Bill Godshall’s Post

🌅 A New Dawn for Retiring CPAs As the sun rises on another beautiful day, it brings with it a moment for reflection. For those in the twilight of their CPA careers, today is more than just another day; it’s a symbol of the countless mornings dedicated to ledgers, the long nights balancing accounts, and the relentless pursuit of excellence for your clients. But with every sunrise, there’s a promise of a new beginning. As you stand on the precipice of retirement, consider this: What legacy will you leave? How will you ensure your life's work continues to thrive, even as you embark on well-deserved adventures ahead? We specialize in transitioning CPA firms from esteemed professionals like yourself to the next generation, ensuring your legacy flourishes and your clients remain in capable hands. We understand the weight of the decision to sell your practice—it's not just a business transaction; it's passing on a part of your life. If you’re contemplating retirement and wondering, "What’s next for my practice?" let’s talk. Our approach is grounded in respect, transparency, and a shared vision for the future of the profession you’ve helped shape. 📈 Together, we can create a seamless transition plan that honors your legacy, safeguards your clients, and provides you with the freedom to enjoy the new chapters ahead. Isn't it time your hard work paid off in more ways than one? Let's explore the horizon together. Reach out to start the conversation. #CPARetirement #AccountingLegacy #NewBeginnings #BusinessTransition #FEGroup

🌟 New Blog Alert! 🌟 Is Roger ready to retire? In our latest post, we dive into the crucial considerations for deciding when and how to sell your Accounting practice. From understanding the selling process and market conditions to evaluating personal readiness and client stability, this blog provides valuable insights for anyone contemplating retirement. At Abacus Business Advisors, we know that timing and planning are key to a successful transition. Whether you’re looking to maximise your returns or ensure a smooth handover, our expert advice can guide you through every step. Don’t miss out on this essential read! Click the link below to explore how you can navigate this significant decision with confidence. Read the full blog here- https://lnkd.in/gPMaUNNb For personalised advice and support, get in touch with us today! #Timing #Retirement #AbacusBusinessAdvisors #Accounting #CAANZ #CPAAustralia #IPAAustralia

"In my 25 years working with accountants, I have learned that small business owners lean on their accountants heavily. They’ll look to them for not only financial advice, but even technology and business development. "Questions about retirement options and 401(k)s are common, and smart accountants need to have answers ready. Here’s how to lead your small business clients in the right direction." #401k #retirementbenefits #retirementplans #retirementplanning #employeebenefits #accountants #businessaccounting #smb https://hubs.ly/Q02YB0CY0

In the realm of retirement planning and corporate finance, 401k plans stand as a cornerstone for employees’ long-term financial security. However, within the intricate web of 401k management lies a lesser-discussed aspect: the treatment of forfeitures. Understanding how to accurately record 401k forfeitures in accounting is crucial for maintaining financial transparency and compliance. This guide aims to demystify the complexities surrounding this process and provide actionable insights for accounting professionals. Read The Guide at: https://lnkd.in/d3f3AsDk #401k #401kplans #401kplan #retirementplanning #retirementsavings #fractionalcfo #accounting #kleverplus

Planning Your Retirement Income? 💼🏖️ One of the most effective ways to provide a steady income in retirement is through options like an account-based pension or annuity. Some retirees may also be eligible for an Age Pension or other benefits from the Australian Government. It’s important to understand how these options work to find the best solution for you. 📥 Download our FREE guide to learn more about securing your retirement income and making informed decisions for a comfortable future. 🔗 Get the guide now: https://lnkd.in/gkX_Cnp7 . . . #RetirementIncome #FinancialPlanning #Superannuation #WealthManagement #RetirementPlanning

Plan sponsors of small retirement plans that don't require an audit might want to consider taking some time to make sure your plan is operating correctly. Here are some helpful best practices...

If you make $100k-150k+ in gross income, you might be in a spot to optimize your financial strategy and reach your long-term goals. Here's an example: ➡️ Age: 32 years old couple  ➡️ Job: Working at a tech firm ➡️ Household income: $400,000  ➡️ Annual expenses: $80,000 This couple had questions like: • How can we get the most out of our investments? • What’s the best way to start saving for our retirement? • How do we pay less taxes to the government? As their advisor, we did the following: 1. Set up a Mega Backdoor Roth IRA I suggested a Mega Backdoor Roth IRA for one spouse, tapping into her company benefits. Even though she hadn’t heard of it, we set it up so she could put away a big chunk for retirement, tax-free, laying a strong foundation for her future. 2. Set up backdoor Roth IRAs (for tax savings) Both spouses put $6,500 into traditional IRAs, then converted those funds into Roth IRAs so their money could grow tax-free. Together with the Mega Backdoor Roth, they managed to save $57,250 in Roth contributions this year, which really boosted their long-term savings. 3. Contribute to an HSA (Health Saving Account) She knew about her company’s HSA but didn’t realize it could also be invested, which is a common issue I see. We talked about maxing out contributions and investing within the HSA, turning it into a tax-advantaged account that could grow over time to help with healthcare costs down the road. ✅ If you’re working at a large company, you should ALWAYS dig deeper into learning about your company benefits. You are most likely overlooking benefits that could maximize your investments and long-term financial situation. I help my clients with this all the time. If you have any questions, send me a message and I'm happy to help! ------------------------------------------ 👋 Hey I'm Justin and I help parents create a plan for their retirement #hsa #retirement #backdoorroth #rothira #ira #financialplan

For many, retirement starts a new phase of life. Are you getting prepared for your new phase? #SavingForRetirement

CMPAS Case Study: The Lawson Family Part 2/5 All this week, we will be posting a case study to show off the capabilities of our financial planning tool, CMPAS: Planning. The Lawsons want to purchase their dream sailboat in 2030 for $150,000, but they are 55k shy of obtaining that goal. They could buy a smaller boat, but they really have their hearts set on a certain model. What other option can we provide to the Lawson family? The Lawsons have a 401k, IRA, 529 and a taxable account. CMPAS: Planning will automatically fund each goal with the most tax advantaged account first before tapping into another one. That means that for the Lawson’s retirement and healthcare, the 401k and IRA will be fully drained of funds before moving onto the taxable account. In the “Allocation by Account” page, users can see which goals are being funded by which client accounts and the exact dollar amount. We can see here that both Sean and Sara’s post retirement healthcare is being partially funded by their taxable account as well as 51k of Hannah’s college. Currently they are annually saving $31,500. But by maximizing the tax benefits for certain accounts (opening an HSA and moving savings from taxable to 529), the Lawsons are able to actually save less money ($26,300) and still purchase their 150k dream sailboat. And they end up with a surplus of $29,000 in today’s dollars. Does your current planning tool provide this transparency? In tomorrow’s post, find out how CMPAS: Planning models inflation in the Lawson plan. To book a demo of CMPAS: Planning, email kplant@caravelconcepts.com. #FinancialPlanning #Finance #Fintech #FinancialAdvisor #Retirement

For many, retirement starts a new phase of life. Are you getting prepared for your new phase? #SavingForRetirement