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Obama's budget plan raises taxes on 27% of households, report says | Ryan budget proposal would create 2 tax brackets | GOP pushes for 1-year, 20% tax cut for small businesses
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March 27, 2012
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Obama's budget plan raises taxes on 27% of households, report says
President Barack Obama's 2013 budget proposal would lead to higher taxes for 27% of U.S. households, according to an analysis by the Tax Policy Center. The proposal calls for higher taxes on corporations, which would have a direct effect on taxes paid by many households, the center reports. Meanwhile, more than 98% of individuals earning $1 million or more would see a tax increase under the plan.
Financial Advisor online/Bloomberg (3/22),  InvestmentNews (free registration) (3/22) 
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Industry News and Trends
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Industry News and Trends
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Senate votes in favor of JOBS Act despite criticism
The Senate passed the controversial JOBS Act last week on a 73-26 vote. The bill included an amendment to require companies to provide investors with tax disclosures for equity investments of up to $1 million. The House of Representatives, which has already voted in favor of the act, must now vote to approve the amended bill. The AICPA, and other consumer groups and regulators, have argued the measure would harm investors.
AdvisorOne (3/22) 
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Retirement, Investment & Insurance Planning
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Retirement, Investment & Insurance Planning
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Proposed 401(k) changes could spell disaster
According to the Employee Benefits Research Institute, a plan to make retirement-plan contributions from employers and employees nondeductible would have negative effects and could cause some to close accounts. The proposal includes an 18% refundable tax credit as a federal matching contribution.
AdvisorOne (3/21) 
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How much income will your clients need to replace in retirement?
Some financial advisers have challenged the rule of thumb that clients need to replace about 70% of their income during retirement. However, upon closer analysis, the rule appears to be remarkably accurate, Michael Kitces writes. In fact, some clients may need to replace far less than 70%, depending on how much their spending, saving, and tax levels fall after retirement.
Nerd's Eye View (3/21) 
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Stock market is set for big gains, Goldman Sachs says
Increasing equity prices will present a major opportunity for investors in the coming years, according to an analysis by Goldman Sachs. The firm says investors should take advantage by transitioning from bonds in favor of increasing stock holdings. The outlook for equities is at its best "in a generation," one analyst says.
Financial Advisor online/Bloomberg (3/21),  InvestmentNews (free registration)/Bloomberg (3/21) 
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Tax Topix
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Ninth Circuit: Roth IRA does not qualify as S corporation shareholder
The Ninth Circuit Court of Appeals held that a corporation in which the sole shareholder was a Roth IRA was not an eligible S corporation. The court rejected the argument that a Roth IRA should be treated as a permitted trust under the S corporation eligibility rules or that its beneficiary should be treated as the shareholder.
Journal of Accountancy online (3/22) 
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A guide to the sometimes murky issues of tax ethics
When it comes to tax ethics, CPAs have to make their own decisions, CPA Edward Karl writes. The decision whether to take action in response to a client or CPA's misconduct is an individual one. However, the professional rules of conduct can provide a starting point. "First make sure you know what the guidance says," Karl writes.
AICPA Insights (3/21) 
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How to maximize the tax effects of charitable giving
The tax benefits for charitable giving could change in 2013, says Susan Colpitts, executive vice president and co-founder of wealth-management firm Signature. "Some of the discussion involves itemized deduction changes, limiting charitable deductions to 28% deductibility, getting rid of other deductions. All bets are off in terms of what kinds of deals might be struck in this volatile political environment," she says. With possible changes in mind, Colpitts details charitable-giving strategies in 2012.
AdvisorOne (3/23) 
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You and Your Practice
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You and Your Practice
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How to get potential clients to come to you
Dan Richards offers some tips for getting prospects to respond to your marketing. The two biggest challenges to overcome are prospects' limited time and their reluctance to attend an unknown event. Solutions include partnering with professionals who are trusted sources of information and zeroing in on the issues that will resonate with your target audience. Different groups have different "hot buttons" that will inspire them to action, Richards writes.
Advisor Perspectives (3/20) 
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Facebook will change format of business pages on March 30
On March 30, Facebook will make its Timeline format mandatory for business pages. The layout will affect several areas for accounting firms, starting with the addition of a cover image on the top. Because it is so prominent, this image should be given a lot of thought. The profile image, usually the firm's logo, may need to be resized. The Timeline format also lets a business highlight important events and customize posts.
AICPA Insights (3/16) 
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Isn't it time for your firm to start a blog?
Michael Kitces gives three reasons financial advisers should consider starting a blog to promote their practice. First, a blog keeps your name on your clients' radar screens. Second, it offers a way to communicate on a regular basis. Finally, by adding content to your site, you make it more likely that new clients will find you through search engines such as Google.
Nerd's Eye View (3/22) 
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AICPA PFP News
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Tax season news release added to PFS Marketing and Media Toolkit
Tax season news release added to PFS Marketing and Media Toolkit
Attention PFS credential holders! A new customizable news release has been added to the PFS Marketing and Media Toolkit to highlight the importance of financial planning as tax season draws to a close. Download Tax Time Right Time for Financial Planning, fill in your information and send it to local newspaper reporters, bloggers and TV stations! More instructions are included in the news release template. Look for more of these customizable news releases in the PFS Marketing and Media Toolkit throughout the year.
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PFS Exam Review Web Class: PFP Section members save $100
In six segments, the PFS Exam Review Web Class will help you understand the technical foundation of the Personal Financial Planning discipline and prepare you for the Personal Financial Specialist Examination. For your convenience, these six segments will be broadcast live two times. You have the option to select the time that's most convenient for you. Plus, you'll have access to the archive -- after the event is broadcast -- so you can use these video segments as a reference tool to help you study for the PFS Exam. (Note: You will have access to the archives through July 31). Watch all six segments and receive 15 hours of CPE. Purchase the PFS Exam in the same order and receive a 10% discount on your order.
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Forefield alert: Expired/expiring income tax provisions, new 2013 Medicare taxes
Forefield alert: Expired/expiring income tax provisions, new 2013 Medicare taxes
A number of significant federal income tax provisions expired at the end of 2011, a fact that might be easily overlooked with so much attention being focused on the "Bush tax cuts" that are still in effect, but scheduled to expire at the end of 2012. And new Medicare-related taxes, effective in 2013, have received surprisingly little coverage. Forefield's latest Text Client Alert provides a quick summary of all these changes. PFP/PFS members have free access to Forefield (a $399 value), a premier Web-based education and client-communication tool. Not a member? Join the PFP Section today and save $50 on your first year of membership when you enter promocode CPALDPFP at checkout.
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Learn more about PFP:
About the PFP Section | Join the PFP Section | About the CPA/PFS Credential
Become a CPA/PFS Credential Holder | Broadridge Advisor Client Communication Tool
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Don't ever take a fence down until you know the reason it was put up.
G.K. Chesterton,
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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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