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- Debate about estate tax begins to clear up
A bill proposed last month by Sens. Jon Kyl, R-Ariz., and Blanche Lincoln, D-Ark., set parameters for debate on a reformed estate tax, which lapsed this year. The plan, which failed to advance because it lacked 60 votes, would have established the estate-tax rate at 35% permanently and would have eventually allowed a $5 million exemption. Last year, the House approved a bill that would permanently set the estate-tax rate at 45%, with a $3.5 million exemption. InvestmentNews
(8/8)
    
| Regulatory Roundup | | |
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- Schapiro explains how the SEC is tackling the fiduciary issue
Mary Schapiro, chairman of the Securities and Exchange Commission, said the agency is expanding the public-comment process on the issue of a fiduciary duty for anyone who provides retail customers with investment advice. "Comments that recognize the primary and central importance of investor protection but offer suggestions on implementing fair and flexible regulation will help us craft rules that increase investor confidence while preserving brokers' ability to offer a full spectrum of services," Schapiro said. InvestmentNews
(8/8)
- Lawmakers urge IRS to change a plan to regulate tax-return preparers
A letter sent by 31 members of Congress to Treasury Secretary Timothy Geithner urges the Internal Revenue Service to exempt nonsigning tax-return preparers who work for a CPA firm from a proposed registration requirement. It also asks the IRS to delay a proposed preparer-examination requirement until the agency can demonstrate a need for the examination. During the spring, the AICPA sent the IRS a comment letter emphasizing many of the same points raised by the members of Congress. JournalofAccountancy.com
(8/11)
, WebCPA
(8/10)
| Legislative Agenda | | |
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- Senate considers revising 1099 requirement for small businesses
The Senate proposed amendments to the Small Business Jobs Act that would revise reporting requirements for small businesses under the health care reform act. Under the health law, small businesses must report the purchase of goods and services worth more than $600, starting in 2012. Senate Majority Leader Harry Reid, D-Nev., and Sen. Bill Nelson, D-Fla., proposed raising the reporting level to $5,000 and compensating for a loss of revenue by eliminating certain tax cuts for the largest oil companies. Sens. Mike Johanns, R-Neb., and Blanche Lincoln, D-Ark., favor repealing the extra 1099 requirement entirely. WebCPA
(8/6)
- Sen. Bingaman introduces a bill on automatic IRAs
Sen. Jeff Bingaman, D-N.M., introduced legislation aimed at giving a retirement-savings option to millions of Americans who work for small businesses that don't offer a retirement plan. The bill calls for workers' contributions to be deposited into their own IRAs, while employers would receive a $250 tax credit to cover administrative costs of setting up the account. Employers would not be allowed to make a contribution to employees' IRAs. PlanSponsor.com
(8/6)
| You and Your Practice | | |
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- Paper questions the value of financial-planning practices
Mark Hurley, CEO at Fiduciary Network, released a controversial white paper that indicates most financial-planning practices are not as valuable as their founders think. The white paper focuses on enterprise value -- how to develop it and sell it -- and argues that most advisory firms "have no enterprise value." Financial-Planning.com
(8/1)
| AICPA PFP Community News | | |
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2010 AICPA/Keir Personal Financial Specialist Exam Review Course
The 2010 PFS Exam Review Course is available for purchase. If you are a CPA with basic knowledge of personal financial planning, this course will help you brush up on what you need to know to prepare for the November PFS Exam. This self-study course offers 32.5 hours of CPE, covering all relevant topics of the PFS exam -- estate, insurance, tax, investments, retirement, employee benefits and professional responsibilities -- in a variety of formats. Gain confidence in your knowledge and demonstrate your competence -- take the 2010 PFS Exam! For more information on the 2010 PFS program, including the 2010 expiration of the series license exams meeting the PFS examination requirement, visit aicpa.org/PFP/PFS.
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AICPA Advanced PFP Conference -- Jan. 9 to 12 at Bellagio in Las Vegas
Mark your calendar to save the date for the 2011 Advanced PFP Conference. Practitioners, industry experts and AICPA committee members and staff will be celebrating the 25th anniversary of the AICPA PFP Division and announcing the first AICPA lifetime achievement in PFP award. Confirmed keynote speakers include Meir Statman, Joe Navarro, Mark Tibergien, David Kelly and Bob Keebler. Returning favorites with different topics include Jim Shambo, Barry Picker, Michael Kitces, Charlie Ratner and Ted Sarenski. Many other presenters have been invited to speak as well. PFP section members, inclusive of PFS credential holders, receive $175 off the already-reduced AICPA member price when registering by the early bird deadline. Don't miss this comprehensive financial-planning conference that covers all of your needs in three days. Learn more and register.
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AICPA member ballot votes are due Oct. 8
 The AICPA mailed members a ballot on a proposed bylaw amendment to modernize the AICPA's requirements for admission to membership. Under the proposal, individuals could apply for membership if they at any time possessed a valid CPA certificate and the certificate was not revoked as a result of disciplinary action. It also would allow accounting professionals who have fulfilled the Uniform Accountancy Act's requirements for CPA certification -- 150 hours of education, passage of the CPA exam and at least one year of work experience -- to be voting members of the AICPA. This change was unanimously approved by the AICPA governing council, which consists of 260 CPAs from every state and U.S. territory representing every segment of the profession. Visit aicpa.org/ballot for more information and resources. Signed ballots must be received by the independent tabulator by Oct. 8.
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 | Love the moment, and the energy of that moment will spread beyond all boundaries."
--Corita Kent,
American artist and educator
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| AICPA Personal Financial Planning Center Resources |
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| About the
PFP Section |
The AICPA's Personal Financial Planning (PFP) Section is the premier provider of information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management
and investment planning and advice to individuals and closely held entities. The primary objective of the PFP Section is to support its members by providing resources that enable them to perform
valuable personal financial planning services in the highest professional manner. Members of this section broaden their technical expertise, improve their professional competence and receive resources
to deliver high-quality, profitable PFP services.
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| About the
PFS Credential |
The Personal Financial Specialist credential distinguishes holders as having demonstrated that they have the subject matter expertise and experience necessary to
deliver the highest-quality services in this area, in addition to the CPA's traditional hallmarks of uncompromising objectivity and integrity and adherence to the AICPA's Code of Professional Conduct.
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| | Recent Financial Planning Digest Issues:
- Tuesday, July 20, 2010
- Tuesday, June 15, 2010
- Tuesday, May 18, 2010
- Tuesday, April 20, 2010
- Tuesday, March 16, 2010
| | | Lead Editor: Sean McMahon
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