Nerd's Eye View

SEPTEMBER 6, 2024

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that the Treasury Department has finalized rules requiring most SEC-registered RIAs to implement risk-based Anti-Money Laundering and Countering the Financing of Terrorism programs, including a requirement to report suspicious (..)

Financial Planner 246

Financial Planner Tax Planning Compliance Financial Advice 246

Carson Wealth

JULY 3, 2024

Set up separate plans and goals for your business and your personal finances. It helps you plan for future expenses, allocate resources efficiently and stay on track with your financial goals. Identifying these risks early and having a plan to mitigate them can save your business from significant setbacks.

Financial Planning 142

Financial Planning Planning Retirement Planning Tax Planning 142

Nerd's Eye View

JULY 12, 2022

In this episode, we talk in-depth about how, after years of working in an environment where she saw first-hand how ultra-high-net-worth clients keep and grow their wealth (and the lack of diversity among those clients), Kamila decided to build a practice that focused on providing holistic financial planning to communities of color with emerging wealth, (..)

Financial Advisor 246

Financial Advisor CFP Clients Financial Planning 246

Harness Wealth

APRIL 30, 2025

Without proper planning, taxes can unexpectedly take a large bite out of the proceeds, potentially reducing financial security and the legacy. When you understand various exit strategies and their tax implications early, you position yourself to make informed decisions that maximize after-tax value while ensuring a smooth transition.

Taxes 52

Taxes Planning Tax Planning Sales 52

Nerd's Eye View

MAY 31, 2024

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the Financial Planning Association and Money.com are planning to publish a “Best Financial Advisors” list based on advisors’ education, credentials, and experience, as well as harder-to-quantify (..)

Financial Planner 234

Financial Planner Ethics Taxes Financial Advisor 234

Harness Wealth

MAY 8, 2025

Whether you are contemplating forming an LP or already operate one, gaining clarity on tax matters can optimize your financial outcomes and ensure compliance with state and federal regulations. Understanding these requirements is essential to maintain compliance and optimize tax outcomes.

Taxes 52

Taxes Tax Planning Compliance Planning 52

Harness Wealth

APRIL 16, 2025

Tax planning serves as the cornerstone of the entire acquisition deal, extending far beyond a simple checkbox. Every element, from structure to price negotiations, hinges on understanding tax implications for all parties involved. Get it right, and you will have set yourself up for a smooth transition and maximized returns.

Taxes 52

Taxes Tax Planning Startup Compliance 52

Harness Wealth

APRIL 28, 2025

This article explores the distinctions between K-1 and 1099 reporting, explaining their impact on tax planning, basis calculations, filing deadlines, and strategies to optimize your after-tax returns from alternative investments. Different types of income maintain their distinct tax treatment as they pass through to a partner.

Tax Planning 52

Tax Planning Distribution Taxes Compliance 52

Harness Wealth

APRIL 16, 2025

Let us face ittech startups encounter a unique set of tax challenges that can make or break their financial future. The complex interplay between traditional tax regulations and the innovative nature of tech businesses demands smart planning from day one.

Startup 52

Startup Taxes Tax Planning Transportation 52

Abnormal Returns

SEPTEMBER 26, 2022

Podcasts Christine Benz and Jeff Ptak talk with Tim Steffen, director of tax planning for Baird. riabiz.com) Compliance Many clients want to text with their adviser. ft.com) Advisers Why checklist-style financial planning isn't all bad. kitces.com) How one firm plans to use client testimonials.

Startup 130

Startup Tax Planning Compliance Financial Planning 130

Harness Wealth

MARCH 14, 2025

Many firms use unencrypted email or physical drop-offs to receive sensitive tax data, leaving confidential information exposed to possible breaches. Without a secure system in place, firms face the risk of hacked email accounts, lost or misplaced documents, and even compliance violations with the IRS and financial regulations.

Taxes 52

Taxes Compliance Tax Planning Clients 52

Harness Wealth

APRIL 17, 2025

Floor plans, regular updates to your documentation, and a clear boundary between personal and business space help establish the legitimacy of your home office deduction. These variables can significantly impact the final deduction amount, necessitating strategic planning to optimize this benefit.

Taxes 52

Taxes Tax Planning Professional Services Planning 52

Harness Wealth

APRIL 30, 2025

This article will explore how to navigate complex tax situations arising from multiple income sources, examining various income types, reporting requirements, self-employment obligations, and strategic approaches to record-keeping and tax planning that can help protect your financial interests.

Taxes 52

Taxes Tax Planning Compliance Planning 52

Harness Wealth

MARCH 27, 2025

State and local taxes Secondary funds and their investors may face various state and local taxes, including income tax, franchise tax, and property tax. These taxes can vary significantly depending on the location of the fund, its investors, and its investments. FIRPTA planning using a U.S.

Taxes 52

Taxes Tax Planning Assets Compliance 52

Harness Wealth

APRIL 17, 2025

For taxpayers facing complex situations with multiple potential deductions and credits, professional tax guidance can prove invaluable. A qualified tax professional can help navigate the intricacies of various tax benefits while ensuring compliance with IRS regulations.

Taxes 52

Taxes Tax Planning Education Medical 52

Harness Wealth

APRIL 30, 2025

An IRS audit is a formal review of your financial records to verify their accuracy and compliance with tax laws. The IRS carefully scrutinizes these deductions to ensure compliance with strict valuation and documentation requirements. While FinCEN handles FBAR filings, the IRS enforces compliance for both.

Compliance 52

Compliance Taxes Accounting Consulting 52

Harness Wealth

MARCH 27, 2025

This avoids the double taxation that traditional corporations face, where profits are taxed at both the corporate and individual levels. Effective financial planning requires business owners to understand how their income is taxed, with their share of business income subject to individual, state, and local taxes.

Taxes 52

Taxes Compliance Consulting Financial Planning 52

Inside Information

JANUARY 31, 2025

Depending on a firms tech strategy, she wrote, advisors may have to log in to the CRM, custodian, portfolio accounting, planning software, tax planning software, estate planning software, social security maximizer software, etc.,

Risk Tolerance 40

Risk Tolerance Consulting Estate Planning Wealth Advisor 40

Midstream Marketing

DECEMBER 6, 2024

This focused approach is key for a successful digital marketing plan. Running focused social media campaigns that highlight their services and share their skills in areas like tax planning or retirement planning. Compliance and Security for RIAs Compliance and data security matter a lot in the financial services industry.

Marketing 52

Marketing Marketing Media Engineering 52

Harness Wealth

DECEMBER 30, 2024

The key differences between 83(i) and 83(b) elections The benefits and risks of an 83(i) election The eligibility criteria for an 83(i) election How to file an 83(i) election 83(i) compliance requirements for companies Is an 83(i) election right for you? Broad-based equity plan: At least 80% of U.S.-based What is an 83(i) election?

Taxes 52

Taxes Compliance Compensation Planning Financial Advisor 52

Harness Wealth

JANUARY 9, 2025

Taxes owed on pre-tax contributions converted to a Roth 401(k) can also move individuals into a higher tax bracket for the year Mega Backdoor IRA Up to $46,000 Higher contribution limit, with no Required Minimum Distribution. It also requires an individuals 401(k) plan to allow after-tax contributions and in-service withdrawals.

Taxes 52

Taxes Planning Retirement Retirement Planning 52

Harness Wealth

APRIL 16, 2025

Moving funds from traditional IRAs to Roth accounts triggers immediate taxation but promises tax-free withdrawals in retirement. The stakes became higher after the Tax Cuts and Jobs Act of 2017 eliminated recharacterizationthe ability to reverse conversions that did not work as planned.

Taxes 52

Taxes Retirement Retirement Planning Distribution 52

Harness Wealth

FEBRUARY 5, 2025

If the foreign taxes you paid exceed this limit, the excess foreign tax can generally be carried forward for up to ten years or carried back one year (via an amended return). Maintaining accurate records of foreign income and taxes paid is therefore vital to calculating the correct FTC and maintaining tax compliance.

Taxes 52

Taxes Compliance Accounting Government 52

Harness Wealth

SEPTEMBER 18, 2024

Only 26% of Americans have an estate plan. If you’re thinking, “But my clients are high-net-worth…many more have an estate plan.” These numbers show an opportunity for tax practices to build deeper, meaningful relationships with their clients, helping them to navigate some of life’s most challenging financial decisions.

Taxes 52

Taxes Clients Planning Estate Planning 52

Harness Wealth

MAY 8, 2025

Whether you are contemplating forming an LP or already operate one, gaining clarity on tax matters can optimize your financial outcomes and ensure compliance with state and federal regulations. Understanding these requirements is essential to maintain compliance and optimize tax outcomes.

Taxes 52

Taxes Tax Planning Compliance Planning 52

WiserAdvisor

AUGUST 31, 2023

They can also help you optimize your savings and investment plans, ensuring that you maximize your earning potential while minimizing risks. A financial advisor can craft tax-efficient withdrawal strategies to minimize the tax burden on your retirement income. Tax planning is not solely about federal taxes.

Financial Advisor 90

Financial Advisor Retirement Risk Tolerance Estate Planning 90

Harness Wealth

NOVEMBER 27, 2023

Core components of CAS involve bookkeeping, payroll, tax planning & compliance services customized for each client. Client Accounting Services are a comprehensive set of offerings provided by accounting firms to assist both individual and business clients in both compliance matters and day-to-day financial management.

Accounting 59

Accounting Clients Compliance Taxes 59

Harness Wealth

MAY 19, 2025

However, the tax treatment of a C Corp is distinct and can be complex, requiring careful consideration and planning. This article provides a comprehensive overview of C Corp taxes, exploring what defines this business structure, its tax filing requirements, key deductions and credits, and both state and federal tax considerations.

Taxes 52

Taxes Tax Planning Compliance Planning 52

Carson Wealth

FEBRUARY 13, 2023

While there are certainly ways to do estate planning without a lawyer, for most people hiring an estate planning attorney makes the most sense. Estate plans can get complex fast, and even fairly straightforward estates can feel overwhelming if you’re not trained in the area. Do you execute the estate plan?

Estate Planning 52

Estate Planning Planning Consulting Financial Advisor 52

Harness Wealth

MAY 8, 2025

However, understanding the tax implications of operating as a Sole Proprietorship is crucial to ensure compliance and optimize financial outcomes. Taxes for a Sole Proprietorship differ significantly from those of other business structures, such as LLCs or corporations. What Is a Sole Proprietorship?

Taxes 52

Taxes Tax Planning Compliance Planning 52

Harness Wealth

OCTOBER 5, 2023

From quarterly estimated tax planning to equity compensation and crypto tax planning, diversifying your service offerings can not only set you apart from the competition, it can also help you significantly grow your revenue and retain clients.

Taxes 59

Taxes Tax Planning Accounting Clients 59

Harness Wealth

MAY 7, 2025

Partners use the information on Schedule K-1 to report their share on their individual tax returns. Timely and accurate filing of these forms is crucial to avoid penalties and ensure compliance. This means that partners with higher personal income may pay more tax on their share of partnership income than those in lower brackets.

Taxes 52

Taxes Tax Planning Compliance Consulting 52

Harness Wealth

MAY 7, 2025

Partners use the information on Schedule K-1 to report their share on their individual tax returns. Timely and accurate filing of these forms is crucial to avoid penalties and ensure compliance. This means that partners with higher personal income may pay more tax on their share of partnership income than those in lower brackets.

Taxes 52

Taxes Tax Planning Compliance Consulting 52

Sara Grillo

OCTOBER 21, 2022

Financial paraplanners can be recent college graduates with no work experience, or may also be career changers with an extensive background in other areas that can add more value to an RIA owner, such as tax professionals. He cold called over 500 financial planning companies over a year or so to get to a full book of clients.

Insurance 98

Insurance Financial Planner Fee Only Financial Advisor 98

Harness Wealth

MAY 14, 2025

By exploring these nuances, you can better appreciate the tax advantages and responsibilities that come with running a Co-op. Understanding Co-op Taxes Key Tax Deductions and Credits Tax planning tips for a Co-op Final Thoughts on Understanding Co-op Taxes Partner with Harness for Expert Tax Support What Is a Cooperative (Co-op)?

Taxes 52

Taxes Tax Planning Distribution Compliance 52

Harness Wealth

SEPTEMBER 23, 2024

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. The more a firm can either automate processes or outsource tasks, the more time it’ll have to build deeper client relationships.

Taxes 52

Taxes Clients Compliance Tax Planning 52

Midstream Marketing

NOVEMBER 6, 2024

Or are you focusing on older people who are concerned about estate planning for retirement or retirement income planning? Pain Points: These are issues like market ups and downs, tax problems, and money planning being hard. Retirement Planning: Give tips on how to save for retirement. Who do you want to reach?

Financial Advisor 52

Financial Advisor Marketing Marketing Media 52