Financial Advisors

The Tax Conundrum

A maze of complex language, codes, and directives, peeling back the layers of the Internal Revenue Code is a challenge for even the most seasoned accounting and tax professionals. As a finance concierge, I am not a tax expert but I certainly devote a large portion of my practice to working with CPA’s and tax attorneys on proactively understanding tax code implications as well as bringing unique solutions to the table for clients.

One constant that exists amongst all allied tax professionals is the need to have many hands on deck. In large organizations, there is a reason why big decisions are always made by groups of people with varying perspectives instead of just one expert. Different perspectives, opinions, and interpretations make for a holistic approach to solutions. We simply cannot rely on one person to be the here all end all when it comes to addressing the complexities that are tax liabilities for our clients.

What does this mean for you? This means you need to have the right people in your corner. The right advisor who knows his/her away around tax code, an astute CPA who is open and willing to view solutions for tax challenges in a unique way, as well as a tax attorney that plays well with allied professionals and can bring nuances of tax code and case law to light.

This trifecta is very important but it is not easy to maintain. Each respective professional has been trained to look at opportunities, boundaries, and successes in a different way. For the advisor, it is often a question of dollars saved and dollars earned for the client. The CPA is often focused on accounting accuracy as well as by the book compliance while the tax attorney is exceedingly entrenched in case law, code, and applying them to different circumstances faced by their respective clients.

Bringing these experts together requires an open mind. It requires a greater vision for what client success looks like and is something that every tax professional should be committed to.

My personal experience within this space has shown immense value brought not only to the client but also to the allied professionals when fluid and succinct planning and coordinating are achieved. It facilitates solutions that are exceedingly complex but ultimately serve the client well in that every base that needs to be covered is comprehensively addressed.

Our industry has always created an unnecessary uphill battle comprised of poor coordination, poor leadership and poor communication. As advisors, we need to take the time to educate ourselves on how to appropriately complement allied professionals while also bringing immense value to their doorstep with solutions they do not have the time to go and research. This is exactly how winning is done. Putting multiple hands-on deck, solidifying a clear vision, and relying on each other to deliver value within each respective domain.

Our clients deserve our best and our best should be defined by 360 degree value that addresses every facet of tax planning, coordination, and execution with other experts that complement our solutions.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Travis Jennings

Travis Jennings is a seasoned advisor, published author, and leader within the fractional family office space. He owns Finance CAPE in Tampa, Florida, and specializes in serving High and Ultra high-net worth individuals/families.

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