Bryan O'Connell

📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/FrHc30sGwEz #Seattle #WA #TaxCompliance

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The Accounting Profession is witnessing a Changing of the Guard 💂‍♂️ ♻ 💂‍♀️ Barry Melancon, the CEO of the AICPA, is retiring after ~30 years of leading the governing body of the accounting profession. 3 decades of servitude is a long time and should be applauded. Barry was 37 when he became CEO, maybe it's time for another 30 something to take the reigns? ------------------- Facts: 👉 Millennials make up the majority of the workforce 👉 Senior citizens make up the majority of CPA’s ------------------- Torches are being passed in all corners of the accounting profession. We're in the midst of a modern makeover. 💂‍♂️ I welcome the Changing of the Guard. 🤔 Anyone else excited for the new era of leadership? #Accounting #Finance #AccountingandAccountants  —------------------------------------------------------------------------------ 🚀Check the No Flux Given playbook and Sketchy Business Practices course at MikeFromAccounting🚀

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📢 Attention Washington State Taxpayers! If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024! 📅 Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling or services. 👉 Check out our article to learn more: https://ow.ly/UwEz30sGEG2 #Seattle #WA #TaxCompliance

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What does the first 5-years in public accounting look like currently? I don't know for sure, but this is my assumption based on conversations with accountants in Las Vegas: 1st year: $72k working 55-80 hours a week during busy season and about 40-45 the rest of the season 2nd year: $75.6k-$79.2k working 55-80 hours a week during busy season and about 40-45 the rest of the season 3rd year: $79.4k-$91k (depending on promotion to Senior) working 55-80 hours a week during busy season and about 40-45 the rest of the season 4th year: $91.3k-$100.1k (assumes you're at least a Senior by now) working 55-80 hours a week during busy season and about 40-45 the rest of the season 5th year: $95.9k-$115.1k (depending on promotion to Manager) working 60-80 hours a week during busy season and about 40-45 the rest of the season As someone that grew up in a small town with immigrant parents, this timeline and salary is pretty good. However, compared to other opportunities available I think one could see why the accounting career path isn't as desirable. One potential solution is that hours get reduced as you progress and you are measured on your production or value provided vs billable hours, but usually the opposite happens and your hours increase as you progress even though you become for effective and efficient.

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Taxpayers can and should utilize the Itemized Deduction when higher than the Standard Deduction. As mentioned, the Standard Deduction is a fixed amount while the Itemized Deduction is the sum of certain expenses that, when added together, surpass the amount of the standard deduction, and further lower the taxpayer’s taxable income. Below are common items, with certain limitations, that taxpayers may consider in arriving at the total of the itemized deduction: • Charitable donations • Mortgage interest  • State and local income taxes, as well as property taxes • Medical or dental expenses Let’s look at an example for 2024: a couple filing married that owned a house and paid 15K interest, 5K in Real estate taxes, 5K in state income tax, and 10K in charity has a total Itemized Deduction of 35K. Because the standard deduction for 2024 is $29,200, there would be tax savings by utilizing the Itemized Deduction in this situation as it lowers the taxpayer's taxable income more than the Standard deduction. Have a question about this or a different tax-related matter? Feel free to reach out! #shomercpa #tax

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The 2025 Accounting Industry Report is Now Available! As you prepare for the 2025 Tax Season, you will not want to miss this valuable resource brought to you Woodard and Mango. Learn how the most successful accountants and bookkeepers train their clients and prepare for the busiest time of the year. Download Now!

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"I love being surprised by an unexpected bill or notice from the IRS!" said no one ever. Even though these unpleasant surprises can frequently be avoided, you might not be surprised to learn that being surprised is one of the Big Four reasons CPAs get fired. We're not perfect, and we've had times when we've dropped the ball. However, our clients don't get surprised when we follow our established processes. (If we fail to meet expectations, we'll own it and won't leave you to deal with the IRS alone.) While I'd put our strategic tax advice up against anyone (I've seen the impact we've made and the lackluster results of our clients' former firms), executing on the basics (like minimizing surprises) is something we must continuously focus on delivering. While life is full of surprises, unpleasant surprises on your bill or from the IRS shouldn't be part of your CPA experience. Agree? (If you own a business and you're repeatedly getting negatively surprised by your CPA firm, give me a shout. Even if we aren't the right fit, I'll help you find the right firm—no strings.) #entrepreneur #business #ripplemakerz #anythingbuttypical BGW CPA, PLLC

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Can we discuss this issue real quick? I see it far too often where the real professional are fighting against half truths or complete false information just bc the person posting has alot of followers Can we make this a thing of the past? #taxes #cpa #bookkeeping #accounting

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Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/gKTYp_SU #SALT #BusinessFinance #TaxCredits

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Sometimes you need to hire someone to enter data because it is not in your budget to hire a bookkeeper. If this is the case, I highly recommend that you take your books and have a bookkeeper review it before you send it to your accountant. There is a difference between using a Certified Professional Bookkeeper and hiring someone to assist with data entry for your business. When it comes to your books, you want a professional who understands the different types of entries and how to handle them. Or at least have them review the books for you. The reason why this is so important is because if your books are not done correctly, they can cost a lot of time and money to fix them. How much better is it to have them done correctly the first time?

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Singing Tax Girl Tax Tips 🤖💼 Tax Titans vs. AI: The Battle for Your 1040! 🧠🔢 Hey #TaxTok nation! 👋 Your friendly neighborhood Excel Sorcerer and GAAP Guru from Robert Half here, ready to spill the tea on the hottest tax trend since the 1031 exchange! ☕🔥 🚨 Plot Twist Alert: The Taxpayer Advocate just dropped a truth bomb about AI in tax prep! 💣 Spoiler: Even the fanciest AI chatbots are fumbling complex tax questions like a rookie intern at busy season! 😱🤖 The Nitty Gritty: • AI nails the basic stuff (hello, standard deduction!) 👍 • But for R&D credits or that tricky ERC? You need a human tax ninja! 🥷 • AI once told me pizza was a qualified research expense. Nice try, SkyNet! 🍕🤖 Why This Tax Pro is Not Sweating the Robot Uprising: AI can't schmooze with the IRS (yet) 🤵 Empathy in tax planning? Still a human superpower! ❤️ Creative (legal) tax strategies? That's our jam! 🎸 Real Talk: The future is human + AI, not human vs. AI. We're like the Avengers, but with more calculators! 🦸‍♀️🧮 Tax Mic Drop Moment: I challenged ChatGPT to a tax prep race. I won, but it did my laundry while calculating. Touché, AI! 🧺🏆 Call to Action: Curious how a human-AI tax dream team could supercharge your finances? Let's chat! My DMs are open faster than you can say "accelerated depreciation." 📩💨 #AIinTaxation #FutureOfAccounting #TaxInnovation #RobertHalfRockstars #TaxProLife #FinTech #AIEthics #LinkedInLearning #AccountingEvolution #TaxStrategyMasters #HumanAICollaboration #TaxTok #CPALife #BigData4Tax #BlockchainMeetsTax #RobertHalf #Tax #Taxes #IRS #WealthManagement #Accounting #CPA #Tech 💼 Tax Alchemist at Robert Half 🤖 AI Collaborator (but it still can't beat me at tax Wordle) 🎤 Aspiring TaxTok Influencer (10 followers and counting!) P.S. If this post goes viral, I promise to do my next tax explainer video as an interpretive dance. Who's in? 💃🕺 #TaxDanceChallenge

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Learn more about The popular macro trend of AI on this #boomerbriefingpodcast. Join Amanda Wilkie and Jim Boomer here: https://boomer.link/e198 #cpa #accounting

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There's a huge opportunity for accountants right now and There is a declining trend for enrollment in accounting degrees Both of these statements reflect our current reality. It seems there's a disconnect between firm owners and those in the early stages of their careers. If there had never been a better time to be an accountant, we would be seeing a huge influx of accounting grads. Maybe I need to be more patient. I asked my questions in the post below because the "#1 influential personal in accounting" has been in charge of the AICPA for the last 30 years. The AICPA essentially sets the tone for the image of CPAs and lobbies on their behalf. Is it so good for accountants because we're the last ones left standing? Consider why it's so good to be an accountant right now - specifically a firm owner... A lot of firms are turning away clients because they have too much work, so you don't have to try to get new clients. I think we see a rise in accounting majors for those who want to run their firm one day, but those who don't want to may not be able to see the appeal of being an accountant.

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Dear fellow CPAs that work with individuals and business owners... Maybe this isn't the time to mention this. You're probably busy. You've got a lot going on. But did you know that we have #PFP standards? And even if you don't hold a PFS credential, we're all subject to them? Just like we're subject to audit standards, even if we're tax-flavored CPAs. Oh, sorry, what is a PFP standard? Or what even is PFP? It means "personal financial planning". So, any services we provide around personal financial planning. And before you say, "I don't give advice about investments, I know better than that!", personal financial planning covers A LOT of topics. I grabbed this from the standards compliance manual: • Cash flow planning • Risk management and insurance planning • Retirement planning • Investment planning • Estate, gift and wealth transfer planning • Elder planning • Charitable planning • Education planning • Tax planning If you're an AICPA member, you can peek it here at who it applies to. https://lnkd.in/gmW-ZMeh Now, this isn't a bad thing. Actually, it's a GOOD thing. These are all high-value services for our clients. We just have to be cognizant that we ARE providing a service that falls under the PFP Standards and follow the guidance. Which usually just means that we do the work with the client's best interest in mind. BUT the other awesome thing about this is that we're sometimes horrible at calling out when we're providing these high-value services. Folks often assume that it just comes part-and-parcel with hiring a CPA. By highlighting these services as additional benefits that we can provide, we're clarifying our relationship with our clients (this is included, this is not included) and highlight the additional value that we can bring. So, as you're working through to 10/15 and thinking about all of the planning opportunities, keep an eye on the standards but also think about how to showcase these services as something special.

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TAX PROFESSIONALS - PLEASE SHARE this link with other tax pros, but especially those with employees in the Helene disaster area or those working with clients and employees in that area. IRC 139 was passed in the days after 9/11, but it is still on the books and still applies today! The IRS section is designed to help employers provide cash to the employees in time of disaster and emergency. 1. Payments are tax-free to the employee 2. Payments are deductible by the employer Webinar is currently NO COST to everyone, please share the link. https://lnkd.in/eFcyKMr4

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