The tax world is chock-full of acronyms: AGI, or adjusted gross income; COGS, or cost of goods sold; MFJ, or married filing jointly; RMD, or required minimum distribution, and on and on.
But Martinsville, N.J., CPA Gail Rosen was stumped when a new client requested a conference to discuss his tax extension and "SWAGs."
"I immediately started asking my staff what a SWAG is, as I'd never heard of that tax term in my 30 years in the business," Rosen recalls. "With him being a local attorney, I was a bit nervous that we weren't aware of what a SWAG transaction was."
Following a fruitless search, Rosen was forced to admit to the barrister that she was unfamiliar with that particular tax shorthand.
"He chuckled and said, 'Do you know what SWAG stands for? Speculative wild-a-- guesses!'" she says. "At least he made me laugh on April 11!"