Matt Foreman @ForemanTaxLaw Twitter profile

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Matt Foreman

@ForemanTaxLaw

2 months

Every single episode of @HowTaxWorks can be found here.

HowTaxWorks

@HowTaxWorks

2 months

Every @howtaxworks episode can be found here:

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Last Seen Profiles

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Matt Foreman

@ForemanTaxLaw

1 year

The problem is that most people don’t understand what auditors, and audits, do.

Bloomberg Law

@BLaw

1 year

KPMG signed off on Silicon Valley Bank and Signature Bank's books within two weeks of the banks collapsing.

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Matt Foreman

@ForemanTaxLaw

3 years

Company accountant just sent me a jpg of an excel spreadsheet. I can't even.

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Matt Foreman

@ForemanTaxLaw

1 year

Partner: I need you to review this document today and give me your analysis by EOD. Same partner, three weeks later: Thx Sent from my iPhone

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Matt Foreman

@ForemanTaxLaw

2 years

New associate just asked me to check if she filled out her W-4 correctly. I told her that no one knows how to fill those out correctly.

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Matt Foreman

@ForemanTaxLaw

4 months

I reported a senior partner at @PwC for having an inappropriate relationship with an associate (I saw them kissing; he was 50 and she was 24). They told me they knew and would not be taking further action. It was the *second* time he was cheating on his wife with an associate.

Matt Willes

@SkolCapital

4 months

What’s your most ridiculous personal HR experience? I’ll go first. Once had HR complain to my boss that I was reading with my feet on my desk. I was managing a $1.1 Billion corporate bond portfolio while getting in trouble with HR for having my feet on my desk. Good times.

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Matt Foreman

@ForemanTaxLaw

2 years

@BadLegalTakes For those wondering: This isn’t a gift under the IRC (tax law). It’s taxable income to the recipient, despite the attempt to the contrary.

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Matt Foreman

@ForemanTaxLaw

4 years

Nope. Here's why: 1. It's income to your parents and no write-off. 2. The IRS would disallow the deduction for the payment to your parents because I they're not working for your business. 3. Don't trust someone wearing a matching shirt & tie for tax advice.

Ramp Capital

@RampCapitalLLC

4 years

Showing this to my accountant

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Matt Foreman

@ForemanTaxLaw

1 year

@ItsMattsLaw K Sent from my iPhone

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Matt Foreman

@ForemanTaxLaw

7 months

I'm always fascinated by people who make more than $250,000 per year, yet they seem to not own a printer with a scanner or a properly functioning light, so they send pictures of documents that I can only assume were taken while a toddler was hitting them with a toy guitar.

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Matt Foreman

@ForemanTaxLaw

4 years

Tax, Audit, and Advisory.

Dolo ™️

@taytranadaa

4 years

What are the 3 branches of government? Wrong answers only.

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Matt Foreman

@ForemanTaxLaw

4 years

I just wrote "Have a good weekend" in an email to a tax accountant at a Big 4 accounting firm whose first line on LinkedIn says "Preparation of complex individual tax returns". I suspect she won't be having a good weekend.

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Matt Foreman

@ForemanTaxLaw

3 years

Rules for putting together a good excel spreadsheet: 1. One font, one size 2. No highlights 3. Format for printing or provide a formatted PDF 4. Bold to emphasize or for labels 5. No in cell comments, add a column 6. Have a summary page Anything I'm missing?

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Matt Foreman

@ForemanTaxLaw

2 years

Me “There won’t be a K-1.” Attorney “It’s an LLC; the owner receives a K-1.” M “Not if it only has one member. It goes on Schedule C of the owner’s 1040.” A “Are you sure? I own 100% of my LLC, I get a K-1.” M “Is it an S Corp?” A “No.” M “You should fire your accountant.”

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Matt Foreman

@ForemanTaxLaw

1 year

I meme therefore I am.

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Matt Foreman

@ForemanTaxLaw

2 years

Tell me you’re taking incredibly aggressive tax positions that won’t withstand audit without saying you’re taking incredibly aggressive tax positions that won’t withstand audit. I’m looking at you @sweatystartup

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Matt Foreman

@ForemanTaxLaw

2 months

What bothers me the most is that he cheated on his wife and has been entirely unrepentant and unapologetic about it. What baffles me the most is that people who talk about the "sanctity of marriage" still support him. I don't get any of it.

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Matt Foreman

@ForemanTaxLaw

5 months

Hear me out: Greg was the dick who tried to negotiate on price without first learning whether the price was reasonable (which it was). Then Greg cut off his own nose because he didn't want to admit he screwed up. #TeamLandscaper

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Matt Foreman

@ForemanTaxLaw

2 years

Apparently the tax deadline is next week. Who knew?

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Matt Foreman

@ForemanTaxLaw

2 years

Me whenever anyone asks at what point in revenue should they form a S Corporation.

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Matt Foreman

@ForemanTaxLaw

3 years

Dear Accountants, I get that you're busy and stressed. The deadline is in nine days and some of your clients haven't sent you important information. You're not sleeping enough and you need a break. I get it. I really do. 1/

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Matt Foreman

@ForemanTaxLaw

2 years

Accountant: Hey check out these pictures from my trip to LA, I took pictures of all the top spots

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Matt Foreman

@ForemanTaxLaw

4 years

@TheBig4Tweets audit is easy, you just get numbers, make sure they match, and ask the client if they're accurate

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Matt Foreman

@ForemanTaxLaw

1 month

lol this is too low

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Matt Foreman

@ForemanTaxLaw

4 years

@SethHanlon @RichardRubinDC @quinnstein @edzollars @MVOhanesian @George_A_Callas @EOTaxProf I'm going to tell all of my clients to keep withholding and remitting. If they overwithhold then they can request a refund. Underwithholding is an absolute nightmare (with potential civil and criminal penalties).

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Matt Foreman

@ForemanTaxLaw

10 months

A client asked me what percentage of tax law I knew. I answered "8-10%, maybe 15 at the most." I am convinced that no one can know more than 20% unless they literally do nothing but read, study, and write memos/opinions.

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Matt Foreman

@ForemanTaxLaw

1 year

BRB gonna go depreciate some land.

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Matt Foreman

@ForemanTaxLaw

1 year

Tax preparer idea: 1. Require clients to update their W-4s. Make them withhold an extra $50 per paycheck. 2. Prepare returns and OH MY WHAT A HUGE REFUND. Look like a hero and get a lot of referrals without doing any actual tax planning or helping your client at all. 3. Profit.

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Matt Foreman

@ForemanTaxLaw

2 years

I’m going to have to do a thread explaining why I dislike S Corporations, aren’t I?

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Matt Foreman

@ForemanTaxLaw

2 years

Potential client is insisting his entity is “taxed as an LLC” and “not as a partnership or S Corporation”. I told him I don’t think I’m the right tax advisor for him and he is NOT pleased.

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Matt Foreman

@ForemanTaxLaw

29 days

This is the worst tweet in the history of #taxtwitter . lol

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Matt Foreman

@ForemanTaxLaw

5 years

My wife told me that I write emails like a lawyer and I need to be more informal. I replied "While your contention has significant merits, I disagree."

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Matt Foreman

@ForemanTaxLaw

3 years

A CPA just emailed me this: "A client just bought shares of an S Corp with a preferential return. I told him congratulations on buying shares in a C Corporation."

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Matt Foreman

@ForemanTaxLaw

3 years

I want to meet the person who came up with the term "hot assets" and punch them in the face because EVERY SINGLE TIME I have to convince the client or the attorney it's a real thing and I'm not just making a joke.

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Matt Foreman

@ForemanTaxLaw

2 years

A counterparty's accountant just yelled at me (through email) for putting something in writing because now he "can't do" what he "wants to do". That was *why* I put it in writing, homeslice.

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Matt Foreman

@ForemanTaxLaw

4 months

Allow me to clarify. Cheated on his wife with an associate. Divorced wife and married associate, now banging another associate while cheating on his new wife. Lovely human being.

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Matt Foreman

@ForemanTaxLaw

1 year

The tax preparation industry ABSOLUTELY wants the IRS to create its own product. Intuit, H&R Block, et al., do not, which is VERY different.

Alan Rappeport

@arappeport

1 year

New: The plan for how the IRS will spend its $80 billion is coming soon, but lobbyists are already fighting to scale back its ambitions. First up: the tax preparation industry, which does not want to see the IRS create a free filing system of its own.

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Matt Foreman

@ForemanTaxLaw

2 months

!NEWS NEWS NEWS! My podcast will be dropping on Monday, June 10. It will be titled “How Tax Works” and it has its own twitter account @HowTaxWorks . It was supposed to be released today but was not for a reason that I will discuss at the end of this thread. So, let’s do this:

Matt Foreman

@ForemanTaxLaw

2 months

omfg I cannot believe what I was just told and omfg it's going to happen this is so good you have no idea and you'll all find out in TWO DAYS it's going to be so amazing holy shiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiit

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Matt Foreman

@ForemanTaxLaw

4 years

FUCK THEY'RE ONTO ME!

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Matt Foreman

@ForemanTaxLaw

7 months

Client: We fed the purchase agreement into ChatGPT. Me: The confidential agreement that's subject to a NDA and contains non-public information? You fed that into Chat GPT? Client: Yes. Me: Why? Client: To see what it thought of it? Me:

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Matt Foreman

@ForemanTaxLaw

1 year

Who doesn't like books that tie?

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Matt Foreman

@ForemanTaxLaw

2 years

During my next audit defense I should tell the IRS that we don’t have documents because we shredded them and they shred documents too so it’s fine just trust me.

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Matt Foreman

@ForemanTaxLaw

4 years

Email from partner: Hey can you review this stock purchase agreement tonight? [opens email] [sees it's 176 pages] Me:

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Matt Foreman

@ForemanTaxLaw

2 years

Every single one of his employees hates him.

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Matt Foreman

@ForemanTaxLaw

6 months

If you go into a sandwich shop and order a sandwich, do you then say "hey, my child is here give them a sandwich for free or else you're a scumbag?" Asking for a friend.

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Matt Foreman

@ForemanTaxLaw

8 months

Me, every month: This is the month I'm going to input my time at the end of every day.

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Matt Foreman

@ForemanTaxLaw

2 years

If your tax advisor tells you that it's easy to be a "real estate professional" in order to take losses then you should fire your tax advisor.

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Matt Foreman

@ForemanTaxLaw

4 months

If tax preparation software were as good as people think it is and accountants do as little as people think they do, then shouldn't we all just use TurboTax?🤔🤔🤔

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Matt Foreman

@ForemanTaxLaw

4 years

Hi, I'm a tax attorney. You might know me from my hits "Yes, I can explain why Amazon pays no tax and no it really isn't that bad", "Funding the IRS more would probably lower your taxes, really", and "No, I'm not a CPA, but I promise I know tax law pretty well".

TB4A.com

@TheBig4Tweets

4 years

Hi, I’m an accountant. You might know me from my hits “I just worked 70 hours this week,” “I cant go because that’s during busy season,” and the chart-topping, “no, I can’t help you with your taxes.”

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Matt Foreman

@ForemanTaxLaw

5 years

I agree, but the IRS is so chronically underfunded that it has no chance with current funding levels. They need more resources, more staff, and better technology. They're great jobs - interesting, good benefits, good lifestyle. They need more funding. #FundTheIRS

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Matt Foreman

@ForemanTaxLaw

5 months

My favorite clients are the ones who can't pay their taxes and complain about the retainer, but also can't upload the documents right now because the wifi isn't great because they're on a glacier in Patagonia.

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Matt Foreman

@ForemanTaxLaw

7 months

Just got approval for a tax podcast. So *that* is happening at some point in the next few months.

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Matt Foreman

@ForemanTaxLaw

3 years

Hear me out: Partners of a partnership/LLC should be allowed to be paid via W-2s that have a little check box that calls the payment a "guaranteed payment" and flows onto their K-1 as well. I think that would be much easier.

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Matt Foreman

@ForemanTaxLaw

3 years

Hear me out: If your business is a single-member LLC that's a disregarded entity, it should not be filing a Form 1065. At all. Ever.

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Matt Foreman

@ForemanTaxLaw

1 year

A tax policy tweet that everyone should support.

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Matt Foreman

@ForemanTaxLaw

5 months

Also, and this is important, she didn't owe more than she made. She owed more than she took out of her company. This fundamental concept of pass-through taxation is extremely simple, and someone with a BSEE from Stanford and a MBA from MIT Sloan should be able to understand it.

Elizabeth Yin 💛

@dunkhippo33

5 months

Last yr, I personally paid more in taxes than what I made (!!). I was completely shocked - I didn't think it was possible to *owe more* than you make. But it is. To be clear, this post isn't meant to ask for pity, but I think it can help a lot of ppl out. More >>

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Matt Foreman

@ForemanTaxLaw

1 year

@AccountingAsArt I accepted a job at a different firm and gave notice at my old one. My bosses went through 4 of the 5 stages of grieving while I was on the phone telling them. I'll post more about this in the next week or two.

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Matt Foreman

@ForemanTaxLaw

2 years

If Twitter dies or becomes unusable, please know that I have enjoyed interacting with you all. Many of you have my phone/email, but if you don’t, it’s on the firm website. If you’re ever in NYC hit me up and we’ll get crappy coffee or a delicious bagel. #taxtwitter

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Matt Foreman

@ForemanTaxLaw

4 months

The best part is Mike's response.

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Matt Foreman

@ForemanTaxLaw

1 year

Client: What do you mean I can't have profit-only class of stock? Me: You're a S Corporation. You can have one class. C: That's not what my accountant told me. M: They're wrong. C: What if I have three classes? M: You're a C Corporation. C: But my accountant... M: ... is wrong.

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Matt Foreman

@ForemanTaxLaw

2 years

My thoughts on the returns in meme form:

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Matt Foreman

@ForemanTaxLaw

2 years

Shit, they’re onto me

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Matt Foreman

@ForemanTaxLaw

2 years

Hear me out: Operating Agreement before operating. Just an idea.

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Matt Foreman

@ForemanTaxLaw

1 year

Hi! There is no such thing as “crypto tax”. It’s just income and you pay tax on it.

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Matt Foreman

@ForemanTaxLaw

4 years

Time for some professional news! After 4.5 years (almost to the day) of being a solo practitioner, today is my first day as Tax Counsel at Chiesa Shahinian & Giantomasi PC. 1/5

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Matt Foreman

@ForemanTaxLaw

3 years

hahahaha a former client who didn't pay his last bill just emailed me to say that his accountant couldn't help him with his tax return and he was wondering if I could finish the return by today. hahahahahahahahahahahhahahahahahahahahahhahaha hard pass

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Matt Foreman

@ForemanTaxLaw

7 months

"Our accountant says we don't qualify for the ERC, but the company we hired to compute our ERC says we do." I wonder who is correct. 🤔🤔🤔

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Matt Foreman

@ForemanTaxLaw

9 months

Lawyer keeps referring to COGS as "COGs" and I cannot express how much this annoys me. I would accept CoGS, but COGs makes no sense.

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Matt Foreman

@ForemanTaxLaw

2 years

Say you don’t know how “ordinary and necessary” is defined by tax law without saying you don’t know how “ordinary and necessary” is defined by tax law.

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Matt Foreman

@ForemanTaxLaw

2 months

If you have ever wanted to watch me complain about S Corporations for an hour *and* receive CLE and/or CPE (EA and CPA) credit for it (for free!), then this will be for you. I promise that I will tweet out the sign-up link closer to the date, but October 29, 2024 from 1-2p ET!

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Matt Foreman

@ForemanTaxLaw

1 year

The best way to create generational wealth isn’t a retirement account or insurance or any financial product. It’s having wealthy family members give you lots of money.

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Matt Foreman

@ForemanTaxLaw

8 months

MAKE A SHIT TON OF MONEY BECAUSE TAX PLANNING IS LESS IMPORTANT THAN MAKING A SHIT TON OF MONEY.

SMB Attorney

@SMB_Attorney

8 months

1 month left… What are the best year-end tax moves?

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Matt Foreman

@ForemanTaxLaw

1 year

Client's CPA just said that "the IRS passes the tax law". Is there a way to revoke their license or maybe a public censure for saying that?

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Matt Foreman

@ForemanTaxLaw

3 years

I rewrote the headline: "After nearly 20 years, the maker of TurboTax is leaving the IRS program that gives TurboTax the ability to incorrectly charge a fee for tax return preparation to Americans who should be able to file for free."

Bloomberg Tax

@tax

3 years

After nearly 20 years, the maker of TurboTax is leaving an IRS program that offers millions of Americans the ability to file their taxes for free.

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Matt Foreman

@ForemanTaxLaw

2 years

The IRS doesn't write the laws. The IRS doesn't write the regulations. Thank you.

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Matt Foreman

@ForemanTaxLaw

1 year

My thoughts on how social media works

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Matt Foreman

@ForemanTaxLaw

3 years

I'm reviewing a tax return and it appears they prepared it in landscape not portrait. What the fuck?

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Matt Foreman

@ForemanTaxLaw

8 months

Do you know what terrifies me? Corporate lawyers who think they can also practice tax law. Tax is all-in or hire someone, the IRC isn't part time.

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Matt Foreman

@ForemanTaxLaw

2 years

@jbuhl35 $170k in car loans?

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Matt Foreman

@ForemanTaxLaw

2 months

@mountainwesttax I like how one of them is like "you need to have health insurance" and the other one is "you're in Mexico so you don't need health insurance".

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Matt Foreman

@ForemanTaxLaw

2 years

I made a meme for all the tax preparers who follow me.

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Matt Foreman

@ForemanTaxLaw

22 days

A CPA is arguing with me that the receipt of equity in a LLC in exchange for services, which the CPA keeps calling "sweat equity", does not result in the recognition of income. The business is an ongoing business with significant tangible and intangible assets.

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Matt Foreman

@ForemanTaxLaw

8 months

My boss at work just sent me a video of George Santos congratulating me on "landing that new S Corp client." It's too brilliant to be angry.

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Matt Foreman

@ForemanTaxLaw

2 years

Tax returns should have a check box and you can auto-enter into an installment agreement for 24 months. I get way too many emails/calls this time of the year (every year) for people who owe like $50k. They don’t need a tax lawyer they need an easy installment agreement.

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Matt Foreman

@ForemanTaxLaw

3 years

About twice a year I get a “potential client” who wants me to defend their audit after they’ve done this or provide a legal justification for doing this or some other garbage (sovereign citizen, etc.), and I’m nice when I say no until they get belligerent (and they always do).

Bad Legal Takes

@BadLegalTakes

3 years

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Matt Foreman

@ForemanTaxLaw

3 months

One thing that I will NEVER understand is that people do not understand is that without the IRS (or a replacement), there would be no money to fund the government. If you want post-apocalyptic dystopian in the next five years, I suppose that's an option.

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Matt Foreman

@ForemanTaxLaw

10 months

Once a month my wife asks me why I don't input my time as I go. Once a month I have to explain to her that she's correct and I should do that next month.

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Matt Foreman

@ForemanTaxLaw

4 years

@Popehat Friends in other parts of the country keep asking me if NYC feels dangerous with the "spike in crime". My go-to reply is "it's still lower than when Giuliani was Mayor."

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Matt Foreman

@ForemanTaxLaw

1 year

A lot of people ask why I love living in NYC when I could live in a part of the country with a huge house, etc. I just ordered a pasta with a dynamite arrabiata sauce at 9pm and it came in 17 minutes... plus we don't ban books here. ✌️

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Matt Foreman

@ForemanTaxLaw

5 years

My last tax return of the year is nearly done, but I need to do a freebie return for my client's 14 year old son who has like $50 in dividend income but thinks it's "cool" to file his tax return.

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Matt Foreman

@ForemanTaxLaw

1 year

My take? Couples splitting things 50/50 is bullshit. Pool your money and discuss large purchases. It’s not either of your money. It’s both of your money. F this guy.

tacos

@thiscassgirl

1 year

Are you all ready to hate someone

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Matt Foreman

@ForemanTaxLaw

4 months

I got emails from four different accountants from 3-5am. Every single one of them lives and works in a state that borders the Atlantic Ocean. Can't imagine why accounting is struggling to keep up with hiring.

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Matt Foreman

@ForemanTaxLaw

6 months

This made me chuckle

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Matt Foreman

@ForemanTaxLaw

4 years

Pro tip: If your accountant's primary research tool is a common-use search engine (e.g., Google) then you should get a new accountant.

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Matt Foreman

@ForemanTaxLaw

2 years

My advice to accountants who are reading the allocation/distribution section of an LLC's operating agreement: Keep reading. Read the entire section. Read it twice.

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Matt Foreman

@ForemanTaxLaw

7 months

Lawyer: How would you describe how you use twitter? Me: Shitposting, sports hot takes, criticizing people for their lack of knowledge about esoteric areas of tax law, and jokes about depreciating land. Lawyer: Does anyone respond? Do you have a lot of followers? Me:

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Matt Foreman

@ForemanTaxLaw

2 years

If my inbox is anything resembling a canary in a coal mine, the IRS has begun asking questions about S Corporations and reasonable compensation.

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Matt Foreman

@ForemanTaxLaw

1 year

also, lol @ KPMG

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Matt Foreman

@ForemanTaxLaw

1 year

S Corps are the biggest fucking headache. Congrats on the $14k of tax savings every year! Enjoy the $200k legal/accounting bill when you reorg to sell or take an investment.

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Matt Foreman

@ForemanTaxLaw

3 years

Attorney: "If it's an LLC, how can it be an S Corporation? I don't know what you're talking about." Me (thinking): Yes, I know you don't. Me (out loud): What kind of return does it file? A 1065, 1120, or 1120S? Attorney: It's an LLC and it files an 1120S. Me: ¯\_(ツ)_/¯

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Matt Foreman

@ForemanTaxLaw

4 months

Seller's accountant doesn't want to make a 754 election because he "doesn't know how it works" and thinks "it's a trick."

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