“Xero Wizkids Bashing Dinosaurs
Xero Wizkids Bashing Dinosaurs – this is a topic that is popular with a subset of Xero Partners. They spend substantial amounts of time spewing a river of effluent about their self-aggrandized “expert status”. We decided to capitalize on their entertainment value and have amused ourselves at their expense.
It was fascinating to discover that several of them indicated that once they had completed Xero certification that there was no reason to sit for the CPA exam. The revelation inspired the Facebook post which is embedded below.
The idea that they were enamored of the three Xero Certifications for – Accounting, Payroll and Migration [which most of them have] was entertaining. The discovery that none of them could identify or explain the piece of paper in the frame you see above is staggering. It is the Elijah Watt Sells National Silver Medal from the May 1982 CPA exam. A bit of background is covered in Facebook embed.
The next next question I asked three of them was how they would evaluate my skills as a practitioner on a scale of 1 to 10. They held an impromptu conference and proceeded to indicate that given the benefit of the doubt, I would be a 4 [which means that they are either clueless or someone ratted me out on personality issues].
Xero Wizkids Bashing Dinosaurs – Just so we have some context for the discussion that follows, please indulge me as sketch the basics of my professional education and experience.
Jordan has been a CPA in professional practice for thirty-eight years and contemplates continuing to practice for another twenty years [he had a major open-heart surgery in 2014, and a renal transplant in 2018 at Northwestern Memorial Hospital in Chicago both of which were incredibly successful]. Repeated attempts at personality transplantation have failed dismally.
Jordan was featured in Tax Notes in July 2018 in Tax Notes in July 2018 in
Jordan is licensed as a CPA in CA, FL, IL, NY, and TX. He has a national reputation for transactional taxation of pass-thru entities [Partnerships, LLC’s and S Corporations], private equity and alternative asset funds primarily in distressed mortgages and assets, professional services, real estate, venture-funded tech start-ups, and the California commercial cannabis industry..
Mr. Zoot has extensive experience in taxpayer and practitioner representation with the Examination, Appeals and Collection functions with IRS, including Special Procedures – Bankruptcy, Insolvency, Offer in Compromise, and Circular 230 Practitioner Representation with the Office of Professional Responsibility [“OPR”] includng Title 31 [Money Laundering and Structuring].
Let’s set up some benchmarks for WizKids based upon my ancient history:
– B.S. – Accountancy [High Honors] – University of Illinois – Urbana – Champaign – January 1982 [Five Semesters]
Undergraduate business Ranking: – Accounting The University of Illinois at Urbana-Champaign
– ranked number 2 (2016)
– ranked number 2 (2015)
– MS- Taxation – [Distinction] – University of Texas – Austin – May 1983 [One Year]
– Public Accounting Report  – Texas McCombs MPA the top-ranked graduate accounting and tax program in the country.
Arthur Andersen LLP – New York Office – Tax Department
10/1983 – Tax Staff Accountant
5/1984 – Senior Tax Accountant
5/1986 – Tax Manager
5/1989 – Senior Tax Manager
8/1992 – SC Tax Partner [Equity Partner – Worldwide Firm]
Questions to ask Wizkids
Xero Wizkids Bashing Dinosaurs
– Did you join a Big 4 firm, if not why not?
– If you did join a Big 4 firm how long did it take for you to become an equity partner [it took me eight years and just before my 31st birthday]?
– What do you mean you left the firm before you were admitted to the partnership? or, you decide that “quality of life”, being able to wear farmer overalls and your favorite Will Lopez Xero High Top Sneakers to work was more important.
Arthur Andersen Gallery at UIUC – I was privileged to have been a partner with the brightest and more capable group of individuals that ever existed within the profession.
aBIZinaBOX Inc – NYC, Chicago, Oakland – A Leader in California’s Cannabis Practice, the CPG will retain its position as a leader in financial record-keeping and be reporting for California’s medical and recreational cannabis industry by constantly adjusting to the demands of this evolving industry.
The firm is skilled in dealing with:
• The unique financial record-keeping needs of cultivators, distributors, processors, and extractors.
• The selection of optimal operating structures for each participant in the California cannabis industry.
• Adjusting structures and modifying financial record-keeping to comply with a rapidly evolving regulated California marketplace.
• Understanding the challenges presented by a long history in this industry of “doing business in cash” and the associated problems.
• The practical needs related to banking, card processing, and anti-money laundering issues applicable to this industry.
• The complex processes relating to permitting, licensing as well as reporting and paying cannabis excise tax and gross receipts tax at the municipal and county level.
• Implementing effective strategies for addressing the onerous impact of the limitation on the deduction of ordinary and necessary business expenses imposed by Internal Revenue Code §280E on businesses engaged in “trafficking”.
See our capabilities reel at aBIZinaBOX Reel.
Finally, I am highly amused by the relatively low level of technical competence among the WizKids. Here is a view of my office workspace.
The key takeaways are:
- Excellence is defined as an ABSOLUTE standard, not a relative one. Just because an individual is the best in a group, doesn’t mean that it is “good enough”.
- One of our guiding principles is that “client needs come first” and that means there is an expectation that family commitments and relationships in our lives are subordinate to the needs of our business [within good judgment]. If a person isn’t comfortable with that, best they seek employment elsewhere.
- Our commitment to our people is that we