Relationships with the right professionals help CPAs provide the best possible service to their clients.
The Internal Revenue Service has sent a second batch of warning letters telling cryptocurrency investors that information on their US tax returns does not match data from exchanges. The letters note that the errors might have been made by the exchanges.
Everyone today owns a huge amount of scattered data, including emails, financial accounts, music, movies and cryptocurrencies. What happens to those digital assets when someone dies or becomes incapacitated? Here are steps to take to plan ahead.
There are several common misconceptions about time management. This article corrects several of these ideas, including the mistaken belief that there is one ideal system that works for everyone.
Although Excel's Fill Handle doesn't recognize the European-style date format, this is a problem that can be solved.
Two recent Supreme Court rulings could make it more difficult for state revenue departments to establish a nexus that would allow them to tax trusts. Advisers can help clients respond to these rulings, for example by revising trust terms or setting up non-grantor trusts in states such as Delaware or Nevada. See Volume 1 of The Adviser's Guide to Financial and Estate Planning (open to all, courtesy of the PFP Section) for more trust planning strategies.
A number of financial planning and caregiving challenges may arise when a client and his or her spouse are both diagnosed with dementia around the same time. Discussing the matter with clients ahead of time and paying special attention to the selection of trustees are important steps for advisers to take in such a situation.
A stock market decline can be a great opportunity for clients to convert assets in an IRA into a Roth account. However, it's important to remember that these conversions are permanent and to consider how clients will pay the associated tax liability. "If you pay the taxes out of the conversion, it reduces the efficacy," noted David Oransky, CPA/PFS.
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