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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
For many small tax firms, the process of collecting client taxdocuments can be a time-consuming and a prolonged process. The good news is that technology solutions, like Harness, can streamline document collection and transform the way tax professionals work.
Mike Valenti, CPA, CFP ® , Director of Tax Planning Tom Fridrich, JD, CLU, ChFC ® , Senior Wealth Planner It’s January, so it’s officially tax season! One of the most common client questions heard by tax preparers is, “So, what do you need from me?” This can result in additional tax owed, plus penalties and interest.
However, by creating a systematic annual process to monitor and update client plans based on seasons, not only can advisors save time and work more efficiently, but they can also communicate the value of ongoing financial planning services to prospects and clients more effectively.
Join us as we delve into the tax strategy, legal documentation, and insurance coverage considerations needed to successfully balance the ownership of multiple residences for snowbirds. When it comes to tax considerations for snowbirds, there are several factors to keep in mind.
Also, if you believe your estate might owe estate tax, gifting assets to your heirs throughout your life can be an effective way to reduce those taxes. When using gifting as an estate planning strategy, it can be important to pay attention to two IRS rules: the annual gift tax exclusion and the lifetime gift and estate tax exemption.
A medical POA can help ensure that healthcare decisions are based on your choices and preferences, even if you cant communicate them yourself. File taxes on your behalf. A financial POA manages your financial affairs if you cant. Make investment decisions on your behalf. Collect any debt payments owed to you.
Many shell companies are often used to shield illicit activities such as money laundering, tax evasion, and terrorist financing. and have reported more than $5 million in gross receipts or sales on their previous year’s tax return. Get started Harness makes it easy to find tax and financial advisors best suited to your needs.
If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. Checklist for executors of their parent’s estate Get organized Where are the original estate planning documents located? A real estate tax lien can delay closing.
In this episode, we talk in-depth about how Freeman used a customized spreadsheet to analyze the financials that ended up favoring operating as an independent RIA rather than under a broker-dealer’s grid and platform fees (in particular the ability to boost long-term profitability by paying expenses as a flat cost rather than as a percentage (..)
In this episode, we talk in-depth about how Freeman used a customized spreadsheet to analyze the financials that ended up favoring operating as an independent RIA rather than under a broker-dealer’s grid and platform fees (in particular the ability to boost long-term profitability by paying expenses as a flat cost rather than as a percentage (..)
Creating wealth that can provide financial security for generations to come is an incredible feat, and it requires careful planning, consideration, and communication among family members. Let’s take a look at the tax impact and other considerations of each. million before triggering federal estate taxes).
Here are a few tips to help you prepare in case anything happens: Update Your Family’s Emergency Plans: Your emergency plans can include knowing where to go, where you keep all necessary documents and possessions, and what you need to be prepared for. Consult your tax, legal, and accounting professionals for more specific information.
“Until I found Harness, starting my own tax practice wasn’t an option that I was seriously considering.” Due to Mr. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise. Maddox’s relationship with Harness as a tax adviser on the platform, material conflicts of interest may arise.
Key Takeaways: Too many tax practices are bogged down in commoditized administrative tasks and compliance work, making it challenging to cross-sell services to expand client relationships. Take an inventory of how your practice spends time Reflect on how your own tax practice spends the bulk of its time.
How a Family Trust Functions A family trust is a legally binding document that covers an individual’s assets during one’s lifetime and specifies the terms of dispersing those assets after one’s death or incapacity. Limitation of exposure to estate taxes , as part of a proper estate planning process. Simplicity and Flexibility.
In this guide, we explore best practices for client onboarding for solo CPAs and small accounting firms, as well as how Harness Tax can help modernize and add efficiencies to the ever-evolving process. You’ll want to direct them to an engagement letter, a tax questionnaire, a payment portal, and more.
At Harness, our mission has always been to bring clarity to the tax advisory process, making it more accessible and impactful for everyone involved. Leveraging this new funding, we’re reinventing the tax advisor-client experience from the ground up. Today, we’re proud to enter a new era. Read the full announcement in TechCrunch.
.” – Bertrand Russell Need Last Year’s Tax Returns? Help is available for taxpayers who need tax information for prior years but still need to keep copies of their returns. This is often the easiest way to get a copy of your tax returns. Order a tax transcript. There are ways to get the information you need.
We recently connected with Michael Paley, Chief Operating Officer of Klingman & Associates , for a Q&A on how tax advisors can collaborate with wealth managers to better serve clients. Q: How can tax advisors align with the work of wealth advisors? Unlike an endowment, taxes really matter.
Join us as we delve into the tax strategy, legal documentation, and insurance coverage considerations needed to successfully balance the ownership of multiple residences for snowbirds. Tax Considerations When it comes to tax considerations for snowbirds, there are several factors to keep in mind.
If you’ve prompted your clients to think ahead about evacuation planning, a home inventory, and a plan for documents, then they’ll be more likely to get out of harm’s way when necessary. 1 A Virtual Go-Bag and More to Guard Documents. Sometimes you need the physical, notarized copy of a document.
Proposed Tax Law Changes Prompt Estate Planning Review achen Mon, 09/12/2016 - 06:00 A plan to maximize a family’s financial legacy usually saves the most tax by leveraging the longterm compounding of investments outside of the taxable estate. million in gift and estate taxes was paid in connection with this planning.
Proposed Tax Law Changes Prompt Estate Planning Review. A plan to maximize a family’s financial legacy usually saves the most tax by leveraging the longterm compounding of investments outside of the taxable estate. We undertook productive planning in 2012 when it appeared that gift and estate tax exemptions were about to shrink.
Navigating the complexities of estate planning can often feel like charting through uncharted waters, especially when it comes to handling assets, taxes, and ensuring one’s legacy is preserved according to their wishes. Inheritance Tax Planning Inheritance taxes, including estate and gift taxes, are pivotal in estate planning discussions.
Tax advisors, and other tax professionals , offer services from preparing and filing annual tax returns to comprehensive tax strategies that help minimize taxes and preserve wealth over time. In this guide, we’ll explore the average fees of tax advisors in the US for 2024.
2022 Impact Report: Tax-Exempt Sustainable Fixed Income Strategy bgregorio Mon, 06/05/2023 - 05:22 A Letter of Introduction From The Portfolio Managers Our 2022 impact report builds on our commitment to measuring, documenting and communicating the outcomes that our strategy produces for our clients.
The Internal Revenue Service (IRS) has a handy tool called the Tax Withholding Estimator, which can help you manage having too much or too little tax withheld from your wages. This information is not intended to substitute for specific individualized tax advice. These factors may result in greater share price volatility.
Here are the ten fundamental rights you have as a taxpayer when interacting with the IRS: The right to be informed: As a taxpayer, you have the right to know what is required to comply with tax laws. The right to pay no more than the correct amount of tax: You only pay what is legally due, including interest and penalties.
With proactive legal and financial advice, the conflict over his name and likeness, large tax bill, and lengthy settlement process wouldn’t have been a foregone conclusion. Experts say an eight-figure estate tax bill is the likely result. It should also proactively plan for any estate taxes.
If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. Checklist for executors of their parent’s estate Get organized Where are the original estate planning documents located? A real estate tax lien can delay closing.
Including video marketing in your plan can improve communication with clients. By developing a strong unique value proposition and changing how you communicate and adjusting your services to fit their needs, you will create stronger bonds and gain their trust. They have unique needs and ways of communication.
If eligible, you may be able to exclude up to 100% of the gain from federal taxes when you sell your shares through the capital gains tax exclusion. The potential tax savings simply cannot be understated. Using IRS Section 1202, taxpayers can sell stock potentially free of federal capital gains taxes if the requirements are met.
Why Focus on Estate Planning for Blended Families A thoughtful plan and good communication can go a long way in heading off conflict in large families. Read on for actionable advice, as well as resources to support your clients in opening the lines of communication when it comes to creating an estate plan.
As the meeting progresses, utilize a repeat back communication technique. Use an Onboarding Checklist Creating a financial plan can require a lot of back-and-forth between you and your client to get the documents and information you need. Wait for your client to finish what they are saying before you begin to formulate your response.
Documentation Preparedness Banks should now be in a position where they are facilitating applications. Unlike PPP loans, MSLP loans are not eligible for forgiveness, but a borrower may apply for both a PPP and MSLP loan.
Documentation Preparedness. IRS Form 990 or appropriate income tax return. IRS quarterly payroll or annual tax returns (Form 940, 941, or 944). state and local taxes assessed on the employee’s compensation for each employee. state and local taxes assessed on the employee’s compensation for each employee.
The following document is meant to be an easily digestible and high-level perspective on how to approach both the composition and timing of an inheritance. Developing these documents provides a process for reaching agreement on the family’s core values and we believe it is a good starting point for family wealth conversations.
The following document is meant to be an easily digestible and high-level perspective on how to approach both the composition and timing of an inheritance. Developing these documents provides a process for reaching agreement on the family’s core values and we believe it is a good starting point for family wealth conversations.
For example, your “housing” category could include mortgage, homeowners association dues, lawn care, and property taxes. At its conclusion, there should be an agreement on what the upcoming budget will be and it should be documented. You should be in constant communication about your finances and spending.
Financial advisors can also help the elderly understand the best practices in terms of sharing personal or financial information, maintaining privacy, and keeping their financial and legal documents safe. It can help reduce taxes, remove the need for probate, and eliminate family feuds.
Their duties also include managing payroll and working with an accountant or tax preparer to file the company’s tax return. Accountant Accountants balance a business’s books and file tax returns. Qualifications for therapists Being a mental health professional requires excellent communication and listening skills.
Your live presentations, appointment process, onboarding and ongoing client communication processes call all be done virtually, with the adaption of technology. Once you’ve worked through your virtual advisor processes, communication will be the driving factor to your success going forward. Sure, it’s not the same, but nothing is.
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