David Duval for TaxAudit.com for CPA Practice Advisor writes: When advising clients about important financial decisions, tax advisors have a tremendous responsibility to think about all aspects of transaction in the context of a client’s specific situation. A lack of thoroughness can lead to poor advice, which can be extremely costly to our clients, and even put them into financial jeopardy for years. What follows are three serious mistakes to avoid when advising your clients, and what the right advice should be for each situation.
Mistake #1 – Failure to Fully Explain and Follow Through on Roth IRA Conversions
When determining whether a client should convert their traditional IRA accounts to Roth IRAs, consider the following:
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