[outrenthome]

Hi!

Next Monday I am going to take my third CPA exam: REG.

As I get closer and closer to becoming certified as a CPA. I wonder if this is going to be worth it. I do love tax law with all my heart and I am currently working for a small CPA firm specialized in individual and small business tax returns. I make $40,000 per year plus $3,000 bonus. I have 2 years of experience and a Master of Science in Taxation earned in 2012.

I know this may sound like a lot of money for many, but here in Dallas, TX, it is within the low class income threshold and we barely make it paycheck by paycheck. I have no retirement benefits and I can only save about $100 a month for emergencies.

Our office staff is composed of me, my boss, a new graduate hire and an office manager… that is, there is a total of four people in this office.

My boss also hired me because he is 57 years old and he wants to retire. He is not married and does not have any children so he plans to sell his CPA business to a person he can mentor for the next 5-10 years. Once he will retire, the person who will inherit the business will pay him with a note and that will essentially be his retirement check. After retirement, he also plans to visit the office often and continue to meet with the clients and collaborate with the new owner of the business. My boss said he would want me to inherit his business one day.

These are my worries. This office essentially prepares small tax returns that do not require lots of research. It also does not officially offer accounting services (we have a girl we refer the clients to in case they need accounting). The clients are mostly people who are friends of friends of my boss… and I feel like my salary will always be the same for the next 10 years, until my boss will finally decide to retire, sell me his business, and I will be left with mediocre tax experience, a client’s list that was loyal to my boss (but may not be loyal to me!) and a huge monthly bill I will owe to my boss for the note issued when I will buy his business. That means, I will only have a chance in life of buying a house when I will be well into my 40s.

The firm grosses $250,000 per year.

Should I consider jumping ship after I get my CPA exam and hope to gain more experience in a bigger firm and negotiate a higher, at least “medium class” salary with a new employer? Or do you think I should stay here forever? How much of a salary do you think I should ask?

Am I sounding too entitled? (I think this is also part of the reason why I am asking this question in this forum)

And… by the way… I am Italian. I moved here in Dallas… for the sake of love…. 8 years ago!… The issue here is that I speak with an Italian accent… I feel very conscious about it and I feel like I may not be good enough to attract customers by myself because of my accent… However everybody says I am very likable and people feel very comfortable talking with me because they say I am able to explain complex tax laws using simple words… just with an Italian accent…and in Texas… so, should I and my spouse consider moving to a more “tolerant” state in the US? If so, what city do you suggest?

Thank you so much for your help!

[todd6414]

I'm surprised no one has mentioned this.

Stop thinking about tomorrow never the less 10 years. and take those blinders off. The road we are traveling is broader then we think. I would focus all my energy on passing all the tests and enjoy being a CPA.

Something will come your way, it always does of you work hard. Don't let your mind limit your possibilities. Also we get paid what we think we are worth. You should be getting more then 40k. Go get it!

Remember if you have 1 foot in yesterday and 1 foot in tomorrow, you're pissing on today!

Reg 83

Bec 71 72 79

Far 79

Aud 69 2/26!

[todd6414]

I'm surprised no one has mentioned this.

Stop thinking about tomorrow never the less 10 years. and take those blinders off. The road we are traveling is broader then we think. I would focus all my energy on passing all the tests and enjoy being a CPA.

Something will come your way, it always does of you work hard. Don't let your mind limit your possibilities. Also we get paid what we think we are worth. You should be getting more then 40k. Go get it!

Remember if you have 1 foot in yesterday and 1 foot in tomorrow, you're pissing on today!

Reg 83

Bec 71 72 79

Far 79

Aud 69 2/26!

[TAXMAN710]

Your situation sounds exactly like mine was! I have the same education and was hired by a small firm exactly with the same opportunity as what you are describing. The owner of the firm is older and wanted to retire and did not have any children to pass the firm to at that point. I gave up a high paying job as an associate in a large firm to take the job here with the “promise” of owning my own firm at some point. I started in 2008 and in 2009 he offered me to buy in as junior partner which I did. In 2011 he offered to go ahead and sell me the remaining portion of the firm and stay on just to work as an employee with me paying him monthly payments for purchase of the firm as his “retirement.” So in 5 years, I have gone from your spot to owning a small firm that grosses 300k with little overhead and I can set my own schedule. There is no reason that you do not start offering payroll and accounting services which is a more steady income stream compared to a strictly tax situation. In the other firm that I was offered a position in, I would still be a lower associate making 50k a year and working hours that are set by someone else….. A lot can be said for being a business owner! There are a ton of responsibilities, but the rewards are extensive too. Good luck!

REG-July 12
BEC-May 12
FAR-July 12
AUD-October 12

[TAXMAN710]

Your situation sounds exactly like mine was! I have the same education and was hired by a small firm exactly with the same opportunity as what you are describing. The owner of the firm is older and wanted to retire and did not have any children to pass the firm to at that point. I gave up a high paying job as an associate in a large firm to take the job here with the “promise” of owning my own firm at some point. I started in 2008 and in 2009 he offered me to buy in as junior partner which I did. In 2011 he offered to go ahead and sell me the remaining portion of the firm and stay on just to work as an employee with me paying him monthly payments for purchase of the firm as his “retirement.” So in 5 years, I have gone from your spot to owning a small firm that grosses 300k with little overhead and I can set my own schedule. There is no reason that you do not start offering payroll and accounting services which is a more steady income stream compared to a strictly tax situation. In the other firm that I was offered a position in, I would still be a lower associate making 50k a year and working hours that are set by someone else….. A lot can be said for being a business owner! There are a ton of responsibilities, but the rewards are extensive too. Good luck!

REG-July 12
BEC-May 12
FAR-July 12
AUD-October 12

[jonescobbs]

There's been some good advice given already but I thought I'd give the OP some more food for thought (In my first post, no less). I work at the State Comptroller's Office in Austin and I know we hire beginning tax auditors at $47k in all the major cities.

[jonescobbs]

There's been some good advice given already but I thought I'd give the OP some more food for thought (In my first post, no less). I work at the State Comptroller's Office in Austin and I know we hire beginning tax auditors at $47k in all the major cities.

[Guti]

Santander al Norte Cerca a Francia. Tu de donde eres?

FAR-84
AUD-
REG-
BEC-

[Guti]

Santander al Norte Cerca a Francia. Tu de donde eres?

FAR-84
AUD-
REG-
BEC-

[jrosen92770]

Soy de Nueva York. Soy americano, pero vivi en mexico por 2 annos.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

Soy de Nueva York. Soy americano, pero vivi en mexico por 2 annos.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[Guti]

jrosen, CPAHEREIM es de Mexico, chekeate el foro alot of cool people there.

FAR-84
AUD-
REG-
BEC-

[Guti]

jrosen, CPAHEREIM es de Mexico, chekeate el foro alot of cool people there.

FAR-84
AUD-
REG-
BEC-

[jelly]

Use your language skills. I currently work for a tiny CPA firm owned and operated by a native Italian, and yes, all of our clients have owners or managers who speak Italian. I don't speak a word of it (other than Ciao!)

There's also larger accounting firms out there that want Italian speakers, whether it's the national firms or regional firms. An example of a firm that specializes in Italian clients is Funaro & Co, with offices in NYC, Miami and Milan. (No I don't recruit for them, am just passing along what I know).

Keep in mind that Italy is currently the #1 country where people are trying to take their money out of, so a lot of tax planning and other consulting experience is very helpful.

Couldn't pass again!

[jelly]

Use your language skills. I currently work for a tiny CPA firm owned and operated by a native Italian, and yes, all of our clients have owners or managers who speak Italian. I don't speak a word of it (other than Ciao!)

There's also larger accounting firms out there that want Italian speakers, whether it's the national firms or regional firms. An example of a firm that specializes in Italian clients is Funaro & Co, with offices in NYC, Miami and Milan. (No I don't recruit for them, am just passing along what I know).

Keep in mind that Italy is currently the #1 country where people are trying to take their money out of, so a lot of tax planning and other consulting experience is very helpful.

Couldn't pass again!

[Author]

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