Current PFP News 


    Register for “Key Income Tax Planning Strategies for the Mass Affluent” next Wednesday from 1-2:45pm ET.

    AICPA

    PFP News

     

    Member-Exclusive News, Resources and Events

     

    August 27, 2014

    In This Issue

    Upcoming PFP Online Learning Opportunities in September
    o September 3: Key Income Tax Planning Strategies for the Mass Affluent
    o September 23: Investment Tax Planning – Creating Tax Alpha

    Final Reminder! Participate in Survey on Economic Benefits of Providing PFP Services

    Forefield Alert: Possible Relief for Consumers with Low Credit Scores

    Recording Available: Cleaning Up Spilled Milk: What To Do About Unreported Foreign Bank Accounts

    CPA/PFS Corner: Annual CPA/PFS Media Training at Advanced PFP Conference

     

     

    PFP News & Resources

     

    Take a Closer Look at Upcoming PFP Online Learning Opportunities in September

     

    The PFP Division brings the top CPA financial planners and other nationally known speakers, who are thought leaders and technical experts, to deliver high quality learning opportunities via free webcasts with optional discounted CPE for PFP/PFS members. We’ve put together a great line up of events over the next month. Registration information is available for all upcoming webcasts and conferences in the right-hand column of PFP News and on the PFP web site.

    September 3: Key Income Tax Planning Strategies for the Mass Affluent
    The "average" affluent client with under $5.34 million in 2014 will not be a federal estate tax payer. But that person may be subjected to higher income tax rates now or in the near future. Income tax planning has become increasingly complex due to increased tax rates on ordinary income, capital gains and qualified dividends for certain taxpayers, the imposition of the 0.9% Medicare surtax on compensation and earnings and the 3.8% net investment income tax. In Part 2 of The CPA’s Guide to Financial and Estate Planning series (September 3 from 1-2:45pm ET), Steve Siegel will discuss the income tax challenges and practical solutions that CPA financial planners can use with their individual clients. This webcast is free without optional, discounted CPE for PFP/PFS members.

    September 23: Investment Tax Planning – Creating Tax Alpha
    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 their investment decisions. On September 23 from 1-2:45p.m. ET, a panel of CPA financial planners will discuss strategies, including how create Tax Alpha to effectively implement drawdown strategies, efficiently manage charitable giving, implement IRA and Roth IRA strategies, and reduce “tax-drag” on investment portfolios. This webcast is free without optional, discounted CPE for PFP/PFS members.

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    Final Reminder! Participate in Survey on Economic Benefits of Providing PFP Services Enter for a chance to win a 16GB iPad Air

     

    Questions about the economic benefits of PFP services surface whether firms are considering pure fee-only planning (in tax, estate, retirement, investments, or risk management/insurance), wealth management, or investment or insurance placement. Please share your knowledge in this 20 minute survey to help us provide a reference resource for firms to understand how PFP services will impact their firm economically and provide benchmarking data for seasoned firms. One lucky survey participant will win an Apple iPad Air.  Respond to the survey by August 31.

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    Forefield Alert: Possible Relief for Consumers with Low Credit Scores

     

    Changes to a widely used credit score may make it more likely for consumers struggling with low scores to obtain loans. Fair Isaac Corporation's newest version of its FICO® credit scoring model will change certain aspects of how it computes the information on an individual's credit report. The changes come in the wake of discussions with lenders and regulators looking to find ways to increase consumer lending without creating additional credit risks.

    Forefield has created a Client Alert to help your clients understand more about the latest changes to the FICO® credit scoring formula and what it means for consumers.

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    Recording Available: Cleaning Up Spilled Milk: What To Do About Unreported Foreign Bank Accounts

     

    Listen to a replay of Bryan Skarlatos, Kostelanetz & Fink, LLP providing the most current information so that you can provide your clients with the best, most timely advice. This recording will be available until August 29 by calling 800-285-7274. The passcode is 750435.

    Amnesty Program Update
    A surprising number of U.S. taxpayers have or had foreign bank accounts or other offshore arrangements.  The rules for reporting offshore assets can be complex and were not well-known until recently.  Just last month, the IRS amended its Offshore Voluntary Compliance Program ("OVDP") to increase penalties in certain cases and to make it easier for innocent taxpayers to come forward in other cases.  At the same time, the IRS is getting more aggressive about auditing and even prosecuting taxpayers with unreported foreign accounts.

    How does the OVDP work?
    When should a client use the new IRS Streamlined Program instead?
    What if a client has already closed his or her account? 
    What does the IRS look for when auditing taxpayers with offshore accounts?

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    CPA/PFS Corner

     

    Annual CPA/PFS Media Training at Advanced PFP Conference

     

    If you are interested in gaining more visibility in your local market, developing relationships with local journalists should be part of your plan. CPA/PFS credential holders have the benefit of FREE annual media training (Sunday, January 18, 2015 from 1-5pm) at the Advanced PFP Conference. Space is limited for this 20 person class - email financialplanning@aicpa.org to reserve your spot today.

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    Other News

     

    PFP Collection in the Online Professional Library

     

    The PFP Collection in the Online Professional Library is a web-based collection of PFP guides covering everything from technical content on planning for Social Security, healthcare in retirement, and in-depth tax and estate issues to practice management and professional responsibilities like technology considerations, investment advisory business models, and applicable standards.  The online library allows you to search, bookmark and download to PDF from one convenient location, as well as allows for more frequent updates to content. Explore the library today and stay tuned to PFP News for a demo of OPL coming soon!

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    Whitepaper: How to Build a Robo-Shield™ for Your Financial Advisory Firm

     

    20 Effective Tactics to Marginalize the Rise of Robo-Advisers
    Fox Financial Planning Network (FFPN) released a new whitepaper that identifies ways advisors and institutions will need to enhance their business model and service offering to counteract the threat from online investment advice platforms known as “robo-advisers.” Fox Financial Planning Network has developed resources and training specifically to assist PFP Section members to work more effectively, increase revenues and deliver a high level of service to their clients.

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    Chart: State Creditor Protection Statutes for IRAs, Non-ERISA 403(b) and Roth Variants

     

    This chart, made available to PFP/PFS members by Edwin P. Morrow, III, J.D., LL.M., provides an overview of state creditor protection and limitations (including all 50 states plus the District of Columbia) for IRAs, Roth IRAs and Non-ERISA 403(b) plans, links to respective state statutes, and provides detail on loopholes, exceptions or unique features in the statutes, such as whether inherited IRAs or SEP/SIMPLEs are protected.

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    Events

     

    Event recordings and materials are posted once available to aicpa.org/pfp/webcasts if you would like to listen again or if you are not able to attend the live event.

    Upcoming Webcasts:

    Today! Advanced PFP Series: Planning for Large IRAs
    August 27, 3-5pm ET
    Bob Keebler, CPA, MST, AEP
    Discounted CPE. Recordings from this series will be available free at aicpa.org/pfp/webcasts after the live events.

    Tomorrow! Be in Demand: Building a Career as a CPA Personal Financial Planner
    August 28, 1-2pm ET
    Richard Joyner, CPA/PFS
    Free without optional, discounted CPE for PFP/PFS members.

    Next week! Key Income Tax Planning Strategies for the Mass Affluent
    Part 2 of The CPA’s Guide to Financial and Estate Planning Series
    September 3, 1-2:45pm ET
    Steve Siegel, J.D., LL.M.
    Free without optional, discounted CPE for PFP/PFS members.

    Email Disclaimers: Deal or No Deal? A Review of Recent Circular 230 Changes
    September 17, 1-2:45pm ET
    Ed Karl, CPA and Karen Hawkins
    Discounted CPE.

    Investment Tax Planning – Creating Tax Alpha
    September 23, 1-2:45pm ET
    Chris Benson, CPA/PFS, Bob Keebler, CPA, MST, AEP and Scott Sprinkle, CPA/PFS
    Free without optional, discounted CPE for PFP/PFS members.

    Integrated Personal Financial Planning for Business Owners
    Part 3 of The CPA’s Guide to Financial and Estate Planning Series
    October 17, 1-2:45pm ET
    Steve Siegel, J.D., LL.M.
    Free without optional, discounted CPE for PFP/PFS members.

    Insurance Trusts: Practical Planning and Practice Development Ideas for Lots of Clients
    October 28, 2:00-3:00pm ET
    Marty Shenkman, CPA/PFS, J.D.
    Free with CPE for PFP/PFS members.

    Washington Tax Brief
    October 29, 1-2pm ET
    Ed Karl and Melissa Labant
    Free without optional, discounted CPE for PFP/PFS members.

    Essential Post-Mortem Planning Decisions
    Part 4 of The CPA’s Guide to Financial and Estate Planning Series
    November 5, 1-2:45pm ET
    Steve Siegel, J.D., LL.M.
    Free without optional, discounted CPE for PFP/PFS members.

    Save the Dates!
    Registration links will be available soon in PFP News.

    CPA/PFS Perspectives on Life Insurance
    October 1, 1-2:45pm ET
    Marc Minker, Susan Bruno, Leonard Wright, Susan Tillery
    Free without optional, discounted CPE for PFP/PFS members.

    How CPAs Can Thrive in the New World of Estate Planning for Clients Under $10M Net Worth
    October 21, 1-2:45pm ET
    Martin Shenkman, CPA/PFS, J.D.
    Free without optional, discounted CPE for PFP/PFS members.

    CPA Financial Planning Thought Leadership: Investment Planning
    November 12, 1-2:45pm ET
    Lyle Benson, CPA/PFS, Joanne Hagopian, CPA, Scott Sprinkle, CPA/PFS, Tom Trainor, CPA, CA
    Free without optional, discounted CPE for PFP/PFS members.

    New Series: Save the Dates!
    Save the dates for the following virtual and live events in the series:  From Tax Preparer to Financial Planner: The Road Best Traveled. Registration links will be available soon in PFP News.

    Step 1: Understanding the Value of Personal Financial Planning (Webcast)

    From Client Tax Returns to Value-Added Financial Planning: How CPAs Can Get in the Game
    October 22, 1-2:45pm ET
    Michael Goodman (Moderator), Randy Abeles, Chris Benson, Susan Tillery, Dave Stolz
    Free to ALL; optional discounted CPE for PFP/PFS members.

    Step 2: Moving from Tax Planning to Integrated Financial Planning for Individuals, Families and Business Owners (2-Day Virtual Session)

    Overview: Expand Your Financial Planning Practice through Your Client’s Tax Return
    October 29, Time TBD
    Bob Keebler, Ted Sarenski and Susan Tillery
    Free to ALL; optional discounted CPE for PFP/PFS members.

    The Practical Side of Investment Planning
    October 29, Time TBD
    Bob Keebler, Ted Sarenski and Scott Sprinkle
    Paid only; archived recording free to PFP/PFS members.

    The Practical Side of Estate Planning
    October 29, Time TBD
    Bob Keebler, Steve Siegel, Scott Sprinkle and Susan Bruno
    Paid only; archived recording free to PFP/PFS members.

    The Practical Side of Retirement Planning
    October 30, Time TBD
    Ted Sarenski, Steve Siegel and Scott Sprinkle
    Paid only; archived recording free to PFP/PFS members.

    The Practical Side of Risk Management & Insurance Planning
    October 30, Time TBD
    Susan Bruno and Tom Tillery
    Paid only; archived recording free to PFP/PFS members.

    Comprehensive Personal Financial Planning Case Study
    October 30, Time TBD
    Susan & Tom Tillery
    Paid only; archived recording free to PFP/PFS members.

    Step 3: Implementing PFP Services: Step-by-Step Plans for Success (Live Session)
    January 17-18, 2015 at the Bellagio, Las Vegas
    See registration information below under “Upcoming Conferences.”

    Upcoming Conferences:

    AICPA Sophisticated Tax Planning for Your Wealthy Clients
    November 17-18
    Loews Philadelphia Hotel
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    AICPA Advanced Personal Financial PlanningConferene
    January 19-21, 2015
    Bellagio, Las Vegas
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    Implementing PFP Serices: Step-by-Step Plans for Success
    January 17-18, 2015
    Bellagio, Las Vegas
    Attend the 2-day session only or bundle with the Advanced PFP Conference. PFP/PFS members save $100 off the AICPA member price.

     

    Contact Us

     

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

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