PFP Division 2011 Year in Review 


    With the uncertainty and change that ushered in 2011, the AICPA PFP Division has sought to provide the latest information, tools and advocacy to support PFP Section members, inclusive of PFS credential holders, as they serve their clients.

    2011 kicked off with a celebration of the 25th Anniversary of the PFP Division at the Advanced PFP Conference in Las Vegas with special recognition of Lifetime Achievement Award winner, Stan Breitbard, and Distinguished Service Award winner, Irv Rothenberg.

    Here’s a look back at the various milestones, as well as member benefits released or revised in 2011:


    Milestones

    News & Communications

    Webcasts & Audio Streams

    Guides and Publications

    Checklists & Charts

    Member Involvement & Networking

    Marketing & Media

    Conferences & Live Education

    PFS Exam

    Member Discounts

    Advocacy
    Tax Matters

    • AICPA urges IRS to provide more flexibility for mandatory e-filing of returns by tax preparers (Jan. 2011)
    • AICPA submits compendium of simplification and technical tax legislative proposals (Feb. 2011); Tax return due dates bill introduced in Senate (April 2011)
    • AICPA sends letter urging repeal of 1099 provisions (Feb. 2011); President Obama signs repeal of expanded 1099 requirements (April 2011)
    • AICPA and coalition urge Senate Judiciary Committee to keep tax strategy patent provision in Patent Reform Act of 2011 (February 2011); AICPA sends letter of support for tax strategy patent ban (April 2011); Patent reform bill signed by President Obama  (Sept. 2011)
    • AICPA tells IRS "electronic data safeguards are needed during IRS audits” (March 2011)
    • AICPA tells Congress “Americans and their families need simpler tax laws” (April 2011)

    Estate Tax

    • AICPA comments on trust investment expenses (Dec. 2011), AICPA requests interim guidance for 2010 regarding estates and trusts investment management and advisory costs (Feb. 2011); IRS issues new proposed regulations regarding tax treatment of trustee fees under Section 67(e) (Sept. 2011)
    • AICPA submits comments on carryover basis guidance (Sept. 2011)
    • AICPA comments to Congress on estate tax suggestions (Nov. 2011)
    • IRS releases revised proposed regulations on alternate valuations for estates due to recommendations (including AICPA’s) allowing estates to use a beneficial six-month alternate valuation date more broadly (Dec. 2011)

    Financial Services Reform

    • GAO report concludes additional oversight of financial planners duplicative (Jan. 2011) – Consistent with AICPA’s position, specific to CPAs, articulated to the GAO in August 2010.
    • SEC report released on broker-duty standard of care (Jan. 2011) – Report recommended elevated standard of care, which AICPA supports. AICPA continues to monitor rulemaking developments.
    • SEC report released on study of RIA examinations (Jan. 2011) – Report provided 3 options to strengthen the current RIA examination program. AICPA commented in November 2010 and November 2011 and continues to monitor developments.
    • SRO Study Supports AICPA Investment Adviser Position (Dec. 2011)

    Other Matters

    • AICPA weighs in on foreign trust & HIRE Act (March 2011)
    • AICPA requests on FBAR (July 2011)

     




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