@jessejanderson
Starting out with tiny habits and then stacking them into bigger habits is how I like to build my transient house of cards.
I just have to make sure I never take a vacation or get sick or get busy and eeeeeeeverything is fine…
Men. Let’s Talk. I’m worried about you.
The more I connect with some of y’all, the more it’s VERY apparent that you’re not paying attention to your “old-men-around-a-table pipeline”.
Yes, you got your 401(k) and your insurance and your plans to pay off your house and plans to
@MorganJerkins
Some ladies and I got together and hired someone to teach us how to knit because we needed stress relief. I ended up being an aggressive knitter and another friend ended up being someone that overcommitted to knitting gifts for everyone.
Turns out when you don’t know how to
Dear friends - looking to eliminate sugar from my diet for inflammation purposes.
For those who have successfully eliminated/reduced sugar - how did you do so without accidentally murdering anyone?
I love the narrative that these poor working folks who have scrimped and saved their whole lives to just be hit with this unfair and burdensome tax…
…completely ignoring the fact that its on folks with taxable income over $1,000,000 and have net investment income over
Capital Gains:
You’ve worked, paid taxes on the wages, chosen to delay gratification by investing the post-tax money (stimulating the economy/risking losing the money).
Then when it works out, the government wants to tax you again at 44%?
Encourage this; don’t punish it.
1) I have literally been on a 2-hour date with a man that didn’t ask me a question ONCE
2) I have literally been on a date with a man that when I pointed out that he hadn’t asked me any questions, looked across the Puget Sound for inspiration, pointed to a mountain on the other
@CapitalShipyard
Oh hi, I’m a CPA tagged into the discussion.
I think what we have here is the ol’ “knowledge gap” between what you know about your tax compliance situation and what your CPA has to do with your tax compliance situation.
So, some things that can increase your compliance costs…
How about it, fellas? Who wants to stay home and raise some babies while I go out and build the business?
(Must be younger, able to stay fit and attractive while raising 2-3 babies, not ask for any part of the business or guarantees on future assets, must be able to keep
@DelwynLiang
That’s why you marry someone younger so they can keep up with them while you focus on the biz and you teach your kids about the biz so they can carry on if they wish to
If y’all wanted to see me ugly cry, today is the day. I’ve been accepted into the Microsoft MVP Program.
Now if you’ll please excuse me, I’m going to go try not to cry for at least 10 minutes.
#MVPBuzz
I want to build a firm where all of my female peers that felt forced out of public accounting to care for their families would be tempted to come back. That’s what a successful firm looks like to me.
I’m beginning to suspect that clients don’t enjoy uploading documents to a portal…
….and possibly that none of them have downloaded the cool app that was one of the selling points…
…it might even be that they find it to be a horrible pain in the neck to log in at all….
I’m just going to be over here crying because it’s so amazing and wonderful. Don’t mind me….
(I might be over here also about to go buy myself some celebratory pie)
Oh hey y’all - I just found out that I’ve been nominated for the 2023 Innovative Practitioner Award by .
I’d love it if y’all take a hot second to vote for me. 😁
I’ve also been surprised by the number of friends who have stopped drinking alcohol just because it’s not serving their larger health goals. I love this trend - it’s like how we’ve moved away from smoking for health reasons as well. I was at dinner at a pub/restaurant with
So, since folks are going to be wandering over from the other thread (you know, the one about tax rates), I figured I’d use that energy for good.
Here are some things about U.S. taxes that lots of folks get confused about:
💰 You don’t need an LLC to take business deductions -
Soooo, because its Monday and I didn’t have a chance to get into an internet argument over the weekend…
I saw someone mention that the only difference between a CPA and a non-CPA is the ability to issue audit reports and I wanted to jump in and point out that that’s not
Thank you to
@MikeSyl36625988
for the heads up about
#Intuit
's new strategy. I have some thoughts.
You should know that Intuit is coming for middle market. The word "aggressively" was used more than once. When I say middle market, I'm saying they want your more complicated
Y’all, for no reason whatsoever, can we just appreciate
@LoganGrafTax
? He’s kind, he asks questions, he tries to help out other people and shares his knowledge freely. He’s a good egg.
Bookkeeping is so easy, a child could do it (having been that child).
Quality bookkeeping, on the other hand, is an art and a science and a whole lot of trying to pin down answers-to-transactions-long-forgotten.
💰 Don’t cheap out on bookkeeping. Because the fees you’ll pay
Good morning! Professional tax planning is not possible without correct bookkeeping.
This account is now dedicated to reshaping people’s opinions of the value of bookkeeping.
Hey. You there. With the gnarly .csv client data file. Psssst, come over here….
Yeah, a little closer… a little closer…
I got something for you.
Take a look at that. Ain’t she a beaut? This here prompt convo will show you how to get
#ChatGPT
to
Hey Friends - I’ve seen a lot of folks saying that they don’t have time to go down the “AI Rabbit Hole” (I get it, it’s probably endless and you have a life).
So, I created a course *starting* June 1, 2023 that will give you daily exercises in
#ChatGPT
and
#BingAI
.
The
@SMB_Attorney
Love it - if you don’t mind, can I add on?
1) Convert to sequencing prompt - “Blah blah blah details… tell me what you understand I told you, make a table with a prioritized numbered list of action items and next steps, including information I might need and deadlines, list out
@1chrismcg
Ah, I see, we’ve gotten to the Persecution Complex level of “I’m being treated like a Holocaust Victim”.
Tell me, how many times a week do you enjoy trotting out that quote and what are the odds that you will ever have to pay this tax and then go to a horrific death? Hmmmmmm?
Someone needs to start a service where I can rent a man to just putter around the house while I have handymen/contractor here so I don’t have to deal with the, “hey, what’s your number so I can check in on you later” or, “so, you obviously are doing your whole life wrong, here is
Next year, instead of a FIFO method or a “pizza tracker”, I’m going to go with a “Lottery Ball” method.
The client’s name is going to be written on a ball and chucked into one of those lottery ball air machines with all of the other clients. If I press the button and they’re
Okay friends, I’m going to rock your world and shatter your very perception of life…
…Just kidding - its Monday morning, I can’t even figure out where I left my glasses (hint: they’re on my face).
But, I DO want to dispel a myth that I think holds us back, especially as women
I have over 500 followers now (blows my mind but you all seem lovely), so I thought I might just share a bit about me.
I’m a CPA and currently studying for my PFS cert (like a CFP for CPAs). When I’m not working, I enjoy knitting, pickleball, my kid, my dog and my plants.
Can we pause the fighting on EAs vs CPAs until we have enough of both to serve the tax needs of the general population?
- Signed, someone who just desperately wants to have qualified referral sources…
My attorney told me today that her professional ethics don’t allow her to swear at other attorneys.
…we don’t have that same constraint in our professional ethics as CPAs, do we? We can swear at attorneys?
I feel like I shouldn’t have to say this, but the way some of y’all advisors talk about how you work with tax professionals is another reason you can’t find tax professionals to work with.
😤 Y’all talk about all the planning that you do with the client and then you send it
Confession time - I usually hate social events at conferences because I always feel like everyone is going to discover that I’m big ol’ nerd.
I’m so glad that I’ve gone to the Flamingle and the Speakeasy night at the
#NewMoneySummit
. It’s given me a chance to dress up and talk
Estate planning is weird and confusing. And it’s difficult to know who to trust (ha!).
May I suggest checking out the ‘American College of Trust and Estate Counsel’ resource page for a lot free and easy-to-understand resources. There’s even a section for Wealth Advisors.
I thought my scale was broken because it was coming up about 10 pounds higher than I thought it should. So, I ordered a new scale from Amazon to be delivered overnight and wouldn’t you know it? That one is broken too.
Just your daily reminder that just because someone wants to drop their problems at your feet, you aren’t required to pick them up…
…at least not without an engagement letter and deposit first…
Honestly, if you’ve never been out to dinner with a bunch of estate planning attorneys and had the topic turn to the “ideal structure for lottery winnings” after they’ve had a couple of drinks, you’ve never experienced the depth and breadth of trust and estate planning
I need to get ready for bed but I can’t stop refreshing my feed to see all of the excitement, joy and really funny new memes…
Also, fellow white ladies, we should start a book club that’s actually an underground ‘Kamala for President’ campaign group that attracts and educates
I have come to the conclusion (again) that the U.S. Tax System is utter nonsense and balderdash.
The fact that the language/technical aspects have gotten so complex that even “straightforward” tax situations are no longer straightforward is appalling.
…and now I’m going to
Y’all, I’m a speaker at the
#ENGAGE
conference! I’ll be speaking on Monday, June 5th at 1:30 pm on “Navigating uncharted opportunities with AI and personal financial planning” with Andrew Altman (I’m not sure if he’s on here).
I’m pretty sure everyone’s already registered, but
So, this is to all the newly solo tax professionals that might get pushback on pricing…
99.9% of the time, we underprice our service offering. We don’t value our time, as dear as it is. We don’t value our knowledge, as hard won as it is.
You can always adjust your price down
Dear FAs - if you pass along tax advice from me to a client without credit and they parrot it back to me as a sign of how smart you are…
I have a list…
Y’all. My niblet went into this school (its for gifted children with learning challenges - he has ADHD and is on the autism spectrum) thinking that he was bad at math and I just saw that they created a special “color in the picture” for him using higher level math concepts to
Enrolled Agents can also represent taxpayers in situations where CPAs would be limited by our tax standards.
The differences between a fresh EA vs a fresh CPA:
🤔 The EA exam doesn’t require that you have a background or education in accounting. But an EA with an accounting
Enrolled agents (EAs) are federally-authorized tax practitioners who have demonstrated technical competence in tax law and are the only taxpayer representatives licensed to practice by the United States government. Only EAs, attorneys and CPAs may represent taxpayers without
I had probably one of the worst days of my life today. Like ever. (Can’t talk about it)
…and then, on my way to pick up my son, I saw this raccoon crossing the road….
…and I thought to myself “Hot damn, raccoons are so weird when they walk”…
The end.
A welcome to my new followers. I should probably tell you what you signed up for -
My name is Ashley, I’m a CPA with a Master of Science in Taxation and over 20 years of experience that specializes in working with…. The ultra wealthy. Family offices, airplanes, islands, all
#Taxtwitter
, maybe we need Tax Season Buddies.
Like Secret Santas but someone out there to remind you how awesome you are during this challenging time.
(You can’t have mine, though - she’s the best)
I swear, we’re the only profession that doesn’t charge more if we let you watch us do it.
These farmers are out here charging folks to milk turkeys for $400 a day and we’re charging $150 to be the center stage for the “1040 Show and Carnival”.
We need some targeted “Prep
The cute thing about this is when the client comes to their CPA firm and says “oh no, don’t worry about it, I got tax advice from my financial advisor” and the CPA firm is like “and we will need to charge you to verify that tax advice in order to sign your tax return unless your
Hey Friends - so today is my first big presentation in front of a large crowd (in-person!) at the FPA of Puget Sound Symposium!
I’m a only a wee bit nervous but also pretty excited to share.
If you’re in the crowd, I’d love for you to come up and say “hello” afterwards! (And
I know they talk a lot about that “five closest friends” thing, but what they never warn you about is if you fall in with a group that likes to work out.
It’s an insidious downward spiral that has you thinking “maybe I DO need a peloton”…
So, anyway, delivery date is 02/25.
I just spent forever writing this, so I’ll share it more broadly…
If you’re curious about why your tax compliance fees might be going up a lot, here’s a snippet of some things tax professionals have to consider for tax compliance purposes.
@CapitalShipyard
Oh hi, I’m a CPA tagged into the discussion.
I think what we have here is the ol’ “knowledge gap” between what you know about your tax compliance situation and what your CPA has to do with your tax compliance situation.
So, some things that can increase your compliance costs…
Some exciting news...
Like so exciting that I’m still waiting for someone to pop out with a “Just Kidding” sign….
I’m going to get a chance to speak as a guest in not one but TWO sessions next week at the Microsoft Power Platform Conference about my journey with
#TaxTwitter
, I saw someone respond to one of our own that they had planned on referring them work except this person was holding the line on their minimum fee and was just part of the crowd that was “charging the most that the market can bear”.
I’m a little curious why other
I’m going to quote tweet a quote tweet because the gentleman originally posting said that some perspective might be helpful…
So, here’s some perspective -
I’ve been a CPA over 20 years. As a kid, I wanted to be an accountant. I graduated cum laude, passed all four parts of
So…. I just saw that someone fired their tax professional and is going to do their own tax return using AI.
And this isn’t me throwing shade at them, this is just me doing this 🫣 because I kind of have a feeling how it’s going to go.
BUT, since YOU might not have a feeling
OMG I hate HSAs so much.
Any employer that offers HSAs should be required to also offer free counseling to the tax advisor that has to walk their client through what an HSA is again. Every. Single. Year.
Today on the plane, I made a joke to the 65+ year-old man sitting in the aisle seat, “Don’t worry, I’m not going to be one of those seatmates that tries to sell you a timeshare” as I was getting into my assigned seat.
He responded with, “Haha, do you bite?” And my first thought
Since Financial Advisors feel comfortable giving tax advice now, just a reminder that an LLC taxed as a partnership is not the same as a C Corp and you don’t treat equity compensation the same way.
- signed, someone who has to do all the work to re-educate an annoyed client now
People all worked up over eggs but don’t realize owning a couple chickens and selling eggs equals a tax write off.
Not only can you get cheaper eggs but you can lower your tax bill
Win win
Just a reminder to all y’all that might be too intimidated by the idea of starting your own CPA firms because you “don’t know enough yet”….
You’ll never know everything but at least I hope you’ll know that pre-tax retirement accounts aren’t “scams”. 😂
a guy reached out to his CPA after listening to our podcast episodes to ask about a solo 401k, and this is what he was told. BY A CPA.
this is a hate crime against pre-tax accounts lol calling retirement accounts “scams” is some real insurance salesman garbagio
Hey Friends! It’s
#Trust
Tuesday and today we’re going to talk about EINs and Trust names.
Why?
Well because, oddly, I’ve gotten this question three times in two weeks and I feel like there must be an uptick in revocable trusts converting to irrevocable trusts (if you know
Good news everyone - they didn’t look at my brain so that can still remain a mystery.
The bad news - everything came back normal so they have no idea why my blood pressure is so high but they’re just going to double my medication to make it go down again so my brain doesn’t
Hello to all my new followers, whether you’re here for my trust content, my AI content or my saucy take on gender imbalances.
A little about me -
🍃 I am a CPA in Seattle that provides tax planning and compliance to ultra-high net worth families and trusts. (I am not taking
Turns out there’s ONE thing I hate worse than giving all day depositions…
….it’s giving all-day depositions and NOT GETTING PAID!
Y’all, go check your engagement letters RIGHT NOW and make sure a litigation clause is included. If a whiff of a subpoena even makes it past your
Just a reminder that discriminating against people with possible disabilities, whether mental or physical, in your hiring process is illegal.
Posting about it on Twitter and making fun of the person is outright stupidity.
My mini-review of the
#TaxRetreat
(as someone that was having some significant anxiety issues popping up - I’m sorry if I wasn’t around as much as I wanted to be!)
🍏 I thought accountants were supposed to be stuffy and boring. But you get a group of these lot together and
Three reasons why you should be charging at least entity prices for
#trust
income tax returns:
1) Trusts have accounting like a business does, but nobody ever does it.
Actually, trusts have accounting like a non-profit does because you have to allocate between principal and
I always wonder…
I hear from firm owners that new staff just don’t have common sense coming out of school.
But then I look at our tax system and our industry and I’m like, “what about this is supposed to make sense…?”
So, not to be dramatic or anything, but getting checked into a room at the ER to get an emergency MRI on my brain and I’m really leaning into all of the stuff we talked about at the
#TaxRetreat
this weekend….
…especially the networking - there are so many new friends here!
Financial Advisors, may I recommend that you don’t bring your tax work in-house.
Here���s why…
I’ve watched panels of prior tax-focused CPAs say that they added financial advisory to their practice and decided to jettison tax work because its too much work and takes away from
Daily reminder - you’re not a failure if you start something and aren’t as good everyone else. It’s okay to slow down and practice.
You’re not even a failure if you can’t figure out how to unclip from the peloton and just decide to abandon your shoes to their fate…
You know, if we had a
#TaxTwitter
standardized tax prep and workflow system, even if we all used different tax software, we could probably cross-support firms with capacity issues.
For example, we have some of our friends with new firms that might appreciate the extra hours and
One of the things that I’ve always found odd about this profession is the notion that “full time” is unlimited hours during “busy season” and anything less than that commitment is “part time”, even if it’s 40 hours a week. That model is so strange and exclusionary.
I have a few thoughts on this. And as a tax professional that is activity trying to offload my work to GenAI any chance I get, it’s a somewhat educated opinion.
🥬 First, can we reflect on how weird it is for someone to come along and say “haha, your profession is going to get
Did you know that many of the best firms have already *closed their doors* for new clients (filing in April)?
You can become a client, but you'll be placed on extension for October.
Plenty of firms are still open though. Start your search *now*
Well
#TaxTwitter
, it’s happened. I had to let my mother go gently into retirement. (Of course, my mother will just spend the entire time hiking up mountains in foreign countries, so…)
Anyway, I’m going to need a part-time person interested in learning fiduciary accounting and