Ryan Daley, CPA, CFP®
@rdaleycpa
Followers
411
Following
101
Media
28
Statuses
1,040
Just trying to balance taxes, financial planning, 3 great kids, and my terrible golf game. Nothing tweeted here is investment or tax advice.
Charlottesville, VA
Joined April 2022
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
Tuchel
• 155883 Tweets
カルデア放送局
• 73810 Tweets
Geçmiş
• 65767 Tweets
バーニス
• 37234 Tweets
#sbhawks
• 36222 Tweets
#deprem
• 32629 Tweets
カズラドロップ
• 27479 Tweets
Fiscal General del Estado
• 27211 Tweets
#Malatya
• 25392 Tweets
ZETA
• 23534 Tweets
#giants
• 17107 Tweets
ソフトバンク
• 14666 Tweets
ジェロニモ
• 14023 Tweets
ホークス
• 13116 Tweets
マイルグランプリ
• 10616 Tweets
Had a phone interview with a potential employee who is taking the CPA exam now. I was making small talk and asked him what he got on the most recent exam. (This wasn’t a consideration in hiring him, just convo).
He said “a perfect score.”
I said congrats and asked him if that
365
40
2K
My wife just “split” a muffin with me and cut the top half off for her and left the bottom half for me…I’m reevaluating if she is the right person for me.
22
1
123
Had a client call to say she read online that CPAs are overworked and underpaid. She said she was grateful for everything I do for her and her businesses. I gave the usual thank you and anytime and that’s what we’re here for response. Didn’t think much of it until a tip check
6
1
61
Client comes in looking for a CPA and I ask him why he is looking for a new one. He tells us he likes to switch every 3 years to get a new perspective and make sure nothing is missed. Fairly complex personal return and a few entities.
He constantly is telling us how happy he
17
0
62
I have a long time married client currently going through probably the worst divorce I have ever seen. They both have their own lawyers and their own CPAs…my only responsibility is to prep & file the joint return due to the substantial tax savings that it generates.
Worst job
14
0
38
@MikeSyl36625988
If the balance sheet is right on a small business everything else is probably close.
3
0
35
Just found out one of my biggest clients thought he didn’t need to file gift tax returns until he was over the lifetime exemption…he’s been over the annual exclusion every year since 2003.
I was in high school when this guy first missed a filing…
there's a special kinda hell when shit blows up in tax season
2
0
35
4
0
28
Who has worked with their spouse before? Any thoughts?
@MikeSyl36625988
you seem to think it is a great but I’m nervous about worlds colliding as George Costanza would say. As I have other partners it would be a little more of an employer employee role which could get hairy.
36
0
16
I have had a large amount of kids of clients (now adults) decide to self prepare this year. Easily more than the last 5 year’s combined.
I’m not complaining because I do it at a slightly reduced rate while they get started in life (don’t yell at me for this, I like helping
8
0
16
@seattle_tax
As a guy that has worked this from all sides (tax only, financial planning only, investment management only or some combination of those) I can safely say that the vast majority of people do not need a financial planner…they need an “involved” tax pro that they throw a few extra
0
1
14
@Jmcgowan3838
I think the brand is the biggest contributor…that it’s a boring job with lots of hours.
I feel like my generation and the generation below me is looking for the get rich quick job.
People with (perceived to be) great jobs show them on social media now so we all want them.
5
0
14
@JoshYoungblood
Agreed…I feel like the amount of complaining about a pretty damn good job has gotten crazy the last few years.
1
0
12
@jamieokanecpa
I guess I just thought we would be different for some reason…no matter how well you do some people move on. In this case it was well telegraphed.
1
0
11
@MikeSyl36625988
This is what we do as a niche (mostly attorneys but a few CPAs) and it has turned into a disaster the last 4 years. Our October deadline is worse than April and the extensions take us an hour + each. One firm that we have 12 partners at told us to expect K-1’s on the 12th.
4
0
11
@LorilynWilson
We used to help out a 2 person shop (they only worked 3 months a year and we handled all extended work and any tax letters or off season issues for their clients).
1 CPA did all the tax prep and self review. The admin (who was pretty knowledgeable about tax) handled all the
1
0
11
@cordes_tax
@AtlantaTax
Mandatory electronic filing would be a nice cost savings too…for something as simple as 1099’s just create a website to enter data and be done with it. No need for all of these 3rd party services and those awful red forms.
2
0
11
@jimcramer
I don’t think the regulators are as concerned with contagion risk for a crypto asset breaking the buck vs an established money market. My faith in the overall economy didn’t drop due to this…it did in 08/09.
0
0
10
@Jmcgowan3838
Don’t you at least need the basics of debits and credits though? Like, that has been the foundation of double entry accounting for hundreds of years.
2
0
10
@MikeSyl36625988
If it’s a small amount I usually 179 it just to keep things easy (furniture/computers for a small office). If it’s big then we have to plan with the owners (cash flow, tax rates, future projections, debt issues, life of the asset, etc.). Usually they want to minimize taxes
0
0
9
@andreamacdcpa
We have separate bank accounts and it works great for us. We just have different financial mindsets and a joint account would lead to fighting over money when we didn’t need to. I pay all the big bills and when we got married we agreed on how much she would chip in and the rest
2
1
9
@LoganGrafTax
How do you know how much to bill though?
While 75% are pretty similar year over year a good amount of my bills fluctuate wildly year over year.
We finished a return yesterday that was almost 5k cheaper this year Vs the year before…I’d have to send him a refund I guess?
3
0
8
@WSummerlinAI
I tend to agree that AI will at least partly solve it actually. I don’t think it will put tax pros out of business in any meaningful way but I think the efficiencies generated by AI will reduce the staffing needs.
1
0
8
@seattle_tax
I agree with you…for organized clients and simple returns digital is amazing though. For the tough returns with loads of data from multiple sources I prefer a nice snail mail package.
0
0
8
@PurelyNumbers
We’ve had almost no turnover in 15 years (actually 0 except a retirement and interns that we knew weren’t staying). We had a woman leave after a decade and came back 2 weeks later actually.
Everyone gets paid hourly and has flexibility to reject or reassign projects
1
0
8
@MikeSyl36625988
What about eliminating all itemized deductions, subsidizing mortgages directly through the lenders, giving a 15% credit for charity, and putting medical above the line subject to a floor? Gambling, IRD, etc. will need to be accounted for but I’m sure we can figure something.
0
0
7
@cordes_tax
I am often amazed by the questions I get when I say, “Cash at the start of the year plus deposits minus withdrawals needs to equal cash at the end of the year.”
1
0
7
As a millennial partner in a relatively small firm, I have found it difficult balancing the entrenched views of the older partners/staff with the new ideas/plans of the younger generation.
I find myself thinking in the middle of both groups…some things work so don’t change
Gen Z is now entering the workforce as adults.
Born between 1995-2010, they came of age in an odd time.
So Generation Z is… strange to us older people.
Here are 10 Do’s and Don’ts of working with Gen Z:
95
82
767
0
0
7
@bossykashian
Haha I felt like the guy chasing the girl out of his league in high school…deep down I knew he wasn’t going to stay but it was a challenge to keep him around.
Silly for a professional relationship but when you doing boring tax returns all day I guess any “excitement” will do.
0
0
5
@couvsteve
@MikeSyl36625988
Ya I thought it may work okay if she worked mostly from home and had control of her hours and assignments but I don’t want other employees to think I’m playing favorites either.
1
0
6
Just won an audit with NJ arguing the square corners doctrine. I was citing esoteric case law and everything. I got real lawyery real fast and it felt good to come out on top in an appeal.
0
0
6
@MikeHew54409139
Money wasn’t the issue…we were well compensated. Just seemed odd and for some reason I thought I’d convince him to stay with superior service. Wouldn’t say I wasted my time but was just foolishly disappointed.
0
0
5
@cordes_tax
Tough when you’ve been your own boss for sometime. I’ll do almost anything legal for the right pay but it would have to be very compelling.
I wonder how much the answers would change if you asked the question “could you go from being to SE to being a partner?”
2
0
6
I’ve learned a tremendous amount on here and simply by asking questions of people that know more about one topic or another.
To all of you tax and/or accounting firm owners out there: if you are not meeting, interacting with, and leaning on other firm owners, you are missing out on the power of this network. Magical things can happen in your business when you connect. I’m living it.
#taxtwitter
11
12
148
1
0
6
@IraGilligan
If it isn’t a true CPA firm then I suspect the owners ultimately bear the risk…Doubt H&R Block managers have much risk.
I’d want my contract to mandate proper insurance and indemnity as well.
0
0
6
Not even 10am and I’m getting plenty of use out of my new keyboard…not even sure I need a regular one anymore.
1
0
6
@NjGalin
@MikeSyl36625988
I was at a wedding of people that met at EY tax a few years back! In Saratoga NY too, love it there.
2
0
4
@MikeSyl36625988
I was going over my pre preparation procedures today with the guy I’m training:
Capital/RE match the prior year
Cash rec’d
Debt rec’d
A/R & A/P ties to the aging report
Any new fixed assets
Book depreciation/amortization
Check other items
Now we can start on the P&L
0
0
5
We had a potential client miss 2 calls with us. When she tried to reschedule for a 3rd try I just said no thank you.
It was an interesting project but I could already see the headaches in the future.
You know your pipeline is full when you're THRILLED to be stood up for a sales call
5
0
22
1
0
6
@FT
Has there been any analysis towards performance of CFA’s vs other designations/no designation?
3
0
6
@YourLocalTaxGuy
Given they burned all of the information returns I wonder where the adjustments are coming from.
0
0
6
@LoganGrafTax
15 for me.
We have a much more compact, intense season. April 1 - April 15 and Oct 1 - Oct 15 are often 80hr + weeks. But Feb and most of March are in that 55 hr range (not too bad imo).
The majority of our clients (by hours) have complex K-1s that arrive close to the filing
1
0
6
@mountainwesttax
Starting to feel like the public likes us less than actual IRS auditors these days.
0
0
5
@T_Gatzemeier
Many reasons I’d say…
-High yield bonds
-Complex bonds you don’t want to deal with the tax issues
-Distressed debt that may result in huge gains
-You don’t have other accounts available to meet your asset allocations
-You’re near retirement and will rely on these funds
-You
1
0
6
Found out she was sharing it with my little lady so all is forgiven! 😍
0
0
6
@LoganGrafTax
I agree buying clients isn’t worth it. Buying infrastructure/competent staff with the clients may be though…especially if your just starting and don’t have much in place yet.
0
0
6
Per the WSJ below it looks like no answers until mid Feb probably…
“Getting the bill through the Senate will take at least 60 votes—including some Republicans—and it is far from clear when or how that will happen. Senators are haggling over spending and immigration legislation.
Congress is passing retroactive tax law mid season after cutting IRS funding by $20B. Please stop blaming the IRS, Intuit, and HRB. They are the symptoms, not the disease.
6
13
116
0
0
6
@cordes_tax
I think doing it is a best practice but I understand only doing what is a required when it comes to tax compliance. I am an over discloser…especially when it comes to foreign assets.
0
0
6
@JWellsCFO
I’m going to present my list now so I’m good through 4/15…
QBI, PTET, QSBS, OZ, PTP, 1031, most of the retirement plan options, most of the depreciation methods, dump AMT, streamline equity compensation, eliminate s-corps, no more appreciated property donations or conservation
0
0
6
@andreamacdcpa
@kylejohnsoncpa
@smalltownCPA
On worksheets there is a shareholder section you can click on near the top of the tree.
Sorry I’m not more help…took my 6 year old out for dinner so I’m not at the computer. DM me and I’m happy to walk you through it on the phone tomorrow.
0
0
3
@MikeSyl36625988
@PatrickFIanagan
We have numerous businesses affected by 174. We have 4 companies (so far) that are paying tax in excess of 100% of book income.
1
0
4
I have a CPA coming on board to work for us from Deloitte with not much relevant experience (private equity taxation is not my niche).
Anyone have any courses for her to brush up on bookkeeping in QB, 1040 prep, how to use CCH Axcess, etc.?
Want her to hit the ground running
2
1
5
@MikeSyl36625988
Sorry to vent…my Easter was ruined with a client that made themselves residents of multiple states and both husband and wife are law partners.
Happy Easter!!
0
0
3
@NxtGenPlanning
Nice long call with the attorneys…found out about 6 trusts, 2 529 plans, and about 8M of gifts. The attorney spent the whole time talking about decanting, I lost control of the conversation, everyone is more confused than when we started.
2 of the trusts were merged into one
3
0
5
@LoganGrafTax
Tee times on Tues, Wed, and Friday…Ben & Jerry’s with my kids…3 day Pinehurst trip in May…rented a loaded with toys lake house for the family in June
1
0
5
You think that one’s bad, take a look at the estate tax cliff in NY.
But for state purposes, moving from $2,469,999 of revenue to $2,470,001 will cost you $8000 in Texas.
5
0
23
1
0
5
@mountainwesttax
Seeing more and more of this stuff…client just bought a house with a checking/loan combo account where all of the deposits reduce the loan balance and all of the payments increase it.
Good luck tracing that interest.
2
0
5
@SavingsCaptain
I’ve always used Amex…I have a CC there so it saves me from another login. They are usually close to top market rates.
0
0
5
@jennyrozelle
@MikeSyl36625988
Didn’t even think about driving haha. She’d probably work from home most days of the week so it wouldn’t be as big of a deal there.
Damn, who would control the radio is definitely a potential dealbreaker…
0
0
4
@JoshYoungblood
@MikeSyl36625988
If we were just friends working together I honestly think we’d crush it. I’m just not sure we can keep our work life separate from our personal life…I like them both so I don’t want to screw them up
0
0
4
@T_Gatzemeier
While I agree s-corps are overused (and if your sole goal is to safe SE taxes on 50k it probably isn’t worth it) there are multiple reasons to be an s-corp even with low profits. Your tax pro does not deserve to be fired unless he has no explanation or can’t model the savings.
1
0
5
@LoganGrafTax
Saturday, full day. Sunday, emails/admin work only so I don’t have a mess on Monday.
2
0
5
@cordes_tax
The underwriter requests have gotten really bad this year. Must be some new standards out there.
2
0
5
@LorilynWilson
I wouldn’t waste much energy on this guy…he either marks up the parents return (very scumbag move) or needs to do work for free to retain clients (how these days?) His Twitter pseudonym is a mathematician that was regularly accused of plagiarism/appropriation so I’m not sure his
0
0
5
@_HallCPA
The only problem I would imagine is if you paid it all in on December 29th or something. The Feds might have an issue with your skirting the estimated tax rules.
6
0
5
@seattle_tax
@ForemanTaxLaw
@cbriancpa
@andreacpa0
The income criteria always seemed illogical to me. Even if you make 200k, if you have no net assets, it seems like making risky investments is a poor choice. The asset criteria makes more sense…even if I’m a dumbass I can afford to lose 500k if I’m worth 5MM.
1
0
4
@MeasureTwiceMNY
@TKopelman
I’d guess your right for comprehensive planning but for trust/estate work, tax preparation, etc. I bet it is a lot higher…I have an outside investment manager for a chunk of my money, outsource some tax work, and used an attorney to fine tune and paper my trusts/wills/POAs.
0
0
3
@MikeSyl36625988
If you order regularly the membership passes save a lot. Many credit cards offer them free.
I spend over 1k/mo on food delivery between work and home.
1
0
4
@TKopelman
I love the 20% rule but I try to use the terminology of “increasing net worth” rather than “invest”. It’s just semantics but I think it makes it easier for clients to use that 20% to retire debt if it makes more sense than traditional investing.
0
0
4
@cactusmaac
Very true! If anything bring in an outside person the review the work every few years to formulate ideas and review it.
We had a law firm do that to our work once (no changes). At first I was a little offended but then I recognized it was a good idea.
0
0
4
@andreamacdcpa
I should add in that we don’t look at it as hers and mine…we look at everything as ours but we just keep it in separate accounts.
I guess my quasi logic is: no one has joint 401ks, are checking accounts much different?
0
0
4
@andreacpa0
Favorite Tax Code Section: 179 (make it a little simpler maybe)
Worst Tax Code Section: Tough…1202 in its various states (provides no true incentive imo)
Dumbest Tax Code Section: Guidance more than a true section: Pass through entity taxes (why the hell did the Feds allow this)
1
0
4
The last time the Chiefs had a come from behind victory against the 49ers in the superbowl was Feb 2, 2020…weeks before the world fell apart.
At that time the contenders for US President were Donald Trump & Joe Biden.
2
0
4
@LoganGrafTax
If is is an easy note I usually just take care of it for them…build goodwill for 15 minutes of off-season work. If it is something that requires POAs, calls, multiple letters, doc gathering, etc. I send them an additional invoice.
1
0
4
@TKopelman
6,500+ pages is just the IRC…up around 75,000 pages when you factor in regulations, interpretations, and guidance.
3
0
2
@BusinessFamous
Suck up the tax hit and rebalance.
Be braver with long term assets.
Get back to writing more covered calls.
2
1
3
@indexnforgetit
Before day one for planning. I might sound self serving but it is a small cost for the potential of mistakes…and as a bonus frees up time for you to make more $$.
0
0
1
@ForemanTaxLaw
My 6 year old asked who Babe Ruth was last week so I came home from work early to watch Sandlot with him. My 4 year old now has nightmares about the beast but the older guy wants a “Sultan of Swat” jersey bad…you win some you lose some parenting.
1
0
2
@cbriancpa
I might be in the minority but I’m loving the delays on refunds…picking up some 8% interest from a state delay as we speak. Don’t like the dealing with issues delays but the final processing ones are pretty lucrative.
0
0
4
@LorilynWilson
They loved it…rented a place in NY for 3 months, worked brutal hours, then 9 months of vacation in the Caribbean. Email and international calling was not very prolific then so they were really off duty…I’d guess they did less than 20 hrs of work in 9 months.
0
0
4
@tallycpa
@MikeSyl36625988
She would handle some admin stuff (we all do) but it would be interesting to hand all of that off to her and me just focus on prep and planning. Would limit spots where heads may butt.
0
0
4
@Lawrence_Sprung
@MikeSyl36625988
@denisesprung
@MitlinFinancial
Both of you happy with it?
If not, responding here may not be the best way to voice your concerns though 😂
1
0
3
@___jaimie
I just wrote off $66,590 of invoices that I’m not ever getting paid on today…depositing the check is much more fun than sending the invoices in my opinion.
1
0
4
@BTCBullzooka
Oh I’m getting paid for it…just so much hassle over petty stuff and right by the deadline.
I feel like I’m the guy at the restaurant at the table next to the kids that are misbehaving and you want to say something but you know that will bring more trouble than it’s worth.
1
0
4
@adammarkowitzEA
Nothing worse that the April 10 drop off and the first question is “when will you have this done?”
0
0
4
@seattle_tax
They look like pancakes but it’s actually waffle batter.
Just like that was oregano in my gym bag in high school.
0
0
4
Tomorrow starts a fun year of travel!
April - Charleston
May - Smith Mountain Lake
June - FL Panhandle
July - Pawleys Island
August - Baltimore & NYC
5 weddings mixed in there too…didn’t know people still had 5 wedding years in their late 30’s.
0
0
4