1. Preparing for Life’s Important Moments Updated December 12, 2011

2. Life is Complicated – Especially Money Matters You will encounter several weighty financial milestones during your lifetime -Marriage -Children -College -Retirement One significant recurring financial event is your annual tax return, which is often overlooked as a resource for planning

3. Tax Planning Is More Than Just April 15th Most financial events, significant and routine, have tax consequences Most people think about their taxes after April 15 th but don’t know who to call After April 15, attention shifts to understanding your taxes, instead of filing your return CPAs are trusted advisors who assist with a variety of financial issues and their tax consequences year round

4. A CPA’s Approach Take a holistic view of your life using your tax return as a guide Integrate tax considerations into your entire financial picture Consider how decisions affect other areas of the life – college education, aging parents, retirement, etc. Address strategies to resolve immediate issues and identify tax savings opportunities for the long-term Apply all of the objectivity, integrity and diligence you expect from a CPA

5. Selecting a CPA Relationship and trust Education, qualifications and credentials Complex tax knowledge Year-round availability

6. Navigating the Tax Services Marketplace Differentiating between various tax return preparers Factors to evaluate: -Training -License – do they have one? -References -Approach Where CPAs provide additional value

7. New Return Preparer Initiative IRS’ objective: To elevate the compliance level and ethical conduct of tax return preparers. Everyone who preparers a return must get a PTIN CPAs have unlimited practice rights before IRS and are not subject to additional oversight regulations IRS added new category of tax return preparer called “Registered Tax Return Preparer” -Sets minimum standards for unlicensed preparers -Limited practice rights before IRS

8. CPAs vs. Other Tax Preparers Licensed to practice accountancy, provide tax services College degree to sit for rigorous exam Professional code of conduct & ethics exam

9. The CPA Credential College degree (150 semester hours) Rigorous 4 part-CPA exam (14 hours) 40 hours of continuing professional education each year Licensure by State Board of Accountancy

10. The Value of the CPA Year-round services that go beyond tax Broad base of knowledge Specialized training Honesty & integrity - keystones of the profession AICPA enforceable code of conduct specific to tax services

11. QUESTIONS Questions

12. Copyright © 2011 American Institute of CPAs Thank you