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April 17, 2012
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  Top Story 
  Industry News and Trends 
  • Rep. Bachus plans to revise bill on investment-adviser regulation
    A revised bill placing investment advisers under the supervision of a self-regulatory organization is expected this week from Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee. The bill could be "somewhat different" from a discussion draft circulated by Bachus, said Duane Thompson, senior policy analyst at fi360, an investment-education consultancy. Since early 2009, the AICPA has advocated its position that investment-adviser oversight remain with the SEC and states in lieu of shifting it to an independent SRO or FINRA. AdvisorOne (4/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Estate & Elder Planning 
  • How CPAs can help seniors cope with financial crises
    CPAs can play an important role in helping caretakers provide for elderly individuals with limited financial means, writes James Sullivan, CPA/PFS. He offers a case study in which a CPA cooperated with a court-appointed guardian to arrange for health care for an elderly patient. The CPA's main role may include organizing financial information, finding assets, reducing spending and discussing options with a living facility. CPA Insider (4/9) LinkedInFacebookTwitterEmail this Story
  • Some planners take wait-and-see approach to estate-tax changes
    Planners are divided over how to help clients prepare for estate-tax changes, Michael Kitces writes. There's a risk that clients could engage in permanent transactions while Congress may decide to extend exemptions or estate-tax rates. One approach is to take advantage of current rates. Another approach is to choose options that allow for flexibility to respond to tax-law changes. The decision is most important for clients with modest assets, Kitces writes. Nerd's Eye View blog (4/10) LinkedInFacebookTwitterEmail this Story
  Retirement, Investment & Insurance Planning 
  • Government-backed reverse mortgages offer a lift to some retirees
    More individuals are expected to turn to home-equity conversion mortgages in the coming years to make up for shortfalls in retirement savings. The reverse mortgages are available only to individuals over the age of 62 and are guaranteed by the federal government. Despite their risks and complexity, the products may serve a useful purpose for some retirees with limited assets, advisers say. AdvisorOne (3/26) LinkedInFacebookTwitterEmail this Story
  • Q-and-A sheds light on inherited IRAs
    Natalie Choate responds to questions about inherited IRAs. Can a beneficiary combine two inherited IRAs when calculating a minimum distribution? The Internal Revenue Service hasn't allowed taxpayers to combine inherited IRAs for this purpose, Choate writes. Until the IRS advises otherwise, the safest route would be to make two separate calculations. Morningstar Advisor (4/2012) LinkedInFacebookTwitterEmail this Story
  • Other News
  Tax Topix 
  • Community-property rules add complexity for domestic partners
    CPAs who work with registered domestic partners in community-property states need to exercise special care in preparing federal tax returns. Although RDPs are not considered married under federal tax law, rulings from the Internal Revenue Service require them to report income under the community-property rules. However, self-employment income must still be divided between the partners for the purpose of self-employment taxes. The Tax Adviser (4/2012) LinkedInFacebookTwitterEmail this Story
  • What taxpayers should know about cost-basis reporting
    Broker-dealers and other financial-services providers are now required to provide the cost basis for equities purchased after Jan. 1, 2011. This article summarizes the changes taxpayers should expect on Schedule D and the newly created Form 8949. Taxpayers will need to place transactions in one of six categories in preparing their Schedule D and Form 8949. The Tax Adviser (4/2012) LinkedInFacebookTwitterEmail this Story
  • Other News
  You and Your Practice 
  • 9 data points that can ease clients' economic worries
    Keeping tabs on the latest indicators can make it easier to respond to clients' questions about economic news. Some of the most important include current employment statistics, construction permits and manufacturing orders. This article offers a list of the key stats and where to find them. Morningstar Advisor (4/2012) LinkedInFacebookTwitterEmail this Story
  • Other News
  • Upcoming webinars
    Register today for the following webinars from the AICPA and PFP Division!
    Save the date! Watch the PFP website for details and registration information.
    • AICPA PFP Power Hour (3 to 4 p.m. Eastern time, May 31)
    • Series: From Tax Preparer to Financial Planner: The Road Best Traveled (May to July 2012)
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  • AICPA Conference on Tax Strategies for the High-Income Individual
    The AICPA Conference on Tax Strategies for the High-Income Individual will be held April 30 and May 1 in Las Vegas. The conference will feature two intensive days of interaction led by an all-star cast of experts and thought leaders offering the most up-to-date tax strategies, tips and solutions to successfully manage your high-income clients' planning needs. Register today! PFP/PFS members save an additional $100 off the AICPA member price. Besides an overview of current PFP news, advocacy and benefits, three PFP members will share stories about how they successfully developed their PFP practices at the complimentary PFP Town Hall Meeting, to be held from 5:25 to 6 p.m. Pacific time April 29. LinkedInFacebookTwitterEmail this Story
  • Register for the PFS Exam by May 11 and save 25%
    Registration is now open for the summer PFS Exam window (June 17 to July 27). Take advantage of the 25% early-bird discount by registering by May 11 (first-time registrants only). Besides early-bird pricing, discounts and sponsorships are available to further offset the cost. The AICPA offers several educational opportunities to help you prepare including a new PFS Exam Review Web Class. LinkedInFacebookTwitterEmail this Story
Learn more about PFPAbout the PFP Section  |  Join the PFP Section  |  About the PFS Credential
Become a PFS Credential Holder  |  Forefield Advisor Client Communication Tool
AICPA Advanced Personal Financial Planning Conference  |  Fox Financial Planning Network for CPAs

There are one hundred men seeking security to one able man who is willing to risk his fortune."
--J. Paul Getty,
American industrialist

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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 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.
About the PFS Credential
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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