Ask a CPA Anything

Ask an 8 year CPA with is own practice Anything.

I primarily offer advisory and tax consulting services, though have been doing forensic valuations for divorce cases (big money here from physicians who own their own practices).

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What was the most fucked up financials have you seen?

>Fucked up in what sense?

A lot of businesses run with Negative Equity, meaning the bank owns more of them then they own (i.e. they are living on borrowed money).

Or do you mean financials where the client prepared their own books, and the financials were just completely fucked up incorrect?

>forensic valuations

Tell me more sempai. Do you think it's worth owning your own practice? With all the operating costs, insurance fees, liability

How can poor NEETs incorporate and create deferred tax assets for their futures when/if they someday have money.
Step-by-step simple instructions pls

So, the $$ to be made in forensic accounting isn't in crimes. People often mistake Forensic for Crime. Forensic means in a court of law.

So, what is the #1 thing ruled in a court of law? Divorce.

How do you decide what is 50/50? Or better yet, how do you value ownership of a business? What about if the business owner wasn't in the picture, what would the value be then?

These are the things I do on a divorce case, typically for the male (not being sexist, but 95% of my clients in divorce cases are male doctors, with a few female doctors and business owners).

We arrive at a value acceptable to the court, and I charge $295 an hour (cheap for my area).

Best part is, I am paid by the lawyer, and my practice is in such high demand and low supply I could stay busy year round doing these. Keep up the divorce rate!

Now, onto owning my own practice. Yes, yes, yes. Now, I would NEVER suggest opening a practice before working for someone else in the profession. Learn from their mistakes, and always, ALWAYS be humble.

I learned that staffing is difficult, so I located my practice right next to my Alma Mater, and I take unpaid and paid interns from the undergraduate and graduate accounting and business classes.

Rent is cheap, about $10 a sq/ft for everything included (I will own my office building soon, rather build equity for myself then someone else). And overhead is dirt, just utilities and salaries (unpaid interns and normal interns are cheap) while the lionshare of profit is split between me and another partner (which is the result of our direct work anyways).

Insurance is dirt cheap, since the profession in the private sector has such low risks of malpractice.

Let me answer your question with a question.

Why do you want a deferred tax asset?

What is more important, maximizing taxes saved, or maximizing after tax money? (the later, of course).

What is a NEET?

Your question about saving money is too vague to even let me consider a reasonable answer. There are infinite options for taking money and making it into more.

I will save you the rhetoric and simply tell you that nothing is easy, no money is free, and money doesn't make money, people make money, and can use it to make more if they are smart.

>$295 an hour (cheap for my area).
>Rent is cheap, about $10 a sq/ft for everything included

haha, what?

Nigga where u from

How do you market your services?

bvwirenews.com/hourly-billing-rates-for-business-valuation-services/

That is an old publication from 2011. Rates have increased materially since then (by about 40%).

Capital of New York, though my clients are mainly NYC, FL, MA, NJ, and PA. I have a handful in CA, Canada, Greenland, Ireland, and Latvia.