Appeals court panel vacates fiduciary rule | Report: RIA M&A surges | Estate planning considerations for collectibles
March 19, 2018
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AICPA's Personal Financial Planning Section
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How national tax reform is affecting state taxes
This podcast answers questions CPAs have about the effect of the new tax law on clients' federal and state taxes. Among other things, it addresses the impact of the $10,000 cap for state and local tax deductions and how states have responded. Check out the Tax Reform Resource Center for more news and resources to help you navigate tax reform.
Journal of Accountancy online (3/12) 
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Industry News and Trends
Appeals court panel vacates fiduciary rule
A three-judge panel of the US Court of Appeals for the 5th Circuit vacated the Labor Department's fiduciary rule in a 2-1 decision. The department could ask the full court to consider the case or could attempt to elevate the issue to the Supreme Court.
ThinkAdvisor (free registration) (3/15) 
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Estate & Elder Planning
Estate planning considerations for collectibles
Advisers can help clients with large collections of art or other valuable items manage financial and tax considerations. This article covers several estate planning considerations, including potential liquidity concerns and the value of drafting a letter of instruction.
The CPA Journal (3/2018) 
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Help non-spouse beneficiaries avoid these inherited IRA mistakes
Making mistakes with individual retirement accounts inherited by non-spouse beneficiaries can lead to large tax liabilities. For example, failing to title accounts properly or overlooking required minimum distributions can lead to severe financial consequences. Use ready-to-go articles and presentations in Broadridge Advisor (included with PFP/PFS Section membership) when talking with your clients about inheriting an IRA.
Forbes (3/12) 
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Retirement, Investment & Insurance Planning
Restrictions on back-door Roth IRAs
The back-door Roth strategy allows higher-income clients to move funds to a Roth individual retirement account by contributing to a traditional IRA and then converting it into a Roth IRA. Here is a look at four restrictions to keep in mind, including the fact that clients who are 70½ years old or older cannot use this strategy. PFP/PFS Section members can use these robust planning decision charts from Bob Keebler, CPA/PFS, when advising clients on Roth conversions.
InvestmentNews (tiered subscription model) (3/15) 
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Managing costs for long-term care
Costs associated with long-term care have been rising much faster than the general inflation rate. This article addresses several considerations for long-term care, including the pricing difficulties that insurance companies have faced and the emergence of hybrid policies.
Morningstar (3/13) 
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Tax Topix
A new state tax appeals era begins in California, but questions remain
Two new agencies, the California Department of Tax and Fee Administration and the Office of Tax Appeals, have taken over many duties of the California Board of Equalization. Find out what's new.
The Tax Adviser (3/2018) 
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Businesses affected by winter storms get extra time to file for extensions
To help taxpayers affected by winter storms Quinn and Skylar, the Internal Revenue Service has announced it is extending the deadline for some businesses to file for extensions of time for Form 1065, US Return of Partnership Income, Form 1065-B, US Return of Income for Electing Large Partnerships, and Form 1120S, US Income Tax Return for an S Corporation.
Journal of Accountancy online (3/13) 
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Timely Planning Topics
What it takes to build client trust
Following a four-step process can help advisers build trust with clients. Start by discussing the importance of trust and setting expectations for the client experience.
ThinkAdvisor (free registration) (3/15) 
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You and Your Practice
Developing a pricing model for a new practice
Thinking about your ideal client and the future of your practice can help you develop a pricing model that works for your business. In this article, one planner explains how his pricing model went through several iterations as he gradually narrowed his focus to building a practice with a small number of high-value clients.
Financial Planning online (3/11) 
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Podcast & Video: Estate Planning Ideas for 2018
In this podcast, Bob Keebler, CPA/PFS, shares five estate planning ideas for 2018 influenced by the Tax Cuts and Jobs Act. Expand your learning with this new video from Steve Siegel on strategies to help manage liquidity of clients' estates, part of the video series on The Adviser's Guide to Financial and Estate Planning.
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Upcoming CPE Webcast: How Tax Reform Changes Planning for Individuals
Clients today and in the future are looking for a primary point of contact to help them address all of their financial planning needs. This can lead to both more opportunity for practitioners and better service for individual clients. In this session, you will learn how the 2017 Tax Cuts and Jobs Act changes the landscape of planning for individuals, business owners, and estates, gifts and trusts. Register today for this free CPE webcast for all AICPA members taking place on April 25.
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About the PFP Section | Join the PFP Section | About the CPA/PFS Credential
Become a CPA/PFS Credential Holder | Broadridge Advisor Client Communication Tool
What is a weed? A plant whose virtues have not yet been discovered.
Ralph Waldo Emerson,
essayist and lecturer
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About the PFP Section
The AICPA's 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 business owners.

About the CPA/PFS Credential:
The 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.
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