The CPA-Wealth Advisor Partnership: Unlocking The Power of Collaboration
You don't want to miss the latest insight from Steven Topal of Prager Metis and Marc Specht of Perigon Wealth Management!
Volatility Caused by COVID-19 Prompts OCIE to Issue a ‘Risk Alert’ Targeting Advisers and Broker Dealers
Since COVID-19 arrived, the SEC Office of Compliance, Inspections and Examinations (OCIE) has remained operational nationwide including an outreach to SEC registrants to assess the impact of the virus. From these efforts, OCIE has concluded
Beware of the “Clawback” Claim, but Also be Aware that it is as Much an Accounting Issue as a Legal One
There will be a time when your client's customers will go through a rough patch and have the need to file for bankruptcy protection. Before filing, one of these customers may, out of loyalty or with an eye to the future, pay this client. But if your client receives this sum less than 90 days prior to the debtor's bankruptcy filing, this payment could be deemed a "preferential payment," meaning your client may be required to return this sum for inclusion in a bankruptcy estate for equitable distribution among the debtor's creditors.
Long Term Care Insurance Policies
Long term care insurance is different from traditional medical care that is covered by an individual’s health insurance policy or Medicare, which is designed to rehabilitate or correct certain medical problems. Conversely, long term care insurance is intended to provide services to assist a person to maintain their level of functioning. Long term care services generally include, but are not limited to the following:
Peace of Mind
Buy Sell Agreement Remember when going into business with a friend or family member, the terms of the agreement was settled with a handshake, a “gentleman’s agreement?" Oh, how the world has changed. Nowadays everything has to be in writing.
Education Connection
College Financial Planning “Congratulations!” is the first sentence all high school seniors pray to see when they tear open that envelope from their desired college. Upon acceptance, the fun begins: finding a roommate, new student orientation, declaring a major, and joining clubs and teams.
Private Foundations vs. Community Foundations
Pros and Cons to Private and Community Foundations By: Mark Ackerman, CPA For clients who have expressed the desire to use part of their wealth for philanthropic giving, the overwhelming vehicle used to accomplish this is to establish their own charitable foundation.
Travel on Business or Pleasure
Travel With a Peace of Mind Going on vacation or a business trip is something we all look forward to: the planning the packing the mental checklist of: passport
Focusing on Your Finances
End the Summer, Prepared for Fall In our last week of summer, it is important to prepare yourself and your finances for the year ahead. Summer is great, with shorter work weeks, weekends spent on the golf course and relaxing by the pool.
Bitproblem!
Held Ransom by Your Email Remember when Bruce Willis starred in Hostage? Well if you don’t, let me tell you about it.
Euro Trip
Save Money While Traveling As July is coming to an end, it is now or never to book your summer vacation. But instead of taking the same predictable trip you take every year, why not change it up and take that hop skip and jump across the pond and explore Europe?
Spousal Benefits of Social Security
Spousal Benefits of Social Security There are many things we should know about Social Security. While the following is written from the perspective of a wife earning less than her spouse, the information here is the same for husbands who earn less than their spouse and may want to claim a spousal benefit.
Pre-Planning Elder Care: Are You Prepared
Typically, people do not begin to consider their long-term care until they are well into retirement. In today’s economic environment, it is essential to create and implement an elder care plan in your early 60s to ensure you take advantage of planning opportunities and have your wishes carried out. Outright Gifts
Simple Steps to Prevent Fraud
Set up Important Internal Controls Separate duties of receiving funds, disbursing funds, writing checks, signing checks, and the reconciling of bank accounts. Having one employee responsible for all cash related functions makes small businesses vulnerable to fraud.
Fiduciary Responsibilities of Board Members
Board Members of CIRAs (Common Interest Real Estate Associations) have two basic fiduciary duties: the duty of care and of loyalty to the association itself and its members/shareholders. Directors must refrain from self-dealing and receiving improper personal benefits. Decisions, especially financial ones, must be made on an informed basis, in good faith, and in the honest belief that the action was taken in the best interest of the Association.
Vacation Expenses as Tax Deductions
Often, clients ask us about the right (and legal) way to write off vacation expenses as tax deductions. We’ve compiled a few tips to make sure you are complying with the IRS: Establish business appointments with business colleagues prior to your trip.
The Road to Financial Stability
Americans, by and large, are “do-it-yourselfers”. Books, websites, and software programs exist solely to help to tackle all levels of everyday challenges. The same holds true for tax preparers and for estate planning.
Teaching your Children about Financial Matters
While children do learn financial lessons in school, the best way for them to pick up good money skills and become financially responsible adults is for you to be proactive in teaching your children about financial matters. Consider the following suggestions. Set a good example.