Safeguarding Your CPA Partnership with a Buy-Sell Agreement
With over 4.4 million partnerships in the U.S. alone (and $3.9 trillion in income passed through to partners in 2021), it’s clear that a multitude of businesses have plenty on the line when it comes to their inevitable transitions and dissolutions, including CPA firms like your own. In our last article, we showcased how key-person […]
The HSA vs the HRA: Which is Best for Your CPA Practice?
Health insurance is a big deal. About 50% of employees say that health insurance is the main reason they stick around at their job, and 45% say it’s a top factor when deciding whether to take a job in the first place. If that’s not enough, there’s also a pretty solid financial incentive for business owners […]
Optimizing Your CPA Practice’s Benefits Before Year-End
As a CPA, you’ve mastered the specific accounting or tax challenges within your niche practice. Whether you’re deep in tax compliance, audit, or forensic accounting, it’s easy to focus solely on helping others while overlooking your own financial situation. With the year-end fast approaching, now’s the time to step back and take a closer look […]
Custodial Roth IRAs: A CPA’s Guide to Family Financial Planning
We all want our kids to grow up with strong financial habits, a solid work ethic, and the confidence to make smart financial decisions as adults. In a previous article, we talked about how to lay the groundwork for financial success early on—using strategies like allowance systems, budgeting, and even basic investing principles. Now, let’s […]
Is Early Retirement a CPA’s Best Move or Biggest Gamble?
When you’re young, your greatest resources are your time and health, though you likely don’t have as much money. As a CPA, you may consider delaying retirement until full retirement age or beyond to build a sizeable nest egg. However, by that time, your health may begin to falter, and you’ll have less time to […]
Raising Financially Savvy Kids: Practical Steps for Accountants
As an accountant, you’re well-versed in managing finances, preparing budgets, and planning for the future, and you likely want your children to develop a strong command of these principles early on. However, you may find that schools aren’t exactly providing the tools they need to succeed. While your child might learn about history, math, and […]
How Annuities Are Used In Retirement Planning
What’s your greatest retirement concern? Whether it’s inflation, health issues, or even the challenge of staying engaged in retirement, these are all valid considerations. However, the most common concern among pre-retirees is the possibility of outliving their savings. Without sufficient funds, other retirement concerns can become more challenging to manage. Therefore, a key priority in […]
Why CPAs Need Long-Term Care Insurance
America is facing a growing health crisis, one largely driven by our own daily habits. Surprisingly, it’s not about smoking, drinking, or even unhealthy eating. Instead, a significant contributor is something that happens at the workplace, and while you’re reading this, you might be doing it yourself—albeit passively. To cut to the chase, the issue […]
Protect What You’ve Earned: A CPA’s Roadmap to Asset Security
You open your mailbox one day to find a certified letter waiting for you. As you sign for it and start reading, you realize it’s a summons to the courthouse. A client has filed a lawsuit against you, and now you’re going to have to defend yourself in court. You never thought this would happen […]
Understanding the Ten Year Rule for Inherited IRAs
We are on the cusp of one of the most significant economic shifts in modern history – the Great Wealth Transfer. Over the next few decades, an estimated $53 trillion worth of assets will change hands, flowing from Baby Boomers to Gen Xers, Millennials, younger generations, and charities. This massive transfer of wealth presents both […]
