Jump to content
ATX Community

Leaderboard

Popular Content

Showing content with the highest reputation on 10/23/2020 in all areas

  1. Why would you draw any salary without the funds to cover it? There is one simple answer, wait until the 150K payment arrives before drawing any salary.
    3 points
  2. Ant that, my friends, is how Medlin Software was born in the late 70's early 80's. Jerry had an accounting franchise, and wrote his own programs to save time (handle more clients). He shared his programs with others in the same line of work, and so on and so on...
    3 points
  3. I have been working with various CPA firms for over 20 years. Audited financials, reviewed financials, 401K audits and tax consulting and preparation for the owners of the companies I worked for (I would never prepare the tax returns for the company that I do the books for - I want that second set of eyes on my work). The owners always care more about the tax strategies than they do about the review or the audits. The only question the owners have about the financials is usually "did we meet our covenant ratios for the bank"? I have seen good and bad and average firms, but it never fai
    3 points
  4. Just ignore that error and bring up another atxinc.com site. I got that error several times but then went to returnquery.atxinc.com and it was fine. I have a lot of different atx sites bookmarked with useful keywords like 'rehang' or 'forms'.
    3 points
  5. Sarcasm alert: I'd guess they'll do all of the analytics using printouts spewed by a computer, confirmations that will be assigned to the most recently hired junior staff person, about an inch of checklists to document their thoughts and prayers... and then do a cut & paste of an auditors' report template from a reference book onto the financials and notes that Tom supplied. Hopefully the auditor will remember to change the name in the template from "XYZ Company" before it is issued. /endsarcasm My highest level at this point are review statements, and it IS a lot of wo
    2 points
  6. From the payroll side. Draw could have more than one meaning. Could be an advance against wages, would be withdrawal of (hopefully) profit by owner. Assuming the intent/requirement is to be paid as an employee, then if there are funds available, employee(s) (owner or not) need to be paid at least minimum wage for all time worked. Owner/employees need to meet the reasonable wage parameters. Pay frequency must meet state regulations (if any), so monthly may or may not be an option. If this is the first paycheck the business is to create, then there needs to be consideration to the
    1 point
  7. I am sure many lessons We are fairly like minded, which made the working relationship both easy and hard. The big lesson he shared with me is there is no such thing as an "accounting emergency". I have tried to apply this to as many things as possible, the "not an emergency" principle.
    1 point
  8. 1 point
  9. I don't get it, what's the point of this supposed fictitious scenario?
    1 point
  10. Thanks Yardley. I, too, am interested in your feedback and what hiccups, if any, you encounter.
    1 point
  11. 1 point
  12. oh let be snarky for a minute, but don't CPA firms do anything any more?
    1 point
  13. Found this old post that was updated this summer with a different link, and someone commented that it worked last month. Maybe it will help, or not. Don't know. Check out the last 2 posts here:
    1 point
×
×
  • Create New...