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Message
1
Posted on 2/6/23 at 2:14 pm to Zissou
If you only have W-2 jobs, I don't know why anyone doesn't use turbo tax or the like. It's super easy. If you have a business, then yes, CPA it up.
Posted on 2/6/23 at 2:49 pm to CherokeeTiger
quote:well thats because the industry wants to pay tax preparers fricking 50k a year when they bill out over 250k for their work.
in the profession and the increasing difficulty to find and keep good employees.
Posted on 2/6/23 at 2:52 pm to LSUFanHouston
quote:highway robbery
Our 1065/1120/1120S monimums start at $4,000 and that is with a fully clean set of books including fixed asset depreciation.
Posted on 2/6/23 at 4:37 pm to AuburnTigers
quote:
highway robbery
You can find it cheaper for sure. Quality may be an issue.
Ultimately it is a supply and demand thing.
Posted on 2/6/23 at 5:04 pm to TigerSaintInDallas
quote:
Even if it’s not slave labor, the value prop of majoring in accounting out of graduation is way worse compared to comp sci/consulting/IB.
Consulting and IB not majors. And, people with accounting undergrads can still go into both...
Computer Science is a different skillset altogether...and being a programmer can have it's own lifestyle implications.
This post was edited on 2/6/23 at 5:05 pm
Posted on 2/6/23 at 5:12 pm to LChama
Not enough kids in college studying accounting.
Also - some firms have putcrypto out of scope for their tax work - if you have crypto and can find a cpa firm to hire, you will pay more.
Also - some firms have putcrypto out of scope for their tax work - if you have crypto and can find a cpa firm to hire, you will pay more.
Posted on 2/6/23 at 6:42 pm to AuburnTigers
quote:
well thats because the industry wants to pay tax preparers fricking 50k a year when they bill out over 250k for their work.
You’re not wrong, but this is the case for any employee anywhere. You make your company money in some way or another or you wouldn’t be working for them. There’s also plenty of other things besides salaries to eat up that $250K.
Posted on 2/6/23 at 7:03 pm to LSUFanHouston
quote:price tags dont equate quality. YOur firm still has low level accountants prepping those returns.
Quality may be an issue.
Posted on 2/6/23 at 7:06 pm to Weagle25
quote:
You’re saying sorry to your friend but you probably actually took the option he wanted you to take. There’s no shortage of work right now. Accountants typically don’t like straight up firing clients. So they give you a high fee to either accept or walk. Hoping a decent chunk will walk.
This.
We raised our minimum to $1000 and culled less than 1% of our orphan 1040s. We will go to $1500 next year.
Posted on 2/6/23 at 7:12 pm to CherokeeTiger
quote:They're called condos, boats and vehicles
There’s also plenty of other things besides salaries to eat up that $250K.
Posted on 2/6/23 at 7:37 pm to LSUFanHouston
So has all of this had any effect on what staff get paid?
Posted on 2/6/23 at 8:05 pm to AuburnTigers
quote:
YOur firm still has low level accountants prepping those returns.
And high level accountants reviewing and approving their work.
That's what sets good firms apart from bad ones / retail chains.
Everyone makes mistakes. But more times than not, I can look at a tax return and tell you if it came from a chain, from an inexerpeicned guy in his garage, or from a reputable firm, without even looking at the preparer info.
Posted on 2/6/23 at 8:05 pm to AuburnTigers
quote:
price tags dont equate quality. YOur firm still has low level accountants prepping those returns.
You sound very educated about this issue
Posted on 2/6/23 at 8:07 pm to GeauxTigers123
quote:
So has all of this had any effect on what staff get paid?
Raises last year were north of 10% for anyone with any competence. But sadly a lot of the increase is getting eaten up in health insurnace, overhead, software costs, malpractice, etc... just like every other business out there.
We are also paying a stupid insane amount of fees to headhunters and/or employee referrals.
Posted on 2/6/23 at 8:11 pm to KillTheGophers
quote:
Not enough kids in college studying accounting.
Allow me a slight rant regarding our trade association, the AICPA.
About 15 years ago, they decided that tax/audit/financial accoutning wasn't "cool" and we needed to get college kids to think we were "cool" so they started promoting all the non tax/audit/financial accounting things you could do with an accounting degree, and without even sitting for the big quiz aka the CPA exam.
Well, pre-covid... it worked. Tons of kids getting accounting degrees, and then going into all sorts of "other" fields. It's like... no kidding... no idea that was going to happen
Covid has screwed up the numbers but it did that for a lot of professional fields.
This post was edited on 2/6/23 at 8:12 pm
Posted on 2/6/23 at 8:21 pm to BamaAlum02
quote:
This.
We raised our minimum to $1000 and culled less than 1% of our orphan 1040s. We will go to $1500 next year.
We're up to $750 min 1040 and monthly agreement mandatory for all new business clients.
My schedule is booked solid this week with 15 min onboarding calls that in order to schedule they are informed of the minimum and have to upload prior year return.
Raised fees about 20% across the board last year. Wrote in our annual client letter accompanying engagement letter fees going up again. Haven't had one tell us they are going elsewhere yet.
Same story from everyone, prior CPA retiring.
Posted on 2/6/23 at 8:39 pm to macatak911
It’s a frustrating situation with so few people going into the public life these days. I’ve been pleading with the boss to just at least hire a college intern who is trying to get their credits so answer phones, make runs, and handle some admin stuff.
Right now I’m trying to do everything I can to streamline our process to handle returns and getting clients info. It’s like pulling teeth with an older boss though. Of course, I need time for that.
Right now I’m trying to do everything I can to streamline our process to handle returns and getting clients info. It’s like pulling teeth with an older boss though. Of course, I need time for that.
Posted on 2/6/23 at 9:11 pm to LSUFanHouston
quote:My CPA charged this for one of my businesses years ago and I switched to Upwork for $300. Can't believe I used to pay those big fees.
1065/1120/1120S monimums start at $4,000
Posted on 2/6/23 at 9:59 pm to LSUFanHouston
quote:just follow the basis
Everyone makes mistakes. But more times than not, I can look at a tax return and tell you if it came from a chain, from an inexerpeicned guy in his garage, or from a reputable firm, without even looking at the preparer info.
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