Advisor Facing Tax Program at McCarthy Tax

Expert Tax Services for Financial Advisors & Their Clients

(Please note that we are currently on a waitlist for new advisors until May 2025)

Tax Consulting

McCarthy Tax can help you research complex tax issues that come up in your client’s financial plan. We can also run multiple scenarios to help you come up with the most tax efficient plan to help you serve your clients better. Common projects include…

 

Stock option analysis & scenario planning

Clients with RSU, NQSO, ISO and ESPP have complex tax planning requirements. We provide detailed analysis and BNA Income Tax Planning reports to assist you and the client with critical tax information to support your financial plan and AMT considerations.

Analyzing sale of stocks and options

When a client has investments to sell, good planning can help keep more money in their pocket. By modeling capital gains and losses and taking into account the client’s unique tax situation we can work with you to find the best tax answer. This is a great way to show your value to your client.

Roth IRA Conversions
If your client will be experiencing a period of uneven income, Roth IRA conversions can be a tremendous potential tax savings. By modeling different scenarios we can choose which years to make the conversion to save taxes for your client.

Tax Preparation

McCarthy Tax Preparation provides both personal and business income tax preparation for your clients while keeping you in the loop. We work as part of your team since you are uniquely positioned to know your client’s financial and tax life in its entirety. You will see a draft of your client’s tax return before it is filed and final copies can be uploaded to your document sharing system.

All of our proposals include tax return preparation AND tax planning. We feel passionate about helping clients proactively plan for their taxes, reduce tax liabilities and eliminate April surprises. Each new client receives a fall tax projection and a 30 minute call to discuss tax planning questions. (Advisors are also welcome to attend these calls.)

Packages start at $1,800

Let’s discuss your tax needs.

FREQUENTLY ASKED QUESTIONS

Learn more about how we work with you and your clients.
How do you work with advisors?

McCarthy Tax provides the same type of services as typical CPA firms, but our process has been engineered to leverage your financial planning expertise to provide the best tax planning and compliance. Your clients sign an information sharing agreement when they work with us so that we can communicate directly with you and share copies of returns or planning ideas. Each advisor is assigned to one of our team leaders (a CPA or EA) but also works with the rest of the team at various points throughout the year.

What does it cost to work with McCarthy Tax?

We charge a sliding fee based on the number of mutual clients that work with us. Advisor fees start at $3,000/yr for up to 10 clients and are in addition to the fees for client work. These fees help cover the cost of shared client portal and communication, weekly project status reports, three video calls per year, complimentary tax research, and a rolling onboarding for all new clients.

How do you work with clients?

We use the best technology available to work with clients throughout the country. Client calls are conducted over Google Meet and documents are exchanged via a secure client portal that both you and your client have access to. Our clients are supported with a team approach with a central point of contact.

Can you work with clients in all 50 states?

Our team has experience in over 45+ states, so we can work with clients all over the country using our suite of cloud based applications.

Do you provide “white label” tax preparation?

This is an important question and one you should think closely about. Advisors want to work with a CPA because they understand how complicated the tax rules are and don’t feel comfortable preparing (or signing) their client’s tax return. In order for us to provide a truly “white label” service, you would need to sign the client’s tax return which means you are responsible for all the Circular 230 guidelines for paid preparers. 

Rather than transferring this liability to you, we sign your client’s returns to relieve you of the risk of tax return preparation. Your client signs an engagement letter with us notifying them that we are responsible for preparing and reviewing their return and advising them of their responsibilities as clients.

What services does your company offer?

We provide a full range of tax preparation and tax planning services including individual, partnership, corporation, gift, and estate/trust returns. We also support select small businesses (primarily service based businesses).

Can an advisor pay directly for client tax services?

YES! Advisors can pay for tax work on behalf of their clients. Many advisors that we work with have chosen to incorporate yearly tax preparation and planning work into their annual retainer. We can provide client quotes for you to help you determine your cost. Advisors with over 50 tax clients can apply for fixed pricing arrangements.

What does your tax planning and projection work look like?

Most projections make use of BNA Income Tax Planner to provide in-depth calculations. BNA allows us to model multiple scenarios for projections that involve stock options, stock sales, etc., so that we can compare a range of options for your analysis. We share these results with both you and your client and answer questions on a joint Google Meet call.

Can I review a copy of my client’s tax return?

YES! Our process includes sharing a draft of the client’s tax return with you BEFORE it is filed. We find that clients often overlook tax documents and potential deductions that advisors are aware of. You have the chance to provide real tax value by helping them capture these deductions.

How can I get started working with you?

Schedule an introductory call so we can learn more about you and your clients. When you are ready to introduce us to one of your clients, copy us on the introductory email and we will invite the client to a free 30 minute introductory call. Once they schedule, we’ll copy you on the calendar invite. Our advisors are always welcome to join these introductory calls but are under no obligation.

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