He recommended that a HNW client and their advisor do a personal tax liability nexus study “to determine if they’re filing individual income tax returns in all of the state and localities where they earn income,” he said. “Many HNW clients don’t know that if they don’t file a return when they’re required to do so, the statute of limitations on that tax return doesn’t lapse.”
Foss recommended National Conference of State Legislatures for overviews of current trends in individual states’ fiscal policies, “especially for small businesses, owners of which make up a large percentage of our HNW clientele.” For general overviews she also recommended the Tax Foundation.
Try to talk taxes before the end of 2018. “CPAs have many more tools at our disposal before Dec. 31st than we do after the year changes,” Etter said.