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Preparing for Life’s Important Moments

Preparing for Life’s Important Moments. Updated December 12, 2011. Life is Complicated – Especially Money Matters. You will encounter several weighty financial milestones during your lifetime Marriage Children College Retirement

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Preparing for Life’s Important Moments

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  1. Preparing for Life’s Important Moments Updated December 12, 2011

  2. Life is Complicated – Especially Money Matters • You will encounter several weighty financial milestones during your lifetime • Marriage • Children • College • Retirement • One significant recurring financial event is your annual tax return, which is often overlooked as a resource for planning

  3. Tax Planning Is More Than Just April 15th • Most financial events, significant and routine, have tax consequences • Most people think about their taxes after April 15th but don’t know who to call • After April 15, attention shifts to understanding your taxes, instead of filing your return • CPAs are trusted advisors who assist with a variety of financial issues and their tax consequences year round

  4. A CPA’s Approach • Take a holistic view of your life using your tax return as a guide • Integrate tax considerations into your entire financial picture • Consider how decisions affect other areas of the life – college education, aging parents, retirement, etc. • Address strategies to resolve immediate issues and identify tax savings opportunities for the long-term • Apply all of the objectivity, integrity and diligence you expect from a CPA

  5. Selecting a CPA • Relationship and trust • Education, qualifications and credentials • Complex tax knowledge • Year-round availability

  6. Navigating the Tax Services Marketplace • Differentiating between various tax return preparers • Factors to evaluate: • Training • License – do they have one? • References • Approach • Where CPAs provide additional value

  7. New Return Preparer Initiative • IRS’ objective: To elevate the compliance level and ethical conduct of tax return preparers. • Everyone who preparers a return must get a PTIN • CPAs have unlimited practice rights before IRS and are not subject to additional oversight regulations • IRS added new category of tax return preparer called “Registered Tax Return Preparer” • Sets minimum standards for unlicensed preparers • Limited practice rights before IRS

  8. CPAs vs. Other Tax Preparers • Licensed to practice accountancy, provide tax services • College degree to sit for rigorous exam • Professional code of conduct & ethics exam

  9. The CPA Credential • College degree (150 semester hours) • Rigorous 4 part-CPA exam (14 hours) • 40 hours of continuing professional education each year • Licensure by State Board of Accountancy

  10. The Value of the CPA • Year-round services that go beyond tax • Broad base of knowledge • Specialized training • Honesty & integrity - keystones of the profession • AICPA enforceable code of conduct specific to tax services

  11. Questions QUESTIONS

  12. Thank you

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