10 posts categorized "PTAS" Feed

What I learned from my clients' tax returns

Shutterstock_747539488If you’re a CPA who has considered a move to financial planning, there are a few strong reasons why you as a tax practitioner are already best positioned to offer Personal Financial Planning (PFP) services. A little over a year ago, I achieved a lifelong dream when I opened my financial planning practice after 28 years as a CPA. Setting off on your own can be daunting, but I knew I was ready, in part because of my extensive tax background. Here’s how I knew:

Tax expertise is the foundation of personal financial planning.

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Tax tops the list of best jobs. But wait — there’s more

DifferentA day before my meeting with Brooke Salvini, CPA/PFS, she receives a serendipitous note from one of her clients:

Thank you so much for your genuine way of being. You create such an atmosphere of peace, acceptance, and sincere interest in your work and in individuals. It’s just so clear you care. You’re appreciated by me. Please know you make such a difference in my life…

I call this note “serendipitous” because Brooke and I are scheduled to discuss the results of a recent survey published by Glassdoor and popularized by an article in Barron’s. The study reveals that tax managers have the best job in the United States — a claim supported by several measures including median pay, upward mobility and job availability. The study also echoes a popular notion championed by the AICPA — that automation and other technologies are untethering tax professionals from data entry and other repetitive accounting functions, allowing them more time to forge stronger relationships with clients.

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3 signs your client’s investments aren’t tax friendly

Investments blogYou know a lot about your tax clients — their jobs, their kids’ names, what kind of cars they drive — and you know even more about their finances. Most of the time, your clients are happy to share their complete financial lives with you. But, occasionally, when delving into the numbers, you’ll uncover financial moves you didn’t know about. Often, those moves involve their investments.  

You may be hesitant to talk to your clients about their investments. But remember, proactive conversations about all the financial issues affecting them are part of a CPA’s job. In addition, talking about investments as a part of their entire financial picture is a great way to start planning conversations — especially as we head into year-end. Not to mention, this is an added chance to cement your relationship as their trusted adviser.

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4 ways to get your firm beach-ready this summer

GettyImages-694005116The coming of summer means longer, lazier days filled with outdoor fun. But once we’ve packed away the thick wool and sleek leather jackets that defined our winter existence, we’re often faced with an unpleasant truth: months of indoor living have left us feeling unprepared for outdoor activities like beach volleyball and surfing. And many times, a long winter may have left your firm a little out of shape, too.

Whether the barely managed chaos of tax season forced you to put off the exercises that would have helped keep your firm… well, firm, or the rapid approach of October has you procrastinating in getting to your firm’s self-care, summer is a perfect chance to get everything in shape and ready to show off.

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What to do when your client gets terrible health news

Ill client blog postNo one knows when a health crisis will strike. We can take steps to mitigate our risks — eat healthy food, exercise more often, quit smoking — but that doesn’t mean we can plan whether we’ll get sick.

But we can plan financially.

Jim Sullivan, CPA/PFS, specializes in working with clients suffering from chronic illnesses. He has seen firsthand the devastating effects of a sudden, serious health crisis and is an expert at care plan funding and recovery. His work, as he described it, allows his clients to focus on addressing the illness without the worry of how to pay for its costs.

Sullivan said that while he prefers to do proactive planning with clients before they get sick, he often starts working with a client just days after they’ve received terrible health news. Regardless of when he first engages with an ill client, his approach is the same: He creates a financial plan from scratch.

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16 free learning opportunities to take advantage of this summer

Shutterstock_633002651It’s summertime. The days are getting longer, the temperature is warming up and your most hectic time of year — workwise — is behind you. Congratulations! Now you can relax, at least a little. Summer is also the perfect time to hone your skills in preparation for fall busy season. We’ve assembled a handful of our favorite free resources to help you brush up on your skills and add a few new ones to your toolbox.

Find your niche

Search for that new service offering you’re passionate about. Once you find it, study up and absorb all there is to know about it. Home in and focus so you can really master it and add it to your suite of services. Here are some ideas to get started:

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How to manage clients’ high expectations for retirement

Shutterstock_156509381Mrs. and Mr. Penny are sitting in their CPA financial planner's office. Mrs. Penny, a 66-year-old community college professor, retires at the end of the school year with a modest pension. Mr. Penny, a 67-year-old construction foreman, plans to retire next year.

Neither paid much attention to their retirement savings until about five years ago, when they first engaged their CPA financial planner for tax advice.

“I hear Bora Bora is beautiful in the summers,” Mrs. Penny says to her husband, who nods and mentions taking off for the mountains in Austria after their beach trip.

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Your tax practice could be on the edge of greatness. Push.

Shutterstock_712459222If there’s anything the past year has taught us about tax, it’s that getting too comfortable isn’t an option. Even though comprehensive tax reform doesn’t happen very often, it doesn’t take major revisions to the law to keep you on your toes. Fortunately, you can rely on items like the Tax Practitioner’s Marketing Toolkit to help you make sense of changes and engage your clients.

The past year has made for a busy season you’re probably relieved to see coming to a close. But before you break the snorkel and dive mask out of mothballs, or start browsing for the perfect vacation destination, take a good look back to assess your season while it’s fresh in your mind. How much of your work involved looking ahead for your clients? While helping them with tax planning for the coming year, how often did you run across their broader plans for the future? You might be surprised by how your answer can propel your firm to greatness.

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Busy season grind got you down? 3 ways to reenergize.

Shutterstock_376060666Late nights. Working weekends. Scads of electronic files. If you’re REALLY unlucky, stacks of paperwork. No one ever said busy season was a walk in the park, but you don’t have to let it sap your energy. And since the season doesn’t get easier as it goes, you need all the energy you can get. What’s a busy CPA to do to? We have three suggestions to help you beat back the busy season blues.

  1. Get organized

This might sound pretty basic, but the realities of good organization are more complex than you might think. You likely already have a system set up for getting your work done, whether prioritized by clients or groups of clients, promised engagement due dates, etc. But are you thinking about that system on a daily basis?

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Don’t overlook this crucial part of estate planning

Shutterstock_590650799We live in a time when numbers are getting so large that they begin to lose meaning. Understanding just how large one million is, is hard enough; when it’s a billion? A trillion? How about 30 trillion?

We’re seeing the largest transfer of wealth in history, as $30 trillion passes to the next generations from the baby boomers over the next two decades. Those estates come in sizes big and small, but they all have one thing in common: taxes. 

In the Tax Cuts and Jobs Act (TCJA) that took effect last year, the individual exclusion from gift/estate and generation-skipping tax was temporarily doubled, and in 2019 now stands at $11.4 million. That means a married couple has an exclusion of $22.8 million to use during their lifetime or at death. Before you go thinking that means estate taxes won’t affect the vast majority of clients, think again: the state your clients live in might not conform to the federal exclusion. It’s important to understand the major tax considerations in estate planning.

Continue reading "Don’t overlook this crucial part of estate planning" »

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