Financial Planning Feed

financial planning estate

The AICPA provides information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and investment planning advice.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Staying Ahead of the ATRA and NIIT Curve

Financial-planning-consultationDue to the American Taxpayer Relief Act of 2012 and the net investment income tax, many clients have no doubt experienced the impact of the new multi-layered tax environment. According to a panel of leading CPA financial planners, clients ranging from those with high net worth to those with middle income were shocked to be hit with the NIIT and higher tax rates this tax season, and have been receptive to proactive planning to mitigate in future years.

Consequently, 2014 is the year to sit down with your clients and provide proactive guidance, education, planning and expertise. Here are a few helpful tips from our panel of experts to help you do that.

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3 Tax Planning Tips for Parents-to-Be

BabyMy husband and I, both CPAs, are expecting a baby boy in August. Of course, being the fun-loving accountants that we are, as soon as we found out about the good news, we started thinking about tax planning for our new addition. Names, nursery theme, telling our family about the good news – those items could wait.  But, tax planning, that was a today item.

I’ve been fortunate to work with many clients with children in my public accounting days, so I knew the general tax items that we needed to think about, such as tax credits, flexible spending accounts, household employee/nanny rules, etc.  However, I wanted to refresh myself on these items and share some insights with anyone who has or will have a family. Here are some tips for you parents-to-be:

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Beyond the Tax Return: Transition to Trusted Adviser

Trusted-adviserIs this a scenario you could relate to during busy season? It’s one of those days. Your schedule is jam packed. You’re working in overdrive to get it all done. The next thing you know, the receptionist buzzes you with news that one of your clients is in the lobby to drop off some paperwork. They would like to see you if you have a few minutes.

“ARGGHHH…not today!” you’re thinking. “I just don’t have time.” As tempting as it would be to decline the last minute request, you’re mindful that a client is right there in your office. That means you have the opportunity to amp your trust factor while they’re visiting. Maintaining a hands-off approach can make client retention tough. In my practice, the biggest complaint we hear from prospective clients who are considering a new firm is that their current tax expert never talks to them.

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3 Tips to Find Your Professional True North

CompassFinding your professional true north, a path you can be passionate about and one that will provide you with direction in the future, is attainable – when you have the right navigation. Whether it is honing your personal skill set, positioning your practice for growth or transforming your organization’s technology infrastructure, it is important that you be the navigator. There are endless possibilities to explore, pursue, master and achieve, and it is important you arrive exactly where you want to go.

Keep in mind that finding your way often means asking for directions and talking with others who have already arrived at your desired destination. They can tell you what is not on the map and the best roads to follow to enhance the quality of your journey. Here are three quick tips to find your professional true north:

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Tax Planning is a Critical Factor in Financial Planning

Financial-planning-consultationCongratulations on making it through another tax season! From those long hours, including rigorous reviews and meetings with clients, you’ve gained unique insight into their lives—insight into their incomes, spending habits, investments and life events. Income tax planning and estate planning elements have become a more critical part of overall personal financial planning with the enactment of the American Taxpayer Relief Act of 2012 and the Net Investment Income Tax. While reviewing those 1040s, you are able to envision potential tax impacts of financial decisions and begin considering tax planning strategies for your clients, which broadens your relationship. This is a great first step in helping them meet their overall financial planning needs, including making estate, retirement, investment and risk management planning decisions to move them toward their long term goals.

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