I really enjoy tax, but the hours and the lack of perceived value is finally getting to me. What are some other career paths within tax has a higher perceived value so we can charge more with my 4 years of tax and 5 years of audit experience? I wanted to start my own tax practice but the tax law changes and clients getting things to us last minute is not something I want to deal with anymore. Any guidance or suggestions?

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I struggled with this for a long time because it's hard to see the value in compliance, but it's these (especially for HNWIs). I started in real estate PE tax, and I couldn’t connect to the value. But I better understand how a good preparer can make a big difference.

I’ve learned there are plenty of bad CPAs out there, particularly for individuals. I used to do taxes at a wealth management firm, and I saw real value in correcting a client’s previous tax errors or finding a way to help them save taxes but just understanding the code.

It’s harder to understand for pass-throughs because it’s less tangible and immediate, but these pass-throughs ultimately end up with individuals who are usually very tax-sensitive. So good compliance can really help them. Also, it helps the business - there are ways to help manage tax liabilities, and this ties into their cash management.

Day to day, especially at lower levels, it’s hard to remember, but there is value! If you want to own your own practice, it’s imperative you fully believe in this (at least I think so).

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Interesting perspective.

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M&A

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So if you’re in M&A, you don’t need to actually complete the tax return? Do you just advise on the tax implications?

There’s an incredible amount of value in tax so I would recommend new mentors or a new firm.

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What sort of tax are you doing now? Yes there is little value in compliance but a lot of value in consulting.

Pass throughs and HNW and starting to do more crypto clients but mainly helping them calculate gain/loss.

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I see you do HNW. Sounds like a family office is the path for you. They come in all shapes and sizes and some are in better positions than others.

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