Recently becoming a partner at your firm, or in the near future, is an exciting milestone in your professional life. With any leadership role comes a new set of responsibilities yet it’s surprising how few are prepared for the financial implications of such an undertaking. Now is the perfect time to consider your personal financial and tax planning strategies and how you can apply these strategies in 2019.
Presented in partnership with Stout Risius Ross, ORBA’s Jacqueline N. Janczewski, CPA, MBT and ORBA Wealth Advisors’ James V. Petitpren, II will discuss topics for new and prospective partners in this educational and networking seminar, including:
- The issues of how compensation is paid (income versus equity) and what tax consequences may arise depending upon the category;
- Minimization of income taxes;
- Considerations for firms with offices in multiple states, and filing of non-resident state taxes;
- Timing of quarterly estimate tax payments;
- Capital contribution strategies (should loans be taken out and deductions of investment interest);
- Budgeting and cash flow planning; and
- Sheltering of income/saving for the future.