tax planning

Investing in the Home Team: How NIL Collectives Can Maximize Tax Savings

B2C, Blog, Individual Strategies /

Sports fans know that team loyalties run deep. Committed supporters of college and even high school sports teams now have even more opportunities to make major investments in up-and-coming athletes. In 2021, student athletes were granted licensing rights for the first time, allowing them to earn income on the use of their “name, image, and […]

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Investing in the Home Team: How Tax Planning Can Help Student Athletes

B2C, Blog, Individual Strategies /

Most student athletes dream of taking home the championship trophy or being drafted onto a professional team. Whether or not this is what their future holds, athletes on well-loved college and even high school sports teams can build a career here and now—thanks to something called “name, image, and likeness” (NIL) rights. A pivotal 2021

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Preparing Your Client for a Tax Audit: Walking the Taxpayer Through IRS Audits 101

B2B, Blog, Business Strategies /

One of the many roles we play as tax planners is as the taxpayer’s audit support system. Just the word “audit” can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. Our clients should know the reasons they

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Preparing Your Client for a Tax Audit: A Tax Planner’s Secret Weapon is Good Documentation

B2B, Blog, Business Strategies /

When that IRS audit notice shows up in the mail, many taxpayers’ first reaction is to panic. For well-trained tax planners, however, this can be our moment to shine—and to demonstrate to our clients the immense value that we bring to the table. Many taxpayers don’t realize that a number of tax returns are chosen

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Should Tax Planners Work with Family Offices? Tax Benefits of Establishing a Family Office

B2B, Blog, Individual Strategies /

Established, wealthy families have long leveraged the concept of a “family office” to preserve their wealth, ensure business succession, establish governance and control, and foster their family legacy. This type of specialized company has been gaining popularity—and many of them have been on the lookout for a tax planner to complete their financial advisory teams.

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Should Tax Planners Work with Family Offices? How Family Offices Work

B2B, Blog, Individual Strategies /

In recent years, tax planners have increasingly been recruited to work alongside family offices. If you’ve heard about this trend or received an invitation yourself, you may be wondering what exactly working with a family office would entail. First, let’s start with a simple definition of a family office: A family office is a specialized

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Tax Planning as a Client Advisory Service

B2B, Blog /

Client Advisory Services (CAS) have emerged as a crucial offering for accounting firms, evolving the traditional client-accountant relationship into a more strategic partnership. Defined by the AICPA as services where practitioners provide findings, conclusions, and recommendations to aid in client decision-making, CAS encompasses far more than mere compliance. It offers a new, broader approach to

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Put It All in Writing: Don’t Skip This Tax Planning Best Practice

B2B, Blog, Business Strategies /

As a tax planner, you have frequent conversations with clients about possible tax strategies and strive to provide reliable advice in response to their questions. At what point do you begin to document that advice in writing? If the answer is “never,” we have trouble brewing. If the answer is more like “as soon as

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