Is it time to perform that Roth conversion? | SBA releases PPP forgiveness form, but AICPA urges more detail | Business-support programs to help your clients
May 18, 2020
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AICPA Financial Planning Digest
Top Story
Is it time to perform that Roth conversion?
A market downturn can be a good time to perform Roth conversions, and legislation passed in recent years might make the process even more appealing. However, there are also certain downsides to consider, including the fact that Roth conversions might affect financial aid eligibility for clients with children. For more guidance, listen to this PFP Section podcast on making Roth conversions for clients now.
Full Story: ThinkAdvisor (free registration) (5/14),  Forbes (5/11) 
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Getting leases in line
ASC Topic 842 is a relatively simple standard that can mean profound changes for organisations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.
Industry News and Trends
An application form and instructions released by the Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness. The AICPA says the document and instructions answer some questions but leave major issues unresolved.
Full Story: Journal of Accountancy online (5/16) 
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The Paycheck Protection Program has grabbed most of the headlines recently, but small-business owners should also check out other sources of support: the economic injury disaster loan program, the employee retention credit and payroll tax deferrals. This article explains how these options work and interact with one another.
Full Story: Financial Planning online (5/14) 
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Retirement, Investment & Insurance Planning
Market volatility leads to anxiety, so it's critical to proactively reach out to clients and address their concerns. Michael Landsberg, CPA/PFS, shares answers to client questions about market fluctuations, planning considerations and support for adult children.
Full Story: AICPA Insights (5/14) 
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Tax Topics
The Internal Revenue Service has issued proposed rules clarifying that certain expenses are deductible by trusts and estates because they are not miscellaneous itemized deductions, even though the Tax Cuts and Jobs Act suspended those deductions for individual taxpayers from 2018 to 2025.
Full Story: Journal of Accountancy online (5/8) 
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Timely Planning Topics
The Small Business Administration has issued guidance stating that businesses that together with affiliates have accepted Paycheck Protection Program loans totaling less than $2 million are assumed to have certified loan applications in good faith.
Full Story: Journal of Accountancy online (5/13) 
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Guidance issued by the Small Business Administration authorizes lenders to increase Paycheck Protection Program loans to partnerships that have submitted applications without factoring in partner self-employed income. The SBA has also extended the safe harbor for returning PPP funds to today from last Thursday.
Full Story: Journal of Accountancy online (5/14) 
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Your clients or their family members might be struggling to pay student loans as a result of the coronavirus pandemic. Here's how you can help them, whether or not their loans qualify for relief under the CARES Act. PFP Section members can use this Broadridge client alert to connect with clients about student loan relief provisions in light of COVID-19.
Full Story: Journal of Accountancy online (5/12) 
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You and Your Practice
It's important for advisory firms to enhance their culture and boost morale while staff are working remotely. Asking people what they need and encouraging them to work together on larger organizational goals are helpful steps.
Full Story: ThinkAdvisor (free registration) (5/13) 
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With advisers continuing to work from home, some planners are becoming frustrated with video conferences. Offering different methods of communication and adjusting the length of meetings can help.
Full Story: Advisor Perspectives (5/13) 
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New in the learning library: Estate planning amid COVID-19
Learn about sophisticated and creative estate strategies that allow clients to engage in effective wealth transfer planning in this unique environment while also being able to access their assets. This webcast recording, led by Marty Shenkman, CPA/PFS, Bob Keebler, CPA/PFS, and Jonathan Blattmachr, is now in the PFP Learning Library. Be sure to check out the new COVID-19 section of our PFP Learning Library, where you can find relevant webcasts and podcasts in one location.
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Use this video to showcase how you impact clients as a CPA/PFS
Financial planning is more important now with the complexity of the current environment, and clients rely on you to reassure them that all is well with their overall financial picture. Share this impactful video with your clients and prospects to reinforce how you as a CPA/PFS help them plan their financial future and reach their goals and dreams. You can add the video to your company website or your communications via email or social media.
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About the CPA/PFS Credential  |    Broadridge Advisor  |    Inside Information Newsletter  |    PFP Weekly newsletter
Editor's Note
Financial Planning Digest will publish May 26
In observance of Memorial Day in the US, the Financial Planning Digest will not publish Monday, May 25. Publication will shift to Tuesday, May 26.
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You are imperfect, permanently and inevitably flawed. And you are beautiful.
Amy Bloom,
writer, psychotherapist
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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.
AICPA Personal Financial Planning Section Resources
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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