Friar Luca

Just a CPA selling premium | tweets ≠ tax, accounting, or investment advice | #ThetaGang #TaxTwitter

[Friar Luca @FriarLuca]

@BrianDavisTax @mountainwesttax Join the club! 😂

[Friar Luca @FriarLuca]

@grok The fact that is was a long gold thesis that joked about how that is exactly how one would imagine BIS leadership looks

[Friar Luca @FriarLuca]

Agustin! My dear friend...

https://t.co/4sVgVUlyfs

$GLD

[Bank for International Settlements @BIS_org]

Coming soon: Agustín Carstens speaks to Martin Wolf @martinwolf_ in a keynote interview at the #FTGlobalBoardroom on 13 Nov at 0800 UK/0900 CET/16:00 HK @FTLIve #CentralBanks #Covid19 #MonetaryPolicy #InflationTargeting https://t.co/ElxuTSTvUS

[Friar Luca @FriarLuca]

In typical IRS fashion, big news just a less than a week before the deadline.

For those who are self-preparing a Kwong protective refund claim: it can now be done by phone if certain conditions are met:

Link, scroll down & click Form 843: https://t.co/I61TspwTMX

[Friar Luca @FriarLuca]

@FinPhilosopher @PhNick26 You can just take a 401k loan ?

[Friar Luca @FriarLuca]

@AmericanoDeNiro @ducksays Wtf thanks 🙏🏻

[Friar Luca @FriarLuca]

@TKopelman @TheTaxNomad Do you have POAs/2848s in place already as part of your client onboarding or is that something you’d work with them to obtain as needed?

Processing delays right now on new 2848s are kicking my butt rn

[Friar Luca @FriarLuca]

@neppy you must like paying payroll taxes

[Friar Luca @FriarLuca]

@stored_alpha @MrNQDC Well the limitation would be that given taxpayer’s marginal, so it really is more of a question of what that marginal rate is vs what it was when the basis was created

[Friar Luca @FriarLuca]

Let me know if you need a fellow CPA to screenwrite

[Andrea @andreacpa0]

if I wrote a horror movie — it would be entirely about Microsoft Teams but never explicitly mention Microsoft by name because i hate them

[Lee Roach @leevalueroach]

I have read approximately 3,000 10-Ks in my life. I have read my wife’s emotional state correctly maybe 11 times. This is troubling because the skills should transfer. Both require you to look past the headline. Both require you to read the footnotes. Both require you to notice what was said last quarter that is not being said this quarter.

I can spot a goodwill impairment from 40 pages away. I cannot spot that my wife has been quietly furious since Tuesday. In a 10-K I notice when management changes the word “challenging” to “dynamic” and I correctly interpret this as a warning. In my marriage my wife changed the word “fine” to “fine.” and I did not notice the period. The period was the entire disclosure.

I missed it. I read a footnote last week in a packaging company’s annual report that disclosed a related-party transaction worth $400,000 and I caught it in 90 seconds. My wife told me three times this month that she was tired and I interpreted this as “tired” when in fact it was a Level 3 disclosure requiring immediate management response. I have a system for 10-Ks. I read the MD&A first, then the risk factors, then the cash flow statement, then the notes. I have no system for my wife. She is a company that does not file. She reports continuously and without warning and the format changes every quarter. Her risk factors are not enumerated.

Her MD&A is delivered through sighs of varying length and I have not yet developed the ear. Last week she said “do whatever you want” and I did whatever I wanted and it turns out the correct interpretation of “do whatever you want” was “do not do that specific thing” and I have no idea how I was supposed to know that, and yet, looking back, the signals were all there. The signals are always there. I have been trained to find signals. I find them in companies I will never meet. I miss them in the person I have lived with for nine years. My wife has started saying things like “you would notice this if I were a stock” and she is correct. She is correct. If she had a ticker I would have already built a 6,000-word model on her. I would know her seasonality.

I would know her capex cycle. I would know which quarters historically run hot. Instead I treat her like a private company and I am surprised every time the auditors arrive. I am going to bed now. She said good night in a tone. I do not know what the tone meant. I will find out in the morning. Or I will not. The 10-K of my marriage is filed in real time and I am, as always, three quarters behind.

[Friar Luca @FriarLuca]

@bryanhasling Let her make the hiring decision

[Friar Luca @FriarLuca]

@bobby_on_mars 2002 Cadillac El Dorado ETC 127k miles

[Vic 🌮 @VicVijayakumar]

This is a very fascinating post because it tells me this person possibly makes more than $168K MAGI and is therefore aware that there is an income phaseout, but they don’t make enough money to know that people move $72K/yr to a Roth IRA using the mega backdoor Roth strategy.

[Friar Luca @FriarLuca]

@dickexpert Why are all of the replies so defensive

[Friar Luca @FriarLuca]

@IvanTheK Don’t hate it, would you add a limiting factor i.e one use every 5 years?

[Friar Luca @FriarLuca]

@matthewqueen84 I call these slacks the ‘pro se’

[Andrea @andreacpa0]

public accounting is just amortizing your soul over a useful life no one agreed to

[Friar Luca @FriarLuca]

@loganallec Yeah must be 1600 billable w/o firm management or business development