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September 2009 - Vol 1, Issue 13

Greetings!

BP results is an e-newsletter for industry professionals who provide vital financial and legal services for our mutual clients. So that you may identify similar opportunities in your practice we are sharing with you recent successes we've had with our clients.
In This Issue
Outsourced Help for CPAs
Last Minute Planning Opportunity Saves $200,000
Meet the Authors
Direct Links
 
State and Local Tax Services
425.289.7609
 
Allan Vander Hamm
Business Valuation and Transition Services
425.289.7613
 
Forensic, Litigation and Investigation Services
425.289.7617
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Outsourced Help for CPAs
 
Most CPAs do not have a thorough understanding of Washington State taxes but smart ones know when to seek additional help for their clients. We are frequently contacted by other CPAs in Washington and across the country to assist with their clients' Washington Department of Revenue audits. 
 
image: tax form and IRS stampResult #1: When her advertising company client was contacted for an audit during tax season, a CPA in Tacoma knew she needed help and contacted us to assist with the audit. Working with the client and CPA to get information and documentation for the audit, we used our in-depth knowledge of the audit process and tax laws to minimize the tax assessment on the business and get written confirmation from the auditor of an important deduction for the company that will benefit them in the future.
 
For more information contact Darcy Kooiker, CPA, Principal, Director of State and Local Tax Services at dkooiker@bpcpa.com or 425.289.7609.
Last Minute Planning Opportunity Saves $200,000

From a business perspective, a comprehensive estate plan ensures that your client's business will transfer to the successors they have chosen without financial or personal hardship to the business or its successors. From a personal side, estate planning ensures your clients' loved ones the transfer was thoughtfully planned with them in mind.
 
Result #2: A 93 year old client was frustrated because he was told there was nothing else he could do from an estate planning perspective. He was referred to Berntson Porter for another look at his situation. We advised the client that because he had a substantial amount of high basis assets, he could make a large, taxable lifetime gift to generation-skipping transfer trusts to his children to save estate taxes without an income tax consequence. By doing a last minute transfer of these high basis, liquid assets prior to his passing, the client was able save approximately $200,000in estate taxes.
 
For more information contact Brinette Rounds Director of Estate Planning Services at brounds@bpcpa.com or 425.289.7618.

Meet the Authors
 
image: shaking handsAllan:
October 6 - "Maximizing Financial Results from Sale of Your Business" hosted by Berntson Porter.
 
October 21 - Estate & Succession Planning for the Closely-Held Business" hosted by the Washington Association of Accountants.
 
October 22 - "How to complete a successful business purchase or sale" hosted by Berntson Porter, Peterson Russell Kelly, Partner on Call Network and Frontier Bank.

Brinette:
October 1 & 2 - "Exemption Rises; Net Worth Declines" at the 54th Annual Estate Planning Seminar.
 
Darcy:
September 10 - "Reseller Permits" hosted by Association of General Contractors.
 
November 12 - "Don't Win the Bid for the Wrong Reason" and "Hot Topics in Washington Taxation" hosted by Construction Finance Managers Association and Washington Society of CPAs.
 
November 18 - "Reseller Permits" hosted by South Sound Construction Finance Managers Association.
 
Doug:
October 22 - "Detection and Prevention of Fraud in the Workplace" hosted by Washington Employers.
 
 
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