Its a fire - these dreams they pass me by

A friend recently asked if she could get rid of records from a business that ceased operations 7 years ago - well, technically she wanted to burn it all because it wasn't the best experience (happy ending, she now owns a business she loves).

My first instinct was no!  As emotionally cathartic as it would be - there must be some reason to hold onto those documents?  And the answer - in this case - is probably not.  In terms of the IRS, there are three basic statutes of limitations:

• Three years - The IRS can contest any return they like for any reason 3 years after it has been filed (basically)
• Six years - The IRS has a number of exceptions to the three year rule where they can still contest your return
• Unlimited - If you have intentionally filed a fraudulent and they can prove that, there is no statute of limitations.

This is extremely basic - but lends most businesses to the "7 year" rule.  So, the answer is yes, you can destroy documents after seven years WITH ONE EXCEPTION:

Any documentation relating to "basis", or what you paid for an asset should be kept for the life of the asset.  The IRS always assumes basis is $0.00 - the burden is on the taxpayer to prove what they paid.  So, if next year she sold some equipment related to that business for $1,000 - the IRS will assume a gain of $1,000 unless she could prove otherwise.

I don't have my official blog disclaimer - yet - but you know you can't take tax advice from a blog on the internet into tax court, right?

Of companies and closets

I was alerted to this column in The Economist last week by my old web-log friend Jhames, and have been meaning to post it:

Of companies and closets: Being gay-friendly is cheap and good for business.

(I had a class last fall that more or less required a subscription to The Economist.  But I got an A- (bitter), so I don't really read it anymore - I give it to my landlords ever week.)

Anyway, being in a job search the article is pretty relevant to me right now.  Are CPA firms gay-friendly?  Pretty much, from what I can tell - that's never really been my issue.  The problem I put upon myself is trying to leverage being gay into a job.  Like trying to figure out how to affirmative action my way in.

My undergraduate degree was in Performing Arts (I know, right?) which I always joke "makes me fun around the office".  Accounting can be a tough field to stand out in because we all have the same skill set, the same credentials, and usually the same GPA.  I'd love to feel more comfortable with myself in my job search to drop some homosexual code of some sort, a wink-and-a-nod - but I don't know what that even would be.

So tomorrow I'm going to the Greater Boston Business Council's monthly networking lunch, because I'm pretty sure I need to learn some of these skills.

Here's my favorite quote from The Economist column linked above (aside from the Little Britain reference):

Being fair to gays is arguably simpler than being fair to women. Women really do differ from men in the amount of time, on average, that they take off to raise children. And there is no obvious answer to questions such as: “how much paid maternity leave should a small firm offer?” From an employer’s perspective, gays do not differ from straights in any way that matters.

It's kind of stunning, and pretty much undermines the whole equality argument. As much as I'd like to leverage my sexuality into a job, I don't think I could do it by stepping on a gender...

Tabatha Takes Over

Tracy proves herself to Tabatha.

For four seasons I've been in love with Tabatha Takes Over on Bravo.  Tabatha Coffey takes struggling, independently owned hair salons and "takes over".  It's so refreshing that this isn't a simple HGTV surface makeover - Tabatha looks at the salon's finances, marketing, operations, organizational behavior - it's a full on consultation.  And she's kind of my hero of attitude, not pulling any punches with the owners.  I am fully aware I could never pull off her attitude - it works excellent for her, but would come off as obnoxious from me.  Still, I can dream.

ANYWAY, this season she's branched out into other industries besides hair salons, and it's amazing.  It sounds completely ridiculous but I think business owners and managers can learn a lot from this reality TV show on Bravo.  The shot from above is from Episode 4 - Pat's Hair Shoppe (I know).  Tracy (left) is the "manager" pretty much in name only.  What I took away from this episode was the level of emotional intelligence Tracy displayed - when Tabatha came back to check up six weeks later, Tracy had come to the realization that she really wasn't a very good manager, and that the skills she did have could be put to use to serve the salon (or Shoppe, as it were) in better ways than just pretending to manage.

I haven't come across many people in my career who:

• Take new challenges on and then
• Actually admit failure where appropriate

Of course, these are the people you want in your organization!  I'd love to have Tracy as a co-worker.  Imagine a place where employees are accountable for their actions while striving to make a business successful.  I can only hope she got a raise for stepping down from the management position gracefully - that's a personality trait that's real rare to find.

Tabatha Takes Over - seriously, set your DVR's and take a lesson.

ALSO, the new Cloud Nothings album?  Amazing.

Hello World

I went back to graduate school full time, and I think it actually worked.

I had fully intended to blog the whole experience - from the rocky starts to all the drama, but have you ever gone to graduate school full time?  It's a lot of work that doesn't exactly leave a lot of time for web-logging one's activities.  I barely have time to set this up now.

I want to start out here by claiming my name mostly and hoping this shows up in Google searched by prospective employers.  I'm graduating spring 2012 with an MBA and an MSA from Suffolk University, 3.935 GPA.  I plan to start taking the CPA exam this summer.  I want to work in public accounting, preferably tax.  Ideally I want to work in a general business advisory/"CFO on demand" for small and closely held businesses here in Boston MA.

My biggest frustration with full time graduate school is having to set aside my passion for live music for twenty months or so.  I've been to a few shows, but time and money limitations have curtailed the hobby.  I'd love to catch Ben Lee February 22nd, but Graduate Financial Accounting III comes first.  I'll probably hit The Twilight Sad on February 26th - at least it's a Sunday night.

I hope to keep this web-log updated with tax news/insight that the average person might find interesting, small business advice and techniques I come across and indie rock news from Boston.  That's a unique mix, right?