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November 13, 2012
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  Top Story 
  • Other News
  Industry News and Trends 
  • Taxes will rise in 2013 no matter how the "fiscal cliff" is resolved
    There are many different ways Congress and the Obama administration could negotiate a solution to the "fiscal cliff," including stretching the negotiations into the first few months of 2013. One certainty is that some taxes will be rising no matter what, including taxes on compensation and investment income from the health care law, writes Andrew H. Friedman, principal of The Washington Update. AICPA has resources to help you ensure that you plan appropriately for your clients during the lame-duck session. Advisor Perspectives (11/9) LinkedInFacebookTwitterEmail this Story
  • Other News
  Estate & Elder Planning 
  • Financial advisers tell clients to make major gifts to heirs
    Anticipating that the federal $5.12 million gift-tax exemption will be slashed, financial advisers are telling wealthy clients to pass large amounts of money to heirs as gifts before 2013. Although lawmakers have some time to prevent the exemption from automatically dropping to $1 million next year, wealth management experts doubt the exemption will ever be as generous as it is now. InvestmentNews (free registration) (11/8) LinkedInFacebookTwitterEmail this Story
  • Estate planning for nonresidents requires special care
    With increased global mobility, nonresident aliens or individuals who lived in the United States at one time can become unwittingly subject to U.S. estate tax rules. Michael Moore, CPA, explains how practitioners performing estate planning for nonresident individuals must carefully take into account the special estate tax rules that apply to nonresidents; otherwise there can be unpleasant surprises for the estate and heirs. The Tax Adviser (11/2012) LinkedInFacebookTwitterEmail this Story
  • Other News
  Retirement, Investment & Insurance Planning 
  • IRS allows flexibility in IRA rollovers in certain situations
    A recent letter ruling has expanded the definition of "distribution" from a retirement plan, providing more flexibility in rollovers in certain situations. In Private Letter Ruling 2011-39011, the Internal Revenue Service permitted a late rollover of a distribution into an inherited IRA in the case of a minor child whose inheritance had been misused by his mother. Morningstar Advisor (11/2012) LinkedInFacebookTwitterEmail this Story
  • Kitces advises on 1031 exchanges, required minimum distributions
    Using a 1031 real estate exchange to avoid the new 3.8% Medicare surtax on investment income could backfire, writes Michael Kitces. Sheltering income through a 1031 exchange could increase exposure to the tax in the future because the income thresholds are not indexed for inflation. In a separate issue, Kitces questions the Center for Retirement Research's study that finds that required minimum distributions are a better method for retirement plan withdrawals than the 4% rule. He argues that the center's analysis of required minimum distributions doesn't take into account the volatility of portfolio returns. Nerd's Eye View blog (11/8) LinkedInFacebookTwitterEmail this Story
  • Other News
  Tax Topix 
  • Impending "fiscal cliff" involves a huge number of tax items
    Media coverage of the fiscal and tax cliff has focused on expiration of the current tax rates and mostly overlooked the host of tax provisions that expire at year-end -- or have already expired. This article looks at all the expired and expiring tax items -- from income, capital gains and estate tax rates, to various credits, deductions and special provisions -- that make the impending tax cliff so daunting. Journal of Accountancy (11/2012) LinkedInFacebookTwitterEmail this Story
  You and Your Practice 
  • Financial advisers have duty to clients to prepare for disaster
    Financial advisers have a fiduciary duty to prepare for disasters that could put their firms in jeopardy and possibly affect clients' financial well-being. Financial advisers should prepare a formal disaster recovery plan and share it with employees, who should be briefed on their responsibilities under the plan. RIABiz.com (10/29) LinkedInFacebookTwitterEmail this Story
  • How to improve your job performance
    Susan Adams offers 10 ways you can improve your job performance. They include getting organized, avoiding multitasking, thinking like your boss, building strong ties with your co-workers and listening more. Forbes (11/8) LinkedInFacebookTwitterEmail this Story
  • Other News
  AICPA PFP News 
  • Tomorrow! Post-Election: Now What? How CPA Financial Planners Can Advise Their Clients
      
    With the election behind us and less than two months left to trigger planning strategies prior to year-end, hear how leading practitioners are advising their clients for the remainder of the year given the current political climate and potential changes to the income and estate tax laws. Join Lyle Benson, Bob Keebler, Ted Sarenski and Scott Sprinkle Nov. 14 from 1:30 to 2:45 p.m. ET for this Web seminar, which is free to Tax Section members and PFP Section members, inclusive of PFS credential holders without optional CPE or for purchase with discounted CPE for PFP/PFS and Tax Section members. This seminar is available for purchase to all. LinkedInFacebookTwitterEmail this Story

  • November Inside Information
      
    The November 2012 edition of Inside Information* from Bob Veres includes stories on the advantages of the ensemble business model, how to actually use psychological profile instruments in your practice, what Tim Kochis is up to in Asia, and Bob's concern that prices of fixed income investments have been distorted by the Fed at the same time that record amounts of investor dollars have tipped the supply-demand seesaw dangerously over to one side -- which may lead to a bubble burst comparable to 2008's. *Note: 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. LinkedInFacebookTwitterEmail this Story

  • 15% Discount on 2012 Estate Planning: Tax Planning Steps to Take Now
    If you're getting questions from clients about 2012 estate planning -- and don't have the answers readily available -- now is the time to get your copy of 2012 Estate Planning: Tax Planning Steps to Take Now co-authored by Martin Shenkman, Jonathan Blattmachr and Robert Keebler. This practical guide demystifies the most sophisticated tax planning concepts the wealthiest families in the country use. The book is available in two versions: PDF and as a Kindle eBook. The PDF version is available at a 15% discount to AICPA members. Register for Bob Keebler's pre-AICPA Advanced Financial Planning Conference workshop, Sophisticated Planning & Drafting for IRA Qualified Plan Distributions (Jan. 19 and 20 at the Aria, Las Vegas), by Dec. 1 and receive a free gift of this book. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Excuses change nothing, but make everyone feel better."
--Mason Cooley,
American aphorist


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The AICPA's Personal Financial Planning Section is the premier provider of information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and investment planning and advice to their individuals and closely held entities. The PFP Section’s primary objective is to support its members by providing resources that enable them to perform valuable personal financial planning services in the highest professional manner. Members of this section broaden their technical expertise, improve their professional competence and receive resources to deliver high-quality, profitable PFP services. All AICPA members, generally, are eligible to join the PFP Section.
 
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The Personal Financial Specialist credential distinguishes CPAs as having demonstrated that they have the subject matter expertise and experience necessary to deliver financial planning services of the highest, as well as the CPA's traditional hallmarks of uncompromising objectivity, integrity and adherence to the AICPA's Code of Professional Conduct. CPA/PFS credential holders demonstrate their expertise through financial planning education, experience and testing.

 
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