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- AICPA webinar: Accountants should emphasize estate-tax advantages
Accountants should make clients understand that the 2009 federal exemption for estate tax is the highest in history, specialists said at a recent Web seminar sponsored in part by the AICPA Personal Financial Planning team. Accountants should also point out that estate-related tax benefits for clients and their heirs from declining asset values have become most important. Some proposed changes in tax law, such as the reunification of estate and gift taxes, and the elimination of discounts on passive assets such as family limited partnerships, are seen as important to note. AccountingWEB
(10/15)
    
- Policymakers consider taxing financial transactions
The Economic Policy Institute suggested taxing financial transactions, such as stock trades but not consumer transactions, to raise as much as $150 billion annually. Lawmakers, labor unions, the International Monetary Fund and others support taxing financial transactions as a way to reduce budget deficits or fund initiatives, such as health care reform. Many economists warned that such a tax might have unintended consequences for markets. The Wall Street Journal
(10/10)
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| Regulatory Roundup | | |
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- Washington moves ahead with overhaul of financial regulations
President Barack Obama recently made it clear that a revamp of financial regulations remained a priority, and lawmakers are making progress on pertinent legislation. Although many issues and questions remain, officials and industry insiders say they expect a bill to pass within the next few months. "Financial services regulatory reform will be enacted this year, but the scope and details of such legislation are highly speculative at this point," said David Tittsworth, executive director of the Investment Adviser Association. Investment Advisor
(10/2009)
| You and Your Practice | | |
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- Investment advisers should ensure business foundation is firm
As investment advisers assess their businesses following the events of the past couple of years, many will find that profit margins have shrunk and revenue is down. Now is the time to shore up the foundation of the business and look to the future. According to industry surveys, most advisers appear to be optimistically viewing the short- and long-term effects of the global financial crisis. Investment Advisor
(10/2009)
- Advisers seek new tools for retirement planning
Advisers are seeking new tools and products that will enable them to expand their strategies for retirement-income planning, according to a report by Cerulli Associates. What is needed, according to the report, is a product that integrates asset management with guaranteed-income planning, although, unfortunately, no such tool currently exists. The tool should also help cut down on the amount of time needed for retirement-income planning, the report added. Many advisers find this planning excessively time-consuming. Financial-Planning.com
(10/2)
| AICPA PFP Community News | | |
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CPA's Guide to Regulatory Issues in a PFP Practice
 CPAs who are providing personal financial services (including tax, estate, retirement, investment and/or insurance planning) to their clients are in an optimal position to add investment advisory services to their business. Surveys show that CPAs are ranked among the most trusted advisers. They put their client's interest first when providing advice, an especially critical element that the American public seeks in investment advisers. CPAs do not enter into this line of business because they believe the regulatory issues are too complex to navigate. The content within this guide is meant to provide you with a broad overview of some of the issues you will face in this area. Click here to access the guide.
| AICPA PFP Community Events | | |
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From Tax Advisor to Wealth Manager: The Road Best Traveled -- Jan. 17, 2010
This all-day pre-conference session at the 2010 AICPA Advanced PFP Conference will focus on how to integrate retirement (how to ensure clients reach their goals), estate planning (solutions available and what works best), investment (how to build portfolios whether you manage assets or you oversee the process) and insurance planning (how to ensure clients are getting the best products available at the best rate) into your tax practice. The day will end with a panel of experts who will share how they have done it and answer attendees' questions. Click here to learn more and register (optional workshops tab). PFP members receive $300 off the regular price.
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Web seminar: The CPA's Role in Planning for Roth IRA Conversions in 2009 -- Nov. 4, 1 to 2:30 p.m. ET
Although the $100,000 modified adjusted gross income limitation will be lifted for Roth IRA conversions in 2010, tax professionals should seriously consider advising their clients to take action before the end of 2009. The expiration of the Bush administration tax cuts coupled with the possibility of a health care surtax will result in a significant increase in federal income tax rates. These rate increases will make it costlier to convert in subsequent years, creating a critical and time-sensitive opportunity for taxpayers to strategize to meet AGI requirements and convert in 2009. Register for this Web seminar led by Bob Keebler. AICPA members attend for free without optional CPE. Discounted CPE is available to PFP/PFS members.
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Five Things You Must Know to Grow Your CPA Wealth Advisory Practice -- Oct. 27, 1 to 2 p.m. ET
The current economic climate has created an opportune time for CPA wealth advisers to grow their practice and help clients realize their financial dreams. It is during these tumultuous times that the most successful advisers differentiate themselves from the rest. This presentation will focus on the most important things CPA wealth advisers must know during this critical time. Building off key preliminary findings of our study on the best practices of CPA wealth advisers, you will be provided with actionable, results-oriented information to accelerate your success while serving your clients well. Click here to register. PFP/PFS members attend for free without optional CPE. Discounted CPE is available to PFP/PFS members. Others pay a nominal fee.
| SmartQuote | | |
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 | He who never made a mistake never made a discovery."
--Samuel Smiles,
Scottish author and reformer
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| AICPA Personal Financial Planning Center Resources |
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| About the
PFP Community |
The AICPA's Personal Financial Planning specialty area supports CPA professionals who specialize in personal financial planning or have an interest in PFP. This specialty area supports its members
by providing information, tools, advocacy and guidance to enable them to perform valuable personal financial planning services in the highest professional manner. Members of this community
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, September 15, 2009
- Tuesday, August 18, 2009
- Tuesday, July 21, 2009
- Tuesday, June 16, 2009
- Tuesday, May 19, 2009
| | | Lead Editor: Sean McMahon
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