Mike Emeigh

7.2K posts

Mike Emeigh

Mike Emeigh

@TaxProArizona

Now relocated to Arizona! Husband to @philagrl. Tax Professional. Certified small business and investment specialist. Also at @MWEinAZ, @SWTesterAZ.

Phoenix, AZ Katılım Kasım 2009
1.8K Takip Edilen1.2K Takipçiler
Mike Emeigh
Mike Emeigh@TaxProArizona·
@IraGilligan @nickmeals You probably don’t want to know what went through my mind every time I passed a sign for Old Fort.
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@McPhersonsTake @IraGilligan Tax software (mostly) DOES work properly when it’s used by someone who knows how to use it. Most people don’t know how to use it.
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Sabrina the SALTy CPA
Sabrina the SALTy CPA@IraGilligan·
Found another one who thinks we all took a 20 hour exam just to learn how to put his w2 numbers onto a 1040, AICPA please fix our marketing issue
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@MikeSyl36625988 Not a hard choice. IRS has need a massive technology upgrade for at least the last 20 years.
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@Brad_Lovett @RadioFreeTom The Arizona resolution being discussed will only allow voting centers in counties under 500,000 population - all but Maricopa and Pima counties - and forces those two counties to return to precincts of 1000 voters or fewer before they can consider voting centers.
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Brad Lovett
Brad Lovett@Brad_Lovett·
@RadioFreeTom And of course, make sure the one polling place is as far away from minority neighborhoods as possible.
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@mmaycpa @cordes_tax What problems do we need to solve in order to make it possible for you to spend less time preparing and more time planning?
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Melinda May
Melinda May@mmaycpa·
@cordes_tax Matt, this is our “why”, right? Unfortunately, we have to spend more time preparing a return now. Instead of helping ppl plan we are too busy w/ compliance. The orphan 1040s are the ones that feel the brunt. Kudos to you! I’m sure Larry is so grateful for your advice.
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Matthew J. Cordes, EA
Matthew J. Cordes, EA@cordes_tax·
Sharing a positive story and a challenging thought. My client, let's call him Larry (not his real name, duh), is not a super well-off guy. He has a paid for house that is very, very modest in about the most rural part of my county. He retired early from a factory job with no pension. He lived on his meager savings and early social security income. But, he had $180k in his IRA when I took over his account in 2013, so I asked him what he was doing with the money? He had a standard deduction and a personal exemption (pre TCJA) that could eat up any taxable distribution, so why not spend some of it? Want to buy a truck? Want to go on a vacation? Nope. He told me he didn't want to spend it, but save it all for his only son as an inheritance. 💡Hello opportunity! I presented an idea to Larry and he agreed. We have spent the last decade plus annually converting just enough of his IRA to Roth to keep him from paying any federal income tax. His $180k traditional IRA is now valued at $130k. But his previously nonexistent Roth IRA is now valued at over $200k. That is $200k that no taxes were or ever will be paid. He is into RMDs now, so we can't convert as much. BUT we're still going as long as he is alive. This is a simple man that just wants his son to get as much tax free inheritance as he can get. I charge this guy next to nothing compared to what many others on this app would, but it is one of my more proud accomplishments. And this wouldn't be possible without the help of a knowledgeable tax professional. How can we make this happen more often when we are kicking the little returns out? When we say no more orphan 1040s? You say that the juice isn't worth the squeeze. Tell that to Larry.
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@Jofi_Joseph_99 @brainerdtad They absolutely come across differently to a consumer of your services. If you charge “x” and discount provider charges “0.5x”, and the client can’t easily see something valuable that makes up the difference, that’s on you, not on them.
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Jofi Joseph, CPA
Jofi Joseph, CPA@Jofi_Joseph_99·
@brainerdtad Understood, but they likely come across differently to a consumer of our services. At the end of the day, we can only control what we charge for our services and what others charge is not really our business.
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Jofi Joseph, CPA
Jofi Joseph, CPA@Jofi_Joseph_99·
Tax pros should charge what they are worth, but telling others they need to charge more doesn't really help. None of us would be happy if a hotel/grocery store/car dealer were encouraging their competitors to raise their prices, why is tax prep any different? #taxtwitter
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Silence Dogood
Silence Dogood@sciencebamf·
@RonFilipkowski Trump Tower- Sioux Falls - it will be Big League! But, can you change that to Sue? It's a little too french for Donald right now...or hey just rename it Donald Falls - that'd be great!
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Ron Filipkowski
Ron Filipkowski@RonFilipkowski·
😂😂😂I’M SURE THIS WILL MAKE HIM FEEL BETTER!!!😂😂😂WHAT A PATHETIC PANDER!!!😂😂😂TRUMP THE SOUTH DAKOTA CATTLE RANCHER!!!😂😂😂
Ron Filipkowski tweet media
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Mike Sylvester, CPA
Mike Sylvester, CPA@FortWayneCPA·
FIFA world Cup in North America in 2026. The schedule is out. I am thinking we should arrange a trip to see a group stage game. Karena and I want to catch a game. Anyone else interested? @DailyTaxMemes?
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@booniquee @JuddLegum All three of those other states have Democratic governors. Not that Katie Hobbs is above playing politics around the border, but she’s not going to be anywhere near that confrontational with a President of her own party.
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Judd Legum
Judd Legum@JuddLegum·
1. Texas Republicans have embraced the discredited legal theory that was used to justify secession before the Civil War Texas is being supported by 25 GOP governors We are now on the verge of a constitutional crisis It's time to start paying attention 🧵
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@andreacpa0 You’re entitled - this is the start of cranky tax preparer season.
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Andrea Carr CPA
Andrea Carr CPA@andreacpa0·
@TaxProArizona Yes, I'm sure there are good H&R Block offices out there. I was a little cranky when I wrote that tweet.
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@andreacpa0 In our office we were trained to share with our colleagues. Yes, we all wanted to make money, and yes, Block expects to turn over returns quickly, but our managers set an expectation that we had to do it *right*.
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@andreacpa0 I worked for Block for seven years. This never would have happened in my office - when a junior preparer was up for an entity return either I or the other senior preparer who handled most of these would partner with them throughout the preparation.
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@MikeSyl36625988 How many of that “strong majority” of Americans will actually vote for someone other than Trump or Biden, given a choice? How many will vote, period?
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Mike Sylvester, CPA
Mike Sylvester, CPA@FortWayneCPA·
This is a political post. Skip it if you are not interested. Ron Desantis should have dropped out of the presidential race, he had no chance of winning. He should not have endorsed former President Trump. He should have endorsed no one or better yet endorsed Nikki Haley. A strong majority of Americans do NOT want President Biden NOR former President Trump to run. We can do better.
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@CPASuperHero @bhallcpa @LorilynWilson The issue isn’t that “customers don’t understand quality”. The issue is how “they” define quality differs from how “you” define it - and quality is subjective.
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The Tax Hero
The Tax Hero@CPASuperHero·
Tremendous response. The issue is that the customers don't understand quality. Accounting / Tax Prep is a commodity to them. There is little consideration that we know entity structuring, 199A, depreciation optimization, and other strategies to help truly ensure a maximum refund. A client left me earlier this year, and just came back. They ran payroll and withheld extra with the intention of paying into 2023 taxes. The pay date was January 2nd, 2024. Now they have no taxes paid for 2023 and are going to get penalized.
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Lorilyn Zabransky, CPA, PFS
Lorilyn Zabransky, CPA, PFS@LoZabransky·
What would your response be if you quoted someone a fixed fee price and they asked if they could just pay you hourly instead? #taxtwitter
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@PeterRiefstahl Not at all. I’m never surprised when people with really complex tax situations try to do it on the cheap, thinking it’s just a matter of data entry in the right places.
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Peter Riefstahl
Peter Riefstahl@PeterRiefstahl·
Alright, #TaxTwitter. Am I crazy? Just had a quick call with a prospect who has four rental properties (one in KY and three in CA). She's a full year retired CA resident. I quoted $2,000-$3,000. That ended the call abruptly on her side. Am I way out of line?
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@MikeSyl36625988 AZ is participating in the Direct File pilot this season, but the IRS is already tempering expectations and there’s still substantial opposition in Congress.
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Mike Sylvester, CPA
Mike Sylvester, CPA@FortWayneCPA·
I occasionally look at the statistics of firms near me that are for sale just so I know what is out there for sale. The one I looked at recently is the type of firm I expect to be extinct in a few years; or at least not real common. Selling for 110% of annual billings based on one year retention. Not uncommon... We have 8.5 people at my firm and this firm is about 75% as many people. They do more than a 1000 MORE 1040's than we do per year at 45% of the cost per return. They do 160 less business entity returns than we do at 25% of the cost per return. 20% of their revenue is year around work and 80% is income tax returns. They net bill 1/3 of what we do and we are still too cheap; however, we are working on it. 1/3 of the 1040 clients are done while client waits in office. Note we do a total of 2 returns a year while the client waits and I think next year it will be 1. I have one question and one question only. Who would buy this firm? I just cannot see anyone buying it. That being said; oftentimes they do get sold. #tax #ea #cpa #smb #accounting #taxpro #taxprofessional #taxtwitter
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@MikeSyl36625988 If it’s being run as a “typical self-storage unit”, then it’s a rental real estate activity reported on Form 8825. The property owner is providing space, and generally not services, and his right of access to the space is restricted.
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Mike Sylvester, CPA
Mike Sylvester, CPA@FortWayneCPA·
I need help settling a debate. I know what I think. LLC is taxed as a Partnership. Partnership owns a self storage unit. It is a typical self storage unit ran exactly how most self storage units are ran. Is this reported on Form 8825 OR is is reported as normal business income/loss? The 1990 Hopper Case is pretty specific on this issue. Again, I know what I think, what do you think? Where does a 1065 report a self storage unit on the form 1065? #taxtwitter #cpa #tax #ea #selfemployment #selfstorage #realestate #realestateinvesting #realtwit #costsegregation #costseg #1065 #selfstorageunits
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@taxgirl I think the two hardest things in the world are (a) seeing your parents get older and (b) seeing your children get older. Seems like all of that has hit recently for you. Take care of you, too.
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Kelly Phillips Erb
Kelly Phillips Erb@taxgirl·
My mom fell in the hospital today while going to visit my dad in the ICU. She declined the wheelchair, says she's fine. Y'all. This week. I am barely holding it together.
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Mike Emeigh
Mike Emeigh@TaxProArizona·
@maggieNYT Assuming for the moment that they did breach an election system, it depends on what they did with that information. Finding a vulnerability isn’t in and of itself a problem; exploiting it would be.
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