User talk:Waynecpa

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Your advice please

Thank you Wayne. I appreciate your input. The LLCs was established in 2006, S-corp paid the fees to the Law Firm in 2006, LLCs issued checks (under $5,000) on 30 December 2006, S-Corp deposited in 2007. Will your Answer # 2 change any? Thanks.

New Business Clients

Can you share more details regarding your experience with this firm?

Re: Practise Purchase

Hello Wayne,

I noticed that you purchased CPA practise. I am planning to buy a practise and transitioning from corporate accounting. I worked in public accounting for three years, 10 years ago ever since worked in corporate accounting. What was your experience and what advise would you give me about buying practise. I appreciate your reply. Abstax

Construction Issue - Current Assets

Wayne, i noticed you have a good constructon accounting background. Could you take a look in the accounting forum. I posted a question "current asset enhancement" within the past few days. I would be interested in hearing your comments on my client's plan to establish the value of a loan to him from his corporation.

The current thought of the CPA who will review the statements and myself, who prepares the statements, is that a related party disclosure noting that the balance due was paid off by the client in 2009 from his 2009 corporate compensation.

Thank you for any time you put into this, if you do have time!MWPXYZ 15:24, 20 February 2009 (CST)

Hi Waynecpa,

My name is Vanessa Piccinini and I work at Intuit's Public Relations agency. We came across your funny tax stories and would like to share them with an accounting Web site interested in running stories like yours during the busy tax season to give readers a good laugh.

In order to participate, just reply to this message giving your permission. We will not share your story unless you respond giving us permission to do so. Additionally, we will give your avatar credit for it, since we do not have your real name and even if we did, we would not probably not include it to ensure client confidentiality (though the chances of your client reading the accounting publication in question may be very slim.)

Thank you in advance for your attention!

Vanessa Piccinini vpiccinini@accesspr.com

Good idea to start new discussion, I think

The topic of the other discussion was probably just a little too different, so you're probably a lot more likely to get responses to your query with the new discussion.

I've gone in to the other discussion and removed your post from yesterday, replacing it with a link to your new discussion - that way we won't risk ending up with both of them being answered eventually (that in itself isn't such a problem - it's just that sometimes the answers end up being different, and there's no good way to get everybody to read both discussions!!). Hope that's okay; seemed like the best way to get you good results.

Trillium 15:39, 24 September 2009 (CDT)

foreign bank account

Wayne,

I'm sure you know that there's been a lot of activity in this area. The voluntary disclosure period is over, and the potential penalties are huge. I wouldn't do anything until I quantified the potential penalties and discussed it with my client. Do you want the name of a SF tax atty who filed a bunch of the 90-22.1's? I do a lot of work with this firm, and they are top notch (and top fees).

JAD 18:40, 19 November 2009 (CST)

Purchasing a Firm

Since you have direct experience with the size of firm I'm considering purchasing, other than the employee issue you've already shared, what advice could you give me? From reading your bio it looks like the client mix is similar to what I'd be purchasing.

1. I don't mean to be too personal, but from the research (internet searching) I've looked into, you can expect to net between 50-70% of gross revenue in a year from a well ran CPA firm. Is this accurate right out the gate? (In other words netting between 150-210k a year from a 300k/yr firm?) If you want to give a "general" answer rather than an exact representation of what you've experienced, that would still be very helpful.

That is an absolutely huge jump in income to me and, strangely enough, it's actually incredibly daunting to even think I could change income that quickly. (Even with paying back debt services or financing agreements on the sale)

I suppose that is the apprehension I'm feeling, that I must not have enough experience to warrant that type of increase. However I really can't figure out what it is exactly I'm not experienced enough for! Guess that's the conservative side of me.

2. What was your retention rate for the clientele you purchased? I realize this is a your market may vary type of deal, but I'm just curious with the employee splitting on you.

3. How much experience did you have before purchasing the firm.

Thanks for any extra advice you can give.

BJtheCPA 22:05, 30 November 2010 (UTC)

Hi Wayne, I was talking about S corp. With S corp. you do not have to file separate schedule for home office deduction as sole proprietor. And for S corp. office expense is an ordinary expense.

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