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AICPA Comments on Medicare Surtax for Trusts and Estates
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On May 8th, the AICPA submitted comments to the IRS on the proposed regulations under Section 1411, regarding the Medicare Surtax as relevant to trusts and estates. Section 1411 imposes a tax on unearned income on investments of certain individuals, estates, and trusts, whose income is above the statutory threshold amounts. The AICPA comments recommended that the final regulations address specifics in connection with the exemption from Section 1411 tax for certain types of trusts, computation of DNI in examples 1 and 2, computation of tax for electing small business trusts, charitable remainder trusts, allocation of state and local taxes, other appropriate deductions, treatment of capital gains as part of trust distribution and foreign trusts and estates.
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AICPA Addresses “Challenging Tax Season” and IRS Budget with House
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Jeffrey Porter, Chair of the AICPA Tax Executive Committee, submitted written testimony on May 6 to the House Ways and Means Committee in response to the Committee’s recent hearing on “Internal Revenue Service Operations and the 2013 Tax Return Filing Season.” It was recommended that Congress pass legislation that would permit taxpayers to report de minimis changes in their income from a corrected Form 1099 or amended Schedule K-1 in the year of receipt of the amended form. This recommendation would remedy the issue of taxpayers having to file amended returns or incur penalties due to minimal changes in income because of amended forms.
The AICPA also advocated for Congress to review funding levels of the IRS’s 2014 fiscal year budget. It was recommended that the IRS be given the resources necessary to properly process tax returns and enforce the tax laws, which is vital to maintaining a voluntary compliance tax system. The AICPA believes that the any increase in enforcement funding must be balanced with positive responses to the taxpaying public as customers, which has become difficult, as the IRS’s role has expanded from one concentrated on tax collection to one focused on distributing benefits to a variety of individuals and businesses
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Bob Veres E-Column: The Fee Samples
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A Report on Advisory Fee Structures in the Financial Planning/Advisor Profession
Responding to an Inside Information e-column on advisory fees ("The Fee Conundrum") advisors from all over the U.S. marketplace provided information about their fee structures, including the amounts and how the fees were determined. Findings include but are not limited to:
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Just over 68% of the responding advisors charge some form of up-front fee. The median up-front planning fee was $5,000, with most responses between $3,500 and $7,500.
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Nearly all the respondents are charging ongoing fees as a percentage of assets under management. A smaller number of respondents charge pure retainer fees, and these tended to report the most interesting and complex fee structures.
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Advisors discussed their experience with raising fees, and generally reported little resistance. Their own mental resistance was greater than what they experienced with their clients.
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Read this special report.
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Bob Veres Media Reviews
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Articles in the May issue of Financial Planning that received a “high” relevancy rating include:
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"Take Care of My Family" by Financial Planning Magazine Staff (Practice Management)
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"New Take on Trust Strategy" by Martin Shenkman (Tax and Estate Planning)
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"Roof, 4 Walls & Income" by Ingrid Case (Real Estate Investments)
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"Building a Smarter Portfolio" by Joel Bruckenstein (Technology)
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"Defining the 'Wow' Factor" by Bob Veres (Client Service)
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Access other editions of media reviews, Inside Information and e-columns.
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AICPA Conference on Tax Strategies for the High-Income Individual
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The 2013 AICPA Conference on Tax Strategies for the High-Income Individual, May 20-21, 2013 at the Bellagio, Las Vegas, features an all-star cast of prominent tax experts and thought leaders sharing their timely insights, solutions, and personal experiences, focusing on the latest income and estate tax changes that may impact you and your high-income clients. PFP/ PFS members save an additional $100 off the AICPA member price. If you are attending the conference, join AICPA PFP Senior Technical Manager, Andrea Millar, CPA/PFS and former PFP Executive Committee member, Jerry Love, CPA/PFS for the AICPA PFP Division Town Hall Meeting: Current Ideas Exchange on Monday, May 20 from 7:00-7:50a.m.
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PFS Exam Early Bird Discount Expires Monday
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The summer PFS exam window is June 17-July 26 and registration closes June 10. A 25% early bird discount applies to first-time registrants who sign up by May 20. Additional discounts are available! Save $100 off the PFS exam and more on education options as a PFP Section member. Plus, save 10% if both the exam review self-study class and exam are ordered together. Special pricing is available when registering two or more candidates from the same firm (email us to learn more).
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CPA/PFS Referral Program
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CPA/PFS holders can receive a dues credit equivalent to a year (or more!) of PFS dues by participating in the CPA/PFS referral program. Current credential holders are rewarded for referring other CPAs to either:
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Become a CPA/PFS credential holder or
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Sit for the PFS exam (next exam window offered June 17-July 26, 2013)
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For every qualifying referral, the CPA/PFS will receive a credit for one year of future CPA/PFS dues. There is no limit on the number of referrals you can make. Refer 10 people and have a decade of CPA/PFS dues paid in advance.
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Latest Inside Information
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The May 2013 edition of Inside Information* includes stories on professional study groups for back-office administrators, risk parity, Bob Veres’s review of a recent whitepaper on the advisory profession, and more. *Note: Access to Inside Information newsletter service is a benefit of PFP/PFS membership, which is an individual membership. If your colleagues would like access to this newsletter service, they can either purchase directly from Bob Veres or sign up for PFP membership.
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The Mobile Adviser: Everything Financial Advisers Need to Know to be Safe, Connected, and Productive in the Mobile Age
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By 2015, experts predict that mobile phone subscriptions will outnumber the world population. Financial advisers recognize that the shift to the Mobile Age will forever change the way they manage their business and engage clients and prospects. However, most advisers simply aren't aware of the best ways to use smartphones, tablets, the cloud, and more. The office in the Mobile Age isn't a physical place, as it is now possible to work from any location on any device at any time. In this web seminar with Bill Winterberg on May 15 from 1:00-2:45p.m. ET, financial advisers will learn how to stay safe, connected, and productive as they seek to become "The Mobile Adviser." Register now.
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PFP Power Hour: Utilizing Social Media In Your Financial Planning Firm
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Join AICPA PFP staff and industry thought leaders for the second quarterly Power Hour web seminar of 2013 on May 23, 3:00-4:00p.m. ET. Mitch Freedman, CPA/PFS and Stacie Saunders will discuss how advisers can integrate social media into their business, as well as resources, strategies and tips to enhance your social media presence. Mitch and Stacie will be joined by compliance expert, Ellen Bruno, CPA/PFS, who will provide an overview of adviser-specific compliance considerations. Finally, hear the latest news from PFP Division staff, including new member benefits and leg/reg developments affecting CPA financial planners. Register now.
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Web Seminar Archives
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If you missed any recent web seminars or need in-depth education on a specific topic, web seminar recordings and presentation materials are available in the PFP Web Seminar Library and recapped in the Month-In-Review in PFP News, including:
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Upcoming Web Seminars:
Today!
The Mobile Adviser: Everything Financial Advisers Need to Know to be Safe, Connected, and Productive in the Mobile Age
May 15, 1:00-2:45p.m. ET
Speaker: Bill Winterberg
Free without optional CPE to PFP/PFS members.
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PFP Power Hour: Utilizing Social Media In Your Firm
May 23, 3:00-4:00p.m. ET
Speakers: Ellen Bruno, Mitchell Freedman, Susan Josephson, and PFP Division Staff
Free to PFP/PFS members. No CPE available.
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PFP and Tax Considerations around Obama’s Budget Proposal
May 28, 1:00-2:15p.m. ET
Speakers: Bob Keebler and Steve Oshins and Ted Sarenski
Free without optional CPE to PFP/PFS members.
A registration link will be available in future issues of PFP News and on the PFP website.
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Growing Your Tax and PFP Business in your Local Market
CPA/PFS Perspectives Web Seminar Series
June 4, 1:00-2:45p.m. ET
Speakers: Marc Minker, Jimmy Williams, Amy Sonstein, Marshall Gunn, Janet Williams-Reyes
Free without optional CPE to PFP/PFS members.
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Advising and Communicating with Clients in the Current Market and Interest Rate Environment
June 6, 4:00-5:15 p.m. ET
Speakers: Lyle Benson, Jean-Luc Bourdon, Michael Goodman & Scott Sprinkle
Free without optional CPE to PFP/PFS members.
A registration link will be available in future issues of PFP News and on the PFP website.
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Medicare Surtax and Its Impact on Estates and Trusts Under the New Law
June 12, 1:00-2:45p.m. ET
Speakers: Bob Keebler and Jere Doyle
Free without optional CPE to PFP/PFS members.
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Advertising and SEC Examinations: What CPA Financial Planners Need to Know
June 19, 1:00-2:30p.m. ET
Speaker: Ellen Bruno
Free without optional CPE to PFP/PFS members.
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Investment Tax Strategies for 2013
(Session 4 of Series: Planning After ATRA)
June 25, 1:00-2:45p.m. ET
Speaker: Bob Keebler and Bob Gordon
Free without optional CPE to PFP/PFS members.
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Defend Your Business Against Hacking, Phishing, and Spoofing Attacks
August 6, 1:00-2:45p.m. ET
Speaker: Bill Winterberg
Free without optional CPE to PFP/PFS members.
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Upcoming Live Events:
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Live PFS Exam Review Class
June 26-28, 2013
AICPA offices, Durham, NC
PFP/PFS members save an additional $100 off AICPA member early bird price. Apply for a sponsorship!
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AICPA Conference on Tax Strategies for the High-Income Individual
May 20 -21, 2013
Bellagio, Las Vegas, NV
PFP/PFS members save an additional $100 off AICPA member price.
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AICPA Practitioners Symposium and Tech+ Conference
June 10-12, 2013
Bellagio, Las Vegas, NV
PFP/PFS members – use promocode PFPPSTECH to save an additional $75 off AICPA member price.
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AICPA Conference on Advanced Estate Planning
July 15-17, 2013
Baltimore Marriott Waterfront
PFP/PFS members save an additional $100 off AICPA member early bird price.
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AICPA Sophisticated Tax Planning for Your Wealthy Clients Conference
November 18-19, 2013
Revere Hotel, Boston Common
PFP/PFS members save an additional $50 off AICPA member super early bird price.
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AICPA Advanced Personal Financial Planning Conference
January 19-22, 2014
ARIA Resort, Las Vegas
PFP/PFS members save an additional $100 off AICPA member super early bird price.
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