CPE & Events

    Podcasts from the Personal Financial Planning Division 





    The AICPA PFP Division monitors the news and legislative and regulatory landscape in order to bring you expert commentary on the issues you need to know in practice.  Listen to the podcasts below to hear the latest on these issues.



     

    Date

    Recording

    Slides

    7/11/2014

    Understanding Asset Protection and Income Tax Planning for IRAs after the Clark Decision

    Bob Keebler is joined by attorneys Ed Maro and Bo Loeffler in this podcast on understanding asset protection planning and income tax planning for IRAs after the Supreme Court’s June 12th Clark v. Rameker decision. The speakers explain bankruptcy, what gets protected, implications for spouses, and why state law is so important. They then dig into the implications and solutions for inherited IRAs after the Clark decision, which held that funds from an inherited IRA were not retirement funds that were exempt from the debtor’s bankruptcy estate.  

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    6/20/2014

    Implications of Supreme Court Decision on Protection of Inherited IRAs in Bankruptcy
     
    In this podcast, Bob Keebler discusses the background and implications of the June 12th decision in Clark v. Rameker, in which the Supreme Court held that funds from an inherited IRA were not retirement funds that were exempt from the debtor’s bankruptcy estate. (See the leg/reg update and Journal of Accountancy for more information on this case).
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    4/24/2014

    Take a Tour of the Proactive Planning After ATRA and NIIT Toolkit

    The American Taxpayer Relief Act of 2012 (ATRA) and Net Investment Income Tax (NIIT) have added more complexity to planning given that you now have to navigate through a multi-layer tax system in conjunction with running multi-year scenarios to gain a clear picture of the tax landscape in order to advise your clients on virtually all of their personal financial planning decisions. CPA financial planners now have an unprecedented opportunity to demonstrate their value to clients by providing guidance, planning, and tax expertise. The Planning After ATRA and Net Investment Income Tax Toolkit is an extensive suite of tools and resources to help you educate your clients and proactively plan with them throughout the year. Take a brief tour of the toolkit to learn how to get started and take advantage of the resources that best fit your clients and your practice. 

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    4/7/2014

    Aragona Trust Decision on Material Participation

    In this 30 minute podcast, Bob Keebler and David Kirk discuss the implications of the Aragona Trust case regarding trustee material participation and its impact on 2013 and 2014 tax returns. Note that while the case cleared up some ambiguity regarding material participation for trusts, it did not provide clear direction or act as a roadmap. However, the decision may create some urgency for the IRS to address material participation through proposed regulations.  

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    3/19/14

    Simple Roth Conversion Calculator

    This calculator is meant to assist the advisor in determining whether performing a basic Roth conversion is an appropriate choice for a given client. It is designed to compare investment growth, given a specific set of assumptions, if the client chooses to convert to a Roth versus remaining in a Traditional IRA.
     
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    3/12/14

    Tax Rate Evaluator: A Graphical Calculator for Tax Planning After ATRA

    With the passing of the American Taxpayer Relief Act (ATRA), America suddenly shifted from a two dimensional tax system to a four dimensional tax system. Long gone are the days when practitioners only had to consider the regular income tax brackets and the Alternative Minimum Tax (AMT). Today, practitioners must also consider the 3.8% net investment income tax (NIIT) and the new additional brackets (the “supertax”). What does this mean for the practitioner going forward? It means that virtually every financial decision now needs to be analyzed through the lens of this new four dimensional tax system – the regular income tax brackets, the AMT, the NIIT, and the supertax. To help with this planning, the Bronze Edition of the Tax Rate Evaluator is available to PFP Section members and CPA/PFS credential holders as part of the Proactive Planning After ATRA and NIIT Toolkit. For a more robust calculator with additional features, you may want to consider purchasing the for sale Gold Edition of the Tax Rate Evaluator (discount for PFP/PFS members).
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    3/2/14

    Nevada Incomplete Non-Grantor Trust

    In this podcast, Bob Keebler interviews Bill Lipkind and Steve Oshins about a recent private letter ruling allowing a “NING Trust” – a Nevada Incomplete Non-Grantor Trust. This irrevocable Nevada trust is incomplete for transfer tax purposes, yet a non-grantor trust for income tax purposes. The trust is set up for the benefit of the settler and other discretionary beneficiaries, however, the trust pays the income taxes, creating a powerful opportunity for the taxpayers in high-tax jurisdictions to avoid state income taxes on the sale of property and future investment returns. Read an article from Ultimate Estate Planner describing this strategy.
     
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    2/27/14 

    The Mathematics of Portability

    Listen to a podcast from Bob Keebler covering the basics of portability, key mathematical concepts, critical issues and concepts, how to maximize tax savings using portability, advantages/disadvantages, a mathematical comparison of different estate planning strategies and more.   

     Slides

    2/27/14 

    Form 8960 Prep - Computing the New 3.8% NIIT on Form 1040

    Listen  to a podcast from Bob Keebler covering Form 8960, “Net Investment Income Tax for Individuals, Estates and Trusts” line-by-line with examples. Bob also provides an overview of the NIIT and FAQs on the new tax (regrouping of passive and non-passive activities, real estate investments and the NIIT, limitations for NIIT, and more).
    Slides

    2/10/14

    CPA/PFS Perspectives: 2014 Advanced PFP Conference Recap

    In this podcast (part of the CPA/PFS Perspectives series), Marc Minker and a panel of CPA/PFS credential holders (Doug Duerr, Karen Goodfriend, Ted Sarenski, and Scott Sprinkle) recap highlights and practical ideas from the 2014 Advanced PFP Conference. Using the Best Planning Ideas Panel session as a springboard, they discuss other sessions covering tax and estate planning, retirement, investments, implementing PFP services, and some general practice topics.  
    Slides 

    1/31/14

    Q&A on Net Investment Income Tax for Individuals

    In this podcast, Bob Keebler and Jonathan Horn address unanswered attendee questions from the Implementation of the 3.8% Net Investment Income Tax on Individuals webcast. If you missed the webcast, a recording will be available at aicpa.org/pfp/webseminars. 
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    1/31/14

    Relief for Missed Portability Elections

    In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31, 2014. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. 

    Slides 

    1/08/14

    Interview with David Kirk and Adrienne Mikolashek

    Bob Keebler interviews David Kirk and Adrienne Mikolashek, part of the team who wrote the net investment income tax regulations, to help members understand the new Form 8960, Net Investment Income Tax for Individuals, Estates, and Trusts and the draft instructions.
    Slides 

    1/08/14

    Form 8960: Draft Instructions

    Bob Keebler goes line by line through Form 8960, Net Investment Income Tax for Individual, Estates, and Trusts, to help members understand key elements they need to know for tax season. 
    Slides 

    12/17/13

    Understanding the 3.8% NIIT and Its Effects

    In this podcast, Bob Keebler discusses the impact of the regulations on net investment income tax. Download the related charts, Understanding the Net Investment Income Tax and Applying the 3.8% Net Investment Income Tax
    Slides 

    12/13/13

    Understanding and Applying the Statement on Standards in PFP Services

    In this podcast, Clark Blackman and Dirk Edwards will lead members through a discussion on the nature and objective of the SSPFPS; when and to whom it applies; an overview of the requirements; how the standard will help elevate your practice; and the timeline for issuance and resources.
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    11/26/13

    3.8% Net Investment Income Tax Final Regulations

    In this podcast, Bob Keebler discusses the final and new proposed regulations on net investment income tax.
    Slides 

    October 2013

    Year-End Planning Series
    (Note: This content which includes planning ideas and strategies is relevant going forward)

    In this podcast series, Bob Keebler covers the top financial planning ideas to address with your clients before year-end. Because the American Tax Payer Relief Act and Net Investment Income Tax have added more complexity to the tax landscape, CPA financial planners now have an unprecedented opportunity to demonstrate their value to clients by providing guidance, planning, and tax expertise.

     

     

    9/3/2013

    Tax & Estate Planning Following the Defense of Marriage Act Decision

    In the wake of the Supreme Court’s Windsor decision invalidating a portion of the Defense of Marriage Act (DOMA), the Treasury Department and IRS announced on August 29th that “same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.” The IRS also issued a revenue ruling (Rev. Rul. 2013-17) and FAQs providing guidance on the topic.

    In short, regardless of what state the same-sex couple currently lives in, if they were legally married in a jurisdiction that recognizes same-sex marriages as legal and valid, then same-sex spouses are married for ALL federal tax purposes. This podcast from Bob Keebler covers Revenue Ruling 2013-17, background on the DOMA decision, income, estate and gift tax planning implications, as well as portability, IRAs and retirement plans. 

    Slides 

    7/22/2013

    Affordable Care Act Implications You Need to Know Now

    In this podcast, Ted Sarenski discusses the latest developments regarding health care reform and the Affordable Care Act, including what will be required of health plans offered both through exchanges and employers, the delay to 2015 of the requirement for large employers to offer health insurance, the individual mandate, penalties and federal subsidies, the October 1 deadline for health insurance exchanges, preexisting conditions, and Ted’s predictions and advice for clients in 2014. For more information to advise your clients on health care changes, visit Forefield Advisor’s Health Care Reform Resource Center.
     
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    6/28/2013

    Tax & Estate Planning Following the Defense of Marriage Act Decision

    This podcast from Bob Keebler covers tax and estate planning following the DOMA decision. Bob discusses the complexity of moving from a same-sex marriage state to a traditional marriage state, income tax planning for same-sex married couples, estate and gift tax planning, the marital deduction, gift splitting, portability issues, as well as IRAs and retirement plans.
    Slides 

    4/12/2013 

    Critical Provisions in President's FY 2014 Budget Proposal

    This podcast from Bob Keebler summarizes the provisions affecting wealthy clients in President Obama’s recently released fiscal year 2014 budget proposal. Even though these provisions may not be enacted, it will help you have intelligent conversations with your clients, know what the President’s legislative agenda for this year is, and begin planning for some of the estate and tax provisions that may eventually be enacted.  
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    4/2/2013

    Taking a Fresh Look at Reverse Mortgages

    In this podcast, Michael Kitces discusses the shifting landscape in the market for reverse mortgages, and why it might be time for financial planners to take a fresh look at using reverse mortgages in their planning. Kitces covers a brief history of reverse mortgages, the current marketplace, how reverse mortgages work, the risks, cost structure and decisions a client must consider when evaluating reverse mortgages, true economic realities of using reverse mortgages to help finance retirement, some of the feasible options and strategies for using reverse mortgages, and where they may be appropriate.
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    1/30/2013

    Podcast on Key 2013 Planning Considerations for Tax Season

    Lyle Benson, Michael Kitces, Ted Sarenski and Scott Sprinkle cover topics you should be discussing with your clients this tax season and how to integrate tax and estate planning in your clients’ overall financial plan. Specifically, they discuss income tax planning issues, how the new tax rate structure and deduction phase-outs have shifted the nature of tax planning, planning for the Medicare surtax and how to integrate investment and tax strategies, strategies to reduce income, and estate planning issues. These changes make it critical to educate your clients and revisit multi-year plans! Listen to this podcast to get practical ideas that you can discuss with your clients over the coming months.

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    1/16/2013

    Recent Trends and Developments in the Long-Term Care Insurance Marketplace

    Michael Kitces discusses the latest trends and developments in the long-term care insurance marketplace, from the consolidation of the industry and the elimination of lifetime benefits and limited-pay premium options, to the rising popularity of new hybrid LTC insurance contracts that pairs the coverage together with a life or annuity policy as a new form of “asset-based” long-term care protection, and more. 
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    1/11/2013 

    Under ATRA 2012 Estate Fiscal Year Election is Crucial

    In this “60 Second Planner” audio clip from Leimberg Information Services, Inc., Bob Keebler shares an important income tax and capital gain planning pointer for 2012 estates. For deaths occurring before November 30, 2012, these estates should elect a fiscal year ending on November 30, 2012 (with the following fiscal year beginning December 1, 2012). With this election, these estates would not be subject to the tax increases under the American Taxpayer Relief Act nor the 3.8% surtax because both taxes only apply to years beginning on or after January 1, 2013. Listen to this short clip to learn more! 
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    1/4/2013

    Resolution of the Fiscal Cliff – Part 1
    Bob Keebler describes the 2013 income tax aspects of the American Taxpayer Relief Act of 2012.

    Resolution of the Fiscal Cliff – Part 2
    Bob Keebler discusses estate, gift and GST planning under the American Taxpayer Relief Act of 2012.

    Resolution of the Fiscal Cliff – Part 3
    Bob Keebler discusses trusts and estates and the impact of the 3.8% surtax and fiscal cliff settlement.

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    8/26/2012  

    Michael Kitces on Cost Basis Reporting Rules

    In this audio stream, Michael Kitces covers the new cost basis reporting rules enacted under the Emergency Economic Stabilization Act of 2008.

    Note that the new tracking rules will require any financial intermediaries (i.e., generally all brokers and custodians, as well as certain other types of financial institutions) that currently issue Form 1099-B to report using an updated version, which tracks not only the gross proceeds from sales of securities, but the cost basis, acquisition date, amount of gain/loss, and character of the gain/loss (i.e., short-term or long-term). Actual reporting on cost basis will be phased in over time, with equities in 2011, mutual funds and dividend reinvestment plans in 2012, and bonds and other securities in 2013. 

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