If we end up with a divided Congress, the prospect for sweeping changes to tax policy would likely decrease, at least in the short term. Advisors should help clients stay focused on their long-term goals, take advantage of market volatility and be aware of tax changes at the state level.
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Last chance to apply for CPWA® program in 2020
The application deadline for the Chicago Booth Hybrid program to start your professional development is Dec. 18. Gain a deeper understanding of how to construct strategies to minimize taxes, monetize and protect assets, maximize growth and transfer wealth by becoming a Certified Private Wealth Advisor® (CPWA). Apply now.
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Join keynote speaker Peter Conti Brown, assistant professor at The Wharton School, at the 2020 Retirement Management Forum on Dec. 8, to hear what business ethics is not. The conference features 11 experts, including Ivy League speakers, industry heavyweights and advanced practitioners. Earn up to 13 CE credits. Learn more and register here. Included in Gratitude Week Sale.
The holiday season is traditionally a time for giving, and advisors have a major role to play in guiding clients through the tax implications and other consequences of their philanthropic decisions. This article offers 15 questions to evaluate the situation and maximize the charitable impact.
The abolition of the stretch IRA for many nonspouse beneficiaries means clients need to consider new strategies to help heirs keep their tax tabs under control. One option that can provide annual income to a beneficiary is a charitable remainder trust.
Despite the coronavirus pandemic, the Securities and Exchange Commission was able to conduct nearly 3,000 examinations in its 2020 fiscal year, which included 15% of all SEC-registered investment advisors, said Pete Driscoll, director of the Office of Compliance Inspections and Examinations. The examinations found that most firms implemented business continuity plans, Driscoll said, and some even had specific plans to deal with pandemics.
The lack of female financial advisors means firms are missing out on $700 billion a year, a number that's likely to grow as more wealth is transferred to women, according to a recent a white paper. Firms need support at the corporate level to find more women, eliminate biases and provide more personalized support to those they hire, the paper said.
This year's holiday season will be different because of the coronavirus pandemic, and sending a typical upbeat holiday greeting card may seem insensitive to clients, writes Amy Florian, CEO of Corgenius. She offers suggestions for how to adjust messages to acknowledge the struggles clients may be facing.
Securities and Exchange Commission Chair Jay Clayton will leave his post by the end of the year, ahead of the scheduled end of his tenure in June. Clayton, who has held the post since 2017, has not indicated his plans.
President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen as the nominee for treasury secretary, sources say. The news has bolstered the stock market, building on gains made since the announcement of a coronavirus vaccine breakthrough.
The Securities and Exchange Commission has adopted rules allowing electronic signatures for authentication documents, as well as rule amendments that require electronic filing of documents from administrative proceedings. Compliance with the rule changes is not required until April 12.
The IRS has issued guidance for taxpayers who pay otherwise deductible expenses with Paycheck Protection Program loan funds, saying even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible. The IRS has also provided a safe harbor procedure for taxpayers whose application for PPP loan forgiveness is either withdrawn or denied.