Current PFP News 


    Please add AICPA_PFPNews@e.aicpa.org to your address book. If you have trouble viewing, the latest issue of PFP News is posted to aicpa.org/pfp/pfpnews on Thursdays.

    Utilize the results from the Q2 AICPA PFP Trends Survey on elder planning in your local market. aicpa.org/pfp/trendsurvey

    AICPA

    PFP News

     

    Member-Exclusive News, Resources and Events

     

    July 1, 2015

    In This Issue

    New: The CPA's Guide to Practical Retirement Planning (and updates to two other retirement planning guides)

    Podcast and Forefield Alert: Supreme Court Upholds ACA Exchange Subsidies

    Podcast and Forefield Alert: Supreme Court Rules States Must Allow Same-Sex Marriage

    Video Podcast: Top Tips for Creating Tax Alpha

    Results: Q2 AICPA PFP Trends Survey on Elder Planning

    Forefield Alert: Homeowners Brace for Cash Crunch as HELOCs Come Due

    Bob Veres E-Column: Cybersecurity

    Other News: Podcasts on IRAs and Prohibited Transactions and Updating Estate Planning Documents

     

     

    PFP News & Resources

     

    New Member Benefit! The CPA's Guide to Practical Retirement Planning
    Revitalize your retirement planning thinking

     

    The CPA's Guide to Practical Retirement Planning provides a comprehensive look at the "science" (what you need to know) and the "art" (communicating this knowledge to clients) of retirement planning. The author, Jim Shambo, raises and answers anticipated reader questions, making the guide very readable and practical. Readers will benefit from the author's insights combined with those of other thought leaders, allowing CPAs and their clients to implement a successful retirement plan that meets their clients' goals and dreams. The guide is available to PFP/PFS members, and can be accessed both as a downloadable PDF and in the PFP Collection in the AICPA's Online Professional Library.

    In addition to the new retirement planning guide, two other popular PFP guides were updated this spring. The CPA's Guide to Social Security Planning was updated for 2015 thresholds and limits. The CPA's Guide to Financing Retirement Healthcare was updated for 2015 thresholds and limits, as well as planning related to same-sex couples* and the Affordable Care Act. Both guides address common client questions, enabling the practitioner to find guidance addressing typical planning situations. (*Note that the updates relating to planning for same-sex couples were made prior to the recent Supreme Court decision in Obergefell v. Hodges.)

    Access these guides and more retirement planning resources at aicpa.org/pfp/retirement and be sure to check out next week's PFP News for the 2015 update to Volume 1 of The CPA's Guide to Financial and Estate Planning!

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    Podcast and Forefield Alert: Supreme Court Upholds ACA Exchange Subsidies

     

    On Thursday, the U.S. Supreme Court issued a much-anticipated decision in the case of King v. Burwell in which it upheld the availability of premium tax credits under the Patient Protection and Affordable Care Act, when they are provided through health exchanges run by the federal government. Read more from Journal of Accountancy as well as a Forefield alert examining the ruling. Listen to a podcast from Ted Sarenski on the implications of this decision for your relevant clients.

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    Podcast and Forefield Alert: Supreme Court Rules States Must Allow Same-Sex Marriage

     

    On Friday, the U.S. Supreme Court issued a ruling in the same-sex marriage case of Obergefell v. Hodges. The Court ruled 5-4 that same-sex couples in the United States have a constitutional right to marry, no matter where they live. This means that same-sex marriage is now legal in all 50 states. Listen to a podcast from Tom Tillery on the implications of this decision and send a Forefield alert on the ruling to your relevant clients.

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    Video Podcast: Top Tips for Creating Tax Alpha

     

    Each week in the month of July, we are bringing you a special video podcast on the top financial planning strategies to consider for your clients. In this week's video podcast, Bob Keebler discusses the top tax strategies for CPAs to create tax alpha for their individual, family or business-owner clients, including bracket management, gain/loss harvesting, income shifting, and more. Download the slides. Access the PFP Learning Library for more videos, podcasts, and webcasts.

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    Results from the Q2 AICPA PFP Trends Survey on Elder Planning

     

    Results of the Q2 2015 survey on elder planning concerns are now available. The survey indicated that almost half of the CPA financial planners surveyed have seen an increase in elder financial fraud and abuse in the last five years. This fraud is much more likely to have an emotional impact than financial for many CPA clients, with the participation of family members (involved in two of the top three types of fraud identified) being a contributing factor. The survey identified CPA service opportunities that become more important with elderly clients (asset protection, Medicare, housing decisions, etc.). Visit aicpa.org/pfp/trendsurvey for the media release and survey results.

    The PFP Trends Survey highlights how shifting demographics are requiring CPAs to understand these issues for their clients, and clients' parents. Use the information in the survey to proactively engage your clients in discussions on these topics. The survey media release can also be provided to your local media and can establish or strengthen relationships, driving awareness of these issues and providing opportunities for professional visibility in your local area. The survey results can also be used on your website or client newsletters emphasizing your role as a CPA financial planner. View a short video describing the survey.

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    Forefield Alert: Homeowners Brace for Cash Crunch as HELOCs Come Due

     

    HELOCs were a popular way for homeowners to tap into their home equity to fund a variety of purchases during the height of the housing bubble. Homeowners who took out HELOCs during this period now must prepare themselves for the loan's repayment phase. Many borrowers may see a significant increase in their monthly payments. Forefield Advisor has created a client alert that describes the impending impact of resetting HELOCs on borrowers.

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    Bob Veres E-Column: Cybersecurity: Notes from the "Dark Cloud"

     

    In this e-column, Bob Veres shares cybersecurity insights learned from a presentation at a recent conference from CNN's National Security commentator and former Congressman, Mike Rogers. He addresses recent cyber-attacks and what advisers can do to protect themselves and their clients. Access other editions of media reviews, Inside Information and e-columns.

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    Other News

     

     

    Podcast: IRAs and Prohibited Transactions
    While it is possible for a "self-directed" IRA to invest in real estate, CPA financial planners should work closely with clients to avoid potential tax law traps that would be considered a "prohibited transaction" rendering the IRA non-exempt. In this podcast, Bob Keebler addresses the case of In re: Kellerman, describing the series of prohibited transactions that led to the US Bankruptcy Court ruling that an IRA was not exempt from taxation.

    Podcast: Advising Clients on When and How to Update Estate Planning Documents
    In this podcast, Susan Bruno identifies the most important estate planning documents beyond the most obvious document, the will; as well as the specific timeframe, frequency, and triggering events for updating each. Learn about the importance of advising your clients about this and useful resources to assist you and your clients.

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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
    .


    PFP Section-Sponsored Webcasts:

    Next Week! Asset Protection Strategies: Charging Order Protected Entities, Dynasty Trusts, DAPTs, Hybrid DAPTs and More
    July 8, 1-2:45pm ET
    Discounted CPE.

    The CPA Financial Planning Firm of the Future
    July 20, 1-2:15pm ET
    Free without CPE.

    Practical Planning for Cash-Flows and Withdrawal Strategies in Retirement
    August 5, 1-2:30 ET
    Free without CPE.

    Navigating Medicare and the Affordable Care Act
    August 19, 1-2:45pm ET
    Registration coming soon.
    Free with CPE for PFP/PFS members.

    Planning for Spending in Retirement
    Consumer Series: Take Charge: Your Money. Your Life. 
    August 27, 1-2pm ET
    Registration coming soon.
    Free. No CPE available. Invite your clients to this consumer-oriented webcast.

    Aging & Incompetence: When Your Client Has Crossed the Line and What Next?
    September 16, 11-12:45pm ET
    Registration coming soon.
    Free with CPE for PFP/PFS members.

    How to Know Wills, Trusts and Other Legal Documents Meet Your Clients' Goals
    October 21, 1-2:45pm ET
    Registration coming soon.
    Discounted CPE.

    Upcoming Conferences:

    Advanced Estate Planning
    July 20-22
    Salt Lake City, UT
    Live | Virtual
    PFP/PFS members save an additional $100 on the AICPA member price.

    2016 Advanced Personal Financial Planning
    January 18-20
    Bellagio, Las Vegas
    Live | Virtual
    PFP/PFS members save an additional $100 on the early bird AICPA member price.

    Implementing PFP Services: Step-by-Step Plans for Success
    January 16-17
    Bellagio, Las Vegas
    PFP/PFS members save an additional $100 on the AICPA member price.
    Watch PFP News for registration information.

     

    Contact Us

     

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

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