Cherry Bekaert: Private Client Services

Cherry Bekaert

Cherry Bekaert’s podcast for private clients services where we discuss developing trends and market dynamics as well as tax and accounting tips that could impact your business.

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    Business Succession Planning with Trust & Estate Tools

    The Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, helps align the recognition and measurement guidance under a unified model and amends certain previously required disclosures. The statement refreshes the GASB’s compensated absence guidance from the 90s to reflect changes to compensated absences offered since the guidance was introduced. Cherry Bekaert’s team has outlined a four-phase approach to help your government implement GASB 101. In the final episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Scott Anderson, Director, discuss journal entries, disclosures and go-forward training to ensure continued compliance and effective application. Tune in to learn more about: If a government needs to restate financial statements and if so, what that looks likeImplementation for governments that have comparative financial statements Options when building GASB 101 compliant journal entries What could make a government’s entries more complex What governments need for their note disclosures How preparing go-forward training at the end of implementation will set you up for success in future years Do You Need Assistance with GASB 101? Cherry Bekaert’s Government and Public Sector Accounting Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who specialize in providing  accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.   Related Insights:  PODCAST: Part 1 – Defining GASB 101 and the First Phase of Implementation PODCAST: Part 2 – Completeness of Compensated Absences PODCAST: Part 3 – Evaluation of the Current State of Policies & ProceduresPODCAST: Navigating GASB 101: Compensated Absences ARTICLE: Navigating GASB 101: Compensated Absences Update

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    Business Valuation Strategies to Maximize Value

    Tune in to Cherry Bekaert’s Private Client Services podcast for the second episode in our series on closely held businesses. In this insightful installment, we explore the complexities of business valuation, providing guidance on understanding and maximizing your company’s worth. Listen as   Jessica Fairchild, Partner, Croke Fairchild Duarte & Beres, along with Kyle Nevins, Partner, Cherry Bekaert, and David Nissen, Partner, Cherry Bekaert,  discuss key factors influencing valuation. Our guests explore the critical role of professional valuation in the sale process, covering the importance of timing, market conditions and involving the right team. Learn how industry-specific multiples, growth prospects and financial health impact valuation, and why having the right support is essential for a successful transaction. Whether you are preparing to sell your business or want to deepen your understanding of business valuation, this episode is your go-to resource. Our speakers share practical strategies for positioning your business for success and maximizing its value while also addressing common challenges in the valuation process. Cherry Bekaert’s latest podcast offers the insights you need to make informed decisions, optimize your business’s potential and secure your financial future.

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    Exit Strategies for Closely Held Businesses

    Join Cherry Bekaert’s Private Client Services podcast in the first podcast of our series for closely held businesses. In the first podcast, our team explores exit strategy essentials, diving deep into the world of closely held business transitions. Join our speakers Jessica Fairchild, Partner, Croke Fairchild Duarte & Beres, Drew Hinnant, Director, Cherry Bekaert, and David Nissen, Partner, Cherry Bekaert, as they unravel the complexities of exit strategies. Whether you're a founder considering retirement, a business owner looking to unlock your company's value, or planning a transition to the next generation, this podcast is your go-to resource. In this episode, our speakers discuss the fundamentals of exit strategies, highlighting the importance of transitioning ownership to unlock value and ensure the continuity and growth of the business. Additionally, they share insights on various exit options, from initial public offerings (IPOs) and strategic sales to private equity and family transitions, while emphasizing the significance of planning and understanding your business's true value. Discover the common challenges business owners face when planning their exits and learn valuable tips to avoid potential pitfalls. Our speakers stress the importance of early planning, having a trusted advisory team and being prepared for unsolicited offers. They also underscore the emotional journey of selling a business and the need for a supportive network. Whether you're starting a business or contemplating a transition, Cherry Bekaert’s most recent podcast offers practical advice and expert insights to guide you through every step of the process. Tune in to cement your business's legacy and secure your personal and financial future.

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    Federal Estate Tax Exemption Sunset: Plan for 2025

    The federal estate and gift tax exemption is scheduled to sunset by the end of 2025, and it is imperative to begin planning today in order to protect your assets and minimize tax burdens in your estate plan.  The first step is to receive an initial assessment of your current situation, which will help determine the impact of the sunset or current exemption on your estate. To prepare for the best possible outcome, it is important to work with experienced professionals who can create a customized estate plan tailored to your unique financial goals, risk profile and cash flows. In this episode of Cherry Bekaert’s Private Client Services podcast,  Marci Spivey, Family Wealth Taxation Segment Lead, and Mike Kirkman Estate, Trust & Gift Tax Leader, discuss the latest trends, news and insights in the world of finance. They are joined by Clint Costa, Senior Wealth Strategist at Choreo, LLC, who provides an in-depth analysis of the estate tax and gift tax, explaining the fundamental concepts and how the sunset will impact assets. Additionally, this episode sheds light on specific steps individuals can take to assess whether they should utilize the additional estate tax exemption before it expires. Listen to learn more about: The federal estate and gift tax exemption and its sunset after 2025How experienced professionals can help you create a customized estate planEmotional considerations in estate planning and how to address themWhy you should plan now and take advantage of valuations at today's value Do not wait until it's too late. Start planning ahead with the right team of advisors.

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    Tax Payment Timing and Cost of Money

    Each year, as the tax filing deadline nears, it is important to identify your projected tax payments and when to pay them [LJ1] so you can avoid submitting inaccurate tax returns. Staying up to date with the most recent Internal Revenue Service (IRS) withholding and estimated tax payment guidelines for individuals is also crucial in understanding how these regulations will affect your taxes. This podcast focuses on estimated tax payments, withholding and related cash flow planning. The first episode of the joint podcast series between Cherry Bekaert’s Private Client Services group and Choreo Advisors features Cherry Bekaert’s Marci Spivey, Partner and Private Client Services Industry Leader, and Deb Walker, Compensation & Benefits Director, as they are joined by Michael Radford, Managing Director at Choreo Advisors. Together they discuss the details of estimated tax payments, withholding and tax-related cash flow planning.  Tune in to learn more about: Estimated tax payment and withholding guideline overviewHow withholding can help tax payment obligationsAdvantages of seeking advice from tax professionals Related Guidance TCJA: Estate & Trust Planning UpdateCharitable Remainder Annuity Trusts: Is Time Running Out?2023 Year-End Tax Planning Checklist for IndividualsAnalyzing the Impact: Tax Relief for American Families and Workers Act of 2024

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    How to Incentivize Plans for Employee Retention

    Labor shortages impact numerous industries in today’s economic landscape, in which attracting and retaining valuable employees is top of mind for so many employers. There are new tactics that companies are exploring in order to hire and keep key personnel. These solutions include year-end bonuses, profit sharing, 401(k) match, performance bonus, sales commission and more. In this latest edition of Cherry Bekaert’s Private Client Services podcast, Mike Kirkman, Partner in Cherry Bekaert’s Estate, Trust & Gift group, and Deb Walker, Compensation & Benefits Director, discuss how incentive plans can be utilized to retain employees. The pair covers: Arrangements to keep key personnel Examples of incentive plansEmployee ownership and like-ownership interest in the businessIncentive stock options vs. nonqualified stock optionsRelated Guidance SECURE 2.0: Retirement Plan Changes Explained

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    Starting a New Business & Launching Successfully

    Starting a new business can be daunting. On this episode of the Private Client Services podcast, Greg Kellar, Tax Senior Manager, and TJ Wilson, Partner and Leader of the Firm’s Gastonia tax practice, walk through the necessary steps when starting a new business. They pay special attention to the importance of tax and business planning components, such as entity selection, capitalization (funding of business), loan structures, bylaws, insurance and relationships with professional service firms. Establishing these business foundations helps to ensure short- and long-term success.  Cherry Bekaert’s Private Client Services practice assists closely held businesses, C-suite executives, high-net-worth individuals and their families with tax, accounting and business matters impacting business and personal growth goals and objectives. If you have any questions specific to your business or individual financial or tax needs, Cherry Bekaert’s advisors are available to discuss your unique situation with you. Additional Resources: Article: Tax Planning Opportunities For Executives with Incentive Stock Options StrategiesPodcast: 2022 Year-End Tax Planning for Professional Services BusinessesPodcast: Q&A on Proposed Tax Rate Changes for Individuals per the Treasury’s Green Book

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    The New, Known and Unknown With Required Minimum Distributions

    You work hard for your retirement, saving and planning for years to prepare for that next stage in your life. When you reach age 72, or later depending on when you retire, you have required minimum distributions (RMDs) you must withdraw from your retirement plan or individual retirement arrangement (IRA). RMD rules have shifted over the last two years and are set to potentially be updated again towards the end of 2022 or early 2023.  In our latest Private Client Services podcast series, our team shares insights regarding how to navigate the current RMD landscape. Join Mike Kirkman, leader of Cherry Bekaert’s Estate, Trust & Gift Tax services and member of the Firm’s Private Client Services practice, and Deborah Walker, Tax Services Director and Compensation & Benefits leader, as they discuss how to prepare RMDs for year-end and how to be proactive for 2023 and beyond. This podcast will cover: RMD relief for 2021 and 2022Potential year-end tax legislation predictionsFuture impacts to RMDs in 2023 and beyondRelated Guidance:  Differences Between and Benefits of Charitable Remainder Trusts and Charitable Lead Trusts2022 Inherited IRA and Retirement Plan Required Minimum DistributionsNot All 2020 Retirement Plan Distributions are Taxable Due to COVID-19

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    Differences Between and Benefits of Charitable Remainder Trusts and Charitable Lead Trusts

    You want your money to leave an impactful legacy by providing for people you love and benefiting organizations you support. Cherry Bekaert’s Private Client Services team regularly assists our clients by establishing charitable trusts, which are often the best way to reach these goals. In this episode of Cherry Bekaert’s PCS podcast, Tax Partners, Greg Marx and John Ure, along with Senior Tax Accountant, Molly Gilroy, discuss the advantages of and distinctions between charitable remainder trusts (CRTs) and charitable lead trusts (CLTs) through: Income tax benefits and implicationsEstate tax implications Growth market and recession interest rates Listen in to learn more about how you can make your money work best for you. Related Guidance: 2022 Year-End Tax Planning Strategies for Individuals2022 Inherited IRA and Retirement Plan Required Minimum DistributionsNew Tax Rules for U.S. Trusts with BeneficiariesNew Final Regulations for Estates and Trusts

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    Direct Recognition Variable Investment Plan (“DR-VIP”)

    Interested in a retirement plan with higher limits than a 401(k) and profit-sharing plan? If so, a DR-VIP plan may be for you. A DR-VIP plan is a qualified retirement plan designed for business owners and professionals who seek high deductible contributions in excess of the defined contribution plan limits. The plan combines the best features of defined contribution plans and defined benefit plans.   Listen to Chris Lewis, a Tax Partner in the Firm’s Private Client Services group and Mark Maund, a Senior Financial Advisor in Cherry Bekaert Wealth Management LLC, as they discuss the attributes of Direct Recognition Variable Investment Plans.

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    Q&A on Proposed Tax Rate Changes

    Proposed federal tax law changes impacting wealthy families and individuals may become a reality. While it is unclear the specifics and the exact timing of these changes, the major proposals considered would significantly change the tax planning landscape.   Listen as Mike Vidal, Tax Partner in Cherry Bekaert’s Private Client Services practice and Mike Kirkman, leader of the firm’s Estate Gift and Trust practice discuss the potential impact of proposed tax rate changes to individual taxpayers. These proposed changes were introduced in the American Jobs Plan and further explained in Treasury’s Green Book. The conversation focuses attention on proposed tax rate increases for high-earning individuals, capital gains, and qualified dividends. In addition, they discuss proposed tax changes on active income from pass-through entities. Vidal and Kirkman wrap up with a few ideas and actions individual taxpayers should consider now.

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Cherry Bekaert’s podcast for private clients services where we discuss developing trends and market dynamics as well as tax and accounting tips that could impact your business.

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