Taxed but undaunted, this CPA loves a challenge

Many people dread completing tax returns. Jacquelyn Tracy savors it. The partner at Mandel and Tracy handles about 200 returns annually for high net-worth individuals – and enjoys every minute of it.
“I like the challenge of it,” she said. “I like being able to solve problems.”
Perhaps that’s why Tracy has had success moving from a paraprofessional in KPMG’s tax office to a partner at her own accounting firm in Providence. Along the way, she became a certified public accountant, picked up a master’s degree in taxation and served as president of the Rhode Island Society of Certified Public Accountants.
Not bad for a woman who found herself in the taxation field almost by accident. After graduating from Stonehill College with a business degree, Tracy interviewed for sales and management jobs. When a note came from the college’s career office that a job at KPMG matched her profile, she applied, attracted by the opportunity to work at a big firm, earn a good salary and participate in a rigorous training program.
KPMG would hire her and place her at its Boston office, preparing returns. At the time, she would become one of few women in the accounting field. Even the female partners at KPMG tended to be relegated to fields stereotypical of women, such as health care and education.
For Tracy, being one of a few mattered little. She was hooked on taxation.
Her boss promised her a promotion if she became a CPA, so she did, putting in 1,000 hours in the audit division before securing her certification in 1992. In 1997, she headed to the Montvale, N.J., office to help KPMG redesign its tax process and then train its employees worldwide. She would eventually work her way up to a senior manager and assistant director of a tax team based in Providence. The office handled returns for wealthy individuals.
But in 2005, KPMG was forced to divest itself of much of the business after a tax-shelter scandal. Tracy and colleague Kathryn Mandel smelled opportunity.
With KPMG’s cooperation, Tracy and Mandel set out on their own, taking KPMG’s former clients with them.
By Jan. 1, 2006, the pair had incorporated and moved into temporary quarters at Eagle Square in Providence. They lugged a shredder and a small copy machine from Staples across the street. They did a little cheer when they successfully sent their first fax. They also started implementing workflow policies to ensure all tax returns could be completed on time.
“It was fun because it was something new and different,” Tracy said.
The firm has since moved to a permanent office in Eagle Square, but the need to develop new policies has not slowed. Tracy must contend with changing tax rules, unusual tax situations and the annual race to complete returns by April 15.
Then there are unforeseen twists – like when record amounts of rainfall last year overflowed the Woonasquatucket River and cut off access to Tracy’s office.
The likelihood of unexpected events means Tracy never slows down during tax season. There’s an unwritten rule in the office that Tracy and Mandel do not talk about how the season is going. Instead, they put their heads down and barrel through the returns.
“People do kind of look at you like you’re crazy,” she said. “But also they’re happy that someone does it because taxes have to be done.” &#8226

No posts to display