The Wealth Without Wall Street Podcast Round Table | How to Talk with Your CPA About IBC
Aug 10, 2021
Dive into the fascinating world of Infinite Banking and its potential for personalized passive income. Discover effective strategies for communicating with your CPA about IBC, including documentation tips and navigating financial discussions. Explore the importance of understanding your own investor identity while collaborating with experts. Hear real-life experiences on choosing knowledgeable CPAs and the impact of clear communication on financial outcomes. Learn how structured guidance can pave your way to financial independence.
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IBC Often Unseen by CPAs
- Implementing IBC often goes unnoticed by CPAs unless specifically brought to their attention.
- There's no reporting requirement to inform your CPA about savings or deposits into your policy.
Mark's Experience with CPA and IBC
- Mark Haraguchi only consulted his CPA about IBC when tax implications arose from lending policy loans to his business.
- This was to ensure legal compliance, proper documentation, and alignment on tax handling.
CPA's Role in IBC Cash Flow
- Involve your CPA when you need validation for the feasibility of your IBC funding plan.
- Utilize their expertise in cash flow forecasting and analysis to ensure sustainability.