AICPA requests broader relief for taxpayers | Stimulus bill waives RMDs | SEC temporarily stops in-person exams, considers postponing Reg BI
March 30, 2020
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Financial Planning Digest
Top Story
The Coronavirus Aid, Relief and Economic Security (CARES) Act, a $2 trillion stimulus bill, was passed by Congress and signed by President Donald Trump last week. Here is a look at the bill's tax provisions, which include credits and temporary changes to retirement plan rules. Register for this free CPE webcast on the CARES Act taking place on April 3 to learn more.
Full Story: Journal of Accountancy online (3/25),  Accounting Today (free registration) (3/27) 
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Industry News and Trends
In a letter to the Treasury Department and the Internal Revenue Service last week, the AICPA requested that filing and payment relief related to the coronavirus pandemic be expanded. On Friday, the IRS announced that deadlines for gift and generation skipping transfer tax returns due April 15 have been postponed to July 15.
Full Story: Journal of Accountancy online (3/26),  Journal of Accountancy online (3/27) 
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The coronavirus stimulus bill passed last week suspends rules for required minimum distributions for certain retirement plans during 2020. In light of the change, clients might want to consider Roth conversions and qualified charitable distributions.
Full Story: ThinkAdvisor (free registration) (3/31),  Forbes (3/27) 
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Estate & Elder Planning
The SECURE Act and other legislative actions have changed the landscape for retirement savers. This article describes several factors clients should consider with regard to estate tax exemptions, inherited IRAs, generation skipping transfer taxes and other issues. Check out the PFP Section podcast series on SECURE Act planning for additional estate strategies.
Full Story: ThinkAdvisor (free registration) (3/25) 
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When you sit down with your clients to discuss charitable giving, it is tempting to focus on details such as what kinds of philanthropic vehicles to use. However, advisers should start by asking questions that concentrate on what clients want to accomplish. Volume 1 of The Adviser's Guide to Financial and Estate Planning has several chapters with great information about helping clients who are charitably minded.
Full Story: WealthManagement (3/25) 
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Retirement, Investment & Insurance Planning
The coronavirus pandemic and associated market turmoil is an opportunity for advisers to demonstrate their value and ease clients' fears. Conversations with clients should focus on their individual time horizons and risk profiles, and in many cases it makes sense to stay the course. PFP committee chairs Susan Tillery, CPA/PFS, and Dave Stolz, CPA/PFS, share more ideas on helping clients in the podcast Finding (and Being) Calm Amid the Chaos.
Full Story: ThinkAdvisor (free registration) (3/24) 
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Tax Topics
In response to the coronavirus pandemic, the Internal Revenue Service has posted 24 questions and answers to clarify a notice delaying certain tax filing and payment deadlines until July 15. The IRS says it will consider issuing more guidance. Stay updated on the latest tax advocacy and COVID-19 related news in the AICPA Coronavirus Resource Center.
Full Story: Journal of Accountancy online (3/24) 
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To protect taxpayers and employees, the Internal Revenue Service is focusing on "mission-critical activities" while scaling back in other areas. Here's a look at which services and operations are affected.
Full Story: Journal of Accountancy online (3/24),  Journal of Accountancy online (3/26) 
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Timely Planning Topics
Thanks to low interest rates and high home values, now could be a good time for clients to refinance their mortgages. Among the factors to take into consideration are loan length and closing costs. In the Personal Financial Planning podcast Planning Opportunities in a Volatile Market, Bob Keebler offers more tips for clients during this time.
Full Story: WealthManagement (3/20) 
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You and Your Practice
The switch to remote work during the coronavirus outbreak poses a number of challenges for advisers and their firms. Although firms can expect to face issues in areas such as IT, personnel management, client servicing and compliance, it is also a great opportunity to test firms' resilience and contingency planning. Marty Shenkman shares advice on changing your practice, holding client meetings and helping clients remotely in this video.
Full Story: Nerd's Eye View (3/23) 
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New resource center launched: Financial planning tools to help you through COVID-19
This new PFP section resource center pulls together all of the COVID-19 and market turbulence-related resources for you in one place. Bookmark the page to make it easy to locate. We'll keep this page updated as things continue to progress. It includes client-facing content from Bob Veres and Broadridge Advisor as well as the following useful items:
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Free CPE webcast on market implications and bringing calm amid chaos
COVID-19 is creating significant change in the world. Navigating health concerns amid economic uncertainty and market turbulence is no easy feat. Join some of your favorite CPA financial planners -- Lyle Benson, Scott Sprinkle, Sue Stevens, Dave Stolz and Susan Tillery -- in this free CPE webcast on April 6 and April 13.
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Courage has nothing to do with our determination to be great. It has to do with what we decide in that moment when we are called upon to be more.
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poet, writer, Pulitzer Prize winner, US poet laureate
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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Contact AICPA
AICPA Service Center
220 Leigh Farm Road
Durham, NC 27707-8110
Phone: 888.777.7077
Fax: 800.362.5066
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