CPA Firm Focuses on Proactive Tax Projections and Planning

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CUSTOMER SUCCESS STORY:
CPA Firm Focuses on Proactive Tax Projections and Planning
BNA Income Tax Planner Web from Bloomberg BNA enables Allen & Allen LLP to meet clients’ needs from virtually any location.

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  • 1. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Challenge:Helping clients manage their incometaxes efficiently in a highly uncertaintax-policy environment.Solution:BNA Income Tax™Planner WebResults:Annual tax projections that helpclients manage cash flow andmaximize after-tax income.Years of Experience and aCommitment to ClientsAllen & Allen LLP launched in 2004 as a partnershipbetween Noelle Allen, a nationally recognized taxprofessional, and her son Mark Allen. With more than35 years of industry experience, Noelle Allen, CPA, iscurrently a member of the California CPA Society, atrustee of the CalCPA Education Foundation board, aswell as a member and past chairperson of the CaliforniaCPA Society State Tax Committee.Mark Allen is a Certified Financial Planner™ and EnrolledAgent. He also maintains his California Life & HealthInsurance license, with a specialty in long-term care. Whenhe’s not busy serving his clients, Allen teaches courses forthe CalCPA Education Foundation.Together, the Allens and their four employees specializein income tax planning and insurance strategies forindividuals and small-business owners. The firm maintainsoffices in Folsom, Pleasanton, and Sunnyvale, Californiaand serves more than 600 clients across the SanFrancisco Bay and greater Sacramento area. Mark Allenworks out of the main office in Folsom, while Noelle Allenworks remotely from her home office in Reno, Nevada.Seeking Certainty in anUncertain EnvironmentDuring the 2012 year-end tax planning season, theAllens had to grapple with an unusually high degreeof tax law uncertainty. In addition to the usual last-minute question as to whether Congress would reacha deal on AMT relief, the stalemate over the fiscal cliffnegotiations made it extremely difficult to provide clientswith accurate tax projections. While the odds seemedto favor higher income tax rates and the reduction ofCUSTOMER SUCCESS STORYCPA Firm Focuses on Proactive Tax Projections and PlanningBNA Income Tax Planner Web from Bloomberg BNA enables Allen & Allen LLPto meet clients’ needs from virtually any location.--------------------------------------------------------------------“BNA Income Tax Planner Web representsthe gold standard in tax planning software.They’ve got everything buttoned down andyou can always count on the informationbeing correct and up to date.”MARK ALLENExecutive Director of Tax Technology,Allen & Allen LLP------------------------------------------------------------------------
  • 2. 1801 South Bell Street, Arlington, VA 22202© 2013 BNA Software, a division of Tax Management Inc. All rights reserved.>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>CUSTOMER SUCCESS STORY0413rcFor more information call 800.424.2938 (select option 3), contact your local Bloomberg BNA Representative, orvisit www.bnasoftware.com::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::certain tax deductions in 2013, there was no way toaccurately forecast what would happen.Mark Allen believes that the potential for major tax lawchanges in the future underscores the need for proactivetax planning and vigilance. That’s why he is committedto providing all of his clients, many of whom own rentalproperties or incentive stock options, with an annual taxprojection. And, with so many possible outcomes to yearlytax negotiations, Allen needs to model multiple scenarios forhis clients each year.“Effective tax planning involves a lot more than simply tellingclients how much tax they will owe,” says Allen. “It alsorequires you to incorporate the latest tax law changes andto maximize the use of those laws for the benefit of yourclient.”Winning Tax Projection StrategiesEqual Substantial Client SavingsThe Allens rely on BNA Income Tax Planner Web to providetheir clients with accurate tax projections. “When I do taxprojections for our clients, I’m always looking for differentstrategies to reduce their taxes,” says Allen. “Using BNAIncome Tax Planner Web, I can model cases over multipleyears using different variables and feel confident that thetax plan I’m putting together is correct. We have savedclients oodles of money over the years and we alwaysfeel comfortable that the tax plan we’re putting together iscomplete and correct.”BNA Income Tax Planner Web has also enabled Allen touncover hidden tax savings for his clients. For example,while pre-paying state income tax typically doesn’t helpclients who are subject to Alternative Minimum Tax (AMT),Allen discovered through using BNA Income Tax PlannerWeb that doing so would save one of his clients more than$7,000. “We were heroes to that client,” he says.Web-Based Solution Allows theFirm to Be More Productive onthe RoadBecause the Allens and their staff members travel frequentlyto meet with clients in the San Francisco Bay area and inSacramento, they often need to update calculations whileout of the office. Therefore, when BNA Income Tax PlannerWeb launched in the spring of 2012, Allen jumped on theopportunity to upgrade to the web-based version.With the web-based version, the Allens and their teamcan now create updated tax projections from virtually anylocation. In addition, their administrative staff can log in,print out, and mail reports to clients without having to installsoftware on their computers. The fact that he no longerhas to update his servers or his BNA Income Tax Plannersoftware also saves a good amount of Allen’s time, allowinghim to focus on higher-value tasks for his clients.>>>>>>>>>>>>>>>>>>>>>>>>>BNA Income Tax Planner WebOffering the most comprehensive planning featuresavailable, BNA Income Tax Planner Web helps youefficiently model complex tax scenarios, eliminate surprises,and offer planning and projections that help your clientsmanage and reduce their federal and state individualincome tax liability. BNA Income Tax Planner Web allowsyou to quickly calculate federal income taxes including AMT,capital gains, estimated tax payments, stock options, andmore with the most accurate tax calculations available. Withanytime, anywhere secure access, BNA Income Tax PlannerWeb is always accessible and always in compliance.