Federal Reserve Chairman Jerome Powell's role in guiding the US central bank's monetary policy is becoming complicated, with board members offering different views about future interest-rate cuts. In this episode of the AICPA PFP Section podcast, Bob Keebler, CPA/PFS, interviews Bob Gordon of Twenty-First Securities Corporation about planning strategies in an ultra-low interest rate environment.
Negative interest rates could have major implications for valuation models, pension systems and other aspects of the economy, with some commentators arguing they could be detrimental to the financial system.
Supporters of the Setting Every Community Up for Retirement Enhancement Act hope that the legislation can make it through Congress by attaching it to a continuing resolution that gives the federal government the funds to continue operating. The measure had strong bipartisan support in the House but has been held up in the Senate.
The sudden death of a main breadwinner can force other family members to take a more active role in financial planning. This case study illustrates how advisers tackled this challenge by working with a mother and two sons on a complicated estate.
An understanding of emotional and personal issues can help advisers provide additional value for clients and help them make a successful transition to retired life. Clients may face certain challenges after leaving the workforce, including a diminished social circle. Read more about the art and science of retirement planning in The Adviser's Guide to Practical Retirement Planning by Jim Shambo, CPA/PFS.
This review of recent developments in the area of federal taxation of individuals from The Tax Adviser covers cases, rulings and guidance on a variety of topics, including a hobby loss case involving a World War II fighter plane.
An accountable plan is one way for S corporation owner-employees to continue deducting business expenses in light of changes created by the Tax Cuts and Jobs Act, writes Jeffrey Levine, CPA/PFS. These plans are flexible and can be set up to cover only certain employees and certain kinds of expenses, he notes.
Certain states have already implemented a special tax on high-earning individuals, and other states are considering following their example. New Jersey, meanwhile, has considered lowering the income threshold for its 10.75% rate, but Michael J. Repak, CPA/PFS, said that idea "has met some stiff resistance and seems to be stalled for the moment."
Clients need help managing digital holdings, which include electronic documents, social media accounts, cryptocurrency and accounts such as Venmo and PayPal. This article offers best practices for advisers, beginning with creating an inventory of clients' digital assets. Learn more about financial planning and tax considerations to be aware of when your clients are transacting in virtual currencies in this episode of the AICPA PFP Section podcast.
Don't miss this free CPE webcast: Planning for the 99%
Don't think that the higher transfer tax exclusions have eliminated the need for planning for clients with small-to-mid-sized estates. Portability, income taxes and asset protection considerations mean that clients still need your help and expertise in guiding them through increasingly complicated estate planning regulations. Join Steve Siegel on Sept. 20 at 1 p.m. ET.
Sessions and speakers confirmed for AICPA's Personal Financial Planning Summit
January is the perfect time of year to create your path for the year ahead, and the AICPA's Personal Financial Planning Summit has the content, connections and intimate environment you need to get this done. Confirmed session topics include client engagement, succession planning, hiring and retaining talent and communicating your value. 2020 brings the same intimate event with a new location and a late January date in Austin, Texas. AICPA PFP/PFS members pay a discounted rate when registered by Dec. 13. Space is limited, so don't delay registering.
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
About the CPA/PFS Credential:
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.
AICPA Personal Financial Planning Section Resources