The IRS has got to fix their system. For goodness sakes Daniel Werfel, talk to tax pros...

I amended 4 years of self prepared returns for a client.

I did their 2023 returns.

All were submitted to the IRS.

7 months later, the IRS only has half of the returns processed.…

Getting penalties abated left and right with the IRS today and I FEEL INVINCIBLE #taxtwitter

How on Earth is this still being done?

I am constantly told that various agencies are looking into worker mis-classification.

Email from client:

So starting in August, I will be getting paid as a 1099 during my nurse anesthetist residency period. I have heard that this is…

I need help.

Indiana has a truly stupid CPE requirement. I have to get 12 hours of Accounting and Auditing CPE every 3 years. It is an ancient requirement that needs to be changed; however, I doubt it ever will be changed.

Does anyone know of any useful Accounting and…

Americans need to learn more about math. And soon...

Here is the Federal budget math in very simple, very rounded terms.

The Federal government owes 34 trillion dollars in various debts on a cash basis. It owes over 120 trillion on an accrual basis.

The Federal government…

My goodness...

Poll at the end...

A very large CPA firm in low cost Fort Wayne, Indiana is charging a minimum of $2,500 for an orphan 1040. An orphan 1040 is a 1040 for a client when the only service you provide is that 1040.

This is actually shocking to me.

I understand…

Here is my real issue with many of these TikTok-y tax strategies: Many have a grain of truth to them (see: hiring your kids) but the real work needed by ordinary taxpayers to ensure compliance often exceeds the 'win.'
Don't chase a #tax benefit, chase a sound financial decision.

The vast majority of the people who voted in this poll agree with y thoughts on non tax pros buying tax pro firms.

I am listening to the AICPA Spring 2024 Tax Rewind.

Poll at the end.

Seriously, repost this and read this if you are a Tax Pro.

The presenter is talking more about a GA CPA firm. They were representing a client and dealing with the IRS. At the end, the IRS asked the CPA firm…

This poll is interesting. I think the number SHOULD be 20%; however, due to the industry over working people I feel the number is likely 10%.

𝗧𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴: 𝗠𝗼𝗿𝗲 𝗘𝘅𝗰𝗶𝘁𝗶𝗻𝗴 𝗧𝗵𝗮𝗻 𝗬𝗼𝘂 𝗧𝗵𝗶𝗻𝗸!

In 2018, the American Institute of CPAs released the following stats:

• The average age of a CPA in the U.S. is 55
• 75% of  CPAs in the U.S. will be at or near retirement by 2019
• 84% of firm…

I voted in the Indiana primary today.

Nikkie Haley took 22% of the Republican vote today in Indiana and my wife and I voted for her. Yes I know she is no longer running...

I know many of you think former President Trump will win in November; however, I disagree with you.

I seriously want every American to learn a skill. Seriously, learn a skill.

Our K-12 education system is not emphasizing this enough nor are many colleges.

I did a tax return for a person who is a truck driver today.

Paid wages on a W-2. Lives in low cost Fort Wayne,…

What is the oddest thing that happened to you in a foreign country?

Mine happened in March of 2003...

Shenzhen, China.

Americans were not common in Shenzhen. A storeowner actually pushed me out of her store with a broom. She was a much older woman.

At the time our hosts…

Maxx has a neat idea... Some of you might like it...

I have been to 36 countries. The rudest people I came across were in France.

I have been to France four times. France is the rudest by a lot. It is not even close.

Ok #taxtwitter , help me understand this aspect of selling to PE. If the owners are unlicensed, who takes the fall when shit hits the fan-a client sues, an employee engages in unethical behavior, etc ? It has to be the CPA, right? So you sign over profits to PE but you shoulder…

This is insane. The IRS must fix this crap.

I think this poll is likely wrong. I think 80% plus of the people looking to buy a CPA firm are CPA's...