Discussion:Career Question
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| Revision as of 12:25, 8 September 2006 Death&Taxes (Talk | contribs) (While in college) ← Previous diff |
Revision as of 14:11, 8 September 2006 MSTguy (Talk | contribs) (Not a CPA yet.) Next diff → |
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| {{ForumReplyPost|UserID=Death&Taxes|Date=8 September 2006|Text=While in college under my school's co-op plan, I spent 21 months in total with "Big 8" firms [which tells you how long ago this was]. I take it you are not a CPA. Those firms then, and maybe now, pushed their 'men' to pass the test, but then often sent these same success stories off to one of their clients to be Assistant Controller or some such position. Many years later, after being the right-hand man of a tax lawyer I interviewed with a 'White Shoe' law firm for their tax department. I'd been doing 500 returns a year, manually, in the lawyer's practice. Here I would prepare no more than 150. The tax lawyer gave me great autonomy and had me handling tax audits, problem-solving, and collections {ugh]. At White Shoe there was more structure, more review processes and more specialists to handle everything. At the tax lawyer's, my advice on tax shelters was often directly opposite that of my boss. These were mostly equipment leasing deals. (He represented two principals of leasing companies.) Having done 6-8 audits of these shelters, I'd seen how little clients understood them and all only wanted IRS off their backs. I would often tell not to buy them. The big law firm manager told me that if White Shoe approved of something it was good. In essence clients got their reassurance from the firm name on the return; with the tax lawyer, and now in my own practice, clients were reassured by my signature, not the firm's. Ironically, years later a client brought in an "OJ Simpson" damages award in a case where a family member was killed by a prominent man. White Shoe had been the lawyers; they recommended the family members report the award net of fees [this before the Supreme Court ruled against this] without really explaining the risk in their letter. They simply stated they felt there was ground to fight and at worst, avoid any penalty. They wording to be used was the enter "Award at net" on Line 21. }} | {{ForumReplyPost|UserID=Death&Taxes|Date=8 September 2006|Text=While in college under my school's co-op plan, I spent 21 months in total with "Big 8" firms [which tells you how long ago this was]. I take it you are not a CPA. Those firms then, and maybe now, pushed their 'men' to pass the test, but then often sent these same success stories off to one of their clients to be Assistant Controller or some such position. Many years later, after being the right-hand man of a tax lawyer I interviewed with a 'White Shoe' law firm for their tax department. I'd been doing 500 returns a year, manually, in the lawyer's practice. Here I would prepare no more than 150. The tax lawyer gave me great autonomy and had me handling tax audits, problem-solving, and collections {ugh]. At White Shoe there was more structure, more review processes and more specialists to handle everything. At the tax lawyer's, my advice on tax shelters was often directly opposite that of my boss. These were mostly equipment leasing deals. (He represented two principals of leasing companies.) Having done 6-8 audits of these shelters, I'd seen how little clients understood them and all only wanted IRS off their backs. I would often tell not to buy them. The big law firm manager told me that if White Shoe approved of something it was good. In essence clients got their reassurance from the firm name on the return; with the tax lawyer, and now in my own practice, clients were reassured by my signature, not the firm's. Ironically, years later a client brought in an "OJ Simpson" damages award in a case where a family member was killed by a prominent man. White Shoe had been the lawyers; they recommended the family members report the award net of fees [this before the Supreme Court ruled against this] without really explaining the risk in their letter. They simply stated they felt there was ground to fight and at worst, avoid any penalty. They wording to be used was the enter "Award at net" on Line 21. }} | ||
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| + | {{ForumReplyPost|UserID=MSTguy|Date=8 September 2006|Text=Not a CPA yet. Massachusetts requires 150 hours of college credit before the exam can be taken (although currently they are looking at reducing it to 120 for purposes of taking the exam, but 150 for being licensed) I'm working on my master's in taxation, and have just about 150 hours now, so once I finish the masters I'll start studying for the exam.}} | ||
Revision as of 14:11, 8 September 2006
Discussion Forum Index --> Tax Questions --> Career Question
| 8 September 2006 | |
| It seems to me that the majority of users and contributors to these forums are public accountants either working as sole proprietors or within small, local tax practices. I'm just curious to find out if any members here work for larger national accounting firms or perhaps even for one of the Big 4. In addition, does anyone out there work in industry as a tax manager for a corporation or similar? I've been in public practice at a very small local firm for 3 years now (straight out of undergrad) doing mainly tax preparation and planning for individuals with closely-held businesses. But I've recently been wondering if it would be worth my time to try out a bigger firm just for a change of pace - I'm always worrying that I'm missing out on learning more things or finding a niche I enjoy more, but at the same time I don't want to fall prey to the "grass is greener" theory. So if anyone has any personal career advice or stories they could offer about working in public practice at a large or mid-size firm versus as a sole proprietor or partner in a local firm, I'd be more than happy to hear them. What matters most to you guys - salary, work-life balance, etc., etc.? Thanks in advance. | |
BottomLine (talk|edits) said: | 8 September 2006 |
| I was in risk management in the commercial banking industry for 20 years. There is not enough money in the world to make me go back. Although I still work the 60-80 hours a week that I worked then, now - the harder I work - the more I make. Not so when you work for a salary and the question is what have you done for me in the last 60 days. Now if I don't like a client's ethics, I can fire them. I left two banks because I didn't agree with them defrauding the regulators and the stockholders and then senior management expecting ME to sign the reports so they could pass the buck if they got caught. I now have a small bookkeeping and tax business. I help my clients make money and plan for the future. They appreciate me! | |
| 8 September 2006 | |
| Great question MST! I'd also like to hear the opinions of the experienced people here. | |
Death&Taxes (talk|edits) said: | 8 September 2006 |
| While in college under my school's co-op plan, I spent 21 months in total with "Big 8" firms [which tells you how long ago this was]. I take it you are not a CPA. Those firms then, and maybe now, pushed their 'men' to pass the test, but then often sent these same success stories off to one of their clients to be Assistant Controller or some such position. Many years later, after being the right-hand man of a tax lawyer I interviewed with a 'White Shoe' law firm for their tax department. I'd been doing 500 returns a year, manually, in the lawyer's practice. Here I would prepare no more than 150. The tax lawyer gave me great autonomy and had me handling tax audits, problem-solving, and collections {ugh]. At White Shoe there was more structure, more review processes and more specialists to handle everything. At the tax lawyer's, my advice on tax shelters was often directly opposite that of my boss. These were mostly equipment leasing deals. (He represented two principals of leasing companies.) Having done 6-8 audits of these shelters, I'd seen how little clients understood them and all only wanted IRS off their backs. I would often tell not to buy them. The big law firm manager told me that if White Shoe approved of something it was good. In essence clients got their reassurance from the firm name on the return; with the tax lawyer, and now in my own practice, clients were reassured by my signature, not the firm's. Ironically, years later a client brought in an "OJ Simpson" damages award in a case where a family member was killed by a prominent man. White Shoe had been the lawyers; they recommended the family members report the award net of fees [this before the Supreme Court ruled against this] without really explaining the risk in their letter. They simply stated they felt there was ground to fight and at worst, avoid any penalty. They wording to be used was the enter "Award at net" on Line 21. | |
| 8 September 2006 | |
| Not a CPA yet. Massachusetts requires 150 hours of college credit before the exam can be taken (although currently they are looking at reducing it to 120 for purposes of taking the exam, but 150 for being licensed) I'm working on my master's in taxation, and have just about 150 hours now, so once I finish the masters I'll start studying for the exam. | |
