PERSONAL FINANCIAL PLANNING

Alternative Minimum Tax: What’s It Like Today?

By

There are only two brackets for 2018.

By Barry J. Friedman, CPA
IndustryNewsletters

The Tax Cuts and Jobs Act made many changes to the individual tax law, including the alternative minimum tax.

MORE: The Latest Rules on Charitable Donations | Beware the Taxes of Self-Employment | Charitable Giving under TCJA | Why Padding Tax Deductions Is a Risky Proposition | Portability: Sharing the Estate Tax Exemption
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

One of the goals of the new tax law was to reduce the impact of the AMT or even to repeal it entirely. A modification was made – let’s see what it could mean to your clients.
READ MORE →

Clients’ Top Worry: Going Broke

By

Survey shows healthcare costs and market volatility drive client fears.  

Of all the concerns impacting Americans’ retirement today, running out of money, maintaining their lifestyle and rising healthcare expenses continue to top the list, according to a new survey of CPA financial planners.

More on Client Management: BUSY SEASON: Accountants Worry for U.S. Economy   |   Tax Season Launches with a Whimper  |  When to Keep Some Plans to Yourself   |  Shutdown: What to Tell Tax Clients During “The Lapse”  |  How Clients Should Gather Their Papers for Taxes  |  Staffers Need to Speak Up with Clients

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

READ MORE →

Financial Planning and the New Tax Law

By

John Napolitano will be appearing at the Accounting & Finance Show. Click here to learn more.
Portrait of John Napolitano
Napolitano

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 →

Don’t Be Cheap or Lazy with Client Communications

By

By Hank Berkowitz
Wealth Management

As the old saying goes, “you only get one chance to make a first impression.” By the same token, you only get one chance to leave a lasting impression. At a time when four out of five high-net-worth individuals are considering leaving their advisors at any given time, can you afford to take a chance with your hard-won clients?

MORE: The Most Effective Channels for Advisors, Personal Financial Planning, Client Service Opportunities, Growth & Marketing

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

READ MORE →

The Client-Management Secrets of High Performing Advisors

By

By Hank Berkowitz
Wealth Management

New research shows that high-performing financial advisors communicate more frequently with clients than their less successful peers.

MORE BERKOWITZ: Don’t Be Cheap or Lazy with Client Communications

MORE: Personal Financial Planning, Client Service Opportunities, Growth & Marketing

GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

One of the key reasons: They know the secrets of the most effective channels.

READ MORE →

How to Avoid Getting Run Over (or Left Behind)

By

Cars in trafficSmart CPAs will remain their client’s most trusted advisor – but not by staying in their lane.

By Kyle Walters

Are your clients asking you specifically for help with their insurance, investments and estate planning? Are they asking you how these options impact their taxes?

MORE: Use 3 Colors to Create Clarity and Deliver Value | Are You Growing or Getting Left Behind? | What Can You Offer that IBM’s Watson Can’t? | The What, So What and Now What? | Clients Don’t Have a Fee Problem, They Have a Value Problem
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

Most CPAs will say, “Yes, all the time!” The reason clients are bringing these issues to you is because they trust you. CPAs have long been viewed as their clients’ most trusted advisors. When most clients have financial issues or complexity to deal with, they go to their CPA first.
READ MORE →

Use 3 Colors to Create Clarity and Deliver Value

By

illustration of traffic lightHow the three colors of a traffic light can improve your client relationships.

By Kyle Walters

From the CPA’s perspective, a completed tax return is a summary of all the hard work that you have done on behalf of your client. The return represents a mountain of paperwork that you have tamed – everything you had to evaluate, research and consider in order to complete the often-complex process of preparing and filing a U.S. tax return.

MORE: Are You Growing or Getting Left Behind? | What Can You Offer that IBM’s Watson Can’t? | The What, So What and Now What? | Clients Don’t Have a Fee Problem, They Have a Value Problem
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

However, when you deliver a tax return to your client, the final return seems like nothing more than a huge pile of paper in the client’s eyes. Other than seeing how much they owe in taxes, most clients don’t know what to do with all the information on their return because they don’t understand IRS-speak. They don’t understand the implications of the numbers contained in the nice neat rows and columns.
READ MORE →

Are You Growing or Getting Left Behind?

By

Businesspeople coming together to cup hands and hold dirt and a seedlingHow to build a successful firm for the future.

By Kyle Walters

As most of you know, the accounting profession is feeling the pressure of commoditization and fee compression. What’s more, many firms are finding it difficult to hire and retain qualified staff.

MORE: What Can You Offer that IBM’s Watson Can’t? | The What, So What and Now What? | Clients Don’t Have a Fee Problem, They Have a Value Problem
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

In order to overcome these challenges in your practice, you will need to address three important considerations ASAP:

READ MORE →