TaxCycle bought by Xero

That seems to be the motive.

how can you not have proper credentials to prepare F/S? That other CPA firm is on drugs

Wow, quite strange that it came to this. Was the basis of the claim purely on you not having a CPA designation or was there an issue of the FS information which was the basis of the claim?

I’ve been tempted to start a discord channel as a replacement for this and some FB groups I was in. Just not sure how many people would be interested in yet another forum to join. :smile:

There IS a market for professional-level discussions…from newbies to old pros. And there are a couple of places for those discussions already, for both tax and (lesser-so) accounting issues. But they go together well, especially for those of us who are sole practitioners. And some of those forums (fora?) are, for lack of a better word, gated.

The problem is the public nature of such discussions in an open forum. Where they are in a closed-off area, discussions tend to be far more technical in nature and seasoned with the understanding of nuance. Tax, by its nature is shades of grey (far more than fifty!) and accounting issues can often be the same.

(But I’m still not likely to post publicly about how to deal with a client who is 10 years behind in corporate filings and trying to explain how that client thinks they can declare dividends during some of those years when there is neither pre-existing resolutions or intention to pay them, and how I should approach the issue. That way lies trouble, eh?)

Discussions with public about tax are simply…frustrating. They don’t understand nuance, law, or provide sufficient detail to actually provide a reasonable opinion. And when they don’t get that, they argue. Ugh.

I’d look at a discord channel for tax / accounting / practice stuff. Would take a while to determine how “safe” such discussions are though. :slight_smile:

As a non CPA, I experienced a similar situation. I had a customer who had a corporation for which I made financial statements from their information. They were going into a divorce and I could see the corporation figures eventually going to court where they could be questioned. I told them I was not qualified for a cross examination and to get a CPA to prepare their statements and tax returns. The CPA taking on the file called me with a few questions and thanked me for my cooperation.
Shortly after I received a registered letter from the Bureau des Comptable Professionnel advising me that I was practicing illegally and would be fined if I continued. I wrote back asking for advice on what I was allowed to do.They replied that I could do bookkeeping and prepare financial statements for management use only; and that the statements must not give any level of confidence.
Guess what. For the last five years my financial statements now indicate that the information contained is for management use only and quote the warning from the CPA professional association including the part about fines. Works for me and the tax people and my clients.

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Xero does have a working paper addition. I have not looked at it that closely but i think it can do Compilations easily,