{ "media_type": "text", "post_content": "But seriously, what’s keeping PAs from going indy, starting up an LLC, and benefiting from the new 20% tax base 🤨\nhttp://www.businessinsider.com/becoming-an-llc-republican-tax-plan-2017-12", "post_id": "5a3a9265b5e22b00183143f1", "reply_count": 14, "vote_count": 7, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }
Posting as :
works at
You are currently posting as works at

Accounting firms are not subject to 20% tax

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That’s the plan for me at least

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Public accounting does qualify if your taxable income is below 315k for married and 157.5k for individuals... it is a 20% of qualified business income deduction from taxable income though not a 20% rate

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The trick would be to open up a few LLC that provide services to the accounting firm and report that way.

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😂😂@EY3

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People who write those articles are clearly not tax professionals. That advise is like telling someone to work for cash so you don't have any traceable income. It's a sham and the IRS will shut that down really fast

^^ this. Accounting firms and law firms so not qualify for the lower rate on passthrough entities.

Because the rules around whether you are an employee v an independent contractor still exist. But sure, quit and hang your own shingle up.

Not sure if the above would work, since you’d still technically be an accounting LLC? But yes, my friends in CS/software are definitely looking into this route now, setting up their own LLC and providing contractor services. Anyone have more insight on whether this is truly feasible ?

The deduction doesn't apply to "specified service businesses" aka public accounting firms.

^ the way I understand it is first, you must be a qualified business, and secondly you must be under $315k. So I don’t think your accounting LLC benefits

If we were an LLC, and a big lawsuit comes in, wouldn’t we have more liability than a partnership? Losing the question.

Have you read the code yourself or are you listening to others? Check 199A(d)(3)(A)(i) it provides an exception

Aha thanks, just read it. I guess it never came up in partner discussions bc none of them make lower than that ...

Additional Posts in Accounting

Has anyone had success with GLP-1 for weight loss? Recently FDA approved.

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Anyone work in wealth management at Goldman Sachs and comment on hours/work life balance?

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I've been in the energy industry for 8 years now and I just signed an offer to join the tech industry soon. I'm in business ops and corp strategy in my current industry. I'm joining tech as business ops pm.

I'm curious about product management though since it seems that the scope spans everything that I enjoy doing. What would you advice to someone who wants to become a product manager? What would you say are the most important qualities and skills of a product manager?

Droga once said he wouldn’t sell, but eventually he did. Do you see GUT under a network? Why or why not?

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How do I get thick? Not fat. Thick.

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Hey what are your favorite rooftops in nyc?

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Hi everyone
For 2years 8months of experience
What should be my expected ctc ?
Tech stack - Reacts js, Node js

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Anyone else here have ADHD?

likefunnysmarthelpful

Fishes,
I have offer from below companies for almost same package. Please suggest me which one to join.

1.Nagarro 2.GlobalLogic 3.Netcracker 4.Harman Connected Services 5.KPMG India

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Hi, I just accepted an offer joining Deloitte is upcoming January on F1 OPT. Just wondering what’s Deloitte’s process for sponsoring H1B. How do we know if we’re eligible? Do we need to reach out to anyone?

Any guidance is appreciated! Thank you in advance!

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How is the promotion track in Bristol Myers Squibb in their Digital Capabilities team?
Is it tough to move from Sr Manager to Asso. Dir? TIA.

Rajab Mubarak Fam ☪️💚

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Would you guys be willing to take a “demotion” from a senior in audit at a big 4 to analyst/associate in fdd at a non-big 4

Notified I got an interview with BCG, first time I’ll need to do a case interview. What are the optimal online resources, books, etc to prepare for a case interview? I was given this list of books by the recruiter, are they helpful?

-Case in Point, by Marc P. Cosentino
-Crack the Case, by David Ohrvall
-Ace Your Case!, by WetFeet
-The Vault Guide to Case Interview, by Mark Asher

likehelpful

Hello Fishes, I have given Data Analyst test on Hackerrank for Morgan Stanley two days ago. Can anybody tell me in how many days they will revert back. Morgan Stanley

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Anyone else slow AF? I only got 100 hours last month. Will probably be under that this month.

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How would an assurance associate get into forensic accounting? I feel like I never hear about it at PwC

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No disrespect to EAs bc I was one for several years, stop trying to be a PM and then yell and scream and shoot off crazy emails when the kitchen gets too hot.

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Additional Posts (overall)

Best audit industry for exit ops? Take it whichever direction you prefer.

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Who manages PwC’s 401(k)?

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Ernst and Young will now become just Ernst and Young - two separate companies both abbreviated with a single letter E Y

likeuplifting

Just got an email from a recruiter looking for a tax manager for a CPA firm that works hard but loves to have fun. 4+ YOE with CPA in HCOL (LA, San Diego, Orange County). Comp is 75k-85k. Is this recruiter delusional?

funny

Just saw that an Olympic winner was losing his medal for curling because he failed a doping test. I'm not sure how much drugs really would help you in that "sport"

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I am staff2 in audit hating my life! I dont want to go to industry as controller but something else.. where did your fellow auditors leave and how do they feel about it? Id appreciate any feedback💕

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Deloitte ARA, hours/WLB?

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Typically rumors end up being true. EY will be officially splitting next week (have been notified by a Partner today)

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Seniors out there, don't forget the experienced SMs out there have been at this for a while and can be more tactful that you. Ha ha, should have seen that coming.

likefunny

Can anyone recommend a good recruitment / recruiter in Denver / Colorado that specializes in finance / accountancy?
Most I have contacted so far are very generic and recommend roles very different to my resume I submitted to them.

likefunny

Anyone else have a stuttering problem, like an actual speech impediment ? Feel like it’s held me back and no matter what I do I can’t shake it. Randomly it will just flare up and I can’t get my words out.

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EY FSO tax peeps - long story but want to connect

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“Why are we doing it like this?”
“You instructed us to do it like this in the team meeting”
“No I wouldn’t have said that, this is wrong”

If I’m in one more meeting where someone changes their mind on an engagement and tries to convince me they never said it, I swear. Going to start accusing leadership of gaslighting me.

likefunny

Just got promoted to senior in audit and I honestly want to study and get to another field. I just feel like in PA, it's not about how competent or intelligent you are. What matters is that you're assigned to a team you have good chemistry with and that you kiss the partners ass.. I'm wrong or crazy?

likesmart

Is it bad that I'm not worried about my rating and utilization? I get my work done and get along well with my teams so I think I'm okay

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If I moved to a new state that requires the AICPA ethics course, and my old state did not (so I never took it in the first place), but I’m applying for my CPA license in the new state under reciprocity so have to now take the course, will the firm cover the cost of the ethics course?

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Does anyone know how much it costs to have a baby under EY's different health insurance policies? I'm starting soon so don't have access to this much detail yet.

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I just was on LinkedIn and there was a lot of dialogue on how immoral Companies rescinding offers was. However, in my career I've seen more individual's than I can count sign an offer or verbally commit and go back on it. Can someone please explain the difference or is the hippocrasy real?

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Anyone in EY GPS Audit want to share where you guys comp landed? Really the only comparison for our fed practice when it comes to market rate.

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What’s the salary range and sign-on bonus for a first year tax manager at PwC and EY? HCOL but not NYC and bay area

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