Episode Title:

Defined Benefit Plans Demystified: Expert Insights for Young CPAs with David Podell

Episode Summary:

Co-host Hannah shares her experiences with tax planning and defined benefit plans, setting the stage for guest expert David Podell from Business Benefits Consultants. David demystifies defined benefit plans, emphasizing their relevance and tax advantages. The discussion covers identifying client opportunities, the importance of advisory roles, and resources for further learning.

Episode Notes:

"You could increase your retirement benefit, take money out of the business pre-tax, and I'm going to save you this on your taxes." -David Podell

The finer details of this episode:

●       Common misconceptions about defined benefit plans and their relevance in modern financial strategies.

●       Importance of collaboration with financial advisors, third-party administrators, and attorneys in implementing defined benefit plans.

●       Resources available for CPAs to deepen their understanding of defined benefit plans and tax strategies.

●       Encouragement for young CPAs to engage with clients and explore tailored financial solutions.

Episode resources:

●       Summit Virtual CFO by Anders website: https://www.summitcpa.net/

●       Email us with questions or if you’d like to be a guest on the show: youngcpasuccessshow@anderscpa.com

●       We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities

●       Check out Business Benefits Consulting! https://businessbenefitsconsultants.com/

Timestamps:

Introduction to the Episode (00:00:00)

The host welcomes listeners and introduces the podcast's purpose for young accounting professionals.

New Format Announcement (00:00:23)

Hannah discusses the new episode format after attending a podcast convention, aiming for shorter content.

Guest Introduction (00:01:00)

Hannah introduces David Podell, an expert on defined benefit plans and tax planning.

Complexity of Defined Benefit Plans (00:02:57)

David explains the confusion surrounding defined benefit plans due to their complexity and lack of understanding.

Multiple Players Involved (00:04:42)

Discussion on the various professionals needed to manage defined benefit plans effectively.

Trigger Words for Advisory Conversations (00:06:18)

David shares key phrases that indicate a client may benefit from defined benefit plans.

Selling a Business and Tax Structuring (00:08:13)

Hannah discusses using defined benefit plans for tax benefits when selling a business.

Retirement Planning and Asset Building (00:09:37)

The benefits of using defined benefit plans for retirement savings while minimizing taxes.

Plan Design Considerations (00:10:37)

David emphasizes the importance of tailoring plan designs to meet specific client needs.

Learning Resources for Defined Benefit Plans (00:12:46)

David suggests resources for understanding defined benefit plans and associated terminology.

Acronyms and Terminology Clarification (00:15:03)

Discussion on common acronyms in the industry and the need for clear understanding.

Importance of Coordination Among Advisors (00:16:25)

The significance of having a coordinated approach among various financial advisors.

Final Thoughts and Call to Action (00:19:09)

David encourages listeners to evaluate clients who may benefit from defined benefit plans.

Value of Defined Benefit Plans (00:20:06)

Discussion on how defined benefit plans can enhance retirement benefits and provide tax savings.

Call to Action (00:20:41)

Encouragement for listeners to engage and ask questions about defined benefit plans.

Contact Information (00:20:57)

Details on how to reach Business Benefits Consultants for further inquiries and support.

Gratitude and Reflection (00:21:30)

Acknowledgment of the guest's insights and the value added to the listeners' understanding.

Career Development Opportunities (00:21:41)

Information on job opportunities for young CPAs at Summit Virtual CFO and Anders CPAs and Advisors.