Current PFP News 

    AICPA offices will be closed December 25-January 2. PFP News will return to your inbox on Wednesday, January 7th with our annual Year In Review issue. Happy Holidays!


    PFP News


    Member-Exclusive News, Resources and Events


    December 17, 2014

    PFP News & Resources

    Happy Holidays from the AICPA Personal Financial Planning Team

    Volume 4: The CPA's Guide to Financial & Estate Planning

    Forefield Alert: Standard Mileage Rates Announced

    Forefield Alert: Guidance from the IRS on the New One-Rollover-Per-Year Limit

    Leg/Reg Update: Budget Increase for SEC in Spending Bill

    Leg/Reg Update: Congress Passes Tax Extenders

    Dozen Dynamics of Investment Planning

    Revised Code of Professional Conduct Effective

    Financial Literacy Volunteer Kits Now Available

    Bob Veres E-Column: Fee Expansion

    Bob Veres Media Reviews: 17 Tips on Strategic Giving

    CPA/PFS Corner: Profile on Ryan Franklin, CPA/PFS

    PFP Conference Corner: Spotlight on the Insurance and Risk Management Track



    PFP News & Resources


    Happy Holidays from the AICPA Personal Financial Planning Team!


    We value your membership and look forward to continued and improved service to you in the coming year. May you, your family, and your practice prosper in 2015! We look forward to seeing many of you at the AICPA PFP Conference in January.

    All our best,
    Andrea Millar, CPA/PFS
    Sarah Bradley, CPA
    Susan McAndrew, CPA
    Dan Snyder, CPA
    and Maritza Cora



    Volume 4: The CPA's Guide to Financial & Estate Planning


    Volume 4 of the 2014 edition of The CPA's Guide to Financial and Estate Planning is now available, covering planning for the net investment income tax, working with the complex passive activity loss rules, planning for the 99% - how to plan for estates under $5 million, year-end planning and much more.

    This comprehensive 1000-page, 4-volume, downloadable publication provides guidance to CPAs advising clients in estate, tax, retirement, investment and risk management matters. The 2014 edition also reflects evolved planning in connection with the implications of the American Taxpayer Relief Act of 2012 (ATRA) and the net investment income tax.

    Listen to the archived 4-part webcast series on the guide, hosted by Steven Siegel, J.D., LL.M., co-author of the guide. In this series, Steve Siegel ties in this PFP Section benefit with essential estate, tax and financial planning considerations to discuss with your clients now.



    Forefield Alert: Standard Mileage Rates Announced


    The IRS has announced the optional 2015 standard mileage rates for use in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes. Effective January 1, 2015, the standard mileage rates are as follows:


    Business use of auto: 57.5 cents per mile may be deducted if an auto is used for business purposes

    Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organization

    Medical use of auto: 23 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)

    Moving expense deduction: 23 cents per mile may be deducted if an auto is used to effect a work-related move to a new home



    Forefield Alert: Guidance from the IRS on the New One-Rollover-Per-Year Limit


    A new one-rollover-per-year limit applies as of January 1, 2015. In November, the IRS issued Announcement 2014-32, providing additional guidance on how the new rule will work. Forefield has created a client alert to help you explain the revised rule to your clients.



    Leg/Reg Update: Budget Increase for SEC in Spending Bill


    A $1.1 trillion spending bill that was passed by Congress last week was signed by President Obama yesterday. The bill includes a $150 million increase in the SEC's budget, which raises the possibility that more resources could be devoted to the oversight of investment advisers.

    Since early 2009, the AICPA has advocated its position that investment adviser oversight remain with the SEC and states in lieu of shifting to an independent SRO. Read a comment letter articulating our position that the principles-based regulatory approach of the Investment Advisers Act and its related rules should continue to govern investment advisers and further, that regulatory oversight remain exclusively with the SEC and/or states. Providing the SEC with resources to properly enforce their rules, even if it means assessing additional fees on investment advisers, is the best solution for investment advisers and the public. Read more about AICPA's advocacy in this area.



    Leg/Reg Update: Congress Passes Tax Extenders


    The House and Senate approved a one-year extension of tax provisions that expired at the end of last year; however, the bill does not address 2015 extenders, as negotiations on a broader bill fell apart. The bill now goes to President Obama for his signature. Individual tax extenders in the bill include:.


    the tax deduction of expenses of elementary and secondary school teachers;

    the tax exclusion of imputed income from the discharge of indebtedness for a principal residence;

    the equalization of the tax exclusion for employer-provided commuter transit and parking benefits;

    the tax deduction of mortgage insurance premiums; the tax deduction of state and local general sales taxes in lieu of state and local income taxes;

    the tax deduction of contributions of capital gain real property for conservation purposes;

    the tax deduction of qualified tuition and related expenses; and the tax exemption of distributions from individual retirement accounts for charitable purposes.



    Dozen Dynamics of Investment Planning


    In November, Lyle Benson, Joanne Hagopian, Scott Sprinkle and Tom Trainor participated on a panel on investment planning as part of the PFP Section's CPA Financial Planning Thought Leadership webcast series. In this article, Lyle Benson recaps some of the ideas that emerged from the discussion. Access the archives and presentation materials from all of the webcasts in this series in the PFP webcast library.



    Revised Code of Professional Conduct Effective


    The AICPA Code of Professional Conduct has been completely updated to allow for quick, easy navigation and now lives on a dynamic online platform. The revised Code is now divided into sections specific to the areas in which members serve: public practice, business and other (for CPAs who are retired or unemployed). Visit this webpage to explore the new Code, which became effective December 15.



    Financial Literacy Volunteer Kits Now Available


    As part of the 360 Degrees of Financial Literacy program, the AICPA recently updated its electronic Volunteer Kits. They cover a variety of topics and include presentations and handouts outlining financial basics for developing good money management skills. The kits are free for AICPA members. For more information, please contact Claudia Cieslak at



    Bob Veres E-Column: Fee Expansion


    In a recent E-Column, Bob requests feedback on the fees that are paid on client asset management accounts.

    Bob writes: "It started when I received the following email…
    We have had a client recently bring transaction fees to our attention. Our clients are almost all custodied at Schwab. There is a lot we like about Schwab, but we now realize that we probably need to take a look at other options to make sure we are doing the best for clients. This particular client points out that transaction fees on non-Onesource funds is higher at Schwab than at T.Rowe Price. Additionally, redemption fees vary. 2% within 90 days at Schwab and 1% within 180 days at T. Rowe Price. I have no idea of the underlying structure driving these pricing decisions, how much is based on deals struck by the custodian and how much is affected by regulation etc. Love to have anything you have done on this before we start digging into it.

    I'm hoping that some of you have looked into these disparities in fees among different platforms and funds, and have something to contribute to a discussion that I, frankly, know very little about. More broadly, what are the best practices for keeping client fees low in active and passive mutual funds and other assets, and what custodial arrangements are the most cost-effective for you and clients? Or is this an area of the profession where most advisors are paying very little attention?

    Any insights you can offer would be greatly appreciated, and I'll compile the responses and provide some clarity on what looks, to me, like a very confusing and difficult topic."

    Email your feedback to Bob at



    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 November's Financial Planning magazine, including:


    "Dreaded Annual Ritual" by Kelli Cruz (performance reviews)

    "Stay Calm When Markets Don't" by Kimberly Foss

    "17 Tips on Strategic Giving" by Ann Marsh

    "High Velocity" by Joel Bruckenstein (technology survey)

    "Needs-Based Planning" by Kathy Kristof (special needs planning)

    "IRS Clarifies on Rollovers" by Ed Slott

    "Spreading the Family Wealth" by Donald Jay Korn

    "Stop Listening to Economists" by Allan Roth

    "Protection in Dementia" by Carolyn Rosenblatt

    "Stop Fighting over Fiduciary" by Bob Veres


    Read Bob's write-ups of articles in November's Financial Advisor magazine, including:


    "David Tittsworth Retires from the IAA" by Jeff Schlegel

    "Acknowledge the Elephant" by Deena Katz (client communication)

    "Building a Winning Team" by Roy Diliberto

    "New Tools for Efficiency" by David Lawrence

    "No Lone Wolves" by Dan Jamieson (succession planning)

    "Custodians Serving Up Advisor Tools" by Joel Bruckenstein

    "Four Questions to Avoid Buying Baloney" by Mark Hurley (investments)


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



    CPA/PFS Corner



    CPA/PFS Profile: Ryan Franklin
    Learn more about your peers - including insights into their practices, clients, and careers - in these Q&As with CPA Personal Financial Specialists, including a recent interview with Ryan Franklin, CPA/PFS, of Moss Adams Wealth Advisors in Yakima, Washington and volunteer on the
    AICPA's Advanced Personal Financial Planning Conference committee.
    • New!
    Ryan Franklin, CPA/PFS (December 2014)
    Jerry Knightingale, CPA/PFS (May/June 2014 Planner)
    Susan Bruno, CPA/PFS (March/April 2014 Planner)
    Dan Thomas, CPA/PFS (January/February 2014 Planner)
    Amy Sonstein, CPA/PFS (November/December 2013 Planner)
    Gina Chironis, CPA/PFS (September/October 2013 Planner)
    Jerry Love, CPA/PFS (July/August 2013 Planner)
    Jim Sullivan, CPA/PFS (May/June 2013 Planner)
    Sheryl Eighner, CPA/PFS (March/April 2013 Planner)
    Kara Kessinger, CPA/PFS (January/February 2013 Planner)





    Webcasts recordings and materials are posted to if you would like to listen again or if you are not able to attend the live event. Conference recordings are available at aicpaconferen
    . Unless otherwise noted, PFP Section-sponsored webcasts are offered free without optional, discounted CPE for PFP/PFS members

    Save the Date! Decanting: Understanding the Income, Gift, Estate and GSTT Aspects May 14, 1-2:45pm ET Watch future issues of PFP News for a registration link.

    Upcoming Conferences:

    AICPA Advanced Personal Financial Planning Conference
    January 19-21, 2015
    Bellagio, Las Vegas
    Live | Virtual
    PFP/PFS members save an additional $100 on the AICPA member price.

    Implementing PFP Services: Step-by-Step Plans for Success
    January 17-18, 2015
    Bellagio, Las Vegas
    2-day session only | Bundle with PFP Conference
    PFP/PFS members save an additional $100 on the AICPA member price.

    Tax Efficient Investing Seminar
    January 18, 2015
    Bellagio, Las Vegas
    1-day session only | Bundle with PFP Conference
    PFP/PFS members save an additional $100 on the AICPA member price.

    Preconference Session: Referrals Beyond Your Dreams
    January 18, 2015, 1-4pm PT
    Register. (Click on the "Workshops" tab.)

    Preconference Session: Succession Planning
    January 18, 2015, 1-4pm PT
    Register. (Click on the "Workshops" tab.)


    PFP Conference Corner


    2015 Advanced PFP Conference: Spotlight on the Insurance and Risk Management Track
    The Advanced PFP Conference has tracks to meet your needs regardless of your area of expertise, including retirement planning, tax and wealth management planning, investment management, insurance and risk management, and practice management and technology. Choose to focus your time in one track or mix things up.

    Explore a range of topics to protect your clients' wealth and secure your business with the new
    insurance and risk management track. Learn more about long term care, P&C and life insurance strategies, as well as prenuptial agreements, cyber security and building trust online.

    Learn more and register and receive $100 off of the already reduced AICPA member price with the PFP/PFS member discount.

    If you are an emerging leader with fewer than 10 years of PFP experience and fewer than 15 years in the CPA profession, you are invited to attend the conference at a discounted rate. To determine if you qualify for this offer, e-mail with your name, contact information and brief professional history/CV. An AICPA PFP Division representative will respond to your e-mail with next steps and registration information.


    Other News


    December Inside Information
    The December 2014 edition of Inside Information* from Bob Veres previews the Advanced PFP Conference, reviews Tony Robbins' book "Money: Master the Game," addresses how to manage staff without having to manage staff, reviews a new cloud-based tool that will help advisors provide end-of-life services to their clients, and includes Bob's thoughts on whether Wall Street is truly the key to capital formation in America. *Access to Inside Information 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.


    Contact Us


    Email the PFP Team: Visit our home page:

    Follow us on:





    Privacy Policy | Manage Your Preferences | Unsubscribe
    American Institute of Certified Public Accountants, 220 Leigh Farm Road, Durham, NC 27707-8110


    A A A

    Copyright © 2006-2014 American Institute of CPAs.