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 […]
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 […]
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 […]
Are You Overlooking Key Components of Your Financial Plan?
CPAs are great with numbers and assisting clients maximize tax savings for the year. However, due to time constraints and different areas of focus, CPAs may not have the specific expertise to create their own lifelong financial plan, let alone the time to do so! In this article, we’ll supply you with a broad overview […]
Family Limited Partnerships vs. Family LLCs: Choosing the Best Structure
As a CPA and owner of an accounting firm, you’ve spent years building your practice and serving your clients. Now, as you look towards the future, you’re likely considering how to best transfer your firm to the next generation while minimizing tax implications and maintaining control during the transition. Two powerful tools for accomplishing these […]
Digital Estate Planning for CPAs: Securing Your Online Future
As financial professionals, CPAs understand the critical role of estate planning in preserving legacies and efficiently managing asset distribution. Traditional estate plans help honor your wishes, avoid lengthy probate processes, and potentially reduce tax burdens. However, in our increasingly digital world, a new challenge has emerged: the management of digital assets after death. At CPA […]
How Do Advisors Actually Add Value?
As a CPA, you’re highly attuned to the value you add to your clients, and often, you can point to a figure and say, ‘This is how much I’ve saved you this year in taxes.’ A financial advisor’s value add can seem quite nebulous in comparison, as there isn’t usually a direct way to compare […]
When and Why to Rollover your IRA or 401(K) into an Annuity
While saving for retirement, you may have heard of rolling over your IRA or 401(K) into another account or financial product. For example, you can roll your retirement savings into an annuity, an insurance product, a brokerage account, or another retirement plan, amongst others. But should you roll over your retirement savings, and if so, […]
Maximizing Your Generosity Before TCJA Sunsets
As the year draws to a close and the spirit of giving is in the air, it’s a timely reminder for CPAs and financial professionals to revisit estate planning strategies. This period is not just a season of generosity but also a critical juncture for tax planning, especially in the waning days of the Tax-Cut […]
