Trust and estate income tax returns under the TCJA | SEC requests input, questions regarding custody of digital assets | US millionaires now outnumber entire population of Sweden
March 18, 2019
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AICPA's Personal Financial Planning Section
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Trust and estate income tax returns under the TCJA
This article provides an overview of several of the provisions in the Tax Cuts and Jobs Act that affect income tax returns for trusts and estates, including the new Sec. 199A deduction, which may offer an opportunity for savings.
Journal of Accountancy print issue (3/2019) 
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Industry News and Trends
SEC requests input, questions regarding custody of digital assets
The Securities and Exchange Commission's Division of Investment Management wants to hear from financial professionals regarding issues related to the custody of digital assets by registered investment advisers. It is also interested in receiving questions about how the SEC's Custody Rule applies to digital assets.
ThinkAdvisor (free registration) (3/13) 
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Contest: How digitally fit are you?
Flex your digital muscles and test your knowledge of the hottest topics in the profession: cybersecurity, blockchain, data analysis and robotic process automation. Spend less than 2 minutes and earn a free (yes, free) course.
Challenge me
Estate & Elder Planning
10 key considerations for estate planning
Clients should regularly review estate planning strategies, but it is even more important to do so after changes to tax law. Here are 10 factors to consider, including the expanded estate tax exemption and the need to review so-called formula trusts. Hone your knowledge of the latest estate and financial planning strategies using The Adviser's Guide to Financial and Estate Planning, included with PFP Section membership.
ThinkAdvisor (free registration) (3/11) 
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Retirement, Investment & Insurance Planning
How to advise clients in the FIRE movement
Some young clients are adherents of the FIRE movement, which is all about achieving financial independence and retiring early. Crucial factors for these clients to consider include safe withdrawal rates and how leaving the workforce early will affect Social Security benefits.
WealthManagement (3/12) 
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Help clients understand the link between risk and return
Clients who demand high returns for low risk can frustrate advisers. Here are three ways to demonstrate the relationship between risk and return to such clients. PFP Section members can use Broadridge Advisor to communicate clearly with clients who have questions about their investments. Check out the 3,000-plus pieces that are ready to be customized!
Advisor Perspectives (3/11) 
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Tax Topix
Individual tax report
This semiannual update on individual tax topics from The Tax Adviser discusses recent cases, guidance and rulings on such areas as material participation, hobby losses, charitable contributions and the Sec. 199A regulations.
The Tax Adviser (3/2019) 
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How to navigate related party transactions under Sec. 1031
Certain Sec. 1031 transactions may be straightforward, but others -- including related party transactions -- are more complex. The "substance over form" doctrine is critical when evaluating these transactions.
Accounting Today (3/12) 
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Timely Planning Topics
Advisers see longevity risk as key issue
Longevity risk is a key consideration for advisers, with many saying longer life spans are challenging traditional ideas about planning. Finding the right asset allocation and monitoring clients' spending behavior are important steps when planning for longer life spans.
Financial Planning online (3/12) 
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Other News
You and Your Practice
How to get clients to follow your advice
By delivering advice in the appropriate manner, you can increase the chances clients will follow through. This podcast discusses how to gauge whether clients are ready to follow your advice, what to do when people in a client's life might prevent the client from taking your advice, and mistakes to avoid when giving advice, among other topics.
Journal of Accountancy online (2/19) 
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10 ways to respond to prospects who say they already have an adviser
The conversation doesn't have to be over when a person says, "I already work with an adviser." This article offers 10 ways to respond without sounding salesy or disrespectful.
ThinkAdvisor (free registration) (3/13) 
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Register today: FREE CPE webcast on post-busy season financial planning
As a PFP Section member, you can access 4 free CPE webcasts each year, a $316 value! Register for our next free CPE webcast on May 13, Addressing your clients' tax and planning needs after tax season. As a bonus in 2019, we are offering an additional free CPE webcast on April 30 to help practitioners formalize financial planning services within their tax practices. Register here.
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Do you know a young CPA/PFS? Nominate them for a standing ovation by May 1!
The Standing Ovation Program recognizes young CPA/PFS credential holders in personal financial planning (including tax, retirement, estate, risk management and investments) who exhibit exemplary professional achievement. Review the eligibility and nomination requirements and submit this quick and easy online application by May 1.
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Honesty helps. You get a long way in life as far as I'm concerned. You tell the truth, ask for help, instead of saying I know what I'm doing.
Penny Marshall,
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March is Women's History Month

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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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