Private Foundations vs. Donor-Advised Funds: Which Structure Fits Your CPA Legacy?
Over decades of building your CPA practice, you’ve focused on balance sheets and bottom lines. But as retirement approaches, a new question looms: how will you balance giving back with winding down? In other words, what kind of legacy do you want to leave, and what’s the smartest way to do it? For many CPA […]
What Insurance Policies Should Go In Trusts?
Over your career as a CPA practice owner, you’ve likely built up a variety of financial assets – from retirement accounts to maybe a couple of insurance policies. As retirement approaches, it’s natural to wonder if you’ve structured everything optimally. One area that often flies under the radar is how your insurance policies are owned. […]
Does the One Big Beautiful Bill Affect Your CPA Retirement?
Imagine looking up from a busy tax season and discovering that Congress just passed a sweeping new tax law with the audacious name “One Big Beautiful Bill Act.” Signed into law over the July 4, 2025 weekend, this multitrillion-dollar package blends major tax cuts with spending changes to the social safety net1. As a CPA […]
When Should CPAs Claim Social Security? Part 2
In Part One, we established the foundational framework for Social Security claiming decisions: understanding how your claiming age affects benefits, analyzing break-even scenarios, evaluating personal health and longevity expectations, considering work status implications, and assessing immediate financial needs. These core factors create the analytical foundation every CPA needs before diving into more sophisticated optimization strategies. […]
When Should CPAs Claim Social Security? Part 1
One of the most pivotal questions you’ll face when planning your retirement will likely be: When should I start claiming my Social Security benefits? It’s a more complex decision than it might appear. Modern retirement planning has evolved: Americans are living longer, nest eggs often need to stretch further, and interest rates and markets fluctuate. […]
The Mega Backdoor Roth for CPA Practice Owners
Imagine it’s the late 1970s: on November 6, 1978, Congress quietly adds Section 401(k) to the tax code, unwittingly sparking a retirement savings revolution. A few years later, employees suddenly found they could contribute up to 25% of their salary (capped at $30,000) into these new plans – an unheard-of opportunity at the time. Fast […]
Protecting Intellectual Property in Family CPA Practices
Imagine it’s 1837 in Massachusetts. A chocolatier sells his family’s secret recipe to a buyer, only to later share that recipe with others, sparking one of America’s first legal battles over intellectual property. The case, Vickery v. Welch, proved that a business’s closely held know-how can have real value, even without a patent. Fast forward […]
Managing Executive Compensation Packages for CPA Practices
Imagine planning for retirement in ancient Rome: Augustus Caesar offered veteran soldiers a hefty lump sum (about 13 times their annual pay) upon retirement – a strategy to reward loyalty and prevent mischief. Fast forward to the mid-20th century, and American companies were handing out gold watches at retirement – a nice gesture, but hardly […]
Captive Insurance for CPA Practices
Imagine it’s the 1950s in Ohio: A steel company owns several coal mines that feed its furnaces, and those mines are dubbed “captive mines” because they serve only the company. To protect those mines, the company’s advisor Frederic Reiss helped set up an insurance company owned by the steel company itself – effectively ensuring the […]
From CPA Practice to Retirement: How Business Restructuring Impacts Your Retirement Plan
Running a CPA firm is a numbers game—but the most important ledger might be your own retirement balance sheet. One eye-opening fact is that a huge portion of many business owners’ wealth is tied up in their companies. One study found that 80% of the average business owner’s net worth is locked into their business. […]
