I’m a potential career changer (Financial Reporting to tax) humbly asking for advice or at least things to consider. I have searched the threads and found a couple very helpful, but the other posters situations were quite different.
Me:
-- 49 y/o, CPA.
-- Bored.
-- Fairly solid GAAP preparation and GAAP research experience in different industries. Deep domain expertise in banking
-- I focus on the most complex accounting issues at our organization (derivatives, regulatory capital, troubled-debt restructurings, etc…)
-- large city in Texas
-- Chose non-management (technical expertise) track at current Fortune 500 financial institution. Previously, held financial reporting manager position where I was effectively the controller of smaller organization.
-- $130K Base, + 25% target bonus, top tier benefits
-- I have zero tax experience, minus my own and my mom's 1040's
Why switch?
-- I think I would be good at tax
-- I think I’d find it intellectually challenging. I have browsed the “Taxation” forum and am blown away at the seemingly endless scenarios that arise. OMG
-- I’d like to work part-time or seasonal after retirement in my 60’s, and that seems doable with tax.
-- I like the idea of potentially going back and forth between the private sector and IRS
Concerns:
-- Pay cut for an unknown number of years, especially the first few until I can make myself more valuable.
-- I work a lot of hours now. Do I really want to get into a another position where there is a tax season? I could, but would want to find an arrangement where you rest after sprinting. Then sprint again.
-- Stuff like the recent thread about a client wanting to game compensation as an employee of their S Corp. I haven’t thought through how I’d philosophically approach these, or even how much agency I’d have as an employee, at least at first
Other:
-- No interest in Big 4 (i served my two years hard time already, in audit)
-- No interest in the type of 1040’s that could or should be done for free by VITA or similar
-- I’m open to the wide gulf between these two
-- I am interested in business development
My ask:
-- What does a career path look like for me? Am I even hireable?
-- Is taking the EA exam a reasonable approach to get baseline tax knowledge?
-- Assuming I have some natural ability for tax, how many years before I could strike out on my own or take a leadership role in a local or regional firm?
-- How weird is it for some 49 y/o dude to start what I assume would be an entry level position?
--Anything non-obvious (or even obvious) for me to consider?