taxcompliance

As an entrepreneur, the tax decisions you make can be broad and long term. When done correctly, tax planning is something that is incorporated into your business management cadence throughout the entire year. In today’s episode of the Entrepreneur Aligned Podcast, let's talk about the key differences between tax compliance and tax planning and the wealth of possibility that can come from having right planning-focused CPA in your corner.

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ABOUT JARROD

Jarrod was born into financial planning and solving financial problems. With his financial advisor father Steve telling stories about finance around the dinner table from an early age, the idea that everyone has a different financial situation was always there. After an early professional career spent in nonprofit and government, Jarrod came back to his roots helping people plan and invest in 2011. Since then, he has worked with individual clients, led internal teams and ultimately became partner and the CEO of Destiny Capital in 2017. With a passion for helping entrepreneurs change the world, Jarrod ultimately oversaw the creation of Entrepreneur Aligned in 2020. With both Destiny Capital and Entrepreneur Aligned, Jarrod leads teams that help people live lives of abundance where money is simply a tool to let everyone be a positive force for the world around them. When he isn’t working with the talented teams for EA and DC you can find him chasing his twins, wily trout or a podium spot at an OCR race.

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DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. All opinions expressed by Jarrod are solely his own opinions and do not reflect the opinion of Destiny Capital or Entrepreneur Aligned. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing a new investment strategy. Advisory services provided by Destiny Capital Corporation, a Registered Investment Adviser.

Tax compliance is necessary, like water. You must do it or else you will find yourself experiencing major consequences. However, many business owners are missing out on the major benefits that come with active tax planning!

As an entrepreneur, the tax decisions you make can be broad and long term. When you extend beyond tax compliance and begin thinking about tax planning, the focus is on the big picture over the next several years. A good, planning-focused CPA should be able to tell you about the types of clients they work with and provide various case studies that demonstrate the value that they have been able to provide to clients like you. They will walk you through their process and explain how they can make time throughout the year for the planning process beyond the tax filing season.

Listen to this episode to learn more about the benefits of tax planning and the importance of working with tax professionals that are active in both tax compliance and tax planning practices!

Have a question regarding tax planning or your financial planning?

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DISCLOSURE: Jarrod Musick is an officer of Destiny Capital and Entrepreneur Aligned, a DBA of Destiny Capital. This article is for informational purposes only and should not be relied upon as a basis for your investment, business, or personal financial decisions. We recommend consulting with your wealth advisor, CPA/tax advisor and/or attorney, as applicable to your situation, prior to implementing any new tax, legal, or investment strategy.

Listen to this new podcast, and hear how Thomson Reuters and KPMG are working together to help businesses better manage the impact associated with the reinstated Superfund Excise Tax. Understand more about the new regulations, how to calculate the tax, and how to comply with these complex reporting requirements. 

Show notes:

Jesse Shannon, Senior Product Marketing Manager, Indirect Tax, Thomson Reuters

Robert D Kleppel, Partner, State and Local Tax, KPMG

Taylor Cortright, Managing Director, Federal Excise Tax Practice, KPMG

Chris Harris, Senior Solution Consultant, Thomson Reuters

Carl Davis, Director, Product Management, Thomson Reuters

Resources:

What is Superfund? How to prepare and comply

First-to-market Superfund Excise Tax Calculations within ONESOURCE Determination

5 indirect tax trends shaking up corporate landscapes

In the 4th episode of season 2,  Natalie is joined by Zoe Peck, a Tax Advisory Partner for Mazars, to discuss how different tax structures can be used pre, post, and during the transition of succession. They consider different options available for family businesses to structure their planning in a way that allows them to limit tax leakage and maximise profit extraction without putting the integrity of the business at risk, and whilst also allowing them to protect their long-term legacies.

Special Guest

Zoe Peck

Zoe.Peck@mazars.co.uk

Related Links

Mazars Family Business Services

Exploring Family Business Podcast Season 1

Exploring Family Business Podcast Season 2

Family Business Survey 2020