Accounting brahs - Unite!

[Glutebrahhh]

I know misc has a small handful of successful accountants. Can we designate this thread to accounting/tax/audit related questions and discussions?

I'd sure enjoy miscers bringing me their hard questions.

I'd also like a place to get advice.

So be it!

[paulinkansas]

Finance major here. How would you value a bundle of short term rental properties that gross about $250k a year before utilities, taxes, maintenance and repairs? Some day I want to sell them along their contents and my phone number. Currently there are about 1800 previous renters that have my phone number. They call it before they come to my town for short term jobs and need a place to stay instead of staying in a motel for a month or two.

[tripod29]

Ok, in.

[IronFeta]

How do you become a successful accountant and escape from the run of the mill low paying accounting jobs?

[paulinkansas]

How do you become a successful accountant and escape from the run of the mill low paying accounting jobs?

A friend of mine is an accountant. He married the daughter of an older C.P.A. The C.P.A. retired and gave him the business as a wedding present. All the old established clients are now with the son in law.

[BestAdc]

Finance major here. How would you value a bundle of short term rental properties that gross about $250k a year before utilities, taxes, maintenance and repairs? Some day I want to sell them along their contents and my phone number. Currently there are about 1800 previous renters that have my phone number. They call it before they come to my town for short term jobs and need a place to stay instead of staying in a motel for a month or two.

Do a present value of future cash flows calculation. Use this if you aren't sure what I'm talking about.

[backinbusiness]

Finance major here. How would you value a bundle of short term rental properties that gross about $250k a year before utilities, taxes, maintenance and repairs? Some day I want to sell them along their contents and my phone number. Currently there are about 1800 previous renters that have my phone number. They call it before they come to my town for short term jobs and need a place to stay instead of staying in a motel for a month or two.

Take the net operating income it generates, then look at cap rates for other smaller multi family properties in your local market, together that should give you a rough valuation.

Ie 100k NOI /9%=900k valuation.

[scare]

Innn. I’m 4 years graduated from college and currently an audit supervisor with a CPA.

[scare]

How do you become a successful accountant and escape from the run of the mill low paying accounting jobs?

Bro, the accounting job market is so hot right now it’s insane. If you think that, either you don’t have a CPA, have a terrible resume working only in the bottom of the barrel accounting jobs (AP clerk, etc), or just lazy af. I’m 4 years in since graduating college and have 100k+ offers in my linked in every single day in a low col state.

[SillieBazzillie]

I'm in finance, not accounting, but I interact with accounting folks all the time. No advice to ask or give but I do respect the work and knowledge of serious accountants.

[AccountingMajor]

How do you become a successful accountant and escape from the run of the mill low paying accounting jobs?

What do you consider low pay?

Basically, if you want to avoid getting underpaid in the long-term, stay away from bookkeeping jobs or accounting jobs that relate mostly to AP and AR.

Friends been doing that for 5 years, still makes <40K

[RobParks2M]

Aight I'll hit you with the big question. How hard is it to do PFIC filings?

[pakmansc300]

How do you become a successful accountant and escape from the run of the mill low paying accounting jobs?

Low paying jobs you're referring to would be AR or AP?

If you're in one of these positions you need to start applying for staff accounting positions. Then after a year or so apply for senior staff accountant.

Keep improving your accounting knowledge and dont stay in a job if you're not learning new things or feel like you're pigeonholed. Move every 2-3 years.

[Camecha]

Currently in school to become an accounter.

Have a final round interview in June for a mid size public firm, doing a SLP with them. If I get it I'll take the position but if not I'm just going to go straight into industry. Should I work a bullchit AP/AR job for a year then start going for staff accountant? Also I hear it is hard to become a senior staff accountant without public experience, that is my one worry. I will be getting my CPA.

[AccountingMajor]

Bro, the accounting job market is so hot right now it’s insane. If you think that, either you don’t have a CPA, have a terrible resume working only in the bottom of the barrel accounting jobs (AP clerk, etc), or just lazy af. I’m 4 years in since graduating college and have 100k+ offers in my linked in every single day in a low col state.

I wouldn't say it's hot everywhere. There is also lots of competition. In San Diego jobs ask for 5-10 years of experience. The same job in Dallas, Tx may only ask for 3 years. The same job in Atlanta, Ga may only also for 1 year.

See here:
Typical accounting job in San Diego requires 10 Experience for Low Pay

[AccountingMajor]

Currently in school to become an accounter.

Have a final round interview in June for a mid size public firm, doing a SLP with them. If I get it I'll take the position but if not I'm just going to go straight into industry. Should I work a bullchit AP/AR job for a year then start going for staff accountant? Also I hear it is hard to become a senior staff accountant without public experience, that is my one worry. I will be getting my CPA.

Look bish, you are (seemingly) part of the master race [we'll see if accounting chose you or if you chose accounting].

The SLPs are a chit show. It really depends if they like you and if you fit in with their circle. (All women CPA firm, you better be a girl), all white people with a single token minority, (you better hope you are the white man who likes talking about the weather).

If that's all you can get, then take the AR/AP job. I would not recommend it long term. Because all of my friends who have graduated a while back are still doing AP and they are making $15 an hour (Minimum wage is now $15).

The problem is if you aren't able to work under a CPA, then passing the CPA exam wont mean a damn thing. There aren't that many CPAs in private companies. Many are old fuks who let it lapse. If it's really important, you can possibly ask if they have a CPA in site, or just get the exp and eventually find a company that has a CPA on site.

Don't get discouraged. Accounting is super competitive because you have a lot of "Can't-Accountants" over-saturating the job market with Robert-Half, Randstad and other agencies trying to sell you chitty jobs and temporary work.

[AccountingMajor]

Aight I'll hit you with the big question. How hard is it to do PFIC filings?

https://www.irs.gov/instructions/i8621

Should get you started.

[pakmansc300]

Currently in school to become an accounter.

Have a final round interview in June for a mid size public firm, doing a SLP with them. If I get it I'll take the position but if not I'm just going to go straight into industry. Should I work a bullchit AP/AR job for a year then start going for staff accountant? Also I hear it is hard to become a senior staff accountant without public experience, that is my one worry. I will be getting my CPA.

Take the AR/AP if that's all you can find, but only stay in that position for 2 years MAX. Don't get too comfortable.

I went AR (2 years)->staff accountant (2 years) ->senior staff accountant (current). I jumped to different companies everything I switched positions.

[RobParks2M]

https://www.irs.gov/instructions/i8621

Should get you started.

Lmao fine I'll spell it out. Not sure if you've seen much from the SPAC threads, but essentially you pay $10 for shares of stocks and the value fluctuates and if the shell company of which you have shares fails to create a merger that takes a company public you get $10/share back. Many of these are based in the Cayman islands or other places where fee structure is better for incorporating. Assuming that is the case where a merger occurs these wouldn't be considered a PFIC and wouldn't require form 8621 to be filed correct? Interested in your take because people argue about that shyt relentlessly. Either way I think I'd just go ahead and take my chances and file the income tax and skip the rest if not directed to do otherwise by the IRS/TDameritrade/turbotax

[AccountingMajor]

Take the AR/AP if that's all you can find, but only stay in that position for 2 years MAX. Don't get too comfortable.

I went AR (2 years)->staff accountant (2 years) ->senior staff accountant (current). I jumped to different companies everything I switched positions.

I wouldn't even say 2 years. Just take it and job hop to another place asap. Don't even include it on your resume.

[pakmansc300]

I wouldn't even say 2 years. Just take it and job hop to another place asap. Don't even include it on your resume.

If I could do it again I would've only stayed in AR for maybe 6 months, but I got comfortable. Live and learn.

[bfdehewdbyywhn]

I wouldn't say it's hot everywhere. There is also lots of competition. In San Diego jobs ask for 5-10 years of experience. The same job in Dallas, Tx may only ask for 3 years. The same job in Atlanta, Ga may only also for 1 year.

See here:
Typical accounting job in San Diego requires 10 Experience for Low Pay

entry level accounting jobs don’t pay shtt. kids only do them for the experience to get another job


minimum requirement is years of experience at a big 4 firm. then why the fukk would you work entry level

[AccountingMajor]

entry level accounting jobs don’t pay shtt. kids only do them for the experience to get another job


minimum requirement is years of experience at a big 4 firm. then why the fukk would you work entry level

I think the accounting is getting to you, idk wtf you're saying lol

[AccountingMajor]

If I could do it again I would've only stayed in AR for maybe 6 months, but I got comfortable. Live and learn.

Really OP, you could do what pakman is saying, or just jump ship and ask Robert Half for a temporary contract.

But remember this is absolutely worst case scenario.

I was a staff accountant, and my new boomer supervisor tried to stick me in AP. Quit ASAP and got hired somewhere else quickly less than a week, of course no one knew what I did, so I hope everything went to chit since they refused to promote me and instead hired one of their boomer buddies as my supervisor.

Accounting is way easier and less stressful. You just have to have a working brain. Realistically, you won't have any young coworkers if you go private, but you will be smarter than most boomers if you went to a decent school, BUT they will be also be paid more than you. That's where job hopping happens. Every 2-3 years find a new job unless they pay you right and you're happy there.

After 2 job hops, you should be good and on your way.

[AccountingMajor]

Lmao fine I'll spell it out. Not sure if you've seen much from the SPAC threads, but essentially you pay $10 for shares of stocks and the value fluctuates and if the shell company of which you have shares fails to create a merger that takes a company public you get $10/share back. Many of these are based in the Cayman islands or other places where fee structure is better for incorporating. Assuming that is the case where a merger occurs these wouldn't be considered a PFIC and wouldn't require form 8621 to be filed correct? Interested in your take because people argue about that shyt relentlessly. Either way I think I'd just go ahead and take my chances and file the income tax and skip the rest if not directed to do otherwise by the IRS/TDameritrade/turbotax

Just reading about it gives me diarrhea.

I don't know about taking your chances. Generally more information is better.

I know someone who didn't report their taxes accurately (he owned his own business). His family got raped by the IRS.

Disclaimer: I ain't that type of accountant. These taxes ain't my thing.

[RobParks2M]

Just reading about it gives me diarrhea.

I don't know about taking your chances. Generally more information is better.

I know someone who didn't report their taxes accurately (he owned his own business). His family got raped by the IRS.

Disclaimer: I ain't that type of accountant. These taxes ain't my thing.

yeah it kinda sucks....but the gains too gucci

[Exiled93]

In.

Graduated with accounting degree and worked in public for a year but then joined military LOL.

Been thinking about taking the cpa exams ( I previously passed REG - expired though) for when I get out and going back into it. Either that or some cushy government job like IRS or state DOR.

[RobParks2M]

In.

Graduated with accounting degree and worked in public for a year but then joined military LOL.

Been thinking about taking the cpa exams ( I previously passed REG - expired though) for when I get out and going back into it. Either that or some cushy government job like IRS or state DOR.

Lmao I know a guy who does accounting shyt for the military as a private citizen. He has some interesting stories about working in Iraq or Afghanistan with fuking pallets of cash and paying the iraqi contractors.

[Glutebrahhh]

Alright boyos, I got a goofy conceptual question for ya.

I'm reviewing the relationships between inflation, interest rates, and foreign currency exchanges. Though I feel I've been stumped by a 'paradox' of sorts in terminology, Appreciation. If we say the dollar appreciates relative to the Euro, does the nominal value increase? Or decrease? I feel like it must decrease; if it appreciates, it gains buying power, and therefore it takes less USD to buy EU - so maybe they were 1 : 1 at first, but after appreciation, it's $.90 : 1EU.

However, other examples I've come across suggest that when the dollar appreciates, the nominal value increases, but wouldn't this suggest a weakening of the dollar? 1US : 1 --> $1.10 : 1 ?

[AccountingMajor]

Alright boyos, I got a goofy conceptual question for ya.

I'm reviewing the relationships between inflation, interest rates, and foreign currency exchanges. Though I feel I've been stumped by a 'paradox' of sorts in terminology, Appreciation. If we say the dollar appreciates relative to the Euro, does the nominal value increase? Or decrease? I feel like it must decrease; if it appreciates, it gains buying power, and therefore it takes less USD to buy EU - so maybe they were 1 : 1 at first, but after appreciation, it's $.90 : 1EU.

However, other examples I've come across suggest that when the dollar appreciates, the nominal value increases, but wouldn't this suggest a weakening of the dollar? 1US : 1 --> $1.10 : 1 ?

You're correct, books teach us that if US:EU

1:1

The a weakening of the dollar looks like 2:1

While a Stronger dollar looks like 0.10: 1

Exaggerated examples make it easier to see.

One benefit to this is labor with a strengthening.
For a weakening, it's beneficial to pay off debt.

For example if it takes $1 to buy 100Y , you will most likely outsource your labor to China. So let's say you do that.

You already have US debt of $100.
Now you owe China 100Y, so let's say you transfer $2 to yuan now you have 200Y.

Now let's say the yuan increases against the dollar. To (US:Y) 2:1.

Now each Yuan you own is worth twice as much. You have 200Y ($400) and you pay off your US debt. You still have 350Y.

You see before it cost you $1 to get 100Y, now you spent 50Y to pay off a $100 debt. (At the time of your initial purchase, it cost you $1 to buy 100Y)
So in currency fluctuation terms, it only cost you $50 to pay off $100.

Nominal value = the number itself (the name it identifies as), not the value in terms of foreign currency valuation.