Tiffany and Jarrod have a conversation about CPA relationships and discuss tax forward planning and compliance case studies.

What this episode is about: Benefits of working with CPA teams on tax forward planning and compliance. Examples and case studies to illustrate these points. The power of consulting experts.

1. Welcome and Successful Sip [1:08]
2. Introduction of the topics of tax forward planning and compliance and the differences between them. Examples of questions from entrepreneurs to their CPAs and conversation about the benefits of working with a CPA group. [1:58]
3. The good news about hiring a CPA in regards to delegation of time and a CPA's expertise in understanding line items and tax law compliance. [6:21]
4. Dialogue featuring case studies and instances where tax planning has added value to entrepreneurs, i.e. the use of qualified small business stock. [7:13]
5. Conversation featuring an example of the importance of planning and making sure that you're collaborating among different professionals where tax, legal and financial matters intersect. [10:18]
6. Discussion about the importance of delegation and visiting your CPA with ideas if you find yourself in the middle of several experts communicating legal, tax and financial advice. [13:45]
   1. Equipment purchases
   2. Reorganizations and restructures
   3. Accounting for expenses (S corporations)
   4. Scaling for size of the company [14:34]
7. Emphasis that tax planning is not only for major events and examples of other things to plan for:
8. Discussion of partnerships and how to have someone buy in, for example. Dialogue about the value of "not being the expert and calling on the experts." [18:31]
9. The power of a personal board of advisors [20:45]
10. Conversation of the complexity of tax code as a tool of control and how it's unrealistic to think you have a full understanding of it as it exists now and changes in the future. Emphasis on finding a team to help you translate it and use it to your advantage and give you peace of mind. [22:05]
11. Final thoughts: If you aren't getting the answers you need from your CPA, it may be time to reevaluate that relationship and find another who is more "planning forward". There are lots of great teams out there. [24:37]
12. Conclusion and contact information [25:34]

Connect with Entrepreneur Aligned: Like on Facebook: https://www.facebook.com/entrepreneuraligned

Connect on LinkedIn: https://www.linkedin.com/company/entrepreneuraligned

Follon on Twitter: https://twitter.com/Entrepreneur_EA

Follow on Instagram: https://www.instagram.com/entrepreneuraligned/ See omnystudio.com/listener for privacy information.