How To Get The Best From Your CAS Department (1st Ed.)

Overview

Accountants advising clients with valuable art collections must navigate the complexities of the evolving art market to optimize financial outcomes, ensure proper estate planning, and mitigate risks. Wendy Battleson, Private Banker at Bank of America, explains key strategies for managing art assets, focusing on the importance of provenance and clear title, effective use of auction guarantees, and leveraging art collections to minimize capital gains taxes through mechanisms like step-up in basis. She also emphasizes the critical role of open communication between accountants and clients about art assets, addressing the unregulated nature of the art market, and the necessity of proper documentation and appraisal to safeguard investments.

Highlights

• How to evaluate success in CAS processes.
• How to get the best from the CAS structure.
• The process of reorganization to achieve it.

Prerequisites

Some knowledge of CAS structures.

Objectives

• Recognize difficulties in CAS organization (will apply to other parts of a CPA practice too).
• Identify Issues and risks in a restructure and how to mitigate / manage them.
• Determine steps to complete a successful reorganization, and how to use objective evidence to achieve this.

Preparation

None.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.