I think time is needed to stop spinning the rat wheel for now and format a plan to go forward. There are too many proposed and active moving parts moving in various directions at half speed.
You mentioned your husband is retired but continues contract/consulting work. Which one is it? I was outsourced at 56 and later performed two months of consulting work that convinced me to never work again. That is being retired.
You had what sounds like a gem of a tax CPA. A tax CPA is the only hired help I use. He and I both understand each other’s roles and responsibilities so as not to introduce scope creep. I produce the numbers and sources, plus any financial plans. He takes care of the tax angle and does not touch on any financial advisement aspect. I would recommend a clear specific list of expectations when vetting a potential candidate for the tax CPA role. This avoids wasting time for both parties.
Tax CPAs are not financial advisors, they are credentialed for tax and accounting. On the same path, CFA/CFPs are financial advisors and not credentialed to give tax advice due to liability exposure and lack of tax knowledge. Most will give the boilerplate statement of “Consult with your tax advisor.” Those who hold both credentials are too thinly spread out to be effective. Having multiple functions at a single institution creates a conflict of interest. I would keep those duties segregated.
I would venture if a new CPA candidate were to ask some simple questions in a vetting interview session such as “What are your account type percentage ratios?” or “How much are your qualified dividends versus ordinary income?” that you would not have the answer readily available. Outside of getting more self-acquainted with your holdings, Celia gave you an excellent 8 item list to begin with.
You mentioned your husband is retired but continues contract/consulting work. Which one is it? I was outsourced at 56 and later performed two months of consulting work that convinced me to never work again. That is being retired.
You had what sounds like a gem of a tax CPA. A tax CPA is the only hired help I use. He and I both understand each other’s roles and responsibilities so as not to introduce scope creep. I produce the numbers and sources, plus any financial plans. He takes care of the tax angle and does not touch on any financial advisement aspect. I would recommend a clear specific list of expectations when vetting a potential candidate for the tax CPA role. This avoids wasting time for both parties.
Tax CPAs are not financial advisors, they are credentialed for tax and accounting. On the same path, CFA/CFPs are financial advisors and not credentialed to give tax advice due to liability exposure and lack of tax knowledge. Most will give the boilerplate statement of “Consult with your tax advisor.” Those who hold both credentials are too thinly spread out to be effective. Having multiple functions at a single institution creates a conflict of interest. I would keep those duties segregated.
I would venture if a new CPA candidate were to ask some simple questions in a vetting interview session such as “What are your account type percentage ratios?” or “How much are your qualified dividends versus ordinary income?” that you would not have the answer readily available. Outside of getting more self-acquainted with your holdings, Celia gave you an excellent 8 item list to begin with.
Statistics: Posted by Hacksawdave — Sat Jul 13, 2024 10:35 am — Replies 38 — Views 554
