• WEALTH PRESERVATION
US – OKLAHOMA
Wealth, inflation,
management and their business financial health. We support our clients through: • Tax planning: Our tax team helps clients optimise their tax positions by employing strategies such as income splitting, income deferral and cross-border strategies to leverage lower tax brackets, opportunities to clarify income streams as long-term investment in nature qualifying for beneficial tax rate treatment, strategies maximising retirement contributions, strategically donating to charities, and setting up trusts for estate planning. CCK works with entrepreneurs to structure businesses to minimise tax impact. • Cash Flow Management: Through our CFO outsourcing services, we give special attention to managing cash flow, which is crucial for business sustainability. We employ strategies that optimise cash reserves and operational profitability, control expenses, and forecast future cash needs accurately. • Inflation Mitigation Tactics: Our CFOs work closely with entrepreneurs to develop and implement tactics that can help mitigate the impact of inflation on their businesses. This includes advising on pricing strategies, cost reduction measures, and investment in inflation-resistant assets. “Prices of oil and natural gas are a double-edged sword.”
to reassess their financial projections concerning: • Retirement Planning: Inflationary pressures raise questions about the adequacy of existing retirement savings. High-net-worth individuals may need to boost their retirement contributions or adjust expectations about their retirement lifestyle, particularly dependent on their retirement time horizon. • Wealth Preservation: Traditional wealth preservation strategies are being challenged. Investments that were once considered safe may no longer outpace inflation, leading to a potential decline in real wealth over time. • As entrepreneurs, many of our Private Clients have a substantial part of their cash flow, wealth, and retirement strategy tied to their Private Business Value, which in many cases has been negatively impacted by the current economic conditions. • Immediate Wealth Transfer: With the possibility of lower thresholds for tax-exempt gifts occurring after December 31, 2024, there is an increased urgency to utilise existing tax benefits for wealth preservation. Wealthy clients may have to consider alternative avenues for wealth preservation that offer tax advantages under the new rules. • The unpredictability of U.S. Federal Election results and related Party control over Branches of the Federal Government has created constant uncertainty for U.S. Business including Federal Regulation and effective tax rates that impacts cash flow, wealth, and retirement planning for clients.
and the financial climate
Eric Kunkel Founding Partner Kaitlin Flinn Partner CCK Strategies, PLLC
Kaitlin Flinn, Partner at CCK Strategies, holds a Bachelor’s degree in Accounting from Oral Roberts University and a Master’s in Taxation from the University of Tulsa. Kaitlin is dedicated to empowering entrepreneurs by providing the critical insights necessary for their success, and guiding them with tailor-made strategies for growth. Kaitlin offers her extensive knowledge in entity formation and structure, strategic tax planning, transfer pricing, R&D incentives, and multi-state compliance. Kaitlin is executive board chair of the Tulsa Global Alliance.
Q1 How are inflation and rising costs of living affecting private clients in your jurisdiction? In the United States, and the State of Oklahoma, inflation and the rising costs of living are having a pronounced impact on private clients, especially entrepreneurs, who represent essentially all our firm’s clients. The nature of these economic pressures is two-fold, as they affect not only the personal finances of business owners but also the operational aspects of their enterprises. One of the direct consequences of inflation is the increase in interest rates as the Federal Reserve attempts to cool the economy. For entrepreneurs, this translates into higher borrowing costs, affecting everything from business expansion plans to everyday cash flow management. The inflationary environment also impacts the cost of labour and materials. Entrepreneurs are facing a double-edged sword where on one side, the workforce demands higher wages to keep up with the cost of living, and on the other, raw materials and goods necessary for business operations are becoming more expensive. The cost of labour was already at recent high levels in most industries as a result of changes to the workforce post-pandemic. With the cost of doing business escalating, profits are being squeezed. Entrepreneurs must now navigate the challenging terrain of passing on costs
to consumers, who are also dealing with their own financial constraints, or absorbing the costs, which can erode profit margins. The capital allocation towards growth initiatives or investment in new ventures must be re-evaluated in the face of higher interest rates and uncertain economic forecasts. The United States and the State of Oklahoma are weathering the economic conditions more favourably than most of their larger international trade partners due to United States Federal Reserve
Policy management and the strength of the U.S. Dollar. A large portion of our firm’s clients are exporters, or have multinational operations, so the economic considerations of other jurisdictions have a substantial impact on their overall profitability and economic wellbeing. Many individuals in the United States have a substantial amount of their wealth in their home. Current mortgage interest rates, which are much higher than they have been for many years, have caused people not to sell their current homes and replace them with a disadvantageous mortgage, which has drastically reduced the inventory of homes on the market and kept many people from being able to buy a first home. In the State of Oklahoma, the prices of oil and natural gas are a double- edged sword, due to the significant footprint of the industry on the State, as high prices are good for business and the related taxes good for Oklahoma State revenue, but high prices represent a negative for consumers. Q2 What impact is changing financial climate having on their projections for the future: maintaining lifestyle, retirement, wealth preservation, etc?
+1 (918) 491-4036 Kaitlin@cckcpa.com irglobal.com/advisor/kaitlin-flinn
Q3 What support & guidance are you giving to high-net-worth individuals as they manage their future plans? CCK Strategies’ services cater to high-net-worth individuals who are grappling with the operational and strategic challenges posed by the current economic climate. Especially for entrepreneurs, our support is nuanced to address both their personal wealth
Eric Kunkel is a Founding Partner of CCK Strategies. He is a Certified Public Accountant, Certified in Financial Forensics, Accredited in Business Valuation, and a Certified Valuation Analyst. He is also an appointed member of the Oklahoma District Export Council by the U.S. Secretary of Commerce, and its Vice-Chair, Eric has led CCK’s work with clients in export and international services areas. CCK has received the following recognition: 2023 Governor’s Award for Excellence in Exporting; 2020 President’s “E” Star Award for Export Service Recipient; 2017 U.S. SBA Exporter of the Year State of Oklahoma & Region VI; 2016 President’s “E” Award for Export Service Recipient; and 2016 Governor’s Award for Excellence in Exporting.
About us... cckcpa.com CCK Strategies is a unique firm that connects globally by working with companies headquartered on four continents, with operations in over 25 countries. CCK export revenue from international clients has increased approximately 350% over the period 2013 to 2023. This increase in international sales has been a principal driver in CCK employment rise over the period to over 125 total staff, making CCK one of the largest CPA firms in Oklahoma. The
continued growth brings expertise to clients with a variety of business needs in international business consulting and planning, IC-DISC implementation, foreign tax credits, outbound and inbound structure planning, worldwide tax minimisation planning, IRC 965 Transition Tax compliance, Global Intangible Low-Taxed Income compliance, transfer pricing analysis, ASC 740 (FAS 109/FIN 48) and IFRS/ GAAP convergence.
+1 (918) 491-4036 Eric@cckcpa.com irglobal.com/advisor/eric-kunkel
Learn more about CCK Strategies at www.cckcpa.com
The changing financial climate is compelling high-net-worth individuals
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