Welch Financial Advisors, LLC

Heard of the GAO – Government Accountability Office? They’re an IRS oversight organization. And yes, they do exist and yes they do try to help the IRS do a better job and hold them accountable for meeting stated objectives. Participated on a call with the AICPA where we discussed the various iterations of the 1099 reporting proposals. So important to get input on how tax law impacts the taxpayers who received them and the businesses that have to issue them. Glad we were able to offer our insights.

Now that the legislative session has started, I’m appreciative of my attendance at the Georgia Chamber’s Eggs & Issues breakfast last week. So interesting to see the path stated priorities take. What’s going to pass? What isn’t? How will it change as a Bill pass through the process?

Remember I’ve posted that anything you’re concerned about I can tell you why it’s that way by pointing to a section of the tax law? I wasn’t kidding. The work the GSCPA does to help our elected leaders understand the real world impact of tax law is vital. Is it ‘fair’? Is it ‘easily’ able to be administered? Will a change cause or correct a systemic issue? etc. Insights for our legislators as well as speaking with the Commissioner of the GA Dept of Revenue Frank O'Connell. Today was an impactful day Day at the Gold Dome The Georgia Society of CPAs

Exciting news, the free-file program is getting legs. This existed before but was rarely used, with the Inflation Reduction Act of 2022 there are additional funds to modernize the program. It’s not yet available in all states – let’s hope this pilot program goes well.
https://www.msn.com/en-us/money/taxes/irs-tax-move-will-save-money-for-millions-of-americans-check-if-you-re-eligible/ar-AA1mDX2G?ocid=hpmsn&cvid=2e4db858da984d129d42915e9eb2c943&ei=50

IRS Tax Move Will Save Money For Millions of Americans — Check if You're Eligible The Internal Revenue Service has announced the pilot program for free tax preparation service.

Yes, we all need to think about when we die (Estate Planning). And a ‘new’ strategy is putting assets into a revocable living trust. It’s not really new, but it’s now becoming mainstream. But please don’t DIY – you may not know about this new IRS Revenue Ruling, https://www.msn.com/en-us/money/taxes/irs-quietly-changed-the-rules-on-your-children-s-inheritance/ar-AA1dshUV?ocid=hpmsn&cvid=55a63071deae40528ae200dbb914f928&ei=17 but hopefully your estate attorney will.

IRS Quietly Changed the Rules on Your Children’s Inheritance Property, such as your home, held in an irrevocable trust 'that is not included in the taxable estate at death' will no longer receive a step-up in basis. Here’s why the wording of that is key.

I’ll be on stage today presenting at New Money Summit by WesternCPE. Joining other great speakers like Robert Jamison, S-Corp Guru. Really enjoying nerding out with other practice owners and fielding questions about what I do.

Taxpayers often forget, extensions extend the paperwork, not the taxes due. And you’re also expected to pay expected tax liability throughout the year – through withholdings and/or estimated tax payments. If your liability is $50K and you pay $50K on April 15th, you’re going to owe interest and penalties. And now…..those penalties are much higher. https://www.msn.com/en-us/money/markets/irs-penalty-for-underpayments-soars-to-8-nearly-triple-what-it-was-2-years-ago/ar-AA1kVXzo?ocid=hpmsn&cvid=26a8fa6b44334092a3071f879e954312&ei=13
Be sure to pay your taxes due, when they’re due (to the extent you can).

Always a pleasure to meet with my fellow committee members , last week in meetings with the we met key stakeholders and discussed upcoming legislation, the upcoming tax season, and resolutions for systemic problems that could help the taxpayers stay compliant and the IRS function more efficiently and effectively. I was trying to capture the beautiful room we were in, but the picture doesn’t do it service. Yes….I do consider this a fun day of all day meetings!

Representing at the GA Chamber of Commerce’s Diversity and Inclusion event . So great to be in the company of so many professionals that a diverse workforce is good for individuals, good for the community, good for the country, and good for the bottom line.

Wow – I really relate to this article. After spending the day with the Rising Professional program at I can’t imagine telling these students (or their peers) that college may not be worth it for them.
https://www.msn.com/en-us/money/careers/the-deep-inequity-of-the-anti-college-movement/ar-AA1j0HKt?ocid=hpmsn&cvid=8391f84d44c648d3891ee1e7e23d1911&ei=24 As we hear so much about the need for people and employees, I don’t understand why the anti-college movement has teeth. Of course college isn’t for everyone – but let’s not pretend that this fact equates to it being unnecessary. And that’s what this movement is trying to imply.

Very honored to be asked to speak at the GSCPAs Rising Professionals Event. On the panel to encourage high school students to become CPAs. Welch Financial Advisors also gave a scholarship to Ruth Marc for her to attend college. Congrats Ruth!!

Attended the Democracy Dinner at the Atlanta History Center, great program, great food, and met some great people of . But…..the best part of any event is !

So critical, trying to get the GA Dept of Rev, the IRS, the banks, etc to understand that there’s still a significant portion of the population that do not have or want their financial life electronically!

Thank you for the great interview Tompor of the Detroit Free Press https://www.msn.com/en-us/money/personalfinance/irs-flagged-these-tax-returns-for-id-theft-and-2-5-million-people-just-didn-t-respond/ar-AA1fZ6vp

Such an honor to be at the 20th anniversary celebration for Ethics at the City of Atlanta. Atlanta has been a pioneer for the ever evolving definition and enforcement procedures for ethics. As part of the Governing Board of the Inspector General it was great to spend time with colleagues and here both the Honorable Mayor Andre Dickens and Kedric Payne at the Campaign Legal Center speak.
# Honorable Doug Shipman City Council President
# Nichola Hines Chair Governing Board of the Office of the Inspector General and Ethics Office

Buyer Beware! Employee Retention Credit (ERC). If you’re a business owner, I’m sure you’re getting bombarded with solicitations regarding the ERC. Letters in the mail, all the commercials, and unsolicited calls and emails. But, does your fact pattern qualify? No ‘everyone’ doesn’t qualify for the ERC. Did you have employees – not contractors, but employees? A lot of businesses call them employees, but they’re contractors. These companies never explain that there are rules and qualifications. I've been on calls with the IRS and they're so frustrated because business owners are going to be the ones to pay for this. These companies do these quick generic forms, send them in, and then disappear. Since the IRS is auditing 100% of all ERCs, it will be 2-3 years later when that company gets audited, the fly-by-night company is long gone. See https://www.irs.gov/newsroom/irs-issues-renewed-warning-on-employee-retention-credit-claims-false-claims-generate-compliance-risk-for-people-and-businesses-claiming-credit-improperly and https://www.irs.gov/newsroom/irs-opens-2023-dirty-dozen-with-warning-about-employee-retention-credit-claims-increased-scrutiny-follows-aggressive-promoters-making-offers-too-good-to-be-true

Had a great interview yesterday on behalf of the AICPA regarding the blog from the IRS Taxpayer Advocates office regarding Identity Theft.
https://www.taxpayeradvocate.irs.gov/news/nta-blog-wheres-my-refund-has-your-tax-return-been-flagged-for-possible-identity-theft/ There are still millions of unclaimed refunds because taxpayer’s haven’t verified their identity. Sure, there are hoops to jump through to get it done, and it’s not easy to block out time and resources to do it, but at least there are now tools to do this. And the best option is to prevent it on the front end by requesting an IPPIN https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

Under my continued “estate planning is for everyone” theme I’m helping a client manage the process of cleaning out their parent’s home and sometimes I hate to say, I just don’t have an answer. Any input on what I should advise them to do with these piece of history? 😊

Always a great experience at the GSCPA meeting with Georgia Dept of Revenue. Was able to discuss systemic issues, learn about the application of new tax bills, had a colleague share a bit of humor and was able to introduce WFA’s team to GA DOR representatives. Fun had by all!

I always tell my clients assume a 50% haircut from any withdrawals. It’s a double negative impact – 1) current taxation and 2) loss of tax deferred savings vehicle. People forget there’s no ‘I’ll make it up later”. Please think of the long-term consequences of taking out retirement funds. Yes, sometimes it’s necessary, but not nearly as often as people think. https://www.msn.com/en-us/money/news/back-at-square-one-research-shows-the-folly-of-cashing-out-of-401-k-when-leaving-a-job/ar-AA1fdEsY?ocid=hpmsn&cvid=70b224beb17f471fbe4f8b599aaf8c2c&ei=21

Love this. I’m a firm believer when it comes to financial planning – the key is to keep moving forward with a plan – not being perfect. When it comes to your financial life, being perfect is overrated and really, not possible. But that doesn’t mean don’t do anything https://www.msn.com/en-us/money/personalfinance/once-you-hit-this-credit-score-there-s-no-benefit-to-scoring-higher-says-expert-it-s-just-bragging-rights/ar-AA1ffVfj?ocid=hpmsn&cvid=7a683d378d7440f4bca303a278198049&ei=21

I’ve been posting a lot about estate management. I spend a lot of time with clients encouraging them to not make it hard on their heirs by sharing their wishes (their ‘baby’ who they don’t want to share details with is actually 55, married with 2 children of their own) and with clients managing their parent’s estate and helping them take care of all the necessary steps. This includes looking in the sofa! https://www.washingtonpost.com/home/2023/08/01/what-people-hide-in-sofas/ and https://www.npr.org/2023/07/11/1187145704/aretha-franklin-will-estate-sons-inheritance

Loving being on the AICPA IRS Advocacy & Relations Committee. Today had a call to discuss a tax bill getting introduced to Congress. Real time questions with real time impact. Loving advocating for taxpayers! I’m such a tax nerd.

Learned a lot about a non-profit today. . This non-profit works to explain the ‘black box’ of running for office (any office). Just like I help people understand accounting and taxed, they help people learn the ins and outs of governing. So if anyone has ever been curious about being a candidate or helping a candidate – check them out. https://www.repga.org/

The firm is excited to participate in the Feed the Hungry campaign once again this year. Join us in our Food Fight! https://give.acfb.org/team/519731

With everyone going to paperless billing, etc this advice is becoming less useful. Even though it violates privacy rules, for estate and financial management rules – be sure to have the passwords for your parent’s computer and email. Also, we tell our clients to keep paper bills, even if they do automatic payments, they should still receive a hardcopy bill in the mail. https://www.msn.com/en-us/money/personalfinance/i-thought-my-mom-had-done-all-the-right-estate-planning-before-she-died-but-i-missed-some-important-things/ar-AA1ek4rj?ocid=hpmsn&cvid=95bc01da5b084661806b86e10fe9ad6d&ei=42

Estate Planning - not just for the wealthy. Everyone dies. Everyone has ideas about what should/shouldn’t happen to their things when they die (or their spouse dies). Does the law align with your expectations?

Probably not……
https://www.msn.com/en-us/money/realestate/who-inherits-a-house-if-the-surviving-spouse-is-not-on-the-deed/ar-AA1dsQ64?ocid=hpmsn&cvid=81bdca50c6f445e8989759aec7027382&ei=26.

Everyone should please think about death and taxes, then contact a professional to make plans.
www.welchfinancialadvisors.com

This is why I cringe when I see the commercials for ‘do it yourself’ wills and trusts. Estate planning is complicated tax law combined with ‘regular’ law. It differs by state, it has many nuances, and your fact pattern is unique. Do you think the do it yourself websites understand these nuances?

https://www.msn.com/en-us/money/taxes/irs-quietly-changed-the-rules-on-your-children-s-inheritance/ar-AA1dshUV?ocid=hpmsn&cvid=55a63071deae40528ae200dbb914f928&ei=17

Can the site explain it in a way that makes sense to you so you know what you’re doing? If the answer is no, then please – seek out a professional when considering something as important as how your assets pass at death.

This isn’t something only reserved for the wealthy. Everyone dies, so everyone needs an estate plan.

Cecily

https://www.welchfinancialadvisors.com/

We had a full-on accounting nerding out with the AICPA and the IRS.

I’m a new member of the AICPA’s IRS Advocacy and Relations Committee and we had 2 days of meetings.

Other people would probably pull their hair out, but I’m enjoying this problem solving and talking to the IRS about taxpayer service.

https://us.aicpa.org/advocacy/tax