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I hosted an hour CPE yesterday for a state society of accountants all about operating agreements A dozen or so people listening to me being overly excited about how to read them and advise clients It was likely boring to them, but it meant so much to me I remember when I made the crazy decision to pivot in my career and teach myself taxes 10+ years ago after 10 years doing only audit / accounting For a few years I basically ran an audit department by day, did tax returns at night, and read every book and article I could get my hands on about small business tax I had two very small kids and we were living crammed in with my mother in law after having to sell our house (some curveballs with the youngest). Life was so wild I'd give anything to be able to talk to myself back then and tell him that it's going to work out

Here is GOP Rep. Garth Everett holding up a stuffed animal hellbender as the PA House prepares to vote to make it the official amphibian of Pennsylvania.

Executive Brief of our latest episode: ‘Nothing Ever Happens’ Is Over 1. As companies grow, the communication overhead gets very high, so the traditional answer is hierarchy. This creates politics, permissioning, and a world where the CEO needs ‘founder mode’ just to talk to an engineer. 2. The alternative is a fully interconnected graph: everyone can talk to anyone, with a light hub-and-spoke around one person trying to keep the whole product in his head. 3. This only works if every node is highly intelligent. You need people who can navigate their way to the person they need to talk to, cooperate directly, and survive without management theater. 4. In that kind of company, AI starts replacing the explicit intranet. It can go through the codebase and tell you who in the organization is likely to be an expert, so you don’t need everything manually documented. 5. You don’t need fixed dashboards when AI can create them on the fly. AI can constantly be doing data analysis and reporting for you—reports on demand. 6. There are two, maybe four, companies that are dominating AI. The question is whether AI becomes a commodity business, a monopoly business, or an oligopoly business. 7. The famous meme “Nothing Ever Happens” is over. Post-COVID, the world is changing a lot faster. 8. Drone warfare changes the structure of violence in society. Drones bring mutually assured destruction down to the individual level. 9. Hardware is getting unlocked through software. AI means hardware companies can make good enough software, because agents can interact with the hardware directly. 10. Optimism requires creativity. Doom is easier to imagine, so we have to nurture optimism and be irrationally optimistic, because that’s the only way out.

ABC Plumbing, Inc. just pulled into the driveway Game on Me: how long you been in business? Plumber: just went out on my own this year Me: and you went with Inc.? Interesting choice... Plumber: my buddy said it sounded more official Me: did your buddy mention you have to file Form 1120 every year? even in a loss year. Wife: not again Me: did you at least make an S election within 75 days Plumber: a what Me: Form 2553. would prevent double taxation while saving you a fortune in self employment tax Wife: he's here for the sink Me: noticed your van out front Plumber: yeah Me: GVWR under 6000 pounds Plumber: GV what? it's just a van Me: rookie mistake. a good size truck would be in bonus depreciation territory Wife: please Me: who do you have helping you on jobs? Plumber: my nephew sometimes Me: 1099 or W2 Plumber: cash Me: oh boy, hope he knows he's gotta pay tax on that Wife: babe, i'm begging you... Me: home office deduction? Plumber: ma'am where is the sink? Wife: kitchen. straight back. please. Me: hold on, solo 401k or SEP Plumber: I have a savings account Me: oh buddy Me: tracking mileage. standard or actual Plumber: I put gas in the van Wife: I am so sorry. so so sorry. Me: one more question. when you bill materials, resale certificate or you eating sales tax on the back end? Plumber walks past me Fixes the sink in twenty minutes Leaves the invoice on the counter Van peels out of the driveway Definitely under 6000 pounds Such a waste