5 tips for seizing the new opportunities in sec. 199a
25 million hours of more work – and it’s all billable.
by stephen l. nelson
maximizing sec. 199a deductions
tax practice
the giving identity crisis
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.
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life change as opportunity
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.
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opportunity under your nose
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 →
opportunities in collectibles
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.
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trpif is one of the best kept secrets in planning
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.
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the first thing you need to know for success in the tax business
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.
survey: new tax law inflicts new pains on busy season practitioners
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
financial planning and the new tax law
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 →
1031 and done: what cpas need to know about the new 1031 changes
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 →
busy season 2018: how good can it get?
more work, more clients, more fees, more profits. so who’s complaining?
by rick telberg
卡塔尔世界杯常规比赛时间
despite beginning in chaos and uncertainty with the biggest tax-law change in three decades, busy season 2018 may go down as a banner year in the books for the tax profession – one of the best ever, according to the annual 卡塔尔世界杯常规比赛时间 busy season barometer.
kathy j. scroggs, of scroggs & associates in montecito, calif., says, “my team is working like a well-tuned grand piano.”
almost half of all cpas report a busy season better than last year, with more work and higher profits. additionally, two-thirds cite gains in revenue and in the number of clients.
one tax practitioner, reporting a “much better year,” is riding a wave of shifting clientele. “i’m having more people coming in to prepare and use e-file, more than last year,” he tells 卡塔尔世界杯常规比赛时间, “especially new business owners opening llcs.”
percentages don’t tell whole irs filing story
tax pros slightly behind last year’s pace, but still hold the edge in sheer numbers.
by beth bellor
卡塔尔世界杯常规比赛时间
by many measures, this tax season is slightly ahead of 2017’s pace.
more on tax season: professionals losing the battle on e-filings to diyers | survey: new tax law roils busy season | david bergstein on tax season | tax accountants fill the breach of a failing irs | new tax law roils busy season 2018 | beware the ez way out | when clients face ‘unreal’ irs audits
the irs had received 85.7 million individual income tax returns by the week ending march 23, the latest data available. that’s up 0.5 percent from the same period last year.
read more →
irs in retreat from communities
disappearing brick-and-mortar offices undermine voluntary compliance, raising irs costs.
by rick telberg
卡塔尔世界杯常规比赛时间
in case you haven’t noticed, the internal revenue service has been retreating from local communities.
special report – fixing the irs: irs #fails at online services spell problems for professionals | tax accountants fill the breach of a failing irs | beware the ez way out | can the irs improve its phone service? | when clients face ‘unreal’ irs audits | irs warns about private debt collectors for tax season 2018 | underfunded irs swamped with problems | irs in retreat from communities | military personnel face new battles at home: the irs | as new economy surges, irs falls further behind | is the irs winning the battle against identity theft? | irs mulls raising fees to cover budget shortfalls |
more at taxtrendlines.com
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today it has outreach offices in only 33 states and the district of columbia. private sector tax preparers are about as close to the irs as most taxpayers can get.