December 23, 2021
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This is the final On the Margins of 2021. It was a… year. I’d like to think we kept things interesting around here. Remember when we discussed accounting’s lack of diversity? And advising on vaccine mandates? And death as a productivity hack? Those were fun.
I could go on, but why don’t you just cruise the archive and catch up. Meanwhile, I’m going to see if I can sit through this Beatles documentary. Just kidding, there’s no way; I have two kids under five.
OTM will return on January 13. And now, the newsletter.
How X will change accounting
Sure, why not:
With venture capital funding of metaverse-related startups doubling to over $10 billion this year, there’s no better time to talk about how virtual and augmented reality technologies will impact the accounting profession. And more specifically, how it’s going to ultimately differentiate firm value.
I’d argue that there is a better time: not now. Whatever the metaverse is, at present, it’s pretty clear that it’s largely for weirdos that can’t manage to have a conversation in virtual reality, let alone real life.
Whenever a new innovation comes around, the accounting world has this tendency to jump on the hype train, which is fine. This is how it more or less works. But nothing really changes the fact that many accounting firms have, until the last couple years, been pretty slow to pick up these trends, not to mention the changes in staffing, business models, service offerings, etc. This feels a little bit like the blockchain hype that went on for several years last decade. There are certainly interesting things happening with blockchain, but has it made a difference to the readers of Accounting Today? I’m not so sure.
I mean, tons of people are still filling out timesheets for crying out loud. Oh, you’re going to be tracking billable hours at a happy hour in the metaverse? That sounds terrible.
Everyone’s favorite cartoonish mega billionaire (CMB) client, Elon Musk, talked to, of all places, the Babylon Bee, which is a conservative satire site. I don’t know if you can really call yourself a satire site when you do a “real” interview, but that’s a conversation for another day.
Anyway, Elon just wanted everyone to know that his taxes—the taxes of the richest man on Earth—are super simple:
“I don’t have any offshore accounts, no tax shelters,” Musk said in the interview. When asked if H&R Block could do his taxes, he said: “H&R Block could easily do my taxes. I don’t need H&R Block, I could do it. It would take a few hours. My taxes are very basic.”
Of course! If there’s one thing you can expect from a CMB client, it’s that they’ll always keep you guessing. In this very special case, you don’t even have to prepare the tax return! I’m sure that won’t be typical for most CMBs, but it’s nice to know that some of these self-sufficient ones are out there.
Resolutions for 2022
No one should ever schedule an 8 a.m. meeting. That is, indeed, far too early.
It’s a little unsettling that it even needs to be said after the last two years, but there you go! You shouldn’t have any trouble keeping this one through February or the rest of your life.
Millennials do it all
Last we checked in on the mysterious Millennial, we discussed that they are clients now, and much like clients of yore, they want things done and done well. You’re serving them after all, so it strikes me now, as it did then, that they were completely within their rights to demand service—born after 1980 or not. Not really that strange when you think about it.
You know what else isn’t strange? Millennials buying things! Last week the Wall Street Journal discovered that they buy houses, and this week it’s art and luxury goods. Oh, and maybe you’ve heard, but Millennials are having kids now.
It’s funny how they’ve managed to figure all this out. Next thing you know, they’ll start retiring! And getting old! And dying! I’m looking forward to the WSJ deep dives into all those things.
Fresh from Gusto
Maybe you heard, but Gusto recently turned 10. To celebrate, we’re giving everyone who completes either People Advisory Certification or People Advisory Accelerator by December 31, 2021 a free gift. BUT WAIT! If you’re not a Gusto Partner, you can enroll in Accelerator for free by using the Coupon Code GUSTO10 now through December 31, 2021. You can earn up to 10 CPE credits.
Also: You can now manually adjust S-Corp benefits contributions by line of coverage— including medical, dental, and vision—directly from the client list dropdown menu in Gusto Pro. Learn more.
- Reminder: The expanded EIDL program is expiring on December 31.
- 2022 employer payroll taxes are probably going up due to rising SUI rates.
- It’s time to pay those 2020 deferred payroll taxes.
- An overview of the R&D tax credit.
- A Coaching Experience: Goal Setting for 2022 After Another Year of Disruption with Amber Setter on December 27.
- Reimagine Payroll: Transform Compliance Work Into Recurring Advisory Revenue with Jaclyn Anku and Annie Arthur on January 12, 2022.
- The Ultimate Guide to Leveraging a Software Vendor’s Accountant-Partner Program with Will Lopez on January 25, 2022.
Read with Gusto
- Oh, no kidding: IRS says those tax-free Maltese Pensions are too good to be true.
- There’s some difference of opinion about whether flexible work makes for quality audits.
- How about an NFT as a last minute gift idea?
- Walking from your bed to your desk could count as a commute in Germany
- Giant Swedish Yule goat torched again after 5-year respite
Empower your team with Gusto’s training programs built with accountants in mind. Get People Advisory Certified to build your skill-set (5 CPE credits). Enroll in the People Advisory Accelerator Program to grow your firm’s revenue (4 CPE credits).