Part-time side gig with an EA

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  • #2781759
    CPA is a WIP
    Participant

    Hello everyone,

    I recently went on an interview for a part-time tax preparer role with a local enrolled agent who's been in business for 20 plus years; I was offered the job on the spot, although I do not have much experience in corporate or individual tax as my knowledge is capped at the basic 1040. The EA also stated in the interview, if I do well, he'll bump up my pay and provide a bonus after tax season! Moreover, he's seeking young personnel to perhaps sell his practice due to him being 67 and not having a desire to work much longer. This mom and pop shop prepare 1,600 corporate and individual returns and they use Drake tax software, and also provide accounting services. I plan to work 2 days out of the week for 4 or 5 hours ( 6 pm to 11 pm or 12 am) and an 8-hour shift on Saturdays. I have a full-time accountant job with another employer and just seeking a side hustle to make some extra cash. Additionally, his practice is manned by himself (EA & Owner), his wife, and a CPA. My questions for the A71 community are: would you opine that this would be worth my while? Would it be possible to resume my CPA studies while working on this side gig? I mostly work 40 hours with my main accounting role. Thank you for your input!

    #2782305
    freecloud
    Participant

    I think this question for me really depends on how muvh they offer you. If they pay you good, you should go for it. It is just 4 months only, not too long. You would be better to do your calculation, those extra money you earn have to taxed plus the salary of full-time job.

    Have good faith in yourself on the way of studying CPA exams😄
    #2782581
    CPA is a WIP
    Participant

    Starting $13.00 an hour.

    #2783145
    ReckedRecked
    Participant

    Yea, I would be eager to hire a CPA candidate class accountant for $13/hour as a body to fill a seat for tax season as well.
    It would be okay to gain some experience. I am sure you can learn a lot from someone who's been on the grind for 20 years.
    Whether it makes sense for a CPA to take over an EA tax practice. It all depends on where you are at in your career and where you want to be.
    EA rates are typically lower than CPAs, and once you are licensed you will need to boost revenue/prices to adjust to your higher rates, and probably lose some clients in the process, unless you can hire cheaper EA labor to do the work, and reserve your higher rate for more complicated tasks.

    The real question is do you see yourself being self employed? The tax game is very lucrative, low overhead, services always in high demand.
    If you can work out a deal that is beneficial, and you want to be self employed, this would seem like a strong move on your part.
    Be careful what you sign. Firms were going for 100% of gross, but as the baby boomers are aging out and looking for exit strategies the multiple for a selling firm seems to be dropping.

    Also, make sure you get any deal in writing. I was/am working for an employer that is now 74 years old. We had a verbal agreement for sweat equity, but now that I'm licensed CPA, all talks of me being made a partner have evaporated.

    He might just be talking you a big game to fill a seat for tax season. Don't get your expectations up too high. You'll see the true colors after April 15th. It's not uncommon for someone to grind an employee as hard as possible for tax season, and then let them go after all the hard work is done. Your results may vary. GOOD LUCK!

    Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

    FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
    AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
    REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
    BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

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