Happy Halloween! October is a time for cozy sweaters, hot apple cider, pumpkin spice and, of course, scary stories. There are few things more exciting this time of year than a good horror story. If you’ve ever navigated the world of accounting without professional support, you’ve likely come across a few chilling tales of your own!
In the spirit of the season, here are three truly terrifying accounting tales we’ve found across the web—along with a little bit of helpful advice to help you avoid the future.
Beware the fires of hell!
The manufacturing client a CPA was auditing kept most of their records hard copy in a room directly above the foundry. There was almost no light in this room, the floor had gaping holes, and it was hot! There was only one electrical outlet, hanging from the ceiling by the cord. The poor CPA was trying to find specific documents by laptop light while carefully avoiding the holes in the floor with feet or financial records. Luckily, neither the accountant or records caught fire. Thanks Reddit for this tale.
Don’t get “burned” by bad bookkeeping habits. Record keeping is extremely important, regardless of business size or industry. An experienced accounting firm (like us) can help you organize, digitize, and maintain all your records. Get rid of your paper dungeon today!
IRS trick means no treat!
An accountant was meeting with a prospective tax client – a married couple. The husband insisted his wife file separately, with his status listed as Head of Household and his wife as Single. When the accountant explained they couldn’t do this, the husband became irate and threw an empty baby carrier across the office. The couple ultimately found someone else to file their taxes, but tried (and failed) to implicate the accountant during the subsequent IRS audit. The husband was sentenced to 5 years in jail for federal tax fraud and falsification of audit documents. Thanks Cheapism for this tale.
The IRS has inked some of the most terrifying rules ever published. In this case, the couple should have just followed them. Even though only about 1% of tax returns are audited each year, having a reliable accounting partner can save you from a trip to the financial or legal graveyard. Want to avoid an audit abyss? Use the right filing status!
Drowning in debt!
An accountant’s business client was paying a water bill and pressed the submit button eight times on a $17,000 payment, thinking the transaction was not processing. After receiving eight “thank you for your payment” emails, he immediately called the water company and the bank. The water company rep confirmed that only one payment was pending. The bank rep agreed to block the extra ACH transactions. All set, right? Not quite. Two days later, all eight transfers went through for $136,000.
Talk about finding yourself underwater! As they say, patience is a virtue.
Don’t be the next horror story!
Stories like these are always fun—that is, until they are happening to you. Our goal is to keep you from ending up in one of these situations. When you are in doubt, hire a professional. We’re happy to answer your questions, assess your individual or business financial health, keep your books, and help you minimize tax liability. Make an appointment with your qualified, experienced CPA today. We’re open on Halloween…
A native of Nampa, Idaho, Katie joined the Mayo Strategic Advisors team in December 2021. She graduated from Point Loma Nazarene University in San Diego, California with a degree in Accounting and subsequently earned her CPA license.
A native of Milledgeville Georgia, Dhruv joined the Mayo Strategic Advisors team in September 2020. He graduates from Augusta University in May 2022 with a double major in Accounting and Business Administration with a concentration in Healthcare Management.
An Augusta native, Jonathan earned a degree in business administration with a concentration in accounting from Augusta University in 2010. He then earned his MBA in 2014 and his master’s in accounting in 2017, both from DeVry University. After working for a local accounting firm for 7.5 years, Jonathan tried his hand at business accounting but quickly realized he missed the client interaction. Early into his first interview at Mayo in 2018, Jonathan knew he’d found a home.
Aaron Wilson moved to the Augusta, GA area in 2012 and is an 8-year US Army veteran with multiple deployments during the campaigns in the Middle East. After being honorably discharged he graduated with a Bachelor’s in Business Administration with a core focus in accounting from Augusta University in 2016. He aspires to obtain the coveted CPA certification during his career and in addition desires to be a positive influence too other veterans that may desire a future career in accounting.
Ashley joined the Mayo Strategic Advisors team in January 2016 and is from Chattanooga, TN. She attended University of Tennessee Chattanooga working towards her Bachelors in Accounting. In her free time, she enjoys spending time with her husband Wade and their two dogs, Paisley and Gibson.
Originally from Griffin, GA, John moved to Augusta in 2018 and is currently a student at Augusta University. In December 2021, John will graduate with a bachelor’s degree in accounting and will begin preparing for the CPA exam.
Lisa D. Mayo, CPA, is a licensed certified public accountant in Georgia and Tennessee and has more than 15 years of experience in public accounting. She specializes in tax and compliance services to clients across a wide range of industries. She assists with tax planning, tax return preparation, business consulting and strategic planning. She has extensive experience in the preparation and review of both individual and business tax returns. Lisa also works with small to mid-sized businesses in developing their key performance indicators (KPIs), budgeting, forecasting, cash flow analysis, selecting and setting up accounting files, training employees and developing internal procedures.
Tanya Weber is a military spouse has who spent the last few years working in a teleworking position as an accountant with a large university. She joined Mayo in Dec 2020 and is excited to become a member of a great team! She has a BA in Finance from the University of Northern Iowa and MS in Accounting from the University of Phoenix. She currently holds a Certified Public Accounting license in Washington, DC.
If you’re thinking the name sounds familiar, you’re correct. John joined his wife, Lisa, in the firm after serving 24 years in the United States Army. During his military career, John spent 10 years flying helicopters and retired as a Major serving in cyber security. After six moves within the U.S. and three 12-month deployments in the Middle East, John’s happy to settle down and support Lisa’s dream.
Having grown up in a military family, Leslie lived in Hawaii, South Korea and Atlanta before moving to Augusta in 2008. In December 2020, she’ll graduate with a degree in accounting from Augusta University and will begin preparing for the CPA exam.
Pamela Hahn knows payroll. Prior to joining Mayo & Associates, she worked as a senior analyst for ADP for nine years. Pamela has a degree in mathematics and computer science from USC and 25 + years of experience in payroll, finance, and IT. A native of West Virginia, Pamela moved to Augusta in 1991 and was later part of the founding team at the Bridgestone Firestone Tire plant where she built their payroll, accounts payable and accounts receivables.