PFP Association News

Podcast: What You Need to Know About Filing Form 8971 for Basis Consistency

Financial Planning Digest | Feb 08, 2016

In this podcast, Bob Keebler interviews Vince Lackner regarding the new Form 8971, which is required by the IRS for basis consistency. Topics covered include the premise for basis consistency, what information needs to be included when Form 8971 is filed, the status of instructions and regulations, who has to file and who doesn't, and concerns about filing the form within 30 days of filing Form 706.

February Inside Information

Financial Planning Digest | Feb 08, 2016

The latest edition of Inside Information* from Bob Veres includes stories on keeping clients from overspending in retirement; trusts; creating a customized claiming strategy for your clients and implementing it through the Social Security Administration; moving your client data to a new portfolio management system; and growth opportunities for your firm. *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.

Access an Extensive Suite of Guides in Personal Financial Planning

Financial Planning Digest | Feb 01, 2016

If you advise individual, family and business-owner clients in estate, retirement, tax, investment and risk management planning, visit the AICPA PFP Section to view an extensive suite of guides to assist you in your practice. Our technical guides are filled with best practices and "how-to" advice for handling both common and unusual PFP technical issues and assessing associated risks. Our practice management titles discuss relevant and timely matters associated with the conditions and procedures unique to the delivery of PFP services. Access these guides via the PFP Collection in the AICPA's Online Professional Library or as PDF downloads at

Podcast: Advising Clients When They Underestimate Retirement Needs

Financial Planning Digest | Feb 01, 2016

In this podcast, David Stolz, CPA/PFS addresses strategies to consider when advising clients who underestimate their retirement needs. He covers ways to get accurate spending information, address resistance, assess the emotional aspects of retirement, build a cash flow budget and create a system that can track and report accurate information.

Earn Credit Toward Future Dues with the PFS Referral Program

Financial Planning Digest | Jan 25, 2016

The CPA/PFS credential enhances a CPA's competence, expertise and confidence in tax, estate, retirement, investment and risk management planning. Our referral program allows CPA/PFS credential holders to earn a credit toward future PFS dues for referring a future CPA/PFS. Learn more at

The Replacement of a Life Insurance Contract: The Good, The Bad and The Ugly

Financial Planning Digest | Jan 25, 2016

When a life insurance contract must be replaced, the Internal Revenue Service mandates strict rules as to the replacement and design of the new life insurance contract. Financial advisers need a keen awareness of the applicable sections of the IRC, the various types of life insurance contracts, and the unique features and benefits of each contract type. In this webcast on Feb. 3 from 1-2:45 p.m. ET, Tom Tillery will walk you through the replacement process and illustrate the "finished product" with a case study. Discounted CPE is available for purchase for PFP/PFS, Tax Section and PCPS members. The webcast will be posted in the PFP Learning Library, included with PFP/PFS membership, after the live event.

Third Annual Trust Decanting State Rankings Chart

Financial Planning Digest | Jan 19, 2016

The 3rd Annual Trust Decanting State Rankings Chart from Steve Oshins was enhanced this year to provide interactive links to each state's decanting statute. The 23 states that have decanting statutes are ranked based on the ease of use of and amount of flexibility provided by their statutes. View other charts from Steve Oshins.

Podcast: Q4 Update on New Tax Laws, Private Letter Rulings, and Court Cases

Financial Planning Digest | Jan 19, 2016

In this video podcast (download slides), Bob Keebler recaps the Federal interest rate increases from December 2015 as well as the 2016 tax rates. He also covers court cases and Private Letter Rulings from the fourth quarter of 2015. Cases and PLRs covered in the podcast include: IRA rollovers and distributions, inclusion of tax refund in gross estate, extension to elect portability, generation-skipping tax (GST) automatic allocation election, non-taxable gift of stock made in ordinary course of business, disclaimer of beneficial interest not deemed a taxable gift, and basis election.

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Designed specifically for CPA personal financial planners and others interested in financial planning, Financial Planning Digest is a FREE monthly e-mail newsletter from the AICPA. It provides the most important and timely news stories to support personal financial planners. Learn more