Craig Hausz, CPA
@CPATaxTeam
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Hey Buddy. you wanna play Seminole? Nah. getting divorced. Hey Buddy. wanna play Seminole? Nah. out of town. Hey Buddy. wanna play Seminole? Nah. have a wedding. Am I spelling Seminole wrong? #golftwitter.
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@F1MercHub @SoyMotor How is Mercedes going to rebuild a car that matches the one Max currently drives?.
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Health Insurance premium for Employee only coverage through Blue Cross. $960/month with a $5500 deductible plan. Family plan is $2881/month. Who in their right mind can afford $12k per year for just health insurance?. $35k/year for a family just for health insurance. #insurance.
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Family of four with normal car insurance coverage and no accidents…$10,400 per year. Let that sink in….
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I may win the #taxtwitter client comment of the day. Client with over $30mm in investments, we charge $2625 for his return. His advisor is charging over $150k. "Maybe I could come into your office and input the data myself into your software to save on my tax prep fees.".
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Ship Sticks wants over $500 round trip to ship from Dallas to Ireland and back. Why would someone pay that much? I could see $100 each way. But $220 to Ireland and $319 back seems excessive.
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New tax client, has $9.4mm portfolio. Advisor charging 1% and using mutual funds. Total fees for 2024. $181k. Nearly 2% in fees on a $9mm account. wow.
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Clients daughter, married in 2023. Early March….“We need to use a tax pro.”.Us: ok, it will be $750. C: woah, that’s expensive!.Us: ok.Yesterday: ok, we’ll hire you if it’s $650. Need to file on time. Uhhh…that’s not how you treat a tax pro in April.
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Dear Client. you owe $500. "What? OMG. this has to be incorrect.". Dear Client. let's have you pay in $3.68mm with your extension. "Oh, ok. Was a little lower than expected.".
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@ResurrectTeddy @cmc223 @robertoblake @cybercribs Tell us you don’t understand property taxes and county/local tax reporting without telling us.
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Does anyone have a client who uses Morgan Stanley who actually has good financial performance? The statements we see for tax clients who use MS is trash. High fees, poor performance. They must have great sales people.
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Just booked Royal County Down for my 50th birthday trip. RCD .Royal Portrush.Portmarnock.Lahinch.Ballybunion. This should be a fairly decent week of golf!.
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Client was paid $855. 1099 says $855. IRS keyed in 85,500. They want $30k in taxes from client. IRS won’t update records. Payor issued correctly. #TaxTwitter.
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Huge shoutout to the firm that won't give flexibility to a new mom CPA on working remotely. We appreciate you allowing us the opportunity to hire high-quality tax professionals from you! #TaxTwitter.
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Doctor office…let’s weigh you. But I’m wearing shoes and clothes?. Doesn’t matter. Well, your BMI is high. No kidding? Maybe because I have 9 pounds of clothes on??.
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Got a resume today from a 5 year CPA at a regional firm. Worked over 2500 hours last year for under $100k. This is why the younger generation is leaving public accounting. When will these mid to large firms read their core employee demographic? #taxtwitter.
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Prospect. my books are a mess. 20 rental properties. Bookkeeper charging $250/mo. "can you do my accounting for the same amount?". Hahahaha!.
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Had one of our CPAs retire. Client asks for a discount since the new account manager is younger and doesn't have 38 years of experience. They only have 17. Umm. that's not how this works! #taxtwitter.
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@F1 Given how strong George was in Brazil last year and the McLaren upgrades this year, Brazil 2023 could be a really fun race for both of them.
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We projected growth from $2.1mm to $3.3mm this year. We were trending to $3.5mm in September and I was fairly happy. Through November…$3.67mm. Just sent out another $100k in bonuses to our team yesterday as a thank you. 18FTEs, 4 full time admin, 8 CPA/EA, 6 bookkeepers, a.
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#TaxTwitter my world changed this week. Went from 12 to 20 people in our firm. My new reality is that I clearly need to be laser focused on strategy and growth only. No more having my hands in everything. But I love it!.
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Me: I want to join this really awesome golf club. Wife: you can play Seminole any time you want. Plus Oakmont. Why do you need another one?. She just doesn’t understand the struggle. #GolfLife.
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Mad props to the Edward Jones advisor that did a Roth conversion for our client who was in the 37% tax bracket. But the IRA owns an annuity so we're all good. #taxtwitter.
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Tell us you don’t work with the IRS without telling us. #TaxTwitter.
There is absolutely zero reason for someone to fax anything in 2025.
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The path to manager in our CPA firm is pretty simple. 1. You have to be credentialed. CPA or EA.2. You need at least 5 years of experience.3. You need to be able to deliver financials and tax returns with minimal review points for at least 1 year.4. You need to show the.
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The dance of explaining an estimated payment based on 110% of prior year, or 90% of current year tax, is always fun. #taxtwitter #IRS #taxes.
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10 years ago. Mrs CPAtaxteam and I started our CPA firm. Just the 2 of us subleasing a file room from another advisor. Today, we're proud to announce that we made the Inc 5000 list! We have a great team that has helped us shape advisory and accounting services for successful
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@HamptonThink This is why 85% of americans don't have a high yield savings account. Nearly all of them are basically broke. @zachmelloh26.
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If you owe $85k in back taxes, you either aren’t the little guy or you’ve intentionally not paid taxes for awhile. They aren’t going after grandma on social security in this example.
The 80,000 new IRS employees are going after the little guys which is something I rarely hear about. They contacted us about a landscaping company we use at one store. Allegedly they owe $85k in back taxes. The IRS said if we want to continue using them as a vendor we have to.
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If your tax pro doesn’t understand that other tax pros have outside K1’s and 1099’s that don’t show up until late spring or later, you should probably find a new tax pro…. #TaxTwitter.
Ask your tax pro if they’ve already prepared their own tax returns. If the answer is no, you should probably find a new tax pro….
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Our accountant: We need your health insurance paid for S Corp owner health insurance on your W2. Client: Here is the front and back of my insurance card. #taxtwitter #payroll #taxes.
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The IRS should outsource audits to other tax pros similar to peer review. Pay % of collected. We would see immediately where the abuse is in the system. #TaxTwitter #IRS.
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All of my entrepreneur friends don't pay this much in tax. Well, they are either lying or committing fraud. You can't have $0 tax due on $1mm of AGI.
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Client: We just moved $3.5mm over to a Wells Fargo Advisor. Me:
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Tax comment of the day. Business got ERC for 2020 and 2021 (revs decreased). Need amended partnership returns (5+ partners) and 1040's. Quoted $1250 for each biz filing and $750 for 1040 to amend. "$6000 for what should be an hour or two of work? I'm just going to try and.
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First Friday of 2025, you know what the means for the CPA firm. Yep, closing the office at 1pm on Fridays now all through tax season. I'm a big believer in the notion that people will fill their work time if allowed. If you limit the hours, the work will still get done, just.
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Prospective Client: "I was hoping to get some advice about my divorce without having to pay". Our Admin: Sorry. Admin is getting a bonus.
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Client. I thought bookkeeping should be about $75/month. LOL.
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Dear Taxpayers. don't try and force your tax pro to file a return this week. They are either too tired from burnout or will rush it. Either way, it's a red flag opportunity and not worth it. Extensions are free and easy to file. #TaxTwitter.
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Client: "I'm going to do my own payroll. The $5/ee/pay period is too high of a fee.". Also client: "Can I write off my new Porsche?". #TaxTwitter.
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@thesamparr Only if used for non-deductible purchases. If you are spending in your business and the business receives the cash back, it's taxable as it reduces your deduction. This goes for self-employed and those who own rental units with a corporate card.
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#SuperBowl “Even if I have income in 4 states and 2 countries?”. TurboTax…”We got your back”. #taxtwitter…
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Our suite number is 1030. when we renew next year, I may have the option to change it to Suite 1040. The number of times, I accidentally type 1040 for our suite due to our business is pretty funny. Should I change the suite number when we renew? #TaxTwitter.
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Publicly Traded Partnerships (PTP's) are awful for most normal investors. If your advisor is selling you small PTP ownership investments. find a new advisor.
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Got a new $6000 client today primarily due to sending her a personalized handwritten note when her husband died. Her Morgan Stanley advisor sent a generic card. The personal touch matters! #TaxTwitter.
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Saturday in tax season…8:22 tee time, shoot 75, home for lunch, then nap. This is why we don’t do cheap 1040 only work.
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Had lunch with a business client of ours. His comment to me about the firm. "You need to raise every tax only client to a $2500 minimum fee regardless if they have been there for years and the return is easy. Then take all of that time saved and add advisory work for your top.
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If you are a financial advisor, and you can't properly help a client in retirement without buying annuities, you should be fired (or the client isn't a proper fit). Advisor sold a $2mm annuity to a 90 year old client. "just to be safe". She's 90! How is she going to run out of.
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#taxtwitter do yourself all a favor and extend 1065/1120S returns tomorrow. Will save headaches of feeling a deadline over the weekend!.
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#taxtwitter $240k W2 client of another firm, 28 y/o. gets bill for 1040 prep. He tells the other firm that he thought they should do first year for free since this will be a long term relationship. What???.
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@OutdoorFinance How do you have more buying power? You just got rid of a chunk of cash and now have less cash flow due to losing the interest rate arbitrage.
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I’m proud to say I hit my goal of no weekends or holiday work days in 2023. I took 141 days off and worked 224 days. My goal this year is 150 free days. #Goals2024 #NewYear2024.
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A friend told me today he’d rather play TPC Sawgrass than Cypress or PV. He’s played all 3. I almost fell out of my chair.
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If either Fidelity or Vanguard go down, having only 1 as a custodian will be the least of your worries.
I believe everyone should have a diversification with investing platforms to protect your money. This is why I use both Fidelity and Vanguard. Best 2 options.
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@GuyTalksFinance @jrouldz Most wealthy people own/owned businesses. Your comment was about wealthy people and cc points. It’s the same game.
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@HoselBombs @LouStagner As a lifetime scratch player, my avg carry is barely over 240 when on the launch monitor. My best drives land around 265-270 at max. Most of my good ones are landing around 245-255. I'll take my handicap all day long over a 5 index who plays to about a 7-8 handicap.
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We offloaded 105 tax only clients this year. 8% of our total tax returns. Lost only 3% of our revenue. Always be on the lookout to cull your bottom level of clients/customers if you want happy clients. #taxtwitter.
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Narrator: they skipped one of their best memories to be $900k in debt with net cash flow of $2600/mo. Living that FI dream.
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Completing our 3rd F Reorganization for an S Corp client selling their company this month. Huge win for buyer and seller. Will save the parties over $700k in taxes. Who else is doing this to facilitate the sale of S Corps? @SMB_Attorney @ClintFiore.
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For the love of God. please stop setting up LLC's taxed as S-Corps when your revenue is going to be under $50k. Instead of two very nice Sch C's on 1 return, they now have 3 returns, two of which need have to report and pay outside state taxes. Ugh. #TaxTwitter.
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Completely false. If the S Corp earns $1, that is REALIZED income. Just because it isn't distributed doesn't make it unrealized.
@damosuzuki1 You own an S corporation. The S corp earns $1 and retains it (you do not receive it). You owe tax on that $1.
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The practice we bought 2 years ago had several standalone 1040's. We've offloaded over 200 of them to a new CPA (the younger guy from yesterday's post). One of the clients with dozen plus K1's, state filing, several 1099B just called. Found a new CPA who would do it for $750. It.
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One of our partnership clients has a partner who received a final K1 in 2022. Their CPA is asking us to sign a form acknowledging that we will not be sending them a k1 for 2023. Umm. that's what marking the box FINAL means. Good luck if that's your preparer. #TaxTwitter.
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Underwriter: Can you send us a letter saying this loan won't affect the profitability of their business?. Me: No. #TaxTwitter.
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Recruiter: I have a great candidate with 9 years of experience, manages a portfolio of clients and is looking for a better work/life firm. Wants $130k base. Me: Sounds interesting, send over resume. Resume: on job 5 in year 9, title is still senior tax associate and each job.
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Prospect came to us for tax prep. paying $450. He's now paying us $350. per month. Includes quarterly check-ins, audit protection and advisory. Why aren't more #taxtwitter firms doing this for their clients? I see so many charging under $1000 and giving away the advice.
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Prospect with 14 rentals. "I probably could just do this myself but I want planning." Great! It will be $2250 for your return and $2500 for planning. "But, it doesn't make money" That's because you didn't do the planning!.
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For home buyers…remember that if the seller counteroffers your offer, you are not required to counteroffer back. You can decline and move on. We did this and the selling agent lost it. “That’s not how this works, you are supposed to counter until we agree.”. Nope…that is.
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@CarsleyGolf @NUCLRGOLF @SchefflerFans You mean, the officer who unnecessarily jumped on the courtesy car?.
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Gotta love getting a 497 page K1 for *checks notes* an entity you didn't know existed. Foreign, 163, 8883, 5471, multiple states. Good times. #TaxTwitter.
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@unusual_whales That number sounds surprisingly high. I wonder what the median is because the retired crowd may be skewing results.
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Props to the Ameriprise advisor for doing 20% withholding on our client's Roth IRA distributions. Doubled down with a QCD recommendation as well. At least he was trying to help. created a nice refund for the client.
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This chart is so eye opening for anyone that tries to show how the wealthy don't pay their fair share. The bottom 50% of taxpayers pay an average rate of 3.5% in federal taxes. That's crazy low. It's fine but don't try to say the rich pay lower tax rates.
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Prospect: I've talked to two other reputable firms and they are quoting me less than $450 with a 1040 and a schedule C. Me: Good luck! That's a steal. Why are "reputable" firms charging that little for a 1040 in March? #TaxTwitter.
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1099 Filing has to be one of the biggest waste's of time for businesses and accountants. Track1099 by @avalara requires the firm to set up a separate client and upload a specific excel or CSV file for each client. There should be one master input with the EIN and name as.
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Business owners. PSA: Don't have your attorney file an S Election for your business w/o consulting your tax advisor. Attorney just cost a client $45k of lost NOL by prematurely filing S Election for the corporation.
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Client called this morning to talk about his final days in hospice. he's trying to get ducks in a row for his wife and kids. This is when it becomes real. #TaxTwitter.
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So grateful for @Intuit sending me and my employees invitations to leave our current employer and work from home for @turbotax! Way to work together with your accounting firm partners who pay you for your software! #TaxTwitter.
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The amount of non-compliance from small LLC's on BOI reporting after January will be quite a thing to behold.
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At IRS Tax Forum. I’m 50. I still think I’m in the bottom 75% age bracket. #taxtwitter #pipelineissues.
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#TaxTwitter all of the RE bros out there telling 20 y/o's to buy a rental and it will cover their cash flow needs crack me up. We have over 20 clients with rentals and can count on one hand the number that are reasonably cash flow positive. Almost all show losses for taxes.
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Prospect: "but the prior preparer updated our books for free when they did the tax return" "can you just update them as well and we can skip the monthly service?". Me: "yes, but it won't be our firm that will do this.". Set boundaries in all company work. You are valuable.
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@HeroDividend The S&P is up 8% ytd. O is down 26%. Who cares what their yield is? You are nearly 28% down vs. the S&P.
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@cunha_tristan @roshanpateI Tell us you've never started a business, nor owned one, without telling us. .
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Back surgery today. Home and healing. I was in recovery less than pre-op!.
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#taxtwitter can we somehow all just post when we have a live agent on the phone and see if we can loop in the other pros to talk to the agent? Like one big conference call?.
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Saturday number 101 in a row without doing taxes. Stayed until 6-6:30 a couple nights but the weekend is free. Almost 2 years of weekend sobriety in the tax world!.
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Prior accountant…separate GL expense account for each vendor. Our onboarding team is enjoying this. #taxtwitter.
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