David Prewitt, MBA, CPA

@IraqVetAustin @BasedMikeLee In most states, a Real ID only proves lawful status, not citizenship. So, a lawful permanent resident can get a Real ID in most states, but isn’t a citizen who can legally vote.

@BasedMikeLee I would love to understand how a Real ID doesn't qualify as proof of citizenship, considering I had to prove citizenship to get one.

🎉 Added Senator Wicker We’re now at 48 Baby steps to SAVE America 🎉

@BlakeTOliver I shouldn’t have read this before going to bed. I may have nightmares. If a client/prospect looks hard enough, they can always find someone who will prepare a return for less.

Most tax pros are undercharging. By a lot. Here's the price for a basic 1040: •CPAs: $280 •Enrolled Agents: $228 •Non-credentialed preparers: $185 From the 2025 NATP Fee Survey.

@FranchiseMnA I’m always amazed at profitable businesses with train wreck accounting practices. Makes it hard to sell controller/CFO services.

Question for the ETA community: Have a sell-side opportunity that does ~$1.4M EBITDA Seller wants ~3.5x Potential great deal valuation wise Here's the catch: The company is not professionalized, financials are messy, and there are no monthly P&Ls The founder is an immigrant owner-operator that ran the business like he never intended to sell and is very disorganized Revenue comes from the POS system, and “profit” is essentially calculated at year-end by totaling checks written, labor, and whatever is left over He is comfortable providing all bank statements, checks, etc. for a buyer to validate the numbers but they'll have to do some heavy lifting to tie it all out Interesting or a hard pass?

@PEoperator @FranchiseMnA Speaking as a fractional CFO, when 1 & 2 are not in place, providing services at 3 and above becomes exponentially harder.

@FranchiseMnA Bingo

Levels of CFOs… Bookmark if you are hopeful to be a CFO or are just starting out as one. More context at the end… Level 1: Perform the basics Close the books, report the numbers, manage vendor payments, collections, etc. Level 2: Improve the basics Reduce time to close, reduce working capital, value add reporting package Level 3: Drive cost discipline Organizational leadership on cost management, proactively exploring and reducing expenses in all departments, working close with BU leaders to reduce low/no ROI costs Level 4: Drive operational improvement Identify and report KPIs to drive P&L efficiency, work through capex underwriting alongside P&L leaders, active vendor management for efficiency (beyond reduced cost), improve P&L to better align with business *Sometimes this is official, sometimes unofficial. It seems more and more CFOs are expected to be directly involved operationally, sometimes with formal oversight Level 5: Lead transformational initiatives Lead due diligence for acquisitions, drive integration for acquisitions, new system implementations, restructuring, Level 6: Strategic partner to CEO Near-daily thought partner, heavy Board interaction and involvement, clear #2, “CEOverflow” This is Buffett-Munger partnership level. — The above list of examples isn’t exhaustive, but gives you a sense of what each level looks like. In my opinion, private equity is looking for at least a Level 4 CFO. I’ve seen Level 3s but usually that’s because either a) there is a complementary team or b) they inherited him/her and things are fine atm. Level 1/2 are more like controllers- they typically exist and smaller mom and pops who need a bookkeeper type leader they can count on. PE boards love Level 5 CFOs. At that level, you are demonstrating tangible value add above and beyond and prove you are a leader who can execute and drive change. I don’t know that PE cares as much about Level 6 but IMO it is what separates great from the best No CEO is so universally brilliant that he can do it on his own. He needs partners he can trust and the CFO is uniquely positioned. The CEO/CFO can divide and conquer. While CEO manages the business leaders, the CFO can cover the blocking and tackling of running the business. Because they have distinct buckets, there is less conflict of interest. You can have objective conversations about shutting down a business, funding a project or making an acquisition. The perspective is also unique. Typically only the CEO/CFO have both a birds eye view of the business and complete information. So while it may not be recognized in the Board room, being a true partner to the CEO is the highest level of CFO.

@RosserJobs Thanks for sharing.

Great breakdown of different levels of CFOs. I would add a commercial component but could likely include in one of these levels.

@RosserJobs Atlanta is a great place. Need to go to The Varsity if you get the chance.

See you in Atlanta, Hoosier fans!! #iufb

@RosserJobs @TheRealRandleEl I’m 1981 to 1985 … never thought I’d see it in my lifetime.

I went to Indiana University. 1998 to 2002. The @TheRealRandleEl era. He was electric! The team, not so much. But we were the #1 ranked party school. More fans and students in the tailgating fields than the stadium. If you did go in the game, you could get pass outs at halftime…. And go back in the game. What is this, high school football?! IU and @ScottDolson decided it would be fun (and lucrative) to be good at football. Kelley School Students cranked out financial models for @mcuban to determine how much cash was needed and where to invest. The result? Schools that have been taking football seriously for 100+ years are scratching their heads. Indiana University has been trying for two years. TWO YEARS. And beating O$U for the B10 Championship. And beating that Alabama ass in The Granddaddy of them all… The Rose Bowl!! Indiana, our Indiana…. #iufb

@FortWayneCPA Merry Christmas! We wound up at Waffle House last night…because no one goes to Waffle House, you wind up at Waffle House.

Getting ready for our Christmas Eve Tradition. We go to a fancy Japanese restaurant and get Hibachi. We generally sit with another family and it is a blast...

@FortWayneCPA One of the best college games of the year!

2nd half of IU game off to a great start. I hope Ohio State LOSES.

@FortWayneCPA I’m an IU alumni…never thought I’d see it in my lifetime!

Go Hoosiers, I want Ohio State to lose...

@FortWayneCPA Healthcare is broken. Our share of the monthly premium will double next year if the subsidies aren’t extended or something else is done to “fix” the problem.

I do not support extending the temporary enhanced ACA subsidies that Democrats put into place due to Covid. They ran for five years. The Government shutdown fight was mostly over these subsidies. Now President Trump wants to extend them for 2 more years with some changes? Why?

@RosserJobs Many years ago, I worked Thanksgiving Day in order to take that Friday off. My family had always had the get together on the Saturday prior. It gave me a 3-day weekend. (I remember when that Friday wasn’t a holiday for most people.)

You just started a new job and must work one of these: - Friday, November 27th - Friday, December 26th. Which one?

@FortWayneCPA I am now in the universal healthcare camp. U.S. is only industrialized country w/o national system. I’ve had health insurance my entire life. When I was younger, insurance companies made a profit off of me. Now that I’m older with medical issues, they drop me without ACA.

My goodness, MTG actually making sense?

@tax_zack We had about 70 … which is about average for us.

Last night i got ~7 trick or treaters total. ~90% of our candy left. Whats wrong with kids these days dont they want candy???

@FortWayneCPA Lenovo … you’re welcome.

Everything is slowly breaking; and this trend is accelerating. Post four of four. Our external IT company came in and talked to be. The Dell computer I have under warranty is being sent back to Dell again. Second time. Dell sold me a lemon and just will not admit it. Our external IT company is embarrassed. They know this computer is a lemon and Dell just cannot admit it and keeps wasting everyone's time.

FP&A software for a QBO client… any suggestions? #taxtwitter #qbo

@touchgrass_ron Just because you can doesn’t mean that you should…

You can put Taco Bell hot sauce on anything. Doesn’t even have to be tacos.

@robbhurstCPA No, SNAP can’t be used to buy food that is hot at the point of sale per fns.usda.gov/snap/eligible-….

@andreamacdcpa @AccountingAsArt My dad with Kenny Rogers … don’t know the exact date.

@AccountingAsArt So good.

The first album I ever purchased with my own money was Michael Jackson's Thriller.

@Hstlinghosptlis @FortWayneCPA All soft drinks? Data on what gets purchased with SNAP. It might not move the needle. As long as the non-banned items in my cart > SNAP balance, the restriction wouldn’t have any impact. I’ve heard an argument for a weighted-value system…SNAP goes further for healthier foods.

@davidwprewitt @FortWayneCPA I’d start with a ban on chips, sugar filled drinks, and any candy . Seems common sense enough and not really debatable like some of the other stuff

As wealth inequality grows and as the partisan divide grows (And both ARE growing) I see more and more anger over Government spending. Consider this: 12.3% of Americans get EBT benefits. The average monthly EBT (Supplemental Nutrition Assistance Program) benefit was $332 per household or $177 per person in fiscal year 2023, according to USDA data. However, average benefits can vary, with households that include children receiving a higher average of $574 per month. The exact amount an individual or household receives depends on factors like income, household size, and location. Average household: $332 per month Average per person: $177 per month Households with children: $574 per month on average