T Nation

T-Accountants Unite


#361

Ya I agree with that.

Her thing is similar to what you wrote about engineers. Dr's just don't grasp tax, at least in her experience, so it's like beating your head into the wall trying to explain something, like AMT.


#362

I can totally understand that, I had someone else do it just to mollify the wife. She doesn't say anything about me doing them anymore.


#363

Welcome to the club. Mine has looked like that for 3 years, and there is no end in site for me. I have purchased into a couple of LLCs and with my rentals this is getting big.


#364

lol, it's been like this since 98. I've got years of unallowed losses sitting there gathering dust.

In other news, thank you Beansie, ZJS, and USMCCD! Got a call today from my business accountant stating that he treated the COD incorrectly and it should not have been recorded on Line 14 which means no SE tax on $250K for me!


#365

I bet that's a huge relief!


#366

Oh boy yeah.

Otherwise it was going to suck telling the kids there was going to be no Christmas this year...or next year...and no vacations...ever...and probably no college as well.


#367

15% of $250k? That is a ton of money.


#368

A little less because the SS caps out, but yeah. It was going to be a ton of money.


#369

PARTY AT DR. PANGLOSS HOUSE!!! Free booze for everyone.


#370


Like my new coat?


#371

Another T-Nation success story!


#372

I was in a a similar situation 20 years ago. Looked into a Masters in Accounting, but found out it would take me less time to get my MBA and the Masters wouldn't qualify me to sit for the CPA. Not sure if this helps, but it's a little bit about me.


#373

Yeah, personally I wouldn't suggest a Masters in Accountancy unless you are thinking of going into Tax. Get your undergrad accounting classes you need and work on an MBA if you need the 150 credit hours.

This is my opinion and my understanding of a lot of people who have received their MAcc. There's only so much accounting knowledge and theory you can learn not on the job.


#374

I don't know. My Master of Accountancy program only has 1 tax class.

An MST I'd agree of course.

Edit: I should say it's not exactly a MAcc, the program is Master of Accounting and Business Advisory Services. The core course work is all accounting though.


#375

Yeah the normal MAcc programs have a few more. And why I say Tax isn't b/c of the tax class, but b/c Tax people usually are more focused on accounting versus running a business too, if that makes any sense.

In the accounting world, even if you make it to a Controller level, you start caring more about the business aspect of things rather than accounting theory and application.

In either case, it's not a waste or anything, I've just found more day to day value with a MBA versus a MAcc.


#376

Gotcha, makes sense.


#377

To be honest... I plan on staying public... the letters other than "CPA" seem like more and more of a waste every year that goes by.


#378

God bless you, public accounting has very little appeal to me.


#379

For sure, although it's a lifestyle I don't know if I could have maintained. Maybe I'll consult/contract eventually.

CPA and maybe the new CFA (Certified Financial Analyst) are about the creme-DE-la-creme.

Then you have CIA (Certified Internal Auditor) which isn't to bad.

And then you have a bunch of joke certifications, like my CFE (Certified Fraud Examiner), which took me exactly 1 week to study and pass.


#380

I agree with the CPA and CFA designations. Necessary to advance in both fields to high levels.