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Mr. Kess and Lance Wallach have put together another great reference book for accountants. The best part is obtaining CPE credits while learning ideas to help our clients. This book gives easy to understand explanations about IRAs, retirement plans, ways to fully deduct long term care,financial and estate planning , all facets of life insurance, life settlements, annuities, hedge funds, international mortgages, health insurance, HSAs,and much more. I thaught that I understood most of these topics, but I learned new unique ideas to reduce my clients' taxes, costs, and much more. A life insurance idea in the book saved some of my clients thousands. I just obtained two new clients by talking about some IRA ideas from the book.
Just learning how my profitable clients can buy life insurance at a large discont was worth the price of the book. The book is expensive, but I obtained CPE and learned some great concepts. I now will use it as reference manual. After reading this book, I also bought the compainion book, Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots by Sid Kess, which also was great. How can an accounting book be great? Read the book to find out. I intend to write a review for the companion book. The CPA, or other professional who reads these books, will have a large advantage over someone that does not. The AICPA should give a discount to those of us who buy both. Although I teach, and like to learn, I do have clients. My clients will now benefit from Mr Kess' years of expierence. This nationally renowned tax expert and author of hundreds of tax books, with the aid of another prolific author, Lance Wallach, has hit another home run.
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Job Type:
Government/Not-for-Profit
Job Title:
Professor/Teacher
Experience with this Topic:
Beginner
Are you a CPA?:
No
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This reader has had the pleasure of being exposed to the material in this course both in a physical classroom setting and through the text of the material itself. He expects it to be an instrumental aid to his practice, both from the standpoint of improving profitability and from the standpoint of attracting and retaining desirable clients, as well as the art of satisfying existing clients.
Virtually every conceivable alternative in the area of retirement plans and analogous strategies is presented, discussed, and analyzed, to wit: IRAs, K plans, various defined benefit plans, including the 412(i), cash balance plans, VEBAs, and 419 plans. Having information at my fingertips in all of these areas is a great tool in analyzing the needs of and the best strategies for individual clients. At the very least, the book is an invaluable tool for identifying client needs and, either by itself or in combination with other literature, in devising optimal business strategies. It will never stray far from my desk or conference table.
The personal financial planning section will be as valuable an aid in counseling individual clients. I frankly do not know as much as I should about the nuances of IRAs, and am thus grateful for the discussion here. The estate planning section may be the book and course's high point. Combining it with my preexisting knowledge may greatly enhance my proficiency in this area. And the chapter also discusses various strategies involving the use of life insurance products, some of which I had been only dimly aware of, if at all, and all of which I can visualize applying to clients.
I was also badly in need of education in the health care area. The material, while not turning me into an expert, has greatly helped. I now have at lease a working knowledge of health savings accounts and health reimbursement arrangements, as well as what might be described as alternative health care arrangements, to wit: self-funded plans, supplemental plans, etc.
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Job Type:
Tax/Financial Planning
Job Title:
Manager
Experience with this Topic:
Intermediate
Are you a CPA?:
No
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