Tad Johnson

@wlthyaccountant With an asterisk. Both states define lakes differently. MN has more if you use the same definition of lake for both states.

DID YOU KNOW… Wisconsin has more lakes than Minnesota, the land of 10,000 lakes? (Wisconsin has over 15,000 compared to the 11 thousand and change in Minnesota.)

NEED YOUR HELP: We are currently using too much of Thompson Reuters - and we are looking for something new. We like UltraTax, Engagement Manager and Fixed AssetsCS - everything else could be changed. What are other people using? Our biggest concerns are having something that allows an e-signature, plays at least decently with UT and has a friendlier portal.

@AccountingAsArt Same! Following this..

@AccountingAsArt It's stupid that you can't create the client binder before choosing what level of service (organize/scanpro). Sometimes admin doesn't know based on the initial client docs.

So, last week my admin and I were talking about something stupid that SurePrep does and we were going to talk about it with TR. Neither of us can remember what that was... Any ideas?

@FinPlan_CPA Every time. contrasted by "you owe $135" "WHAT? DAMN GOVERNMENT!"

Me: “You owe $135K in Federal tax” *pause* Me: “Your K1 income was up $500K from last year” Client: “Ahh yeah I expected to owe. I appreciate you getting us done by 4/15”. 😵

@mountainwesttax Yet preferable to a stack of w2gs for tax prep

Robinhood is a gambling app

@FortWayneCPA Welcome back Mike. You're just going to pick a fight right off the bat eh? Curling rocks.

I have been offline awhile. Had some personal things come up and I am back and alive. Can I just say this? Curling not a sport.

@DefiantLs The world buys 90 million cars a year. We would not buy 10x quantity of robots.

Elon Musk: "Hypothetically, if Tesla were making a billion of these [Optimus robots] a year at scale... maybe it would be $30,000 each, I'm just guessing... that’s $30 trillion in revenue."

@MBurchTax Kindly inform them of their compliance responsibilities. Small C3s generally have big hearts and good intentions, but skimp on the compliance. They don't know what they don't know.

What is your ethical responsibility to a 501c(3) when you get your statement from them at the end of the year without the "No Quid Pro Quo" statement and after looking them up on the IRS website they have not filed a 990 since 2021? irs.gov/charities-non-…

We are offering free advice on how your investment advisor unwittingly caused extra tax to all our business tax clients for free. Adoption rate has been 100%. That's $1.5 Million AUM fees eliminated. That's a brokerage firm, if not multiple..... eliminated. #taxtwitter

@wlthyaccountant I only know it's Presidents Day when I check the stock market and forget it's closed.

At least there is no mail today.

@rledbetterCPA Right so how do you re-allocate it 3 years in

@brainerdtad Usually the purchase price for real estate gets dropped into land and building at first

Same property Different timing of cost seg Very different results of who gets depreciation Property cost - $1MM LP $ - $300k invested GP $ - $0 invested Cost seg bonus depreciation - $250k GP guarantees debt (before and after refi) Stabilized and refinance to return capital in Yr 3 GP 1 - > Cost seg Yr 1 > Allocated all to LPs > GP gets no bonus depreciation > LPs get passive losses from bonus suspended (unused) GP 2 - > Cost seg Yr 3 after return of capital > Allocated all to GP 100% > LPs get no bonus depreciation > GP uses bonus to offset active income and save tax This happens because of how losses are allocated in partnerships When partners have no more capital to absorb losses The losses go to the partner with economic risk (GP guarantee) Having this conversation a lot more now that bonus is 100% again You can get a cost seg study at any time but using it should be very strategic Plan ahead and think about when to use that cost seg strategically

@lifeuntaxed Wait you mean I can't create a new account for every asset I buy

A balance sheet should not be 9 pages.

AI is taking over

How time passes as a tax pro

@TheTaxNomad 1 surprises me. Does the compliance costs makes an S Corp worthwhile at 100k revenue per owner?

Here’s what I did today: 1. Reviewed $200k rev S-Corp, 2 owners in CA. 2. $400k AGI CFP’s 1040, lives in IA. 3. $90k AGI 1040 for a new biz owner. Strategically used 40% bonus on new assets. Lives in AZ. 4. $900k & $200k revenue related party mental health biz, based in AZ.

My software enabled me by keeping the old version alive as a reconciliation worksheet. So I blame them.

Starting this year I will learn the new 1040. It's only been around for 8 years, I suppose I should learn it.

@AccountingAsArt Informed a client they don't have to file tax returns anymore. they weren't happy about it. Still a win I think.

It's time!!! #FridayWins!! NO WIN TOO SMALL!!! Let's see whatcha got people!! - I had coffee with a friend this week! - My emotional support baby will be in the office today!! - I got returns out the door and billed!!!