It happens to everyone eventually. Long hours at the office or illness or other stress leads to fatigue. Then you get behind the wheel. Distracted by your own issues, another driver cuts in front of you and you react in the nick of time. Your heart races as you speak in a foreign language consisting entirely of four-letter words.
The other driver waves a quick apology and keeps going. Angered by the mishap, you tell your co-workers about the idiot on the highway. The rest of your day is ruined. At home you tell the wife, kids and cat (if she’ll listen to your ranting and raving) about your early morning near catastrophe.Read More
Thursday this week was the due date for calendar year S corporations and partnerships. We are in the heart of tax season and your favorite accountant is feeling the strain. Stress is okay as workflow is moving reasonably well with a few notable exceptions I intend to rectify. The April 17th deadline looms.Read More
My youngest daughter turned 18 on Wednesday and while Mrs. Accountant and I are not yet officially empty nesters the handwriting is on the wall. High school needs to be finished and an adjustment into adulthood is in order before she leaves. The timing is the only thing undecided.
My oldest daughter (I have two girls) stuck around home milking mom and dad for all it was worth. At first the prodding was gentle. As the years passed the cattle prod was more insistent. It’s wasn’t about her behavior either.Read More
I’m different. I’ve always been different. I was born with a big disadvantage. Before I was a year old I had more surgeries than most people in a lifetime. At twelve I started taking over a dozen medications. Pill after pill is cut and placed in a dispenser like that of a 90 year old man.
Dad picks on me that all the pills I take are a meal in itself. My parents are supportive, but they have no idea how much of a pain it is to be sick all the time.
I’m also different from my family in other ways. My sister wants to travel the world and teach English (more on that later). My dad hates traveling past the mailbox at the end of the driveway. He says he wants to build a wall around the farm. When Trump came out with his wall on the Mexican border dad said he needs to talk to Trump and see if he could get a section built around the farm.Read More
As a society we think of certain people as more prone to ethical lapses. This might be the result of the professions involved. Police officers make repeated ethical decisions every day. Judges, prosecutors and even jury members must deal with their personal ethics and that of others. But law enforcement or military personnel aren’t the only ones thrust into serious choices. Attorneys and doctors are forced into making decisions that might not seem ethical at first, but they are often forced to make a choice and fast. No choice is an ethical choice all too often with serious consequences.Read More
The dog days of tax season are here. I’m dead tired and not as caught up as I was a week ago. Missing documents and research put me in a minor bind. Still looking good, but for the record, I took a short nap at my desk Friday. I was cooked. I’m off Saturday, but working Sunday to prepare for a phone meeting with Mr. Money Mustache. The quiet, empty office is conducive to massive productivity. You’d be surprised what no interruptions can do to a guy’s efficiency.Read More
Bulls make money. Bears make money. Pigs get slaughtered! —Old Wall Street Adage
Back in the early days of my career the investment industry and the tax/accounting industry tried to merge. To be fair it was the investment industry’s idea. Tax offices were the perfect partner to sell securities (usually mutual funds with a respectable dose of insurance thrown in for good luck). Virtually every small accounting firm took the plunge.
Accounting offices are prime for solicitation. Tax professionals have a powerful relationship with their clients. Accountants also know a lot about their clients due to the data collected to file an accurate tax return.Read More
The accounting industry has been consolidating for decades. When I started my practice in the 1980s the local newspaper had several pages of business card sized ads hawking the wares of local tax offices and CPA firms. Today you would be hard pressed to find an ad (outside the massive DIY tax software) by any tax or accounting firm even in the depths of tax season.
There are several reasons why the corner mom and pop tax office is dying. The tax code has steadily increased in complexity. If I didn’t have a background of knowledge to build on I might not consider the tax field if I were starting today.Read More