Accountant for High‑Net‑Worth Individuals: Beyond Tax Prep

IRS audit risk for returns over $5 M is 2.7 × higher than average (IRS FY‑2023 Data Book). Ready to safeguard wealth?

Find vetted HNW accountants on Sam’s List!

Why HNW Accounting Is More Than Form 1040

Private equity K‑1s, foreign passive company rules, and multiple state residencies create landmines DIY software can’t defuse.

The 5 Must‑Have Services

1. Advanced Tax Planning (QSBS, Opportunity Zones, CRTs)
   Case: Crypto founder harvested $7.8 M cap‑gain offset via OZ fund before 2026 sunset.

2. Multi‑State & Foreign Compliance
   Managing homes in NY + FL + EU art residency? YourCPAshould track 183‑day rules, FBAR, and FATCA filings.

3. Entity Structuring & Asset Protection
   Layering LLCs and DAPT trusts shields real estate and investments from creditors.

4. Family‑Office Bookkeeping & Bill Pay
   Consolidated reporting—cash, art, partnerships—saves time and flags fraud early.

5. Audit Defense & IRS Correspondence
   CPAs with prior Big 4 or IRS experience cut resolution time and penalties.

Evaluating an HNW CPA Firm

• Peer‑review status with AICPA
• Dedicated partner contact (not senior staff only)
• Secure client portal + SOC‑2 certification
• Fixed or value‑based fees, disclosed up front

Red‑Flag Signs

• “No K‑1 e‑file support.”
• Portal is email attachments only.
• Hourly billing with no estimate.

Onboarding Checklist

☐ Prior three years’ returns collected
☐ Full K‑1 & 1099 list compiled
☐ Asset‑protection entities diagrammed
☐ Estate attorney contact shared

FAQ

What is an HNW accountant? 

A CPA specializing in complex returns, multi‑entity structures, and proactive tax strategies for $5 M+ net‑worth clients.

How much do they charge? 

$10 K–$50 K+ annually depending on entities, states, and breadth.

What tax strategies do millionaires use? 

QSBS, CRTs, deferred‑comp, 1031, and OZ funds.

CPA vs. EA for HNW? 

CPAs offer audited financials and multi‑state expertise; EAs focus on federal tax only.

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Author: Kimi, Co-founder of Sam's List

Kimi writes about what she's learning while building Sam's List and shares honest takeaways from her conversations with accountants and financial advisors across the country. None of this is financial advice—just the stuff most people wish someone told them sooner.