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Fred Katz's tax planning secret revealed: ask questions.

Article Excerpt
FREDERIC KATZ HAS AN INTERESTING PHILOSOPHY: "THE TIME TO DO TAX PLANNING IS NOT WHEN YOU ARE PREPARING A TAX RETURN."

Other than the more obvious reasons, "there are certain thoughts that go into planning during the year. There's an adequate amount of software out there, and, with adequate training, you can learn how to do preparation. However," Fred says, "it's the mechanical part--the preparation part--that is the culmination of good tax planning throughout the year. Otherwise, you're not performing the kind of service for your client that you should be."

After 34 years in public accounting, he has a well-rounded philosophy about tax planning and serving clients. Fred joined Braver and Company in Newton, Mass., five years ago as a principal. Prior to this affiliation, Fred was the managing partner of Katz, Baltimore & Company, P.C. in Newton, a firm that he created in 1973 and shaped for 26 years into a boutique accounting firm specializing in tax, financial planning and problem solving.

"What I do today is essentially the same thing but on a more limited scale," he says. "The number of clients that I care for now and the amount of activity per client is more focused compared to preparing a myriad of tax returns and trying to do tax planning for so many."

A member of the Tax Division of the AICPA, Massachusetts Society of CPAs (MSCPA) and Medical Group Management Association, Fred also serves as chairman of the MSCPA's Physicians and Health Care Committee.

He views his professional role as helping clients "from cradle to grave." That role began with a bachelor's degree in accounting and a master's degree in taxation from Bentley College in Waltham, Mass.

"I think back to when I originally thought about being an accountant, and I believe one of the things truly needed is people skills," says Fred, who feels he's not in a position to tell people how to spend their money. Instead, an accountant/advisor needs to have listening skills and introspection when it comes to talking with people.

"You don't talk to people. Whether they realize it, your clients are there because they want to share their thoughts with you, so what you have...

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