Current PFP News 

    The 2014 editions of the social security and financing retirement healthcare guides are available at


    PFP News


    Member-Exclusive News, Resources and Events


    July 16, 2014

    In This Issue

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

    Leg/Reg Update: One-IRA-Rollover-a-Year Rule Effective in 2015

    July 23: Consumer Webcast: Your Retirement: A goal or a dream?

    Updated: Guides on Social Security and Retirement Healthcare Financing

    Circular 230 Disclaimers

    Forefield Video Alert: Tips to Help Improve Retirement Confidence

    Bob Veres Media Reviews: Fear Not the Robo-Advisor

    CPA/PFS Corner: Annual Media Training Open for Registration



    PFP News & Resources


    Podcast: 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. Listen to an earlier podcast from Bob Keebler on the background of the Clark decision.



    Leg/Reg Update: One-IRA-Rollover-a-Year Rule Effective in 2015


    Access audio clip, article and Forefield alert for more on this decision.

    Starting in 2015, taxpayers will only be able to make one rollover per year no matter how many IRAs they own.

    Following up on its promise earlier in the year to follow the Tax Court's holding in Bobrow v. Commissioner that the limit of one rollover per year applies on an aggregate basis and not on an IRA-by-IRA basis, the IRS withdrew a proposed regulation from 1981, which had provided otherwise. The IRS also announced that the new rule will not apply to any rollover that involves a distribution that occurs before January 1, 2015.

    The IRS reiterated that the new interpretation of Sec. 408(d)(3)(B) will not affect an IRA owner's ability to transfer funds from one IRA trustee to another (as opposed to the taxpayer's getting a check and making the transfer himself or herself) because those transactions are not considered rollovers under Rev. Rul. 78-406 and therefore are not subject to the one-a-year limit.

    Read more from Journal of Accountancy.
    Listen to a "60 Second Planner" audio clip with Bob Keebler on this topic, courtesy of Leimberg Information Services, Inc. (LISI).
    Send a recent Forefield client alert to update your clients on the IRS decision.



    Consumer Webcast: Your Retirement: A goal or a dream?


    Invite your clients to this free, consumer webcast on July 23 from 1-2pm ET (no CPE offered).

    They say, "A goal without a deadline is a dream." In spite of our many differences, there is one goal we all have in common: to one day be financially independent. If we are working at age 70, we want it to be our choice! Which begs the question, "Is your retirement on plan?"

    Join CPA financial planner, Christine Romsdahl, CPA/PFS, in this free one-hour webcast to understand what you need to be doing to take your retirement from a dream in your head to an achievable goal. We'll walk through what critical issues should be addressed in the various stages as one moves up to (20-, 10-, 5-years away) and into retirement. Woven through this discussion are the hot topics that are trending in the financial planning community today, including:


    Thoughts on maximizing social security

    Impact of changes in long-term care insurance market

    Safe annual withdrawal rate from your retirement asset base

    Pros and cons of annuities



    Updated: Guides on Social Security and Retirement Healthcare Financing


    The CPA's Guide to Social Security Planning and The CPA's Guide to Financing Retirement Healthcare have been updated for 2014. The latest editions include 2014 thresholds, limits, and premiums as well as planning related to same-sex couples and the Affordable Care Act.



    Circular 230 Disclaimers


    After years of frustration among tax practitioners, relief came in the form of final Circular 230 regulations which meant the days of required disclosures attached to emails, faxes, and other correspondence had come to an end. Effective June 12, 2014, the previous covered opinion rules in section 10.35 were removed and replaced with new guidance in section 10.37. While this is welcome news to many, there are still those who have become so accustomed to having the disclosures that simply removing them elicits anxiety.

    As a result, many practitioners have been slow to remove the disclaimers that are now a standard part of most outgoing email. The problem with this slow response is that Karen Hawkins, Director of the Office of Professional Responsibility, has been clear on stating that the removal of any reference to Circular 230 or the IRS is not optional. It is important that the public not be misinformed and her office will take action against preparers who continue to use the original language.

    The new regulations do allow for "an appropriate statement describing any reasonable and accurate limitations of the advice rendered to the client." Each individual or firm must determine what form of disclaimer should be included in their respective emails based on the type of work being performed, so long as the specific language in section 10.35 is removed. Read more on this topic from Journal of Accountancy.



    Forefield Video Alert: Tips to Help Improve Retirement Confidence


    Each year the Employee Benefit Research Institute (EBRI) releases its Retirement Confidence Survey in the spring. Forefield has created a Video Client Alert that summarizes key findings from the 2014 study, and offers several tips to help investors become more confident in their prospects for retirement.



    Bob Veres Media Reviews


    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 July's Financial Advisor, including:


    "Fear Not the Robo-Advisor" by Mark Hurley

    "A Failure to Communicate" by Deena Katz (Fiduciary)

    "Rebalancing Made Easy" by David Lawrence

    "Advisor Aggravation" by Joel Bruckenstein (Technology)

    "Toward Better Decisions" by Thom Allison (Behavioral Finance)


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



    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 to reserve your spot today.





    Tax Strategies Conference Recordings and Materials


    Live recordings and presentation materials from the 2014 AICPA Conference on Tax Strategies for the High-Income Individual, are now available. Registered conference attendees have complimentary access when they log in to the site (see instructions on how to access the materials), while others can create an account to purchase recordings and presentation materials. Use Product ID TAX14 to access the recordings. If you have any questions or trouble accessing the site, please contact customer support or call the Member Service Center at 888.777.7077.





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

    Upcoming Free Webcasts:

    Next Week! Consumer Webcast: Your Retirement: A goal or a dream?
    Series: Take Charge: Your Money. Your Life.
    July 23, 1-2pm ET
    Christine Romsdahl
    Invite your clients to this free, consumer-oriented webcast. No CPE offered.

    Trusts, Section 469 & Section 1411: Material Participation After Frank Aragona Trust
    August 15, 1-2:45pm ET
    Bob Keebler and David Kirk
    Free without optional, discounted CPE for PFP/PFS members.

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

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

    Advanced PFP Series: Planning for Large IRAs
    August 27, 3-5pm ET
    Bob Keebler
    Discounted CPE. Recordings from this series will be available at after the live events.

    Investment Tax Planning - Creating Tax Alpha
    Sept. 23, 2014, 1:00-2:45p.m. ET
    Chris Benson, Bob Keebler and Scott Sprinkle
    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
    Free without optional, discounted CPE for PFP/PFS members.

    The CPA's Guide to Financial and Estate Planning
    Steve Siegel, JD, LLM
    Free without optional, discounted CPE for PFP/PFS members.
    Part 1: Charitable Giving: The Latest Trends and Strategies
    August 13, 1-2:45pm ET
    Part 2: Key Income Tax Planning Strategies for the Mass Affluent
    September 3, 1-2:45pm ET
    Part 3: Integrated Personal Financial Planning for Business Owners
    October 17, 1-2:45pm ET
    Part 4: Essential Post-Mortem Planning Decisions
    November 5, 1-2:45pm ET

    Upcoming For-Fee Webcasts:

    Advanced Tax Series: Leading Practices for Structuring the Family Office
    July 23, 1-2:40pm ET
    Discounted CPE.
    Presented by the AICPA Tax Division

    Upcoming Conferences:

    Final Reminder! AICPA Advanced Estate Planning Conference
    July 21-23, 2014
    Swisshotel, Chicago
    Attend live or virtually. PFP/PFS members save $100 off the AICPA member price.

    AICPA Advanced Personal Financial Planning Conference
    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 Services: 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.


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