T-Accountants Unite

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41

[quote]countingbeans wrote:
What’s going on in here guys?

[quote]DJHT wrote:
So this is the thread for advice on Taxes? Can PMPM write off how much she spends in pork products?[/quote]

No, hobby losses are only deductible to the extent of income, and on Sch A. So… It isn’t as advantageous as a straight deduction for a multitude of reasons, and big picture, your better off not having a hobby that makes money, but rather employment or self employment.[/quote]

hahahaahaha thanks Beans so far you are the only accountant with a sense of humour, these other guys were killing me.

42

[quote]Teledin wrote:

[quote]egyptianBulk wrote:
Just a place for people like us to hang out discuss the work-life balance aspect of things. The shock in the eyes of wimpy accountants when they see u waalking in for the first time.[/quote]
Haha funny about that, I went to the assessment center for the states biggest vehicle insurance company. As soon as I walked in, EVERYONES head turns and they all stare at me like I’m some alien. I was the thickest dude there out of 120.

puts on shades[/quote]

My boss calls me Arnold, and does an impression when he does it.

Everyone thinks I’m on gear. (There have been serious discussions about it too. So, baggier shirts and pants are a must. Client perceptions are important.)

It isn’t hard to stand out in an office, and it can be a detriment.

43

[quote]DJHT wrote:

[quote]countingbeans wrote:
What’s going on in here guys?

[quote]DJHT wrote:
So this is the thread for advice on Taxes? Can PMPM write off how much she spends in pork products?[/quote]

No, hobby losses are only deductible to the extent of income, and on Sch A. So… It isn’t as advantageous as a straight deduction for a multitude of reasons, and big picture, your better off not having a hobby that makes money, but rather employment or self employment.[/quote]

hahahaahaha thanks Beans so far you are the only accountant with a sense of humour, these other guys were killing me.[/quote]

Typically a dry bunch…

I like booze and Iron, it helps add to the personality of the whole thing.

Dude, how do I take care of this kidney stone without having the most pain any man has ever felt?

44

[quote]countingbeans wrote:

[quote]DJHT wrote:

[quote]countingbeans wrote:
What’s going on in here guys?

[quote]DJHT wrote:
So this is the thread for advice on Taxes? Can PMPM write off how much she spends in pork products?[/quote]

No, hobby losses are only deductible to the extent of income, and on Sch A. So… It isn’t as advantageous as a straight deduction for a multitude of reasons, and big picture, your better off not having a hobby that makes money, but rather employment or self employment.[/quote]

hahahaahaha thanks Beans so far you are the only accountant with a sense of humour, these other guys were killing me.[/quote]

Typically a dry bunch…

I like booze and Iron, it helps add to the personality of the whole thing.

Dude, how do I take care of this kidney stone without having the most pain any man has ever felt?[/quote]

You have to drink gallons of water and no caffiene or booze.

Cheap alternative to Vicodin is:
Tylenol 500mg X 2
Advil 200 mg X 4
Benadryl 25 mg X 2

Cant work on this but at least you can sleep at night. Also you need to catch one of the stones for analysis. There are meds that can prevent some stones.

45

[quote]DJHT wrote:

You have to drink gallons of water and no caffiene or booze.

[/quote]

fml

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[quote]countingbeans wrote:

[quote]DJHT wrote:

You have to drink gallons of water and no caffiene or booze.

[/quote]

fml[/quote]

Sorry brother. Here is my daily intake, one of these during the day and a slightly smaller one when I get home in the evening and yes it is filled with water.

47

[quote]countingbeans wrote:

[quote]Mad HORSE wrote:
I was actually kind of astonished to learn that it’s more laws and other reading than math. Did anyone else think that was odd? [/quote]

Not after working in the industry, no. Unless you want to be a staff for life, you need to understand business.

After year 4 you really stop dealing with the day to day ticking and tying of things, and really get into the value added things. (Unless you are a mental midget and/or have zero ambition.)

But then again, I work in a small firm, and came into this environment on purpose. Larger firms may be different.

Management, english, law, etc.

Pretty much anything that gives you basic understanding of human behavior, teaches you how to not write like you belong in a trailer park or street corner, and gives you an understanding of things beyond “me debits and credits must tie, derpy derpy dur”

I would stay the fuck away from marketing. That is like drawing a stick figure with boobs on your resume, certain death. Marketing majors are for chicks and flunkies.

Finance is a double edged sword. the question we ask ourselves when we see it is “well, does he really want to do accounting?” They are two different things and honestly, no one wants to hire a smart ass who thinks he knows everything (every fucking college grad) AND thinks he is more valuable because he can discount a bond. You need to understand a lot of finance, but don’t let it detract from your goals. [/quote]

But really, is your characterization of a finance or marketing minor a reflection of how the market perceives these OR how you and your individual firm do?

I’ve talked to other CPA’s and none of them have said anything like this.

48

[quote]egyptianBulk wrote:
I majored in Financial Management with a minor in Economics which I supplement with some Industrial management coursework, and it does really help having the economics/industrial back ground when working.

2nd to become a Management Accountant pre-knowledge of the production process will accelerate your on the job learning curve durastically [/quote]

The management accounting designation is a bit of a joke in the States. But for whatever reason it’s a much more seriously taken in common wealth countries.

49

[quote]therajraj wrote:

But really, is your characterization of a finance or marketing minor a reflection of how the market perceives these OR how you and your individual firm do?

I’ve talked to other CPA’s and none of them have said anything like this.

[/quote]

Fair enough.

Don’t apply to a small firm with those minors…

But yeah, no one takes a marketing major serious, and a minor isn’t any better. And finance… Again, just be very clear you want to be an accountant and you aren’t just looking to pick up 3 years experience and go to private finance after.

Are big firms going to look at it the same way a small firm does? Nope… But understand the current requirements of big firms these days.

50

I do accounting work, but I am a budget analyst. I handle all accounts payable (contracts/visa audits/budget management etc). I have an econ degree… I guess that excludes me from any higher level accounting work?

51

[quote]666Rich wrote:
I do accounting work, but I am a budget analyst. I handle all accounts payable (contracts/visa audits/budget management etc). I have an econ degree… I guess that excludes me from any higher level accounting work?[/quote]

In the private sector? No…

But you have a long ass road if you ever wanted to work in public.

52

[quote]666Rich wrote:
I do accounting work, but I am a budget analyst. I handle all accounts payable (contracts/visa audits/budget management etc). I have an econ degree… I guess that excludes me from any higher level accounting work?[/quote]

Have you considered getting a CPA license?

53

[quote]therajraj wrote:

[quote]666Rich wrote:
I do accounting work, but I am a budget analyst. I handle all accounts payable (contracts/visa audits/budget management etc). I have an econ degree… I guess that excludes me from any higher level accounting work?[/quote]

Have you considered getting a CPA license?

[/quote]

Not happening wiht an econ degree. He doesn’t meet half the hour requirements.

54

[quote]countingbeans wrote:

[quote]therajraj wrote:

[quote]666Rich wrote:
I do accounting work, but I am a budget analyst. I handle all accounts payable (contracts/visa audits/budget management etc). I have an econ degree… I guess that excludes me from any higher level accounting work?[/quote]

Have you considered getting a CPA license?

[/quote]

Not happening wiht an econ degree. He doesn’t meet half the hour requirements.[/quote]

It depends on the state.

I’m an econ and finance double major and I meet the requirements.

He will be ineligible without more course hours in most states, but certain ones only require 120 hours as opposed to 150.

If he has no interest in public accounting and just wants the designation then it’s doable. Heck, I’m sitting the exams for the State of New Hampshire but have no interest in working in that state!

I can’t speak for the US, but in Canada you will be held back in industry if you do not have a designation.

Either way, I would get a transcript evaluation.

55

I think I am leaning towards an MBA in finance, though if I went back and did it over again I believe I should have added an accounting major to my econ degree as well.

56

[quote]therajraj wrote:
Heck, I’m sitting the exams for the State of New Hampshire but have no interest in working in that state!

[/quote]

Have you checked the reciprocity of NH to other states?

57

[quote]countingbeans wrote:

[quote]therajraj wrote:
Heck, I’m sitting the exams for the State of New Hampshire but have no interest in working in that state!

[/quote]

Have you checked the reciprocity of NH to other states?[/quote]

From my understanding, having your CPA recognized by another state is only an issue if you plan to work in the public accounting.

My goal has been to work as a CPA in industry.

Also the 2 years of experience can be done in any state.

58

CPA Reciprocity: The Solution

As a way to streamline the process and cut away the additional licensing application and fees, the AICPA and NASBA have been promoting a â??uniform CPA exam requirementsâ?? such that all the states are deemed equal and thus the license granted are considered the same throughout the United States.

Specially, the AICPA and NASBA have worked together a â??Uniform Accountancy Actâ?? with the following guidance on the CPA exam requirements for each state (known as the â??3Eâ??s):

Fulfill the 150 credit hours of â??Educationâ??
Pass the Uniform CPA â??Examâ??
Accumulate at least one year of â??Experienceâ??
Most of the states have adopted this rule since 2007.

CPA Reciprocity: Current Status

The following are considered NOT Substantially Equivalent States

Colorado
Puerto Rico
Virgin Islands
The following are substantially Equivalent States but an alternative path still exists that allow candidates to get a CPA license without fulfilling the 3 Es above. In other words, these are â??borderlineâ?? states that are recognized by some but not others in terms of reciprocity:

California â?? until January 1, 2014
Delaware
New Hampshire â?? until July 1, 2014
Pennsylvania
Vermont
Wyoming

59

Do you have any knowledge or experience with reciprocity?

60

[quote]therajraj wrote:
Do you have any knowledge or experience with reciprocity?[/quote]

lol, yeah, my state has the highest standards, are you otehr 49 fucking love us, lol.

But seriously, no, I just know I can sign the out of state audits I have because I qualify in their home states.

It used to be much more of an issue when each state had their own exam.