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PFP Summit: For Leaders Among Leaders

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AICPA

PFP News

 

Member-Exclusive News, Resources and Events

 

September 21, 2016

In This Issue

Forefield Spotlight: Financial Questions Checklist

Audio Clips: Withdrawal of Excess Contributions and GST Tax Exemption

New for 2016: Tax Return Due Date Changes Resource Page

Bob Veres Media Reviews: An IRA Beneficiary Fiasco

Next Week! Free Webcast with CPE: Estate Planning for the 99%

CPA/PFS Corner: Ohio In-Person PFP Boot Camp Registration Now Available

Other News: PFP Summit: For Leaders Among Leaders; Podcast: What You Need to Know About Intergenerational Split-Dollar Agreements; Leg/Reg: AICPA Urges Congress to Modify the Estate Basis Reporting Deadline; Bob Veres Media Reviews: Lost Moments (Employee Retention) & Advice in the Age of Longevity; Bob Veres E-Column: Magic for Clients; Upcoming Conference: 2017 T3 Technology Tools for Today

 

 

PFP News & Resources

 

Forefield Spotlight: Financial Questions Checklist

 

Discover one of the thousands of Forefield Advisor resources available with your PFP section membership, the Financial Questions checklist.  This simple, 2-page list is comprehensive and contains thought-provoking bullet points to help you uncover what financial topics your client is concerned about.  Use this as an introductory tool to spark an in-depth conversation with clients, and then help them make informed financial decisions.

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Audio Clips: Withdrawal of Excess Contributions and GST Tax Exemption

 

Bob Keebler, CPA/PFS, along with Leimberg Information Services, Inc., has worked to provide up-to-date information on the following topics:

 

Wu v. U.S. - Withdrawal of Excess Contributions Not Timely - In Wu v. U.S., No. 16-1660, the Seventh Circuit Court of Appeals ruled that a taxpayer's withdrawal of excess contributions made in a prior year did not eliminate the excess contributions tax.  The text of the ruling can be found here.  

Trust Modification Will Not Jeopardize GST Tax Exemption - In PLR 201633022, the IRS ruled that a judicially approved modification of an irrevocable trust will not cause the trust to be subject to the generation-skipping transfer tax. The full text of the ruling can be found here.

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New for 2016: Tax Return Due Date Changes Resource Page

 

Due dates for many tax returns are changing. These new tax deadlines will hopefully improve return workflow and workload compression, but require tax practitioners to educate their clients and implement new practice management processes. This page provides the guidance and tools to help you comply with tax return due dates and maximize workflow productivity including:

 

Tax Deadlines Summary Chart

Client Letter on Tax Return Due Date Changes

Tax Return Due Date Management Webcast

A Washington tax brief webcast discussing new rules and concerns

And much more

 

For more information about advocacy work on this topic, see AICPA Due Dates Legislation Advocacy Efforts.

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Bob Veres Media Reviews: An IRA Beneficiary Fiasco

 

Bob Veres Media Reviews are designed to save you hours of reading time each month — giving you time for more productive activities.  Read Bob’s write-ups of articles in September’s Financial Planning magazine, including those rated with high relevance:

 

“Attracting Millennial Advisers” by Kelli Cruz

“Investing Trust Assets” by Martin Shenkman

“The Pitfalls of Revenue Sharing” by Michael Kitces

“Managing Retirees’ Nest Eggs” by Joel Bruckenstein

“An IRA Beneficiary Fiasco” by Ed Slott

“Embracing Robos” by Shane Morrow

 

Access other editions of media reviews, Inside Information and e-columns.

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Next Week! Free Webcast with CPE: Estate Planning for the 99%

 

In the first event of this webcast series, Steve Siegel, CPA/PFS, will tie in the latest CPA’s Guide to Financial & Estate Planning with essential estate planning considerations to discuss with your clients now. CPA financial planners have a challenge in that 99% of clients we work with fall below the threshold for the federal gift and estate tax exclusion.  This event, taking place September 28th, offers free CPE to PFP/PFS section members so be sure to register today!  For PFP/PFS section members unable to attend, you can watch the recording which is added to our learning library just a few days after each event.

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CPA/PFS Corner

 

 

Ohio In-Person PFP Boot Camp Registration Now Available
Plan now for the next PFS exam with self-study, online, and in-person review options.  Register now and save these dates:

 

November 7, 14,21, 28 - Online PFP Boot Camp

December 7-9 - In-person PFP Boot Camp in Columbus, OH (Call OH state Society of CPAs at 800.686.272 to register for PFP discount.)

Anytime - Archived recording of the PFP Boot Camp without CPE

Anytime - Self-study PFS Exam Review Course

 

Go to aicpa.org/PFS for more information or email us at financialplanning@aicpa.org if you have any questions.

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Other News

 

 

PFP Summit: For Leaders Among Leaders
Designed for “leaders among leaders,” this exclusive event will host the most experienced minds in the personal financial planning profession. It’s time to compare notes with esteemed peers, challenge conventional thinking and shape future legacy.  The AICPA PFP Summit is a one-of-a-kind occasion for the profession’s innovators to experience an event unlike any “conference” you have attended in the past, given the A-list attendance and the nature of interactive sessions that will prompt lively discussions and networking opportunities with other firm leaders. Deepen professional relationships both in and out of the meeting suite with excursions and activities on the event property; and draw inspiration from the tranquil location of Terranea, a resort on one of Southern California’s most scenic and coveted coastlines overlooking the Pacific Ocean and Catalina Island.

Get a feel for the experience by viewing this video (scroll down on right to view “AICPA TV” and click play) featuring Lyle Benson, CPA/PFS, Michael Goodman, CPA/PFS, Scott Sprinkle, CPA/PFS and Ted Sarenski, CPA/PFS.  For an overview of the breakout sessions, check out these informative video clipsDiscounts are available for PFP/PFS section members in addition to an early-bird registration rate through 11/24/16.  

Podcast: What You Need to Know About Intergenerational Split-Dollar Agreements
In this podcast, Bob Keebler interviews attorney Larry Brody about intergenerational split dollar agreements, including:

 

Overview of an intergenerational split dollar life insurance arrangement

Overview of regulations and recent court rulings on reporting for gift tax purposes

What CPA financial planners should be advising clients with intergenerational split dollar agreements

 


Leg/Reg: AICPA Urges Congress to Modify the Estate Basis Reporting Deadline
In an advocacy letter to Congress on August 31, the AICPA suggested modifying the reporting provisions for estate basis statements to require such reporting by February 15 following the end of a calendar year in which an estate distributes assets to a beneficiary, rather than 30 days after an estate files the Federal estate tax return.  Read the letter, and be sure to review the Estate Basis Consistency Reporting Resource Center for resources on this topic.

Bob Veres Media Reviews: Lost Moments (Employee Retention) & Advice in the Age of Longevity
Bob Veres Media Reviews are designed to save you hours of reading time each month -- giving you time for more productive activities.  Read Bob’s write-ups of articles in September’s Investment Advisor magazine and in September’s
Financial Advisor magazine, including those rated with high relevance.  Access other editions of media reviews, Inside Information and e-columns.

Bob Veres E-Column: Magic for Clients
In this e-column, Bob Veres writes about magic - the kind that comes from a financial planner executing a terrific outcome with a client.  He writes about a nurse desperate to care for her mother, a woman able to achieve her career dream and a teacher able to donate over $250,000 from her retirement savings - all due to excellent advice from financial planners. Access other editions of media reviews, Inside Information and e-columns.

Upcoming Conference: 2017 T3 Technology Tools for Today
Join advisors for a discussion on the future of the financial advisory profession and how technology is and will be reshaping the way we all do business.  Discover new technologies that will help your firm become more efficient and profitable.  This Technology Tools for Today Conference ranked among the 12 best conferences for financial advisors to choose from according to Michael Kitces.  AICPA members save $100 off the prevailing rate by using the special code T3AICPA at registration in addition to an early bird rate through October 21.   

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Events

 

PFP Section-sponsored webcast recordings and materials are available as part of your PFP/PFS membership and are posted to aicpa.org/pfp/library if you would like to listen again or if you are not able to attend the live event.

Conference recordings are available at no charge to conference attendees or for purchase to those who weren’t able to attend. Recordings from past conferences are available at aicpaconference
materials.com
.

Upcoming PFP Section-Hosted Webcasts:

Watch PFP News for registration links for upcoming events!

Today! Using Charitable Trusts to Avoid Capital Gains Taxes & the 3.8% Surtax
Sept. 21 from 2-3:45pm ET
Discounted CPE.

Next Week! Estate Planning for the 99%
Sept. 28 from 1-2:45pm ET
Free with CPE.

Post-Mortem Planning
Oct. 19 from 1-2:45pm ET
Discounted CPE.

Proactive Year-End Planning After the Election
Nov. 22 from 1-2:45pm ET
Discounted CPE

Tax Planning with Life Insurance
November TBD
Discounted CPE.

Divorce Taxation
December TBD
Discounted CPE.


Upcoming Conferences:

Sophisticated Tax Planning for Your Wealthy Clients
November 10-11, 2016
Discounted CPE.

National Tax Conference
November 14-15, 2016 Discounted CPE.

Personal Financial Planning Summit
January 22-25, 2017
Discounted CPE.

Advanced PFP Conference (ENGAGE)
June 12-14, 2017
Discounted CPE.

 

Contact Us

 

Email the PFP Team: financialplanning@aicpa.org Visit our home page: aicpa.org/pfp

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