Corporate CPA that wants to prepare tax returns

Hello Everyone,

I'm looking for advice here as I realize most of you own your own business, and could probably provide some good insight. I am a CPA working in corporate accounting. I have about 8 years of experience, and I got my CPA license about 4 years ago. I have never prepared a tax return besides my own, and my spouse's before we were married.

I really feel as though I missed the boat when it comes to public accounting because I went straight to corporate after college. It seems as though: A) Big firms only hire recent college graduates, and B) Small firms hire CPA's from bigger firms that want a better work life balance. I realize this isn't true in every case, but I feel strongly that this is how it's normally done.

I like what I do now, but I very much regret that I didn't try going into tax early on because I have a strong interest in it, and every year I think "what if".

I don't have the experience to just open up my own firm and start preparing returns. Sure, I could do that, but I think it's foolish. I need a minimum of a few years under a seasoned preparer to get practical experience. In my opinion, the theory of the CPA exam is a lot different than the reality of actually preparing returns.

I've tried to think about what I could do to improve my marketability to smaller firms. My ideas:

1. Pass the EA exams to prove I have recent in-depth tax knowledge. (Not sure this is worth it, but I think the EA exams are probably more comprehensive than the CPA Reg exam, plus it would be recent).

2. Try to work for one of the big box stores part-time for a season or two. (I know these are not great places, but many people seem to have started this way).

If you own your own firm, would you ever hire someone like me? Do you think these are good ideas to eventually get hired somewhere?


Thanks,


Matt

I’m sure there is at least one or two cpa firms in your area that would hire you for busy season

3. Continue your day job and build up a moonlighting practice preparing tax returns. Start with friends and family.

4. Find an older CPA that is getting close to retirement that is willing to teach you everything they know on the blind faith that you will take over their practice and help fund their retirement. After a few years, quit. Repeat.

4. Find an older CPA that is getting close to retirement that is willing to teach you everything they know on the blind faith that you will take over their practice and help fund their retirement. After a few years, quit. Repeat.

you reap what you sow

I agree with Wiles except that you don't have to go with blind faith that someday you will end up owning that business. You can make that agreement after you get trained and negotiate a deal. I too took over the business of a retiring tax preparer after negotiating a retirement plan / business continuation.

You already have the background for an entry level tax preparer in a small firm. A small CPA firms #1 priority is bringing in clients; you need to demonstrate that competence. I would also find an area that you are interested in, i.e. partnerships, real estate, international. Finally, go to your State Society, network, go to seminars. Small shops are much more informal and can give you work and train you, but cant give you enough work to replace your current salary.

Mid-sized firms rely very heavily on their existing network. It is like a small town, I have never enjoyed working for them.

Big firms, go get a Masters in Tax at a good university. I know an accountant who started his tax career in International at Ernst and Young at the age of 40, coming out of the right school.