Here are some pointers to help you maximize your clients' Social Security benefits, including advice for working with self-employed clients, clients claiming spousal benefits and clients who are second-guessing their decision to claim early. PFP/PFS section members can listen to this podcast by Ted Sarenski, CPA/PFS, for the latest Social Security news and tips.
Are Your Senior Clients at Risk? America's aging population means it's critical for CPAs and financial professional to be proactive in dealing with the special needs of senior clients. We've compiled this free resource to help professionals develop tools within their CPA and financial firms to identify when clients may be at risk and how to ethically serve those aging clients. Free report->
Labor Secretary R. Alexander Acosta reportedly is looking for a way to stop the fiduciary rule, which has a scheduled compliance date of June 9. Acosta discussed the issue in a recent meeting with Sen. Tim Scott, R-S.C., according to the National Association of Plan Advisors.
President Donald Trump has indicated he would consider funding infrastructure improvements by raising the gas tax. Inflation and increased fuel economy have decreased revenue from the federal per-gallon taxes on gasoline since they were last raised in 1993. Stay updated on the latest tax reform news on this AICPA site.
Is your client information safe? Beware of these 12 security threats and scams affecting tax preparers during tax season. Learn how to combat widespread phishing schemes, guard against phone scams by ferreting out scammers, and secure and protect personal and financial data. Free report >
Only 48% of wealth holders give their heirs full details about their future inheritance, a recent study found. Two-thirds of respondents fear sharing complete inheritance information with their heirs, often because they worry heirs might lose their motivation to work. Advisers can help high-net-worth clients share the right amount of information with heirs at the right time.
Self-directed IRAs and 401(k)s are increasingly popular. However, as Bob Keebler, CPA/PFS, writes, clients who use them may be more likely to make prohibited transactions -- and suffer heavy penalties and tax consequences. For more information on retirement plans, PFP/PFS section members can download this guide to retirement planning.
This article outlines three of the biggest Social Security mistakes clients are likely to make, including expecting to get higher monthly payments than they actually will and overlooking the impact of Medicare.
Due to factors like the wage gap and their greater longevity, women may require a different planning approach. Saving aggressively and becoming more comfortable with investment risk can help women prepare for retirement, said Lisa Featherngill, CPA/PFS. PFP/PFS section members can access Broadridge Advisor's Women's Resource Center, which is filled with client-ready material on financial planning topics for women.
A qualified personal residence trust permits the owner of a personal residence to make a gift of remainder interests in the residence, usually to children, while retaining an interest in the residence for a term of years. This article explains the tax treatment in the event that the residence is sold during the trust's term. Broadridge Advisor has client-friendly communication materials to help you talk more with clients about this subject (available to PFP/PFS section members).
Taxes can have a significant effect on a client's retirement income, but advisers are sometimes reluctant to discuss the issue. Understanding the interaction among Social Security benefits, individual retirement accounts and capital gains can help advisers create better tax outcomes for their clients.
After moving to the US from Ghana as a child, Jeff Badu became interested in accounting. In this interview, Badu, now 24, discusses his passion for the profession, his work history and why he launched his own firm.
Clients may be reluctant to share information, either because they are embarrassed or because they do not want to admit certain things in front of their spouses, said Mark Astrinos, CPA/PFS. However, clients may miss out on valuable planning opportunities if they attempt to hide information about their health history, tax details or debt.
In this podcast, Ted Sarenski, CPA/PFS, discusses how the American Health Care Act, passed by the House of Representatives on May 4, will impact individual and business-owner clients. Access this new Broadridge Advisor client alert as a way to start conversations with clients on this topic. In this audio clip (courtesy of LISI), Bob Keebler, CPA/PFS, reports on the income tax provisions included in the bill.
Bob Veres' Inside Information: "The Bear Down the Road"
In the newest article in Inside Information* from Bob Veres, "The Bear Down the Road," two speakers from the recent IMCA conference use very different metrics to explain why we are about to experience a bear market. *Access to Inside Information is a benefit of PFP/PFS membership, which is an individual membership. If your colleagues would like access to this newsletter service, they can either purchase directly from Bob Veres or sign up for PFP membership.
Personal Financial Planning Section
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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
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