The Internal Revenue Service has issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes. For more guidance on 199A, check out this upcoming webcast (discount applied for PFP/PFS Section members).
3 must haves for your career toolbox Strategizing your next career move sounds great, but how do you make it happen? This independently-written toolkit examines three key points: how to stand out, properly manage deadlines, and identify the right time to find a new position. Access free report >
The comment period ended recently for the Securities and Exchange Commission's proposed Regulation Best Interest. Supporters said the proposal would surpass the investor protections under the Financial Industry Regulatory Authority's suitability rule, while critics said the SEC's proposal needed to go further in terms of investor safeguards.
FREE | Certificate Programs Virtual Open House Enrich your skills. Advance your career. Lead in the profession. The AICPA offers 20+ certificate programs in the hottest areas such as personal financial planning, cybersecurity and blockchain. On September 12 from 1-3pm ET, come learn which program is best for you. FREE registration
The Revised Uniform Fiduciary Access to Digital Assets Act, which has been adopted by 40 states, creates a three-tiered system for managing someone's digital assets after death. Advisers should help clients prepare an inventory of their assets and assist them in integrating digital assets into their estate plans. Check out more digital estate planning tips in Chapter 11, Volume 2 of The Adviser's Guide to Financial and Estate Planning (accessible to PFP/PFS Section members).
Just over half of people turning 65 will need long-term care at some point in their lives, and these costs can surpass $100,000 annually in some areas. One way to cover the costs is by using health savings accounts, which can be used to pay for insurance premiums or out-of-pocket health expenses. PFP/PFS Section members: Talk to your clients about long term care using the ready-to-go articles, presentations and planning tools in the Long Term Care Event Center in Broadridge Advisor.
When a large age gap exists between spouses, their retirement planning strategy should focus on making sure the younger partner will have income to last the rest of his or her life. Several strategies may help, including maintaining a more aggressive investment portfolio and carefully timing the retirement of the younger spouse. In addition, couples with large age gaps may be able to use a different table for calculating required minimum distributions, says David Cherill, CPA/PFS.
The Internal Revenue Service has issued proposed regulations providing guidance on the new tax law's amendments to Sec. 168(k), which increased bonus depreciation for qualifying property from 50% to 100%, generally effective for property acquired and placed in service after Sept. 27, 2017.
The Internal Revenue Service offered guidance on the treatment of frequent flyer miles and in-kind promotional benefits in a 2002 announcement, and the Tax Court considered the issue in a 2014 decision. Here is a look at guidance in this area and implications to consider.
Advisers can establish stronger ties with their clients by offering financial tips to their adult children who have recently graduated from college. Advisers should explain the importance of creating an emergency fund, setting up a spreadsheet to manage accounts and paying off debt.
Bob Veres recommends four books that can help advisers with tasks such as hiring, marketing and creating an enduring practice. PFP/PFS Section members have a complimentary subscription to Veres' Inside Information. Download the latest issue here.
This summer, brush up on financial planning topics with training designed for CPAs who work with individual clients. Take courses on estate, retirement, investments or insurance, all of which integrate tax with a client-centered approach to advising. Check out this video to learn more, and access the training courses here.
Calling all PFS holders: Become a mentor today
PFS credential holders are encouraged to get involved in the new AICPA Online Mentoring Program! Take the opportunity to pay it forward and make an impact on someone in the profession. Also, check out this recent podcast on reimagining the mentor/mentee experience.
Personal Financial Planning Section
is the premier provider of information, tools, advocacy and guidance for advisors who specialize in providing
estate, tax, retirement, risk management and/or investment planning advice to individuals, families and
About the CPA/PFS Credential:
Personal Financial Specialist
program allows CPAs to gain and demonstrate competence and confidence in providing estate, tax,
retirement, risk management and/or investment planning advice to individuals, families and business
owners through experience, education, examination, and a resulting credential.
AICPA Personal Financial Planning Section Resources