If your clients are super wealthy and want to avoid a big tax bill, they’re better off retiring in Michigan than in Maryland. The IRS collects around $18 billion in estate taxes annually, according to the agency. To read the full article in Financial Planning, click: Where Should Rich Clients Retire? ...

CPA financial planners name charitable giving, business structure and estate plans as the areas of clients' financial plans they have had to adjust most frequently after passage of the law known as the Tax Cuts and Jobs Act. Planners can tap into their technical expertise to evaluate how different tax strategies would align with a client's overall financial picture, said Robert Westley, CPA/PFS. Ultimately, ...

After Dec. 31, spouses responsible for paying alimony won’t get a tax deduction, due to a change under the Tax Cuts and Jobs Act. To read the full article in Financial Planning, click: Hurry Up—Get Your Clients Divorced. ...

The ultra-wealthy say they want to achieve more, yet currently give only 1.2% of their assets to charity. How can advisors help? To read the full article in Financial Planning, click: How to Advise HNW Clients About High-Impact Philanthropy. ...

The IRS released guidance Friday on the standard mileage rate for business, medical and certain moving expenses incurred in 2019. To read the full article in Journal of Accountancy, click: 2019 Standard Mileage Rates Announced. ...

Preparing for an audit by the Securities and Exchange Commission can be a significant undertaking for a small firm. During stressful times such as this, leaders should stay confident and set a positive example for others. To read the full article in Smart Brief, click: Preparing for an Unexpected SEC Audit. ...

Retirement assets received in a divorce settlement may be available to creditors, a federal court has ruled. The decision may have far-reaching consequences for clients. To read the full article in Financial Planning, click: Another Crack in Bankruptcy Protection for Clients. ...

Apple is rushing to release an iOS update in China to resolve potential infringement of Qualcomm patents. The news follows a report stating that a Chinese sales ban of certain iPhone models would cost Apple millions of dollars a day. To read the full article in Cult of Mac, click: Apple Hopes iOS Update Will Help Overturn Costly iPhone Sales Ban in China. ...

With the year coming to a close, Kiplinger offers last-minute tips for retirees to enhance their tax savings this year. Clients nearing retirement will need to revise their tax-saving strategies, as some tax breaks are no longer available and replaced by new ones, thanks to the new tax law, according to Kiplinger. For example, these clients should consider running the numbers based on standard deduction and ...

Excuse me, did Todd Thomson just say there too many financial advisors, not too few? Puncturing one of the RIA industry’s most widely-accepted axioms, the Dynasty Financial Partners chairman did indeed make that assertion at the recent MarketCounsel Summit in Las Vegas. Contrary to ominous reports of a talent shortage, Thomson said, too many advisors are serving too few clients. To read the full article in ...

Days after Apple announced a major expansion to its operations in the U.S.—including a new $1 billion campus in Austin—fellow tech giant Google has announced that it too will invest $1 billion as it sets up a new campus at Hudson Square in New York. To read the full article in Tech Crunch, click: Google is Spending $1 Billion to Build a Massive New Campus in New York. ...

The EU is making increasingly positive noises that a Brexit deal is within reach. But don’t breathe easy just yet—there are still battles to come when Prime Minister Theresa May brings her deal back to Parliament. To read the full article in Bloomberg, click: Brexit Bulletin: A Deal, and Then the Drama. ...

LPL Financial has made three major recruitment moves—unveiled over a two-day span—to add at least 125 advisors with about $4.5 billion in client assets to the largest independent broker-dealer. To read the full article in FinancialPlanning, click: LPL Grabs More than 100 Advisors with $4.5B in Latest Haul from Rivals. ...

Eight years after Congress passed the Foreign Account Tax Compliance Act (FATCA, which was enacted as part of the Hiring Incentives to Restore Employment Act, P.L. 111-147) to address the potential for tax evasion, lack of planning in response to evolving FATCA guidance may be putting some financial institutions at risk of noncompliance and potentially steep penalties. To read the full article in The Tax Ad ...

It is increasingly important for accountants to have soft skills such as problem-solving acumen, flexibility, and the ability to communicate well. Rian Powell, senior director of recruiting at Chicago-area staffing and recruiting firm LaSalle Network, explains the right questions to ask during job interviews to assess candidates’ soft skills. To read the full article in the Journal of Accountancy, click: Ho ...

They say pursuing fitness goals contributes to work performance. Accountants are better known for their skill with numbers than their physical abilities, but many make exercise part of their routines. And some have achieved remarkable feats of athleticism. These five accountants have competed in extreme sports events, become professional athletes, or simply challenged themselves physically. They share their ...

Help arrogant employees learn to listen. Self-confidence is a valuable trait in the workplace, but, in some employees, self-confidence manifests itself as arrogance. If employees act as if they know better than anyone else, shooting down others' ideas, or stealing the spotlight at meetings, morale can suffer. To read the full article in the Journal of Accountancy, click: How to Coach a Problem Employee: The ...

Many nonresidents who come to the United States as scholars, appeal to the Tax Court claiming benefits under a tax treaty. Three recent cases provide tips to decide if it is worth the time and effort to appeal to the Tax Court. Three different U.S. tax treaties are covered: those with Russia, Poland, and China. To read the full article in The Tax Adviser, click: Researchers and Scholars Claim Tax Treaty Ben ...

CPAs around the United States are raising alarms about a recent wave of deregulatory legislative proposals that are endangering the profession. While these proposals have not affected the profession yet, CPA profession leaders warn that the danger is far from over. To read the full article in the Journal of Accountancy, click: States’ Deregulatory Push Threatens CPA Licensure. ...

On Nov. 24, 2014, a woman named Diana received a menacing phone call in Hernando, Miss., a small city nestled in the northwest corner of the state. A caller purporting to be an IRS agent claimed she owed back taxes and told her that agents were waiting to arrest her unless she paid up immediately. The caller was insistent, threatening, and urging her to act quickly. To read the full article in the Journal o ...