Is our Profession a Trick or Treat 🎃?

[PATAX]

Years ago it was not too bad. But gradually over the years it has devolved into something that is definitely not a treat. But, there are still many positive aspects of our profession, especially for those of us who are self-employed, so I would not say that it has become a cruel trick.🎃

[IRonMaN · Accepted solution]

The tax side of the profession isn't so bad.  The other half of my life is auditing.  That's the part that aggravates me.  I have been around long enough to remember when peer review appeared on the scene.  At the time it kind of separated who was trying to do things right and who was just cranking stuff out to make some money.  These days peer review now has become more of "did you fill out the right checklist" and "did you have a 112th partner review done".  It's no longer about "are the numbers right".  They are slowly pushing small firms out of that line of work so that the big firms are the only firms left standing ----------- you know those big firms that perform audits on the Enrons of the world 😬

[PATAX]

@IRonMaN 👍👍👍 You hit a grand slam out of the park on that one. Years ago there were many small CPA firms that performed audits. Then they decided to subject firms that perform audits to an on-site peer review, which is not inexpensive.

[abctax55]

I gave up auditing, and even basic Mom/Pop financial statements for the State Contractor's Board when peer review came into being.  I could see the writing on the wall.  My big beef with tax prep is the evolving trend of making "us" the front line enforcer of (mainly) the social engineering components that tax prep has become.  I work for my clients, not for the IRS.... so the increasing due diligence needed for EIC etc bugs me. 

I love my clients (99%)... one popped in yesterday with two candied apples he had made 🙂

[IRonMaN]

I feel bad for some of these small nonprofits and small cities.  We have had a handful in the last few months that were looking for auditors and we had to tell them the inn was full and we couldn't help them.  I'm not sure where they are going to end up because the number of options are dwindling for them.

[PATAX]

@abctax55 You are exactly right. We have been deputized to do the work of others, but we are not receiving compensation for this, and are subject to penalties. Real nice huh?

[PATAX]

@IRonMaN same thing here. Just off the top of my head in the past: had an old neighbor call me to see if I could do an audit of his Episcopal/Anglican Church that he goes to. Another friend called me same thing for a Presbyterian Church. Told both no. Another old neighbor called about Municipal audit work. Told him no also. This is sad.

[abctax55]

Jeff (and Dan....you popped in later while I was typing ;-), good point and I see that issue locally too.

California, and Nevada (right next door to me...) have rather intense F/S requirements for folks wanting to get a contractors license.  When I bailed on doing them, I had someone I could refer clients to but he has now retired.  While his work was a bit, um, err... sketchy - it satisfied the needs of the various Boards.  

These are small contractors (not the ones building McMansions) so spending thousands for a F/S is not feasible.   But not everyone is trying to build a McMansion and need those not-so-large contractors (general contractors as well as the specialty subcontractors).  

/rant off