and compliance can be very cumbersome. If you can operate through a disregarded entity (single owner LLC) and not disrupt the economics (because all economics run to the same couple), I'd do that. Partnerships can be cool from a tax perspective, but not for a single piece of real estate.
Just finished my first semester. Took three classes and it wasn't too bad. I screwed up and didn't take Audit this semester and my school doesn't offer it again until Fall 2020 so I can't even start on the CPA til 2021. It looks like I'm going to do on-campus recruiting in Sept-Oct 2020. Do firms start new associates in January or will I have to wait until the summer?
When do you finish school? There should be some recruiting events in the spring that you can talk to them for starting in January. Plenty of people graduate in December so January start dates are very common
Graduate in May 2021. I leave the military on April 1st, 2021 but have three months of leave saved up so I could start in January if they would allow it. That doesn't really make sense now that I've typed it out. I would be starting a new job and taking three grad school classes at the same time. I might take the leave, knock out my classes, and study for the CPA full time before I start in the summer (if anyone will hire my old ass).
I’m with you. So you have 3 months of basically PTO, so you can technically end your military service Jan 1, but you’ll still be taking classes that spring. In my opinion, you’d be better off not starting until after you graduate, either June or August/September. That way you could knock out those last 3 classes then potentially sit for parts of the exam as well prior to starting. I took the exam between my May graduation and September start (would not recommend that, it’s hell). Getting at least some of the exam done prior to starting would be ideal, you’ll appreciate it later. And I doubt you’ll have any difficulty getting hired
With the military background, you’ll get hired in no time. Just make sure your accounting gpa isn’t trash (try keep it above 3.2) and you should have a number of options. Definitely take the leave time if you can afford to, using the time to focus on and wrap up the CPA exam is too good of an opportunity. Studying while working full time as a new staff or senior staff is the epitome of misery in the accounting world
I did all parts of the exam after starting full time. It took me a year and a half to finish all of them and only had to retake one. I don't recommend it.
That is good to hear about the military background. Made a 4.0 this semester taking two undergrad and one graduate class This Spring, I've got Intermediate II by itself as an 8 weeks class and then Govt and Tax the second 8 weeks
Just give the recruiters at the events a business card of your own. They’ll remember you, because the other students don’t do this. Don’t expect applying online will you get you anywhere. That’s just a formality for hr purposes. You got to get in there and talk to them. Other than that, I echo sliding in with your military experience. And make your three minute impression and move on. No one likes a lingerer. And finally send a follow up email, otherwise they’ll remember your face and not your name. source: im a former B4 manager that could remember candidates face but forgot their name. Felt bad I couldn’t recommend because they never sent me a thank you email to remember their name.
My firm made a shit ton this past summer doing consulting/due diligence on the impact of 606 with running clients. Unsurprisingly, the clients who agreed to perform their own “analysis” are a complete fucking disaster.
Definitely don’t start the job in January during busy season if you are still taking classes, I don’t know if it’s even possible to do both. I did the whole cpa between graduation in May and starting in September. I’d highly recommend doing that, but I also didn’t work that summer while studying because I had enough saved up. It honestly wasn’t even that bad. I would just treat studying like a regular job cause all my friends would be at work during the day anyways. I still traveled a bunch and didn’t let it affect me from doing anything I wanted to do. It would be terrible to get thrown on super busy jobs right when you start work and have to study late night/weekends after working. But everyone’s different.
842 is awful. Most companies are doing it manually in excel, bc the lease software cant handle all aspects.
Hanging in there so far. Our plant is still up and running. We have enough orders to keep us busy through mid-summer, but there's been some talk about a shutdown/forced PTO later in the year. Bonuses and raises went out in March as expected and there haven't been any layoffs in the plant, but we'll see what happens.
Firm cut performance bonuses which go out in the fall are cut but indicated promotions were still happening and partners are reducing their withdrawals. That has been the only communication yet and I am guessing it will depend on how long this goes. Guessing next things cut will be promotion bonuses and then pay raise freezes.
We do VoIP, cloud, and other business communications solutions so we closed Q1 strong. So I'm not in immediate fear of a pay cut or job loss. But obviously the longer this goes on more and more industries are going to be impacted though.
Yeah last year of Manager at EY, scheduled to be promoted to Sr. Manager in the fall. Probably start looking at opportunities in the next couple of years and was looking for a pretty nice spike come the fall but probably not happening. Which if it saves peoples jobs makes it worth it. But have to get through IVF given the insane benefits EY has compared to seemingly every other Company out there based on a few initial interviews over the past 6 months or so.
I am up for managing director at Deloitte. Have the same cost cutting measures and was basically told promotion is not in jeopardy but I won’t get as big a raise as we expected. Was told it would be made up for in later raises and I’d be grossed up via bonus for what I missed when things recover. Honestly I’ll just be happy to have a job in 12 months based on how I think the next 12 months will play out.
My firm (Crowe) laid off around 15% of our workforce yesterday, nobody had any idea it was coming. Rumors had been going around that partners had taken a paycut (15%) so most people were thinking that was to avoid layoffs. Firm leadership had been completely radio silent for weeks. They have also cancelled annual bonuses and raises. I was making manager this summer and don’t know if it’s happening anymore. If not, I have my 5+ years of experience and my CPA so I’m getting the fuck out of here
That sucks man. Re: promotions, I would think that firms should at least give the title promotion even if no pay increase right now. Even so it looks shitty on paper for the employee, promotions in public accounting generally mean that you were already doing the job of your promotion to prove you can handle the promotion. At least having the title will help with better exit opportunities.
That sucks. Glad you survived the cut though. Was it low performers or completely random people that they laid off?
Yeah that’s what I’m at least hoping for, my coach (Sr Mgr about to make partner) felt pretty confident that the promotion is still happening. I’ll take it for the title even without the pay, for whatever additional opportunities will come my way this/next summer. Looks like a mix between low performers and those who specialized in industries with lower realization, regardless of performance. Almost our entire government audit group in FL (like 8 people) got whacked
Yeah we have an all hands call with the head of EY in the US on Tuesday. Most of us are expecting promotions still on in title only with pay raises being frozen.
So have my promotion to manager going effectve 8/1....and so far appears to be in title only with promise to reassess at the end of the quarter (10/1) to potentially make up for it Updated my linkedn last week and have already gotten a heavy inflow of management level opportunities in the private sector....all with starting base comp around $20-30k more than where I’m currently at, and potential legitimate bonuses (10-20% or options) compared to the garbage I get now (3-5%) during normal annual comp timing. Updating my resume this weekend....I know the grass is always greener fallacy but going to be hard not to take the dive here. I work on multiple public company audits, and the manager workload at experienced senior pay is just complete bullshit, don’t really care about the circumstances. My company laid off about 10% of the workforce in April, but our revenue and bottom line have been on par with last year, thanks to tax and audit kicking ass and making up for sectors that have been getting crushed (mainly consulting).
I was promoted to manager last summer (tax) and left in November. Now work for a recently delisted company bought out by PE. Very glad I left when I did. Public sounds like it has been even worse hell than usual during rona. Run.
Anyone mind if I DM them about job offers? I graduate in May and I've got an offer in audit, tax, industry, and federal gov (internal audit) and want to get some opinions. Thanks
I got a CP2000 for a bunch of stock sells and I need to send them back information for the cost of those stocks (they think I made $15k in gains, I actually made ~$200). When I reply disagreeing, should I just mail them my 1099 or a filled out 8949 or both?