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  1. CareCPA

    409(a) Valuations, doing it by the book, and other IRS pitfalls

    Broad-stroking it here: different types of equity grants are taxed in different ways. If you're giving them direct equity, the value of that equity would generally be included in their compensation in the year it is given. If you are granting options to purchase, the taxation is a bit different...
  2. CareCPA

    Does anyone REALLY wake up excited in the morning?

    NOTABLE! HOT! 
    How do you know it's philosophical? I mean this completely seriously. I was trying to do some research on studies showing the cause(s) of depression. It looks like it was thought to be a chemical imbalance, but that was never able to be confirmed. In fact, subsequent studies alluded to that...
  3. CareCPA

    Random Chat, Thoughts, Posts, and/or Rants Thread

    HOT! CHAT 
    Specifically: "Those resources you speak of are my resources. I pay for all of them and they are mine to “waste” on my lawn as I please." Philosophically, are they all your resources? I understand that practically they are yours, as you have access to them and can afford them. With the current...
  4. CareCPA

    Business partner concerns! And just about to go intobuiness what to do? Go it alone?

    QUESTION 
    Like @WestCoast this is why I try (and have so far succeeded) at not having other owners/partners in my business. If your friend is good at selling, then pay him a commission on each lead or conversion. If your friend then wants to learn how to fulfill the work, pay him a rate that works for...
  5. CareCPA

    Eli5: Returning Paid-in-Capital on an S-Corp

    I'm not sure you're asking the correct question, but I also don't think everyone understands what an S Corporation is before they make the actual election. An S Corp is a tax election, so you are either an LLC or a C Corp to start with. When you formed the entity, did you put money in...
  6. CareCPA

    Financial analysis: Do I buy this Tesla Powerwall system?

    INVESTING 
    I'm leaning heavily towards solar before the credit steps down at the end of the year, and I'm probably going to get some battery backup. I'm not sure that financially it's the best, but the peace of mind is invaluable to me. We're on well water and have a deep freezer, no other generator at the...
  7. CareCPA

    @ZCP finally takes a step forward to help more people!

    HOT! MINDSET 
    I can't figure out if I'm an idiot and overlooking it, or if you didn't post a link to the YouTube channel? How do we find it? @ZCP
  8. CareCPA

    Accrual Accounting Question

    TAXES | REGS 
    Check out: https://www.irs.gov/pub/irs-pdf/p538.pdf It lists out revenue recognition for tax-purposes, which is dependent on your method of accounting (which you say is accrual), and depending on whether or not you have "applicable financial statements."
  9. CareCPA

    Another Lesson In You Get What You Pay For

    You'd be surprised (well, by the sounds of this post, you wouldn't be) how many times we hear from someone after they've "hired an expert off Fiverr" or something similar. Quite frankly, I'm terribly at returning phone calls. So bad, that I now just forward 95% of them to my accounting manager...
  10. CareCPA

    Discuss acquisition entrepreneurship as a Fastlane launch point...

    HOT! CHAT 
    Unfortunately, I'm not 100% sure on the technicalities here. In my case, it was pretty cut and dry: accounting firm acquiring another accounting firm offering substantially the same services (bookkeeping, payroll, and tax). I'm guessing the bank makes this determination, as they are the one...
  11. CareCPA

    Discuss acquisition entrepreneurship as a Fastlane launch point...

    HOT! CHAT 
    This isn't quite what you're talking about, but I used a 7a loan to acquire another accounting firm in Q3 2020. One of the reasons I did it was that it had a great team in place, and that probably cut 4 years off my growth timeline. The best part: since it was an "expansion" loan instead of an...
  12. CareCPA

    Help! Income tax on startup option exercise is gonna break me...

    Unfortunately, "Unapproved Stock Options" seems to be a UK-specific term, so I'm having trouble mapping it to the related US term. However, for options generally speaking, they are taxed when exercised (it does not matter if you hold or sell after exercising). In the US, you can often choose...
  13. CareCPA

    Buying a Client List and Rights to Company Name

    EXECUTION 
    I have to agree with @MitchC - I would start a separate company with a distinct name, but have him do an "intro" of you to the clients. I would personally structure this as an affiliate/referral deal to reduce my risk. So essentially: "hey friend, I want to provide these services which do not...
  14. CareCPA

    So WTF are NFTs all about? Buying JPGs? Why can't you just right-click save? Is this a giant ponzi? Far from it...

    HOT! CRYPTO 
    As @MTF mentioned above, I think this is entirely the point. Isn't "decentralization" the buzzword? It's not just you making all the decisions, it's the owner of the membership. In the hypothetical case I created here, it's also about aligning interests. If I buy in, and I know that you are...
  15. CareCPA

    So WTF are NFTs all about? Buying JPGs? Why can't you just right-click save? Is this a giant ponzi? Far from it...

    HOT! CRYPTO 
    The great irony here is that the utility of this NFT is that it grants you access to a group that's stated purpose is basically to track upcoming art NFTs. I do appreciate you sending this link, though, as it shows that my thinking above on a "private group" is not far off. The part that would...
  16. CareCPA

    So WTF are NFTs all about? Buying JPGs? Why can't you just right-click save? Is this a giant ponzi? Far from it...

    HOT! CRYPTO 
    Ok, I've spent way too much time thinking about this, especially for someone without a tech background. But in my mind, there are currently two popular types of NFTs. One is the "art" NFT, which I don't really understand because I don't understand art to begin with. I have no idea how to value...
  17. CareCPA

    Turned $5K into $100K in a year. What should I do now?

    CRYPTO INVESTING 
    If you're in the US, under current guidance, each time you exchange one coin for another it is considered a "sale," and gain/loss must be calculated on each exchange. So the tax factor may already be a moot point when making your decision.
  18. CareCPA

    Random Chat, Thoughts, Posts, and/or Rants Thread

    HOT! CHAT 
    Oh gosh, blind guess is that they opened/funded a solo 401k? Would flow through wages and be subject to FICA, but would reduce taxable income. But since there's not other info, that's just a shot in the dark.
  19. CareCPA

    2024 State Tax Rankings... Time for You to Move?

    HOT! TAXES | REGS 
    I had a client save $90k in state income tax by not being a resident of the same state in 2020 as they were for 2019.
  20. CareCPA

    Jeff Trotman's Knife Sharpening Business...

    IDEA 
    My callout probably seemed a bit meaner than intended - tone doesn't convey online. I didn't realize they were around when you started, the Shark Tank episode seemed recent, but it could have filmed a year ago (and they were probably around for a couple years before that), so that makes sense...
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