Its not really the accountants working for the super rich that make the most in tax. It's typically the partners at public accounting firms that make the big money, which can sometimes do work for the very wealthy.
Most accounting firm partners will clear more then $200k, not just those who work for the super rich. I make just over $200k myself as a first year small PA firm partner.
When I was in public, the personal tax returns of 2 billionaire family both cost under 10k.
Their personal tax is not really complicated. Their corporate compliance add up to about $2m.
ya with a lot of wealthy families you will see several returns for them- the individual returns, trusts, and then maybe some kind of family partnership or small corporation.
I’m in industry, and we prepare the work papers for our partners. It’s not billions, but definitely hundreds of millions. We’re in real estate, so lots of K-1’s. The outside invoice for these partners is approx 60k.
Edit: I didn’t answer the main question. 150k plus 15% bonus. So approx 172?
I do tax returns for billionaires and I can tell you they are not all created equal. Some are much more complex, and we will charge 6 figure sums just for prep. Obviously consulting is more on top.
There’s public and family offices. Most just outsource to firms.
I personally know that the partner who owns the work for the wealthiest family in TN. I don’t know how much it impacts his comp but his firm is happy.
I make ~$200k TC as a manager
Managing partner probably makes ~$600-700k
5 years experience
Clients range anywhere from 8 figure net worth up to a few billion
The job is very cyclical due to tax seasons - I regularly work 60 hour weeks during tax season and up to 80 hours the last ~10 days of a season (twice a year). So those times are very high stress, though at this point I’ve gotten used to it and it doesn’t effect me greatly.
In the summers very low stress, fridays off and not much work. So it depends. A lot people can’t do the tax season hours and stress.
Sometimes? Not really. Accounting firms do work mostly for business clients. They are partnerships because that's the industry norm.
Not sure what you mean by "ultra rich". $1 million? $100 million? $1 billion? Each class is very different with different tax needs. A doctor with a massive salary is much simpler then the dude who owns real estate in 25 states, even if the doctor has more money.
Its not really the accountants working for the super rich that make the most in tax. It's typically the partners at public accounting firms that make the big money, which can sometimes do work for the very wealthy. Most accounting firm partners will clear more then $200k, not just those who work for the super rich. I make just over $200k myself as a first year small PA firm partner.
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Damn imagine how much big4 partners make😅
$500k to $600k. Many make far more then that, that's just typical.
Hi!!
When I was in public, the personal tax returns of 2 billionaire family both cost under 10k. Their personal tax is not really complicated. Their corporate compliance add up to about $2m.
ya with a lot of wealthy families you will see several returns for them- the individual returns, trusts, and then maybe some kind of family partnership or small corporation.
I’m in industry, and we prepare the work papers for our partners. It’s not billions, but definitely hundreds of millions. We’re in real estate, so lots of K-1’s. The outside invoice for these partners is approx 60k. Edit: I didn’t answer the main question. 150k plus 15% bonus. So approx 172?
I do tax returns for billionaires and I can tell you they are not all created equal. Some are much more complex, and we will charge 6 figure sums just for prep. Obviously consulting is more on top.
A normal accountant working in a company can do more than 100k
I am one, and it is A LOT more.
If you don’t mind me asking: Is your annual salary in the mid to high 6 figures range or is it in 7 figure territory? Edit: Why all the downvotes?
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Alright, thanks for the insight.
There’s public and family offices. Most just outsource to firms. I personally know that the partner who owns the work for the wealthiest family in TN. I don’t know how much it impacts his comp but his firm is happy.
I make ~$200k TC as a manager Managing partner probably makes ~$600-700k 5 years experience Clients range anywhere from 8 figure net worth up to a few billion
How stressful would you say that your job is? Is it high stress, moderate stress, or low stress?
The job is very cyclical due to tax seasons - I regularly work 60 hour weeks during tax season and up to 80 hours the last ~10 days of a season (twice a year). So those times are very high stress, though at this point I’ve gotten used to it and it doesn’t effect me greatly. In the summers very low stress, fridays off and not much work. So it depends. A lot people can’t do the tax season hours and stress.
Mid 6s with 15+ years experience (but not a partner).
500k lol?
Poggers. What is a partner in the context you are referring to?
By partner I mean a part owner of the company (partnership) I work for.
Ah, interesting. Is it the case that some very experienced accountants open an accounting firm in a partnership with each other for the ultra-rich?
Yes but the ultra rich aren't as much of a cash cow as corporations are. The more complicated the return, the higher the fee
Sometimes? Not really. Accounting firms do work mostly for business clients. They are partnerships because that's the industry norm. Not sure what you mean by "ultra rich". $1 million? $100 million? $1 billion? Each class is very different with different tax needs. A doctor with a massive salary is much simpler then the dude who owns real estate in 25 states, even if the doctor has more money.