16 hot topics for tax planning – all billable.
by ed mendlowitz
the practice doctor
it seems all anyone is talking about these days is the new tax act. for over a year i have been posting a tax blog every four weeks on www.bottomlineinc.com. so now there are more than a dozen.
use the titles below to select what you are interested in, and i am sure you will get some valuable information you could use with clients.
you don’t want clients to blame you for any unhappy surprises.
by barry j. friedman, cpa
industrynewsletters
with so many recent tax changes, two-income families and people who work multiple jobs should check their withholding amount.
more hot-button topics for clients: supreme court’s wayfair ruling on sales tax sows more confusion | making passwords hack-proof |
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the irs is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they’re withholding the right amount of tax from their paychecks.
the cost of compliance could be enormous.
by barry j. friedman, cpa
industrynewsletters
the supreme court has ruled that a company does not need to have a physical presence in a state to be subject to its sales tax.
it has long been the rule that a state cannot collect sales tax from a vendor that is selling products in that state, unless that vendor has a physical presence, called a nexus. however, on june 21, in a 5-4 decision, the supreme court swept away the nexus rule in south dakota v. wayfair, inc., saying states could collect sales tax even if there is no physical presence.
the brick-and-mortar stores are happy with the ruling, because it levels the sales tax playing field. the states are ecstatic because they can collect more sales tax. but there are complexities, and no one is entirely sure how it will play out in the long run.
who is affected?
25 million hours of more work – and it’s all billable.
by stephen l. nelson
maximizing sec. 199a deductions
even the feelings about philanthropy shift by demographic.
by randy fox
ez charitable
while it may seem obvious when looking for planned gifts, who you’re talking to is really important. that is, the client’s age and their gender should help you craft your conversation for a number of reasons.
more: life change as opportunity | opportunity under your nose | opportunities in collectibles | trpif is one of the best kept secrets in planning | 1031 and done: what cpas need to know about the new 1031 changes
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women are different than men in their giving and younger people are different than older people in how they approach their giving. it is important to create a different message depending on who you’re talking to about giving. much has been written about how millennials are reshaping giving and, as advisors, we should be paying close attention to our approach to different populations.
read more →
even traumatic times may open a window to be a hero to your clients … with sensitivity, of course.
by randy fox
ez charitable
life is always full of change. as advisors, we see our clients go through regular changes: new jobs, children heading off to college, death of a parent or birth of a grandchild.
more: opportunity under your nose | opportunities in collectibles | trpif is one of the best kept secrets in planning | 1031 and done: what cpas need to know about the new 1031 changes
viewed through a different lens, change presents opportunity to raise the questions about philanthropy. in many circumstances, philanthropy can be the best solution to the change that’s taking place, if only we will think to ask.
read more →
survey results show they want to be asked and guided about their passions.
by randy fox
ez charitable
one of the many ways to explore the charitable leanings of a client is to find out what they care about in the world.
more: opportunities in collectibles | trpif is one of the best kept secrets in planning | 1031 and done: what cpas need to know about the new 1031 changes
an easy entry into the conversation is to ask where they volunteer their time. true that parents often volunteer to coach their kids’ teams or serve on the pta at their schools but above and beyond that, there is likely to emerge a pattern of giving time that will lead to a larger pattern of giving money and can open the conversation about more substantial gifts.
read more →
donations and even inheritances can be complicated.
by randy fox
ez charitable
it is estimated that 30 percent of families with a net worth exceeding $10 million collect something – be it art, antiques or classic cars. often referred to as “passionate assets,” they represent both a challenge and an opportunity for advisors and their clients.
more: trpif is one of the best kept secrets in planning | 1031 and done: what cpas need to know about the new 1031 changes
many enthusiasts don’t think of their collectibles as they do other assets – these items are loved, cherished and coveted. they hold a meaning and identity that is incomparable to their economic value. they are often ignored in the planning process and in discussions with professional advisors.
read more →
they’re like crts, but with more flexibility.
by randy fox
ez charitable
the best kept secret in planning has only been around since 1969.
best kept secret? what do you mean?
also: 1031 and done: what cpas need to know about the new 1031 changes
how about a strategy that completely eliminates capital gains tax, provides a gigantic income tax deduction, distributes all its income (maybe for three generations) and is completely legal. and, by the way, if you’re the advisor managing the family’s money, you get to keep doing that.
read more →
and it’s not about how to do taxes.
by chauncey hutter jr.
real tax business success
here’s a secret that the vast majority of tax professionals get wrong. (in fact, it’s true of most every struggling small business on the block.) selecting the “right or wrong” target market can be the single most important factor which determines success or failure.
meet chauncey hutter live and in-person at the real tax business success summit, orlando, fla. june 7-9 (save $200 as a 卡塔尔世界杯常规比赛时间 reader)
marketing means: market first, message second, and media third, in that order. (and the order is important.) the market is critical. it’s the number one concern. if you don’t get it right, the rest of your promotion won’t matter. (you might as well save your money and go home.)
you see, if you don’t have the right market, but your advertising message is outstanding and the media you choose is the most cost-effective in the world, you’ll still lose money.) if they don’t want what you got, it just doesn’t matter what you tell them, how often you tell them or even how you tell them.
blame the clients. by rick telberg 卡塔尔世界杯常规比赛时间 change and uncertainty are constants in the tax prep business, and this year’s busy season indicates no exception. this tended to be a good year, according to the annual 卡塔尔世界杯常规比赛时间 busy … continued
c corp instead of s? paying down mortgages? so many questions.
by john p. napolitano
u.s. wealth management
the new tax act once again puts tax planning at the epicenter of financial planning. while most high-income taxpayers have always considered tax planning to be a core part of their financial plan and economic well-being, the tax cuts and jobs act makes a planning conversation between cpas and their clients even more natural than it already was.
see more accounting & finance show previews here
the biggest conversation piece for cpas with high-end or business-owner clients is the rate reduction for businesses. this discussion starts out with an assessment of whether this provision will apply to your clients. read more →
three ways to help your clients: flip crut, pif, and installment sale.
by randy fox
ez charitable
one little-discussed change in the new tax law is the broad changes to code section 1031 and the impact it will have on your clients who own collectibles.
the provision that allows like-kind exchanges for similar types of property has been amended to eliminate exchanges for anything other than real property. this will present many opportunities for the giving of tangible and intangible personal property for the cpa that becomes familiar with the new rules.
when it comes to giving advice about philanthropy, cpas are at the top of the list, according to the u. s. trust survey of high net worth individuals. read more →