Albert J. Campo, CPA, MBA
@ajthecpa1226
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Proud father - Former Big 4 sellout - Sole Practitioner. I help individuals and small business clients navigate the choppy tax waters.
New Jersey, USA
Joined November 2017
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Well, there it goes. The last shred of hope in humanity that I had left.
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This weekend had to have been probably one of the worst weekends in my entire life. House alarm goes off for me to find myself confronting two men in my kitchen looking for car keys to steal our cars. Fortunately, I was able to scare them off but it could have gone in a totally
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Took the weekend to spend time with my wife and daughter. Felt absolutely incredible to be back with them.
Also, wanted to share some BIG news with my
#taxtwitter
family. New child tax credit arriving in October!
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Helping a buddy make his estimated tax payment I see this on IRS Direct pay. Seriously IRS?! You chose the submission deadline to run planned outages?! This is a prime example of how inefficient the IRS is. So damn infuriating!
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Client: Underwriter needs the K-1.
Me: *sigh* You’re a C Corp.
Client: idk they need it so we can close.
Me: You don’t get a K-1. Tell the underwriter they’re stupid.
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Is there another profession that has to constantly defend its value and pricing the way accountants have to?
Remember folks, taxes are one of the biggest expenses you will pay in your lifetime. Do you really want to nickel & dime the advisor you choose to work with?
#taxtwitter
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From Mondays deadline right into this little guy joining us on Tuesday it’s certainly been a week I’ll never forget!
Hope everyone made it through Monday ok and is taking some well deserved time off.
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I don't know who needs to hear this but friends don't let friends use a C Corp for rental properties.
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I really wish some accountants out there would stop telling people to hold onto revenue checks at the end of year and deposit them in January. Especially when they're accrual basis taxpayers.
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M: Your rental income seems really low. Are your tenants related to you?
C: No
M: Well the rent doesn’t pass the smell test
C: Well it’s a lot higher & they pay me in cash but I don’t want to claim that
M:
C:
M: Yeah it doesn’t work that way
Guess I’m doing 3 less returns now 🤷🏼♂️
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Something tells me Kris won’t be good in sales. Godspeed
@TaxarooT
with your top notch sales team 😂
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Fun Fact of the day: The IRS processing mainframe is 62 years old.
🤯
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Client refers son to us. Son asks for quote. Respond w/ firm minimum & subject to change. Silence from son. The son today:
“I came across an email from you on March 4th 2019, where you said that basic return fees start at…”
He thinks our rates shouldn’t change from 4 yrs ago?
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Just got a call from a prospect asking to have their taxes done by deadline (LOL). After a courteous sorry no can do, they proceed to grill me as to why it can't be done. "There's 10 days left, why can't you do it?" Sorry sir we're not the firm for you. Happy Monday ya'll!
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The whole Q3 estimates coinciding with arguably the worst tax deadline that exists is reallllllly inconvenient.
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When your daughter runs into your office and points outside you drop what you’re doing and take an early “lunch break”
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Client: I'm buying my first investment property with some partners and the attorney is suggesting LLC or S Corp for the ownership.
Me: Fire that attorney immediately for even suggesting an S Corp as a potential entity structure.
Catastrophe averted on this one!
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We've officially hit the "I make X per year, there's no way I would owe" part of tax season.
That's what i'm calling the FAFO tax.
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Serious question If you decide you want to use a different tax pro, that's fine. But why not at least respond to one of the many follow-up emails asking for docs? A simple "We decided to use someone else this year. Thanks" goes a long way for every stressed-out
#taxpro
.
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Been quiet for a bit as I've been working on something pretty big. After 10 successful years in business, AJC Accounting Services is undergoing a significant transformation. I am proud to announce our rebranding as Campo Financial Group.
This evolution represents a milestone for
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Man these intuit commercials really are going to put us
#taxpros
out of business with how they make these super complicated tax returns super “simple” 🤣🤣🤣
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In rather unfortunate news the IRS doesn't accept COVID-related impacts as reasonable cause for penalty abatement. You would think they would understand given how COVID has massively affected their operations and ability to serve taxpayers.
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I'm convinced there are probably 5 IRS employees processing the majority of the tax returns left. Instead of sending bogus notices, the IRS should send a notice saying "Yes, your return is still processing. Yes, it's going to take a while. No, it isn't your preparers fault"
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I've seen close to a dozen returns this year already with no depreciation reported on new rental property purchases. Those tax preparers should have their PTIN's revoked.
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Just had a friend send me a video from a “tax expert” pitching a tax saving strategy of generating a loss through your business to reduce your W2 income. Never knew spending $1 to save .20 was considered a tax saving strategy. This tax season is already beyond exhausting.
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Quickbooks desktop is an absolute racket.
The client can't import accountant changes because their version is a year older than our version.
We need better solutions in our industry because clients don't necessarily want to upgrade every year.
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The new intern is struggling a little with technology. Hope he gets the grasp of it by the end of the week.
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Friendly PSA: If you delete transactions after your accountant has reconciled your books it's going to throw off your prior reconciliations as well as your books.
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In case anyone really needs a reminder of just how bad it is at the IRS right now. Reached out to a TAS agent we're working with. Their VM goes on to say that due to high volume of calls/work they will do their best to return the call in......4 weeks!
#fundtheIRS
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The new intern had a great first day to kick off the tax season.
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The number of taxpayers getting into real estate and thinking a cost seg study will result in a massive tax windfall is staggering. Already had 3 calls today where AGI is over $150k and don't qualify for Sec. 469.
Talk to your tax advisor first before doing these things!
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For anyone on
#taxtwitter
that has imposter syndrome just browse through some of the FB tax groups. You'll feel a lot better.
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1/2
#taxtwitter
Came across this in a group of
#taxpros
on a different social media platform. For what it's worth:
- Of the 35M backlogged returns, 19M are electronic
- E-filed returns are backlogged due to IRS server space. Returns are downloaded once space becomes available
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My State CPA Society is conducting another pipeline survey. The more I think about it the pipeline issue, it goes far beyond just the 150-hour requirement. The work-life doesn't change whether someone has 120 or 320 credits. The 150-hour requirement hinders students from wanting
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Aside from serving zero purpose, can someone please explain why on earth mortgage brokers are so insistent on asking for copies of extensions?!
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#taxtwitter
IRS just re-released Notice 2022-36 (h/t
@canediver
)
The IRS is granting broad relief for failure to file penalties for 2019 & 2020 returns filed before 9/30/22. Some of the forms that the abatements apply to:
1) Form 1040
2) Form 1041
3) Form 1120
4) Form 1120S
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Seeing as we’re already in the thick of busy season already, it’s time to break out this bad boy my staff gave me as a Xmas gift. (she’s got jokes!)
@TheBig4Tweets
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I now have officially received this response from 2 clients after their 1065 was recently completed.
"I already filed my personal return months ago"
Jesus take the wheel.
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#taxtwitter
When it’s 5 days until deadline you gotta call in the big guns to help get everything across the finish line.
#givemevaughn
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Rettig says with $1B of additional money in the budget would help hire around 4,500 revenue agents. The IRS is paying $200k/year on average?
I'm in the wrong job. Firm in NJ for immediate sale.
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Little PSA/free tax advice: If your salary didn't change from the year before but you suddenly have more disposable income, your withholdings are most likely very wrong.
Otherwise don't be surprised when you owe money when it comes time to file your tax return.
#FAFOtax
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*Client finally grants access to their QBO account*
Client follow-up email : Do you think it will be possible to get the K1 for these 2 companies today?
*sigh*
#jesustakethewheel
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In case you haven’t see the Rev. Proc. and Rev. Ruling. released earlier this evening about
#PPP
expenses, here’s a quick summary:
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@adammarkowitzEA
Unless they bump up those IRS pay scales I'm not sure how qualified many of those 87k hires are going to be.
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Hey
@AICPA
, you want to “work” on the pipeline issue? This is one of the crucial, if not most important, areas to focus on.
If there’s more breathing room by moving the date even a little bit then the work life balance can actually be more realistic. Otherwise we can almost
🟢1955 US Tax Code: 929 pages
🟡2014 US Tax Code: 2,652 pages
🔴2024 US Tax Code: 7,065 pages
🟢1955 filing deadline: 4/15
🟡2014 filing deadline: 4/15
🔴2024 filing deadline: 4/15
#changetaxday
#TaxTwitter
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So there's "tax pro's" out there just doing business returns based on the income statement and never looking at the balance sheet?!
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This whole not getting final brokerage statements until March is REALLY the bane of my existence.
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#taxtwitter
After the hellish year we’ve all had l, this is the only out of office that matters.
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Been a little while but I still got some board skills.
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Little rant post filing day. Hoping my
#taxtwitter
family is taking a very well deserved day off. There’s so much more to this job than our clients know or see. We sacrifice time away from friends and family. Miss family functions all for the sake of getting the job done.
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Last night of
#taxretreat
. Great group dinner with these amazing people
@taxretreat
#taxtwitter
@taxlady04
@adammarkowitzEA
@korlando2251
@cbriancpa
@canediver
@EnyaSpicer
@cryptotaxcook
@scottscarano
@JoshYoungblood
@IraGilligan
@NathanPClark
@KendallCollier
@mountainwesttax
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Client call:
C: My landlord says he's not supposed to get a 1099.
Me: Yeah, well that's wrong.
(Client calls back)
C: He spoke to his accountant & he said he's not supposed to get a 1099.
Me: *sends screenshot of 1099 instructions* Send that to those 2 idiots.
#jesustakethewheel
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All people are tax people
give me a horror story from your specialty in five words or less
18K
862
9K
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I still can't comprehend how our industry is still full of people running firms with race to the bottom fees? How are you remotely profitable charging $300/month for accurate bookkeeping? Coupled with basement level tax return fees & you're paying the clients to work for them.
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Is there anything more demoralizing to an accountant than checking opening numbers on the financials and seeing that none of the numbers tie out?
#funtimes
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Public Service Announcement: There is nothing that's "top secret" in the tax code that either your licensed tax pro or IRS doesn't want you to know about.
It's public information for all to see and read. Here ya go:
If tax advice starts with some version of “What your accountant won’t tell you,” then you probably shouldn’t do it.
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Such a great time at
#taxretreat
and meeting you all but happy to come back to these two.
#tiarasquad
#taxtwitter
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Yes, you having a Wyoming LLC doesn't preclude you from registering in the State where you're a resident and also a return in said resident State.
That's the tweet.
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Chasing down e-file pages for people who have e-mail addresses but "never check their email." Fun times
Happy extended tax filing day
#taxtwitter
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Looks guys I found it! After 3 texts messages and 4 phone calls to both me and my staff we finally found the first true tax emergency 🤦♂️
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Asked a client for their wage & income transcript because HRB screwed up their returns. Client says they can’t download it online due to file size & requests paper copy. Weeks go by, the IRS doesn’t send it. Client gets fed up & goes to the local IRS office to get it. The
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Well officially got my first "completely unacceptable!" call.
Needless to say I'm SEETHING at their complete and utter disregard for what we have been through as an industry.
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Checking in and seeing so many of my fellow
#taxtwitter
#taxpros
dealing with the same “status check” stress. The pressure hasn’t let up at all no matter how many ways you explain to clients how extensions work. We have our own work related stress as well as personal stress.
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Pro Tax Tip: If your current preparer tells you not to file a business return in a State where you both reside and operate the business out of, fire them immediately!!
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I somehow now have a 3 yr old (going on 25). Happy Birthday to this little firecracker!
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Live look at IRS Commish Rettig watching the Senate destroy his position of not pushing the 4/15 deadline out
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#taxtwitter
while we anxiously await another info drop from Treasury I’ll just leave this here. Hopefully
@LoganGrafTax
approves.
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No, you most likely don't need an LLC HoldCo. Stop it with the nonsense. Thank you for coming to my TedTalk.
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Another day, another spoiled backdoor ROTH because of the pro-rata rules. How d most advisors not ask these questions or understand these rules?!
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Just got through to PPS with a 4 minute wait. If you'll excuse me I have to play the lottery immediately!
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This deadline is by far the worst out of all of them. Time to tackle this behemoth. Pray for me
#taxtwitter
.
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The labor shortage is no joke. Really had to stretch to find someone qualified enough and all she wants to do is play around the office all day. 😂
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#taxtwitter
The IRS just released IR-2022-31 regarding the suspension of selected IRS notices (screenshot below). "These automatic notices have been temporarily stopped until the backlog is worked through."
Welcome news for the time being!
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Head up
#taxtwitter
. IRS announces an increase to the educator expense amount from $250 to $300 starting with tax year 2022. It's still very low given how much our teachers spend on supplies but it's at least trending in the right direction.
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Client sends over S Corp prepared by another preparer. S Corp has substantial wages listed on Officer Comp line. I request a copy of the W2. Client forwards response from other preparer.
"A W2 wasn't issued...I can explain what happened"
What's the reason?! Wrong answers only
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heads up
#taxtwitter
! IRS finally released their position via IR-2023-23 regarding the taxability of certain State payments (i.e. CA middle class refund, NJ middle-class rebate, etc.).
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#taxtwitter
The IRS just issued IR-2021-217 notifying taxpayers about planning steps for the upcoming tax season.
Some of the key items to provide:
- Crypto trans w/ records of sales, purchases, transfers, etc.
- Letter 6419 for advanced CTC
- Letter 6475 for Round 3 EIP
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When in Rome…you go to Wrigley Field to watch the Cubs
@CPAJeff
@adammarkowitzEA
@cordes_tax
@andreamacdcpa
@AccountingAsArt
#TaxRetreat
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Another day, another social media tax "guru" encouraging people to tell their employers to convert them from W2 to 1099.
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#taxtwitter
The NYT article about Trump’s tax returns does raise questions & concerns from our perspective. However the biggest concern we as tax preparers should have now are the incoming emails from clients asking: “How can I pay no taxes like Trump?!”
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I would like to find the person who started “the max allowable” response to tax expense questions and have a few words. I just wanna talk I promise.
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Another day, another IRS notice related to extension payments not being properly applied to MFJ return's.
How is the IRS "supercomputer" STILL not sophisticated enough to pull all estimated payments made for both taxpayers listed on a MFJ return!?
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Can literally use this picture for so many things we hear from our clients. Add your own caption in the comments. Wrong answers only.
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Intuit out here just raising prices by almost 50% 🤦♂️
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Part of a conversation with a client this morning:
C: I know you're in hell right now
M: Hell would be a vacation right now 😆
#taxtwitter
are we having fun yet?!
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Clients waking up today and choosing violence about fees.
Give me your best if you're not satisfied with the service and fee you can seek professional help elsewhere responses.
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Curious to know where in the IRC is the ability to deduct credit card payments as an expense? I must have missed that massive update. 🤦♂️
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@LoganGrafTax
Generally the 4/15 deadline is a dinosaur. The industry for the most part can’t change to attract new talent when all college kids see is massive compression of work in a 4 month window. AICPA should be lobbying heavily to move the date permanently.
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