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Why Your CPA and Financial Professional Should Be On the Same Team

When did this happen?You may be speaking with your CPA and financial professional regularly, but are they talking to each other? And more importantly, part of the same team? Here are a few reasons why your CPA and financial professional should be on the same team, providing you a comprehensive view of your financial picture and the implication of financial decisions.

A Complete Financial Picture
Through our strategic partner, Avantax Planning PartnersSM, the team at Anglin Reichman Armstrong pairs our tax expertise with the financial planning professionals of Avantax. We recognize that every financial decision has a tax implication. With your CPA and Avantax financial planning consultant, we can fully explore and understand the impact of each financial decision from both a long-term financial plan and tax perspective.

Our team and planning program, known as GPS, which stands for Guidance Planning Strategies, visually lays out a long-term financial plan, looking at all the impacts of investing in your 401(k), selling a business, donating to charities, or how plans for your estate impact your future. We’ll also look at strategies for reducing risk in your long-term plan.

Business Forecasting
Your CPA and Avantax financial planning consultant can be the guardian of your financial foundation. Our team can consult on proper pricing and desired margins leading to stronger cash flow, which supports well-timed reinvestment, higher business valuation and the eventual successful transition of your business. In the meantime, your accounting and financial statements, are valuable insights in order for our team to provide the best guidance for owners’ retirement portfolios and estate planning.

Tax Impacts
In addition to the impact of changing tax legislation, certain decisions will impact your personal or business tax situation, whether it involves disposition of assets that trigger potential capital gains, estate taxes, a change in executive compensation or a new entity structure.

Discussing these changes with your CPA and Avantax financial planning consultant, who prioritize your financial goals, may lead to opportunities to discuss additional contributions to benefit accounts or the creation of new trusts, for example. Such decisions sometimes require your CPA and Avantax team, together, making recommendations for timely retirement or estate planning changes.

Business Valuation
By conducting an early calculation of business value—and a full business valuation when it is time—you can prepare for tax impacts and what comes next in life with the right financial tools already in place.

A business valuation provides a baseline for what a potential buyer might pay for the stock or assets of your business. Besides its importance for determining the type of buyer that fits your exit strategy, it can also support more accurate guidance on how that business value affects levels of personal investment now, in a few years, and at the time of the expected business sale. Your CPA and Avantax financial planning consultant can also help lay out contingency plans if something suddenly happens to your health or the business that you did not expect.

Risk Management
Whether it is your family, employees, or business partner that you are trying to protect, your CPA and Avantax financial planning consultant will explore various strategies to project your long-term financial plans. Exploring the impact of a long-term care event, disability planning, or life-insurance strategies, the team can provide more confidence in your long-term plan.

The Possibilities
By having your CPA and financial professional on the same team and building a financial plan based on what is most important to you, there is an opportunity to expand what is possible for your financial future. Your CPA acts as the hub to support your financial plan and with the Avantax team has access to professionals in asset management, retirement planning, insurance, business services, estate planning, and more.

Anglin Reichmann Armstrong has years of experience helping clients minimizing tax impacts and supporting business owners with strategic business decisions. Our wealth management service and strategic partnership with Avantax Planning Partners, means enhanced service for you. Combined with our insights on clients’ accounting and tax positions, this partnership truly focuses on client goals through a unique approach. For more information or to start a discussion, contact Stephen Armstrong.