Curt Mastio

One tax credit I'd love to see: A tax credit based on YoY increases in domestic wages paid by companies. Suppose a company has $1M in domestic payroll spend in 2024. In 2025, they have $2M in domestic payroll spend because they either added new jobs and/or increased wages.

@CPATaxTeam Seeing the same stuff... I joke that we should add a separate billable rate (at a premium) specifically for responding to AI's slop.

Client sent email showing 8 issues that ChatGPT had with the partnership return we sent him. Every single one was incorrectly ID'd by Ai. E.g. they said the EIN was wrong on the K1 because it wanted to match the recipient EIN to the sender EIN. Ai for the win!

@LoganGrafTax @going_concern *THIS GIF WAS AI GENERATED*

@going_concern @CpaCurt Dang, Curt called it!

Ya think?? cc: @CpaCurt

This may be a bit of a contrarian take here but AI is being used as a scapegoat for corporate layoffs that would have happened anyway. It's the same guise as return to office mandates designed to trim headcount without paying severance.

How is the term "prompt engineering" not just a fancy way of describing the ability to write clear, specific, and technical instructions?

@LoganGrafTax It's wild to me that kids just sit around and Snapchat each other all day. Hopping on your bike and riding over to see if your friends are home is way better in so many ways.

@CpaCurt 💯

This may be an unpopular opinion -- but being a kid in the 90s before the prevalence of smartphones and the internet has to be 10X better than the experience kids growing up nowadays have.

Question for #TaxTwitter - what is a reasonable amount of time for a client to follow up on an unanswered email to you for something that is not time sensitive or urgent? Context: Got a "following up" email <8 hours after the original email (which was sent at 10pm the prior day)

This seems stupidly simple and obvious, so I have to be missing something. It's a revenue-neutral (in theory) policy that incentivizes domestic wage growth/hiring. Thoughts?

At the same time, it incentivizes domestic hiring relative to offshore options. Further, I don't think it would be terribly difficult to implement, as you already have 941 data to just compare against for purposes of the YoY calc.

One tax credit I'd love to see: A tax credit based on YoY increases in domestic wages paid by companies. Suppose a company has $1M in domestic payroll spend in 2024. In 2025, they have $2M in domestic payroll spend because they either added new jobs and/or increased wages.

Let's just recognize the tariff debate for what it is. It's a political debate, not an economic debate. How it plays out is based on hypothetical models rooted in uncertainty and biased by political views. Both sides have THEIR model. No one knows what will ultimately happen.

VC's have been eerily silent on tariffs. Normally this is the perfect opportunity for VCs to flex self-proclaimed expertise in a hot topic area of economics. @VCBrags -- am I just not following the right accounts?!

⚠️🚨 Perfect bracket alert 🚨⚠️ Founder's CPA's team bracket pool has a perfect bracket through day one of March Madness after correctly picking 16/16 games. How are your brackets holding up?!

The much hyped Crypto Summit was one of the more bizarre things I've listened to in awhile. And that's saying a lot coming from this administration. Its as if the agenda was for everyone to go around the room and compliment Trump all while avoiding specifics on any future plans

🚨DEEPER DIVE: So, @realDonaldTrump’s Executive Order calls for two separate things — a strategic reserve and a stockpile. The strategic reserve will contain only $BTC (the digital asset with the most store of value) using the 200,000 or so tokens already in the government’s possession that has been seized over the years through criminal and civil forfeiture. Sacks says Bessent and Lutnick have also been given authorization to explore means of acquiring more bitcoin through avenues that will not cost the taxpayer. The EO also mandates a full audit of all the digital assets currently in the government’s possession. The other is a digital asset stockpile containing assets other than bitcoin — presumably $XRP, $ADA, $ETH and $SOL (as announced by the President last weekend) and potentially others. The key difference between the reserve and the stockpile is that the government will not actively look for ways to purchase more of the assets contained in the stockpile. It will only explore using government funds (if they can find budget neutral ways to do that) on buying $BTC. Sacks says the purpose of the stockpile is “responsible stewardship of the government’s digital assets under the @USTreasury.”

@adambandeali "It's not staking income, it's a tip from the blockchain validators" 😂

@CpaCurt "It's not an airdrop, it's a tip."

I'm skeptical about the "no tax on tips" promise. Not because it's unpopular but because I don't see how you could implement it with proper guardrails to prevent abuse. Bad actors will claim everything is a "tip" if no restrictions exist. How could it work? #TaxTwitter

Moral of the story? The hypothesis that AI is going to suddenly take over the accounting industry is short-sighted. Can it help? Absolutely. But it is not there yet. I'll test AI again on an upcoming tax assignment and share the results for #TaxTwitter

For the income statement preparation, ChatGPT got none of it correct. Yikes. For the balance sheet preparation, ChatGPT got none of it correct. Yikes again. The grade ChatGPT would have gotten on this assignment was 7/30, or a failing grade of 23%.

I teach an undergrad course on accounting for entrepreneurs at @NorthwesternU. The first class assignment is to complete a case study. The case study involves recording journal entries to a general ledger, updating t-accounts, and preparing an income statement and balance sheet