Tax and Accounting

by gbfadmin | Jul 10, 2019

Advanced Tax Strategies for Business Owners and Executives

All business owners and executives have one thing in common; they all pay large tax bills. This presentation is meant to highlight the tax strategies that we use to lower the tax liability for business owners and executives. We will cover:

New tax strategies that have emerged from tax reform
Advanced plan designs for company retirement plans allowing larger pretax contributions
Windows of opportunity for Roth conversions
Leveraging your spouses access to various retirement accounts
Nontraditional use of HRA and HSA
Little known text secrets about 529 plans
Putting children on the payroll
Advanced strategy for charitable giving
Maximizing the new 199A Deduction
Pros and cons of changing to a different corporate entity structure

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Advanced Tax Planning Using Employer Sponsored Retirement Plans

Employer sponsored retirement plans can often times be the most useful tool in reducing a clients tax liability. However, it is important to note that each plan works differently and has different eligibility requirements, contribution limits, and compliance requirements. This presentation is designed to help tax professionals understand the difference between these type of plans at a high-level. In order to do this, we will use case studies to show advanced tax strategies that we use when implementing retirement plans for clients.

Brief overview of the different types of plans
SEP vs Simple Ira vs solo 401(k)
Contributing $300,000 pretax and a single tax year
Advanced plan design options
Top compliance mistakes
Understanding discrimination testing
Text trigger events: loan defaults, excess deferrals, in Plan Roth conversions.
Mergers and acquisition‘s
Clients with more than one employer
Plan establishment deadlines
Case studies: The most common mistakes we see companies make with employer sponsored retirement plans

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Mergers and Acquisitions: Understanding the Impact on the Company’s Employer Sponsored Retirement Plan

When a business owner is looking to buy another company or sell their own company, very little attention is typically given to the employer sponsored retirement plan until the last minute, only to find out in the ninth inning of the deal that there is a minefield of problems that can cause buyers and sellers to walk away from the deal. These problems range from compliance problems, to difficulties merging plans after the deal is complete, to unforeseen tax events for your employees. This presentation will cover the following:

Stock sale: Impact on the import sponsor plan
Asset sale: Impact on the plan
The buyers viewpoint: What to watch out for
The sellers viewpoint. What to watch out for
The special grace period for combining the plans
Compliance issues to watch out for
Asking the seller to terminate their plan
Unforeseen consequences for the employees
The most common problems after the acquisition is complete
Special rules that apply when companies have two different types of retirement plans
Case studies: absolute disasters

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Wills, Trusts, and Estate Planning

Most people realize that they should have a will, health proxy, power of attorney, and in some cases, a trust. Unfortunately, most people don’t get around to creating those documents when a tragedy occurs, causing them to realize that it is too late. If you have parents or grandparents over the age of 70 and think you may be serving as executor or trustee to their estate plan, it’s vital to know how these documents work and what your responsibilities entail. In this presentation we will review:

How to establish a will
Items that should be included in your will
What a health proxy does
Power of attorney documents
What is a trust and how do they work
Estate planning when you have minor children
Using trust to protect assets from a long-term event
Beneficiary designations on retirement accounts and life insurance.
Most common mistakes we see people make with the estate planning

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Help Your Clients Avoid These Seven Financial Mistakes When Getting Divorced

As a financial planning firm, we often see clients after their divorce is finalized and decisions have been made, only for them to find out that there may have been a better way to split assets, avoid a tax hit, or realize that important language is missing from a QDRO document. This presentation is designed to help divorce attorneys create better financial solutions for their clients when negotiating the terms of the divorce agreement. Michael is a certified divorce financial analyst and he will be covering the following topics:

Tax and financial considerations when splitting the house
The most common mistakes with and QDRO documents
Tax pitfalls when splitting retirement accounts
The impact of divorce on college financial aid
Strategies to help reduce the tax impact of the change of tax treatment of alimony
Valuing stock options and restricted stock
Strategies for addressing financial needs versus financial want
Structuring insurance policies to protect support payments
529 plan pitfalls in divorce
Financial illustrations that help the collaborative and litigation process

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Employee Stock Options, Restricted Stock, Employee Stock Purchase Program, Taxes, and Exercise Strategies

Employee stock options and restricted stock is a great benefit for employees, however, employees often have difficulty understanding how these benefits work, how the benefits will be taxed, and advanced strategies that financial planners and accountants use to reduce the tax liability when it comes time to invest or exercise options. This presentation will cover the following:

Understanding restricted stock
Incentive stock options
Non-qualified stock options
Tax impact of options and restricted stock
Strategies for reducing the tax liability
The impact on college financial aid
Knowing when it’s time to sell
Managing a concentrated holding
Employee stock purchase programs
The most common mistakes employees make when exercising options and restricted stock.

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Different Ways to Structure Ownership for Key Employees and New Equity Partners

Whether you are bringing in new partners or looking for ways to tie key employees to the business, there are multiple ways that you can structure ownership in the company. It is so important to get this decision right because the wrong decision can lead to disputes and litigation between you and your new partners. Unfortunately, this happens more frequently than you would think and we have had a front row seat to many of those disputes. This presentation will cover:

Giving ownership without giving equity
Structuring the buying for younger owners
Key provisions that you should have in your operating agreement
Phantom stock plans
Option plans
Executive deferred comp plans
Valuing the business
Tax implications of different buy in structures
Planning for a break up
The most common mistakes business owners make when bringing on new partners

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Google, SEO, and Creating a Blog that Results in More Clients

This might seem like an odd topic for financial planner to be presenting on, but I have been on the same journey that many business owners have been on; trying to attract more prospects to their company via Google search, blogging, and social media efforts. In September 2017, we only had 100 new visitors a month coming to our website, so we sought out the top specialist on Google search and had them personally train us in each discipline. By February 2018, we had over 40,000 new visitors coming to our website a month. In years past we had only grown from traditional marketing, referrals, and word-of-mouth, and this new source of prospects is now growing exponentially and producing results beyond just attracting new clients. In this presentation I will cover.