Jamie O'Kane
@jamieokanecpa
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Following
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Growth & tax consultant for #vetmed . My hobbies include hyperfocused Canva'ing, knowing enough about most things to be a dangerous know-it-all and knitting.
Joined August 2021
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I don't know who needs to hear this today but...
Putting your real estate holdings in a single member LLC has ZERO tax or other impact on your tax reporting.
Zero, zilch, nada, nul, sifir.
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In 2022 there is no such thing as a "simple" tax return.
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We need to figure out a way to start publicly shaming tax professionals who don't include depreciation schedules with client copies.
#TaxTwitter
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All the reasons that filing at or close to any tax deadline is a bad idea:
1. Tax software issues
2. IRS Processing issues
3. Tax pro fatigue
4. Reduced rates of accuracy
5. Inability to access funds
6. Rushed decision making
What would
#TaxTwitter
add?
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I received an email from a recruiter looking for a tax manager for a "premier" client. Salary range was $105k to $125k. I made that salary as a tax manager 10 years ago y'all. We have to do better.
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Listen. Tax season doesn't start until:
- 1099s are completed
- Year-end bookkeeping is complete
- The IRS is open for e-file + 2 weeks (I am not filing shit until the rest of you test the system)
- Tax software has the forms completed
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Tax firm owner at the salon today talking about crazy hours and how they are going to sell soon.
Nobody wants to buy your firm babe. Don't get attached to that outcome. 😬
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Turns out I don't give a fuck if people think I am unprofessional.
I will run my business how I see fit. ✌️
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Is it too much to hope this line of thinking goes out with the boomers?
It devalues our expertise and usually means that the required due diligence is skipped.
@MegBartelt
If your CPA is a good soul he’ll do you a solid and prep the return no charge, if they are interested in building the relationship.
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It's not unprofessional to:
- Disengage clients.
- Respond to a disengaged client's request for support with a proposal.
- Not feel obligated to assist them with said request.
- Filter their emails straight into the trash.
Healthy boundaries ARE professional.
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I gave some cookies to this cute guy in my apartment building.
And now...I am pretty sure he is avoiding me. 😂
Was I weird and awkward about it? Yep, yep I was.
Is my confidence to do something like that again likely killed? Yep.
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@spiceyashh
@Benndover33
This "business" pays people under the table. They are very unserious about being a legitimate business.
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Every tax professional I talk to is, or is planning on significantly trimming their client roster.
The pruned clients will be looking for a new professional AND they likely will have to prove they are a good client to have.
What makes someone a "good client" for your firm?
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If business owners spent less time worrying about lowering their tax bill and more time growing their businesses they would be a lot happier.
#abundance
vs
#scarcity
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Just had someone try to insult my preference for instructor led CPE by calling it "spoon fed."
I absolutely 💯 own the fact that I suck at tax research.
I follow, subscribe and purchase education from experts who are smarter and better at research than me. ON PURPOSE.
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Just a reminder that one of the biggest barriers to being a business owner/entrepreneur is health insurance.
I just paid $500+ for 3 vaccines. Life saving, public health helping vaccines. My insurance covered $0.
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Dear lenders,
Taxpayers are ultimately responsible for the characterization of all tax items and their tax effects. I will not be attesting to the tax effect of anything. Ever.
Signed,
Frustrated CPA
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Now that the paid consult thing is taking off my new mission to improve the tax industry will be to:
Get lenders to stop asking for comfort letters. 🙄
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BUSINESS OWNERS!
Focusing only on paying less taxes is a scarcity mindset.
Focusing on goals and growth and then applying tax strategies to support those goals and growth is abundance.
Stop making decisions in scarcity!
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One of my favorite things about being a tax practice owner is my network of amazing and supportive industry colleagues. I don't know what I would do without y'all. 💜
#TaxTwitter
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Accountants are some of the most inflexible, resistant to change, curmudgeons on the planet.
#notsorry
#TaxTwitter
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More and more tax professionals are adopting a paid initial consultation model. And I am SO excited!
If you are considering switching over but are hesitant tell me why and I will help give you that nudge you need. 👊
#TaxTwitter
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I got the underdesk treadmill. So far have used it for 4+ hours. Thats 4+ hours more walking than I usually do during the work week.
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Dear
#TaxTwitter
,
Happy end of the longest tax season ever. I hope you can rest, recuperate and then find the energy to make those fundamental changes in your practice that you promised yourself you would make. You deserve so much better. 💜
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Life is just...a lot right now. I am struggling a bit.
Drop me some funny memes, gifs or solidarity please.
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Can we report a lawyer for malpractice for recommendating S corps to people who have no business running an S corp?
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I firmly believe that, as an advisory based tax professional, my job is to model the things I advise my clients to do. I do this by holding my boundaries, creating processes and systems, valuing my knowledge and energy, etc.
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I don't know who needs to hear this but August 2021 is NOT the time to be trying to come up with strategies to save you taxes for 2020. You have procrastinated away most, if not all, of your options.
#notsorry
#TaxTwitter
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Soapbox: Spouses (usually 🚺) as default bookkeepers.
Having a vulva doesn't make someone naturally inclined to be a good bookkeeper. 😒
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Listen up:
Regardless of if your tax situation doesn't change from year-to-year. (Which I call shenanigans on, but not the point of this post).
The 👏 tax 👏 code 👏 has.
Numerous times. And still is.
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Pretty sure like 99% of our client base has bonus depreciation and/or would benefit from the SALT increase.
Do I just extend everything and fuck off until summer?
#help
#TaxTwitter
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The business owner's urge to burn it all down and start over is strong today.
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@LoganGrafTax
The clients didn't love his dad. They loved taking advantage of him. This is toxic. Full stop.
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Y'all I can't. Someone just left a voicemail wanting a same day appointment to discuss the business they are starting and indicated that they are looking to do some interviews with local firms.
You want me to drop everything to be on your maybe list TODAY? 😂
P/F/W. 🚩
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This industry is primed and ready for a power dynamic shift. The cost to our mental and physical health is too much to let the clients dictate when and how we do things.
#TaxTwitter
#therapyrealizations
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Are there companies who are doing ERCs fraudulently or are playing fast and loose with the guidelines? Yes.
Are there lots of tax professionals who don't know how and/or aren't taking the time to qualify clients for ERC beyond the reduction of revenue test? Also yes.
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One of my fatal flaws is never being satisfied. With my life, my business, etc. I want to be able to enjoy the present more.
So I am trying to currently focus on small wins. Baby steps for self-care, business growth, family stuff.
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I still need to do 16 hours of CPE before the end of the year. 🙃
I hate that I do this to myself each and every reporting period.
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@IRS_MEDIC
Until they pierce the corporate veil by running personal expenses through the LLC 🤷🏻♀️
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@LoganGrafTax
Can we all agree to just reduce office expenses and move on? Y'all are out here doing the most.
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Wait.
#TaxTwitter
Should the signature block on MY OWN returns be "self-prepared" or firm prepared?
Like I did them mySELF.
🤔
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@spiceyashh
@Benndover33
It doesn't. If you want your "employees" to take their employment seriously you need to take your responsibilities to them seriously. Not properly reporting payroll makes people ineligible for many be benefits, limits their borrowing abilities, etc. It's shitty and shady.
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Someone asked me for a business card this weekend. I was very confused. 😂
#isthatstillathing
#virtualfirm
#taxtwitter
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WTAF Ohio. You get the prize for most ridiculous state taxing system EVER. And I have dealt with Oregon.
🙄
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Stop 👏 threatening 👏 me 👏 with 👏 a 👏 good 👏 time 👏
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@LoganGrafTax
told me I am his hero last night.
Does
@JStaatsCPA
know? Am I in the middle of the bromance and didn't know it? Are we a throuple? 🤔
I have questions. Obvi.
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I think I found another pipeline issue...
@tailor_hartman
Have them sign an employment contract that includes language that if they leave your employment and clients join them in the first twelve months, they pay 100% of the last 12 months' billings as a purchase price payable in 10 days from notice.
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Businesses are just as hard to extend as individuals now. 😭
Fucking PTE. 😖
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The utter lack of chill people seem to have when contacting a tax professional in the middle of March...
It's been one freaking business day. Calm your tits.
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Want an easy & highly effective way to filter your leads/prospects?
Paid initial consults.
They are 🔥🔥
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If your tax professional thinks that 1099s should be issued to businesses that you paid by credit/debit card. It's time to get a new tax professional.
Credit/debit card transactions have been excluded from reporting since 2008.
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Dear Banks,
Find a way other than tax returns to verify income. It's 2023 and we are waiting for stuff out of the client's control.
Sincerely,
A frustrated accountant.
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Clients are really like:
"Hey, sorry I have been mia we have had x life event going on. Anyway, I need my tax returns asap." 😒
Listen y'all. I don't know a single person who doesn't have SOME life event (or multiple) happening right now. Assume everyone is going through it.
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Clients: How could I possibly owe this much tax?! 😲🤔
Me: This is literally what I told you you would owe back when we did your tax projections. 🤦🏻♀️
Clients: Oh. I must have blocked that out. 😬
Me: 😔
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Dear accountants,
Fix your money mindset. The scarcity is harming you and your clients.
I beg you,
The Abundant Beanmaker
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It's almost 1099 season which means that pretty every accountant group on the book of faces is a variation of the same two questions:
1. What do you use to file 1099s?
2. How do 1099s work?
#learntosearch
#readtheinstructions
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The overall lack of understanding of what we do as tax professionals and advisors is a very real issue.
Not only do clients not understand, other financial professionals don't understand. *Sigh*
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Maybe I've just been dealing with this since the dawn of time but genuinely...
Why is S corp health insurance still SO fucking hard for people to get right?!
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I don't know who needs to hear this but you don't need:
1 - S Corp Holding co.
2 - Underlying Single Member LLCs, and
1 - Partnership
All registered in Nevada to start a new business with zero expectations of revenue generation in the first couple of years.
😒
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Dear Brain,
Please come online so that we can get some ish done.
Warmest Regards,
Me.
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It takes me 1-2 hours per client to calculate extensions and next year's estimates. Tell me how we are only data entry people again. 🫡
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Pound sand.🖕
Tax practitioners can help the IRS get caught up if they don’t wait until the last minute to file tax returns that received an extension, IRS Commissioner Chuck Rettig said.
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I am about to just remove the contact form from our website. Can't see a downside. 🤔
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People are really out here committing payroll tax fraud. It is one of the most heavily penalized types of tax evasion AND you are screwing over your employees. They will find you out and report you. 🤔
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The average cost per credit hour for the average bachelor's degree is $2,132. The extra 30 credit hours required to sit for the CPA exam costs on a average:
$2,132 x 30 = $63,960
These credit hours can be in fucking basket weaving. Make it make sense because it doesn't.
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@BillWinterberg
At this point completing my document requests, budget needs, long-term financial goals, risk assessment and picking my funds I am 95% of the way to being my own financial advisor. So I'm just paying for you to look at my stuff once a year I guess? 🙃
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My bookkeeper just sent me
@karbonhq
client tasks for the firm 1099 filings. Getting a taste of my own medicine. 😒
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Okay
#taxtwitter
,
What are we using for financial projections, budgets, dashboards?
Needs/wants: Connects to QBO, pretty color options.
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Extensions done and they all e-filed just fine. I feel like I should go play the lottery or something.
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The key to properly creating subscription/bundled/monthly service packages is identifying and pricing everything you do for your clients.
It's not tax returns ÷ 12.
Price the access, the emails, the quick questions, estimate updates, the ENERGY they take and then ÷ 12.
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I don't know who needs to hear this but:
Veterinary Practices are SSTBs
🤔🤨😬🤦🏻♀️🙄
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@bryanhasling
Many taxpayers are paying for a product (tax return) and expecting a relationship and services that aren't included. This is a mismatch of expectations and a flaw in how the tax industry has been built. Quantity vs. Quality.
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It's 2022. Why do I still have to fight with PEOs on proper S corp shareholder health insurance reporting?
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@SMB_Attorney
How does it save time and effort if you have to take it apart and clean it everyday?
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Pro Tip: How to stop clients from sending their tax documents piecemeal via email attachment.
➡️ Block attachments on your email.
#TaxTwitter
#Boundaries
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New PTE tax options means add 2-4 hours to each tax return for analysis. 🤦🏻♀️
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One of these days someone is going to leave us a one star review for not calling them back and answering the questions they could have answered themselves if they had gone to the website.
And...I can't seem to care. 🤷🏻♀️
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Just recorded a solo podcast episode on why we only do paid consults. The more I talk to myself about it the more I am convinced it's the best way to provide value to our prospects and guard our time and expertise.
#taxtwitter
#italkedmeintoit
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Every single time someone switches to paid initial consults a fairy gets its wings. 🧚♀️
Effective 1/1/24 I’m charging for new client consultations just had my first cancellation due to the fact he couldn’t read the fine print! Plus he was an engineer 😂
#TaxTwitter
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Did you not...receive this income?
I’ve been fighting with TikTok for WEEKS too get my tax information for TikTok shop on my account that got banned and they will not give it too me. How the hell do I file taxes on 90,000 dollars without my tax papers from TikTok showing my income? I’m mind blown idk what to do
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Just a reminder: there is no such thing as a tax "quick question".
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Jesus fuck the
#TaxTwitter
mansplaining is at level 12 lately.
Unless someone asks a specific question. Shut the fuck up. Sound good?
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@clhubes
My uncle used to take us to Dairy Queen when he babysit us and buy us the large blizzards. Those suckers where bigger than our heads. We turned out all right. 🙃
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Looking at the reporting requirements under Section 721(c) and am reminded that I HATE PARTNERSHIPS with the 🔥 of a thousand suns.
Anyone out there in
#taxtwitter
land like(?) these? If so, I have a referral for you. I promise they are a massive pain in the ass.
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