Preparing for Life’s Important Moments

1. Preparing forLife’s Important Moments Updated September 2015

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

3. Tax Planning Is More Than Just April 15 • Most financial events — significant and routine — have tax consequences • Most people think about their taxes after April 15but don’t know who to call • After April 15, attention shifts to understanding your taxes, instead of filing your return • CPAs are trusted advisers 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 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. The CPA Credential • College degree (150 semester hours) • Rigorous four-part CPA Exam (14 hours) • 40 hours of continuing professional education each year • Licensure by a state board of accountancy

8. How is a CPA Different from other Tax Preparers? • Licensed by state board of accountancy • College degree (with set number of credit hours in accounting) required to sit for rigorous exam • Professional code of conduct and ethics exam

9. How is a CPA Different from an Unlicensed Preparer? Key Areas of Difference • Practice Rights: CPAs have unlimited practice rights before the IRS • Oversight: Other preparers (except Enrolled Agents and attorneys) are not regulated by a state board or the IRS • Ethical Rules: CPAs who belong to the AICPA are also bound by its Code of Conduct and Statements on Standards for Tax Services (in addition to other rules) Annual Filing Season Program – IRS Program for Unlicensed Preparers • Encourages continuing education and provides a Record of Completion for unlicensed preparers • Requires participants to obtain approximately 18 hours of continuing education • Participants have limited practice rights before IRS

10. Tax Preparation Software • Issues to consider: • Tax savings for current or future years • Help with the IRS (notices, audit) • Long-term tax planning (and saving) • Questions that are not asked by the software • Accountability – what do you know about the person on the other end of the phone?

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

12. Thank you