Weird that I rarely seen him mentioned on this sub, when this sub is full of small firm owners.
I’ll say most of his videos and posts are common sense to me, but every once in a while he will talk about a software or process that I would have never thought of.
Is it a first dose kind of thing or a couple weeks into it?
This has always caused me grief as it’s a 100% crapshoot it seems like.
I’ve never “estimated” right ever as I can never predict what is going to come up.
Most of my experience is leading the tax side (gain calculation / state treatment (apportionment / PTE) / PPA / etc) for large sales anywhere from $100M to in the billions.
I’m now a partner at a much smaller firm where sales are more in the $5M to $25M range. On my larger clients before I would quote let’s say $50k up front as a retainer and then bill the rest hourly if I used it up. Really no issues other than that second bill was always after the sale when they already paid the lawyers 5x what I’m charging and everyone else. So there was always huff and puff with the second later bill.
I’m not sure how to handle this with these smaller clients. They always want a quote or range and I honestly have no idea what to say. It’s so fact dependent and it can change instantly. I’ve had deals where the buyer is supposed to do the PPA and I do it as the seller and they just agree to it in 5 mins. I’ve had others where it’s a back and forth that’s 20 hours long.
Is going with a retainer first and then hourly still the play? I don’t even know what to charge these days to be honest. There really isn’t much difference in a company that sells for $100M and one that sells for $10M besides the number of 0s and the quality of the people you’re working with (counsel / buyer firm / client themselves) assuming state exposure is similar and no foreign. But a $100M sale can stomach a $100k tax bill much easier than a $10M one.
Feels really strange to me because the time spent might even be more on a smaller sale because of the quality of the people I’m working with. The larger sales usually represented by B4 or national firms just never cared about push back because the PE wants the deal done asap. The small clients I’m dealing with the C team of the accounting and legal world. I once had to explain the difference between capital gain rates and ordinary gain rates to a deal lawyer when he wondered why I was so pushy about a PPA……
Thoughts?
Ideally I’d like it to replace my notepad on my desk as I bounce between in the office and working from home and sometimes I forget my notepad in either place.
The problem is, I can’t find a quick way to use the tablet and Samsung notes at all. I’m guessing these are all setting issues in the tablet.
For example, if someone comes into my office to talk it’s a cumbersome process to navigate to the notes app and create a new note and then start writing down what they’re saying. Is there a way to speed this up?
The other issue is in meetings the tablet will time out super quick when on the notes app. I’ve tried adjusting so many settings but it seems as soon as I look away from the tablet, it locks itself. This is a chore compared to just a notepad in a meeting.
I’ll fully admit this probably 99.9% user error. I haven’t used an android device since the original Motorola droid back in 2009.
Can anyone help me or suggest other tips for quick note taking?
I’m about to pull my hair out.
I have a partnership return that’s only activity is outside K-1s from rental properties in various states. Each of these has a state K-1 wherever that property is located.
How do I enter the state K-1? I can’t figure this out for the life of me. In other softwares this was pretty easy, but in UltraTax I don’t get it. I can’t tell what software the prior accountant used, but it looks like he had a similar problem and just made up apportionment numbers to get it to the correct income allocation to that state.
Do you just have to override the hell out of the state?
Would be Q1 - Q3 + YEP.
Each would include a business projection calculation + 1040 implications and a meeting. I’m assuming maybe 30 min meeting for Q1 - Q3 and then 1.5 hours for YEP meeting.
I was thinking $4,000 - $4,500.
I keep reading that Foundayo was rushed to market and there are serious health concerns, but I can’t find anything firm about that.
I see both sides of this argument.
On one side it helps understand the possible fees. On the other side I think it opens the door for scrutiny in billing by the client.
I can’t give a fixed fee for this service as it’s related to maintaining their books and fixed assets. That can vary wildly every month/qtr.
Everyone was freaking out about the 0-60 time pre release.
Is it a big deal? Do you notice poor performance compared to the vehicle you’re coming from?