Tax Day

[Jim14510]

Last time we had some place do our taxes we paid $300 and felt like they did a dick job writing off all of our shit. So I said fûck’em. I’ll do it myself

If you want to be aggressive CPA is generally not the route to go.

 

[God is a Husker]

I have a team of tax attorneys. Bunch of poors

As a recovering tax attorney I’m happy you donated to their whiskey fund.

I remember one year there was a 6 week stretch in March/April where I had 420 billable hours. (Roughly 630 man hours)

I took an entire week off and was drunk for 3 days straight

 

[God is a Husker]

If you want to be aggressive CPA is generally not the route to go.

no offense to CPAs but in my experience most CPAs don’t even know how to scheme around the code because they were simply not taught that/they don’t do that in their regular job

I had tons of CPAs in my tax classes in law skewl and often they were amazed to learn “why” or the real reason you have to do 1 2 3 or XYZ. Even after years of being a CPA they just never knew/learned those things.

PS: my favorite tax prof used to work at Arthur Anderson and she said she never worked on Enron but did admit that Enron threw the best parties. Lol

 

[HuskerDocCo]

First time in 12 years that I got a refund
✊🏼🍆💦

 

[Jim14510]

no offense to CPAs but in my experience most CPAs don’t even know how to scheme around the code because they were simply not taught that/they don’t do that in their regular job

I had tons of CPAs in my tax classes in law skewl and often they were amazed to learn “why” or the real reason you have to do 1 2 3 or XYZ. Even after years of being a CPA they just never knew/learned those things.

PS: my favorite tax prof used to work at Arthur Anderson and she said she never worked on Enron but did admit that Enron threw the best parties. Lol

I would agree with all of that. Most attitudes are to do the returns "right" so if the client is audited they won't owe anything.That usually means being really conservative.

It's just like any job. There's people who suck at it. There's people that are really good. The vast majority are somewhere in between.

I'd question anyone that is already a CPA going into law school. If you're good at being a CPA it would be counterproductive. Spend 100k to get a law degree that does what for you?

 

[HuskerGarrett]

First time in 12 years that I got a refund
✊🏼🍆💦

I only owed 3k this year instead of 7k last year so getting there

 

[HuskerDocCo]

I only owed 3k this year instead of 7k last year so getting there

Love the new reaction 🔥

 

[God is a Husker]

I would agree with all of that. Most attitudes are to do the returns "right" so if the client is audited they won't owe anything.That usually means being really conservative.

It's just like any job. There's people who suck at it. There's people that are really good. The vast majority are somewhere in between.

I'd question anyone that is already a CPA going into law school. If you're good at being a CPA it would be counterproductive. Spend 100k to get a law degree that does what for you?

2 of my CPA buddies went on to get a LLM in tax after graduating from Law School

1 is an attorney at Folston Siefken in Wichita and loves being a semi-rich single guy in a small City. (fish in a barrel with women apparently)


1 is married to a girl who’s Daddy is a Taco Bell king pin (owns like 25) and they have 4 kids and live in Florida... homeboy doesn’t even work now BUT he met her at University of Florida while he was getting his LLM she was a sorority queen. So I’m guessing he doesn’t regret wasting 4 years of his life on further education after being a CPA

PS: if I had 4 kids I’d for sure work to get the hell out of the house

 

[slattimer]

Daddy is a Taco Bell king pin (owns like 25)

Wonder if the FranchiseCorch on RSS knows about this...

 

[God is a Husker]

Wonder if the FranchiseCorch on RSS knows about this...

haven’t been on the RSS in years but I read the thread about that guy on this message board


I’d love to troll that guy so bad or just pepper him with questions to out him as not being legit.

Last year I probably spent more money and did more franchising and de-franchising than that idiot has even thought about. We shifted roughly 1/3 of our business over and purchased what is now our 2nd best property all in the past year. Don’t see me pretending to be Tony Robbins on a message board.

 

[That SOB Van Owen]

I would agree with all of that. Most attitudes are to do the returns "right" so if the client is audited they won't owe anything.That usually means being really conservative.

It's just like any job. There's people who suck at it. There's people that are really good. The vast majority are somewhere in between.

I'd question anyone that is already a CPA going into law school. If you're good at being a CPA it would be counterproductive. Spend 100k to get a law degree that does what for you?

I agree if they’re going to continue doing tax with a law degree. Only thing a JD might help me for is a large public company VP tax job at some point. And even then with my Big 4 and large multinational experience, I’d still have a shot without one if I continue to accrue the right experience.

 

[That SOB Van Owen]

First time in 12 years that I got a refund
✊🏼🍆💦

You’re doing it wrong. You should aim to owe $1,000 every year.

 

[God is a Husker]

I agree if they’re going to continue doing tax with a law degree. Only thing a JD might help me for is a large public company VP tax job at some point. And even then with my Big 4 and large multinational experience, I’d still have a shot without one if I continue to accrue the right experience.

from what I know about the Big 4 is if you are married to your job for life you will rise regardless of your diploma name (lots of non-Ivy higher ups)


like most mega corporations if you are a company man 100% you should slowly rise, great time to be a 25-40 year old because so many of the Boomers are 65+ now and will be retiring leaving a vacuum for Gen X and Millennials to rise in the ranks a hell of a lot faster than the Boomers did when they spent decades working before rising to the higher levels

(same thing is happening in Law Firms, making partner before you turn 35 is 100% realistic now vs. back in the 80s when the Boomers had no shot due to a backlog of older partners and fellow Boomers vying for the spots)

 

[Jim14510]

from what I know about the Big 4 is if you are married to your job for life you will rise regardless of your diploma name (lots of non-Ivy higher ups)


like most mega corporations if you are a company man 100% you should slowly rise, great time to be a 25-40 year old because so many of the Boomers are 65+ now and will be retiring leaving a vacuum for Gen X and Millennials to rise in the ranks a hell of a lot faster than the Boomers did when they spent decades working before rising to the higher levels

(same thing is happening in Law Firms, making partner before you turn 35 is 100% realistic now vs. back in the 80s when the Boomers had no shot due to a backlog of older partners and fellow Boomers vying for the spots)

Add into that the requirement for extra hours to be able to take the cpa exam. Basically have to get a masters. Made a significant impact on salaries. Sucks for someone in my position now trying to find employees.

 

[That SOB Van Owen]

from what I know about the Big 4 is if you are married to your job for life you will rise regardless of your diploma name (lots of non-Ivy higher ups)


like most mega corporations if you are a company man 100% you should slowly rise, great time to be a 25-40 year old because so many of the Boomers are 65+ now and will be retiring leaving a vacuum for Gen X and Millennials to rise in the ranks a hell of a lot faster than the Boomers did when they spent decades working before rising to the higher levels

(same thing is happening in Law Firms, making partner before you turn 35 is 100% realistic now vs. back in the 80s when the Boomers had no shot due to a backlog of older partners and fellow Boomers vying for the spots)

You’re 100% right about making partner at Big 4. As long as you put in hours and ultimate can sell work, you’ll make partner. I work with multiple big 4 partners in my current job (I’m in industry) that I could run circles around technically, but they sell work. That’s all it takes.

I left Big 4 after about 5 years. I’ve been at the same industry gig the last 4+ years. I’ll probably never make Big 4 partner money, but that’s OK with me. I do just fine, IMO, especially for being 32 years old. Recently accepted a position with a company that went though a SPAC merger late last year. Got about a 15% raise, an increased bonus target and a nice equity grant that could turn into serious money if the company takes off.