Just another night

[shintoooo]

Lowest score in years

 

[DaytonaBabe]

Uh, sir... the 15th is Tuesday. Who unchained you from your desk?

 

[Fun Times]

Uh, sir... the 15th is Tuesday. Who unchained you from your desk?

An inside joke too.

 

[shintoooo]

Uh, sir... the 15th is Tuesday. Who unchained you from your desk?

I know people

 

[FlyByWire]

No wonder my taxes aren’t filed yet.

 

[ChumpChange]

Uh, sir... the 15th is Tuesday. Who unchained you from your desk?

LA County. CPA’s started the fires.

 

[shintoooo]

LA County. CPA’s started the fires.

 

[King295]

LA County. CPA’s started the fires.

If only the bankers would provide extensions for financial reporting to follow suit I could leave the office. Dicks.

 

[ChumpChange]

If only the bankers would provide extensions for financial reporting to follow suit I could leave the office. Dicks.

lol. Have your clients asked for an extension? Or talk to them about modifying their financial reporting covenant to provide the proper timing of financial statements. It’s all negotiated.

Thinking more about it I don’t know what financial statement covenant would be due around now. 45/60 days after Q1 is next month. Even a monthly bowling base certificate would be 20/25 days after month end which you wouldn’t be involved in.

And I’ve never thrown a borrower into default due to financial statement reporting being reasonably late.

 

[shintoooo]

And I’ve never thrown a borrower into default due to financial statement reporting being reasonably late.

I’m always reasonably late providing financial statements to the bank for my clients during tax season. Most financial guys get it. There’s some that are pushy. I just say it’s the best I can do lol.

 

[ChumpChange]

I’m always reasonably late providing financial statements to the bank for my clients during tax season. Most financial guys get it. There’s some that are pushy. I just say it’s the best I can do lol.

Honestly, I just tell the CPA to send me an email and give me timing and we’re always generally fine. We just gotta show the credit officer when it’s coming in. Although it’s even better when I have that waiver authority.

 

[Angler]

View attachment 1495625

Is there an extension for money owed on 2024 because of the fires?

 

[shintoooo]

Is there an extension for money owed on 2024 because of the fires?

Only if you live in LA County

 

[King295]

lol. Have your clients asked for an extension? Or talk to them about modifying their financial reporting covenant to provide the proper timing of financial statements. It’s all negotiated.

Thinking more about it I don’t know what financial statement covenant would be due around now. 45/60 days after Q1 is next month. Even a monthly bowling base certificate would be 20/25 days after month end which you wouldn’t be involved in.

And I’ve never thrown a borrower into default due to financial statement reporting being reasonably late.

120-day reporting requirements for annual audits/reviews is what we area working through now. I keep relationships with my client's bankers so we hash out extensions/covenants directly. Always have a few clients that are too optimistic and try and paint my timing into a corner.

 

[Done-it-again]

Is there an extension for money owed on 2024 because of the fires?

Yes, even if your preparer is within the fire area. We are not but our CPA is.