- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: OT Accountants, a question
Posted on 10/12/16 at 11:22 am to MSTiger33
Posted on 10/12/16 at 11:22 am to MSTiger33
quote:
Hard to say. My accountant prepared three state returns, one federal return, and keeps track and pays the quarterly employment tax for my nanny. He answers all my emails and phone calls without hesitation. I paid about $800 in accountant fees last year and I live in NYC.
Kiss that accountant on the lips. You are getting a steal of a deal for all that. Almost too much of a steal.
I know CPAs in NYC that charge $800 AN HOUR.
1
Posted on 10/12/16 at 11:22 am to 777Tiger
quote:
I've got my income, the wife's income, two small businesses, and some rental property, and some O&G interests, you could use the same template every year and just change a few numbers, I always pay about $500-800 every year, fluctuation is for amended returns and changing firms
that doesn't account for bad clients. Some clients literally dump hundreds of pages of junk, and expect you to do all the bookkeeping based on nonsense.
It requires hours of work and effort to get those types of returns done.
This post was edited on 10/12/16 at 11:24 am
Posted on 10/12/16 at 11:22 am to Duckie
quote:
did you bug the hell out of them, not respond to emails, force them to do bookkeeping for you, force them to go through a million records to get totals?
If so, then it is appropriate.
If you were very organized, timely, and answered all questions quickly when asked, then yes, it may be too high but I'd have to look at the return and see how complicated it is.
Exactly. The couple of firms I worked for (in the audit side, but several friends in the tax dept) would have done the same. Either you give us a clean set of numbers and we prepare the return for a small fee, or you give us a mess we have to clean up first, and we'll tack on hourly rates to get it cleaned up first, then charge you a small fee for tax prep. Some clients didn't care. Said it was cheaper for them to have us clean it up than to do it themselves, just for tax purposes.
This post was edited on 10/12/16 at 11:26 am
Posted on 10/12/16 at 11:23 am to 777Tiger
quote:
I've got my income, the wife's income, two small businesses, and some rental property, and some O&G interests, you could use the same template every year and just change a few numbers, I always pay about $500-800 every year, fluctuation is for amended returns and changing firms
Do you give your CPA financial statements from Quickbooks or something? I would imagine he/she isn't doing much bookkeeping for that price. Unless he just gives stuff away.
Posted on 10/12/16 at 11:23 am to TU Rob
quote:
Some clients didn't care. Said it was cheaper for them to have us clean it up than to do it themselves, just for tax purposes.
this. This guy also probably did this to his accountant one week before they were due after his accountant requested this information months ago.
Posted on 10/12/16 at 11:23 am to lsuoilengr
Let me ask how long do you think it took them to prepare your taxes and the LLC's?
What was their billable hours?
2800 seems like about 2 days of work. Do you think they spent 2 days trying to sort your shite out?
What was their billable hours?
2800 seems like about 2 days of work. Do you think they spent 2 days trying to sort your shite out?
Posted on 10/12/16 at 11:24 am to 777Tiger
My return was not complicated at all. I had a different form do my taxes overseas. So all they had to do was income for USA. Some minor investments. Nothing crazy. And they didn't tell me anything all year and they have charges from February. Just found out 3 weeks ago - called the guy up and said it was 3x more expensive than I thought and he agreed but said the have me a 40% discount already. They can send a collection agency after me I'll be overseas good luck on that. I don't need good credit anyways I pay all cash for everything
Posted on 10/12/16 at 11:25 am to Duckie
quote:
It requires hours of work and effort to get those types of returns done.
I'm pretty organized with that and I'm always early, the only thing that we ever wait on are K-1s, my accountant loved me, did my returns for almost 30 years, unfortunately he's no longer with us and I've yet to find someone that's "trainable"
Posted on 10/12/16 at 11:25 am to lsuoilengr
quote:
My return was not complicated at all. I had a different form do my taxes overseas. So all they had to do was income for USA. Some minor investments. Nothing crazy. And they didn't tell me anything all year and they have charges from February. Just found out 3 weeks ago - called the guy up and said it was 3x more expensive than I thought and he agreed but said the have me a 40% discount already. They can send a collection agency after me I'll be overseas good luck on that. I don't need good credit anyways I pay all cash for everything
if that is true, wait until the 15th passes and take the return to a tax pro and see if it is unreasonable. If they agree it's unreasonable then call the old CPA or attorney and tell them you think it's high. Reach a deal. Chances are they won't want to worry about messing wtih collections.
Posted on 10/12/16 at 11:25 am to lsuoilengr
quote:
Personal taxes and taxes for my LLC. They just dropped a $2800 bill in my lap
Impossible to say without knowing how many forms you filed, and the condition of the records you gave him, but you're talking about two returns with potentially lots of forms and complications.
quote:
Lots of small little charges for answering emails etc...
So you used up his professional time and don't think he should be paid for his work?
You're one trashy mother fricker.
Posted on 10/12/16 at 11:26 am to lsuoilengr
If it looks like the CPA's hourly rate x hours worked then that's what you gotta pay.
Accountants hourly rates are high because they are worth it. Pay the man
Accountants hourly rates are high because they are worth it. Pay the man
Posted on 10/12/16 at 11:29 am to 777Tiger
I'm not paying 2800 for basic tax returns since they weren't complicated and I have him all the information he needed in plenty of time.
2800$ is 3400$ before taxes that's most people's monthly salary
2800$ is 3400$ before taxes that's most people's monthly salary
Posted on 10/12/16 at 11:30 am to lsuoilengr
? I said it was about $2000-$2300 too high, imo
Posted on 10/12/16 at 11:32 am to lsuoilengr
It's like if you go get a massage. You expect to pay 100$ and then they give u a bill for 300$ Bc they used oil. I don't mind paying double the regular amount but triple? Come on now. You'll get taken advantage of in life in you don't protect yourself
Posted on 10/12/16 at 11:35 am to RJL2
quote:
Accountants hourly rates are high because they are worth it. Pay the man
agree, I always do my taxes on turbotax just to compare the results, and the CPA always justifies what I pay, and it's great insurance in case of an audit, of which I've had one
Posted on 10/12/16 at 11:40 am to lsuoilengr
quote:
I had a different form do my taxes overseas. So all they had to do was income for USA. Some minor investments. Nothing crazy. And they didn't tell me anything all year and they have charges from February.
Here we go. You are taxed on all income earned WORLDWIDE. Not just income earned in the USA.
You get credits on your USA taxes and on certain exclusions on your USA taxes, dependent on your situation.
A US return with foreign earned income is VERY COMPLEX. And, you had an LLC as well?
What country was your income in? Was the tax return you provided to them in English? They probably had to figure out that other countries taxation before they could even start on your return.
Your return is very complex.
Where do you think it's worth $500? Do you have some basis for that number?
quote:
e agreed but said the have me a 40% discount already
So you are looking at roughly 4667 in time. At an average rate of $175 an hour - which a decent size firm would charge (some people who work on your return higher, some lower) that's about 26 hours. If your business income was a mess and your foreign tax was hard to understand, I can see that.
The only issue I have with this, is that you should have been told ahead of time that it would be this much.
Posted on 10/12/16 at 11:40 am to lsuoilengr
The biggest question in relation to how long it took them to complete is in what form did you get them the information for the LLC? Quickbooks (Done mostly right), bank statements, hand written notes, etc.?
Edit: Just saw the foreign income as well. That by itself will probably put it over a grand.
Edit: Just saw the foreign income as well. That by itself will probably put it over a grand.
This post was edited on 10/12/16 at 11:42 am
Posted on 10/12/16 at 11:41 am to lsuoilengr
I mean, I would try calling the firm directly before asking internet strangers with no knowledge of your financial situation at all...but I'm no doctor.
Posted on 10/12/16 at 1:03 pm to lsuoilengr
quote:
My taxes weren't all that complicated just regular stuff
Ever heard of TurboTax Baw
I'll do your taxed for $1,800 next yr.
< not an accountant
Posted on 10/12/16 at 1:05 pm to LSUFanHouston
quote:
Kiss that accountant on the lips. You are getting a steal of a deal for all that. Almost too much of a steal.
I know CPAs in NYC that charge $800 AN HOUR.
Yep
. Young guy that left his firm to hang a shingle for himself. I also kick him some of my clients so maybe he is keeping my rates low as a thank you.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News