[Josh]

Glad to help, least I can do for all the info you've shared over the years here that I often reference.

I agree with you and that's what I've been doing is taking clients nights and weekends but I also work tax season for a local CPA firm cranking all their returns in addition to my own.

My benefits alone are worth $25,000 a year but actual salary is 10k below the going rate and going on 4 years there seems to be little to no mobility, not to mention the politics and work are just… different.

I think I'm ready to return back to public full-time and am leaning towards merging in with the local firm, just waiting to have that conversation with the partners at the end of this tax season. I fell in love with tax and I think it's time to go back to what I love.

Thanks as always Recked, let me know if I can share any practice merger input, I've been through several now and many things were learned each time.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

Hey Recked! Glad to see your posts, I popped in to get a few ideas for myself going into a second season keeping my government job by day and cranking returns for a local firm by night. I'll have to make a decision this spring to either A. Continue this current arrangement, B. Fully return to public and drop the government gig, or C. Build my own thing from scratch with the few healthy accounting and tax clients I have of my own.

Anyway, my first firm went through multiple mergers and sales over a few years and 1 of those sales was to H&R. In 2015 they did offer dollar for dollar purchase price of the client list BUT only if the employees who serviced the majority of those clients also went to H&R which included 1 CPA. I believe the offer was also contingent on going through the whole tax season and the amount made that year was the sale price. It was weird and felt weird the whole way through.

We bought a firm, dollar for dollar as well, but same deal that we waited to get through a whole tax season to calculate actual revenue potential and required those partners to do a handoff of each client to one of us.

Happy to answer whatever I can without over disclosing.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

Pete – You never have to take the exam again for any reason and the state CPA applications clearly ask you if you originally applied in a different jurisdiction for the exam to check a box so they know to fully evaluate all your credentials and request full transcripts from you to do their own evaluation for license approval. People register all the time in states different from where they live because some states have easier requirements.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

Just wanted to add some update to the direction I've decided to go in for info sharing and (please feel free) feedback. Currently working a government job at a flat 40 hours with work from home and flex hours for $70k a year. We only do annual raises so the prediction currently is a bump to 78k-80k for passing the CPA. The first firm I happened to contact needed a CPA to help with a projected 150 or so returns and offered me $35/HR to do nights and weekends. No non-compete, just a simple agreement. I already have a handful of my own clients which they prefer I house separate from this arrangement so that still leaves me having to fork out cash for software and a simple setup for this year. I feel a tiny bit off about the pay considering my understanding of the business is tax only, $500 per return average, and swamped but then again it also sounds like the person I'm subbing in for primarily serviced 1040's with minor complexities.
–
I'm curious what experience other people might have with the current going rate for a CPA moonlighting after hours?
–
I'm a little worried cranking someone else's returns will detract from building my own clients this year but it feels like a great way to build reserves for now.
I really see myself diving into this full-time in the future but I feel like that's at least 2 years away when I have a comfortable nest egg to feed myself while transitioning from part-time to full-time client building. Not married, no kids, no plan to change that.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

I completely get your frustration Recked and very much think you're trying very hard to move this forward amicably but if the other person is a brick wall you can only push so far. I love that you brought this here because I see it as the ugly side that does happen (often) and catches fresh CPA's off guard. If you perform professional services there's going to be litigation. If discussions continue to go no where I really feel like you're worth more than this and should craft the exit strategy that works best for you, I just also wanted you to know that litigation is completely understood and acceptable in these situations. I'm getting the feeling you're being pushed off until the end of the impending tax season so he has his golden goose for 1 more cash grab before he makes a decision. I really hope this turns out in your favor.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

So I've been through this 7 times over 5 years with the small firm I started with (no litigation for me, just contributed to the litigating). I really hate when I see partners who feel entitled to scrape more than the 1/3rd rule because “they built the business on their name regardless of what you brought through the door”. Anyway, I think if anything what you'll end up with here is a counter suit. If you have material evidence of clients and revenue you directly contributed into the firm then you can list that out and go for a final “if I'm not going to be paid X based on X then I'd like to leave and take (list) with me”. All of the CPA's I've had to help (low man in the firm at the time, grunt work was all me) put through litigation just left with what they could support was built by them and counter sued to keep their clients. Most of them won on the basis that no one can stop you from working and earning a living and everything is co-mingled in a firm setting but a couple lost who could not show evidence of building the list of clients they left with. Some offered to pay 50% of 1 year revenue to settle and move on with life. I'm not a lawyer and this certainly isn't legal advice, just sharing personal experience.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

All great info Recked (as always). I've unfortunately had to sit through multiple non-compete lawsuits against others during my time at the small firm (we had a standard 2 year/50 mile non-compete) and completely agree with you that everyone should really discuss and contractually agree to specific terms if they go the route I chose. I'm lucky enough to have attorneys as clients/friends who've helped me construct a simple agreement that is essentially saying what's yours is yours and what's mine is mine with no limitations should we part ways other than both parties agreeing to not poach off each other. Sorry to turn this thread into a legal fest but that is a super important point Recked brought up. I'm really not a HUGE Ultratax fan, I just feel like it's too complex sometimes where it can be more simple like Taxwise and twice the cost but it does print much more professional 990's, 1120's, and 1041's plus it connects to the million other programs we use as professionals (LOVE the fixed asset manager, it was amazing for audit clients). I wish we could sticky a thread or something just for the “after exam” life conversations like these.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

So I decided to knock on a few firm doors and as luck would have it there were a couple of CPA's willing to take in someone licensed (or soon to be in my case, just waiting on that good ol admin processing system) to do after 5pm work. I did this because I specifically like TaxWise & Ultratax software and my current cash flow and potential client list do not equal the cost of those nice things. I'd really rather do my own thing and set my own terms but I also really really love tax so if someone is willing to let me build my own clients while also cranking out for them I think it's a perfect situation for now. My day job could grow into something more demanding after the holiday so we'll see where the chips fall. I spent my first 5 years in a small firm growing various business lines so I think I'm kind of addicted to that structure and life.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

I can't believe I get to finally post in this thread. I started to poke at this journey in 2013, put it off a year, got serious, watched all my co-workers and friends accomplish their plan while I stumbled the whole way. Had 3 of 4 down in 2016 when I failed FAR and started to lose each section. Came back at it in the summer of 2018 and just finished this month with my 4th run at FAR. Thank you to Jeff & Ninja for being a great supplement where I needed it when Becker just didn't complete the picture for me. Good luck everyone, I've got a lot of life to catch up on!

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

Looks like the eyeball trick is working this morning – just Audit sections reporting activity so far though from what I can tell.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

@Sxy5130 Make sure you ask for study course reimbursement, BT will reimburse you. They will also give you 4 days special PTO, 1 day for each exam, separate from your primary PTO bank. They'll also pay for all 4 exams once you pass but only the cost of one try each, obviously not multiple attempts. You'll get a raise bump + bonus for passing. Third busy season experienced staff is usually bumped to Senior and Senior + CPA in your market will be roughly $67k to $70k (BT specifically). Everyone wants to transfer to the DC market because they brag about how they toss out 14% raises buuuut cost of living is gross.

Make sure you work with your Senior & Manager to develop a study and work plan from the start so they can protect the time you need to get through all 4 sections. A group of us seniors struggled on the assurance side to finish the exams with our workload there but the tax team seemed to do just fine.

Good luck and enjoy!

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

I was a senior (assurance) for BT and can honestly say it's a great place with great opportunities. They float between #11 and #13 through acquisitions nationwide. We often referred to ourselves as the place where Big 4 people go to relax after their 2 year burnout. The PA offices were acquired to strengthen the healthcare presence and those teams are utilized in a lot of other markets to consult on gaining other healthcare accounts. Benefits are pretty great, raises are high, all around solid place.

I've considered going back but Government benefits are just so delicious.

Hope everything pans out for you!

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

@hankscorpio – Becker has been great to me thus far and I've certainly not taken advantage of the skillmaster videos for the sims so I'm going to watch a few of those this time around with any struggle items. Thank you, I hope July 20 will be a day to celebrate.

@Jennifer – I very much followed that same format with Becker for the other sections. Lots of mini MCQ drills through each chapter at 20 at a time starting about 7 days out from the exam. Worked well, I just let the mass of FAR overwhelm me and didn't apply the same approach. I started gathering data like Chandler suggested above yesterday and that's been eye opening for sure. I'll be moving back into drills once I have my areas mapped out. I keep psyching myself out that this is the one test I've never passed and I have to pass it and I only have 2 quarters left before I lose a section and so on…. Just have to get out of my head. Congrats to you and thank you for sharing your experience!

@Krstnam – That does make sense, I've found myself going back to read a couple of sections, mostly things that have updated or changed during my testing. Thank you for that insight.

I really appreciate all of you, thank you for the awesome feedback. I'm going to power though to July 20th and hopefully all of the above helps anyone else struggling to get over the hump.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

@Matt I appreciate that and you're right, FAR is a mile wide but an inch deep and I tend to want to go scuba diving down into granular detail with everything. Auditor brain perhaps? Possibly just overthinking it.

@Chandler and @Recked thank you both for the input, I really wish I could pin a lot of the posts you two have shared. I adopted Chandler's text + MCQ method last year which is how I shimmied through AUD & BEC quickly this go around. I've also thought I might eventually put all my tax knowledge to work in my own firm and keep following your journey Recked. What you're both suggesting is what I failed to do this time which is practice tests to both refresh and evaluate. Looks like I've got a lot of quality time with the Becker Practice Test feature ahead.

@2bigcpa We've got it this time, we've practiced enough and we're ready to celebrate so let's just make it 3 and done.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Josh]

You'll get an e-mail if you're one of the people who purchased a qualifying product. You had to have bought the actual Becker Bundle, not just the 4 part Becker course. The bundle includes the flashcards and final review, ect.

Only the more expensive Becker Bundle is unlimited going forward, none of the other products.

"I didn't fail the test, I just found 100 ways to do it wrong." - Benjamin Franklin

2018 is my fresh start from the beginning

AUD - 82 October 2018

BEC - 80 November 2018

FAR - 82 November 2019

REG - 81 June 2018

 

[Author]

Replies