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Forefield Alert: Planning for the financial concerns of Same-Sex

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AICPA

PFP News

 

Member-Exclusive News, Resources and Events

 

April 27, 2016

In This Issue

Leg/Reg: Podcasts: Impact of the DOL Fiduciary Rule

Forefield Alert: New Video: Full Employment: Are We There Yet?

Forefield Alert: New Concept Pieces for planning for Same-Sex Couples

Audio Clip: Impact Prior Gifts on Subsequent Gift Tax Returns

Bob Veres Media Reviews: Why RIAs May Start Looking More Like Accounting Firms

Tomorrow! Free Consumer Webcast: 2016 Taxes: Start Your Money Plan Here

Upcoming Webcast: Proactive Planning: Opportunities from your Client’s Form 1040

AICPA Governing Council Authorizes Member Ballot on Proposal

Apply to the 2016 Leadership Academy

Invitation to the 2016 Insider’s Forum conference

CPA/PFS Corner: PFS Exam Review Course Updated for 2016

Other News: Ron Rhoades brings Clarity to the DOL Rule; Kitces’s Guide for Advisors on Fiduciary Rule; Forefield Alert: April is Financial Literacy Month; Apply to Volunteer on a PFP Committee; New Estate Basis Consistency Reporting Podcasts; Bob Veres Media Reviews

 

 

PFP News & Resources

 

Leg/Reg: Podcasts: Impact of the DOL Fiduciary Rule

 

The Fiduciary Rule, released by the U.S. Department of Labor is a giant leap forward in setting the standard of fiduciary care for retirement investors. The immediate and long-term implications for practicing professionals are somewhat complex. In this podcast series created specifically for AICPA PFP section members, Ron Rhoades discusses key provisions and exemptions, examines how some of the requirements specifically relate to CPAs, and clarifies how educational advice is viewed by regulators.

 

Part 1: General overview of the DOL rule, implementation date, and impact of the rule of different segments of the financial services industry, including how DOL formalizes what professional associations have done (for example, the AICPA’s promulgation of the Statement on Standards in Personal Financial Planning Services)

Part 2: The specific impacts on CPAs; how brokerage firms, insurance companies, and asset managers are responding, and grandfathering provisions of the rule.

Part 3: Operating under BICE – is it workable? What are the Impartial Conduct Standards, and what challenges exist in complying with them?

Part 4: Fee-only advisers: the rules affect you, as well. These new requirements include several items relating to IRA Rollovers from QRPs – it’s not an “automatic” decision any more.

Part 5: Educational advice exemption, proprietary mutual funds, other proprietary products, and principal trading, and due diligence – as it relates to both investment strategy and investment products.

 

In conjunction with the podcast series, Ron has also written an in-depth white paper.  Access these resources and more on the DOL Fiduciary Rule resource page.

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Forefield Alert: New Video: Full Employment: Are We There Yet?

 

The unemployment rate dropped to 4.9% in January 2016 and stayed there in February--a big drop from the 10% unemployment peak in October 2009. The low rate has prompted economists to ask whether the U.S. economy is approaching "full employment"--an economic state in which the number of job openings roughly equals the number of job seekers. What does this mean for wages and the broader economy? Log into your AICPA account to access this Forefield alert and other Forefield resources by clicking here. Once logged in, locate the “Broadridge | Go to Forefield Advisor” icon which is about half-way down the page on the left. Click there and you will automatically be re-directed to the Forefield Alerts and Resources page.

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Forefield Alert: New Concept Pieces for planning for Same-Sex Couples

 

Forefield, rebranded as Broadridge Advisor Solutions, has added three new concept pieces to the presentation center, all focusing on the financial concerns of same-sex couples. Those pieces include:

 

Estate Planning for Same-Sex Couples

Retirement Benefits for Same-Sex Married Couples

Marriage and Money: Six Tips for Same-Sex Couples

 

All concept pieces can be fully branded and personalized with your own information and preferences.  Log into your AICPA account to access this Forefield alert and other Forefield resources by clicking here. Once logged in, locate the “Broadridge | Go to Forefield Advisor” icon which is about half-way down the page on the left. Click there and you will automatically be re-directed to the Forefield Alerts and Resources page.

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Audio Clip: Impact Prior Gifts on Subsequent Gift Tax Returns

 

In CCA 201614036, the IRS Chief Counsel opined that a taxpayer's understatement of a prior year gift does not extend the assessment statute expiration date (ASED) for the current year, Bob Keebler CPA/PFS, reports. The text of the ruling can be found here. Listen to the recording, courtesy of Leimberg Information Services, Inc.

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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 April’s Financial Planning magazine, including those rated with high relevance:

 

“Creating Diversity One Advisor at a Time” by Dan Jamieson

“Prospecting for Physician Clients” by Christopher Robbins

“A Potential New Client Base” by Greg Bresiger

“Why RIAs May Start Looking More like Accounting Firms” by Mark Hurley

“DOL Storm Watch” by Dan Jamieson

 

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

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Tomorrow! Free Consumer Webcast: 2016 Taxes: Start Your Money Plan Here   

 

Invite your clients to attend the free event!
Your tax return is the roadmap to your life goals. So don’t file it and forget it. Use it. On April 28, 1-2p.m. ET, Christine Romsdahl, CPA/PFS, will show you how in this webcast brought to you by 360 Degrees of Financial Literacy and the AICPA PFP Division. In the context of today’s dynamic tax environment, she will explain how you can use your tax return to create a well-rounded comprehensive financial plan. This consumer-oriented seminar is free to everyone; CPE is not offered. Register now!

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Proactive Planning: Opportunities from Your Client’s Form 1040

 

Your clients’ tax returns are brimming with opportunities for you, as their CPA, to provide valuable services they need. This strategic session will help you use your client’s tax return to gain a snapshot of their current financial situation and begin to develop a closer relationship to cover all of their financial planning needs, including tax, retirement, estate, investments and insurance/risk management. On May 17 from 11am-12:45pm ET, Bob Keebler, CPA/PFS, and Brooke Salvini, CPA/PFS, will lead you section-by-section through the tax return and provide guidance on the application of key strategies and the best time throughout the year to implement them. Discounted CPE is available for PFP/PFS members. PFP/PFS members can access the archive post live event in the PFP Learning Library.

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AICPA Governing Council Authorizes Member Ballot on Proposal

 

The AICPA’s governing Council has authorized an electronic member ballot on a proposal by the AICPA and The Chartered Institute of Management Accountants (CIMA) to create a new association representing the entire accounting profession, while preserving the AICPA and CIMA membership bodies. The organizations will integrate operations to strengthen advocacy and have more agility in responding to evolving member needs. The AICPA will continue to promote, protect and grow the CPA profession, with AICPA members continuing to receive all current benefits. From this broader platform of more than 600,000 current and next-generation professionals, the AICPA will have a stronger voice against burdensome regulations that are not in the public interest. You should have received an email from the third-party vote administrator last week under the name “AICPA Independent Tabulator.” For more information, visit aicpa.org/horizons.

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Apply to the 2016 Leadership Academy

 

For the eighth consecutive year, the AICPA is hosting a Leadership Academy in Durham, NC from October 2-6, 2016. Over the four day course, candidates will be able to participate in interactive sessions designed to teach strategic planning and personal success skills – including communication and delegation for handling complex management challenges. More than 200 CPAs have participated in the Leadership Academy. The academy is opened to any licensed CPAs who are:

 

Voting members

Between the ages of 25 and 35

 

To apply, candidates are asked to submit their resume, licensure information, professional volunteer activities, awards/honors and an essay explaining why participation would be personally important to them. The deadline to apply is May 31, 2016.

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Invitation to the 2016 Insider’s Forum Conference

 

The Insider’s Forum conference specifically targets financial planning professionals who have outgrown the traditional conference experience. This event is exclusively for thought leaders and leading advisors who really enjoy getting to know each other and comparing notes between sessions. The forum this year (September 19-21) will focus on two themes: more effective communication (with clients, staff, the public and each other) and brilliant thinking. As an AICPA member, you are entitled to the insider discount code which is $150 off the first registration fee. Discount code to use at the time of registration is INSIDEVIP. To view the conference agenda, click here.  

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CPA/PFS Corner

 

 

PFS Exam Review Course Updated for 2016
The six CPE courses included in the Self-study PFS Exam Review have been updated to 37 hours of CPE covering all of the topics on the 2016 exam.  Prepare now for the summer 2016 PFS exam offered July 1 through August 15.

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Other News

 

 

Leg/Reg: Ron Rhoades brings Clarity to the DOL Rule
Because of the high standards to which AICPA members are already held, the new DOL rule should not have a significant impact on AICPA members who provide personal financial planning services. To provide further information, clarification and guidance on the rule, Ron Rhoades has graciously prepared a white paper for PFP Section members, inclusive of CPA/PFS credential holders, that explores the many effects of the U.S. Department of Labor’s Fiduciary Rule on advisors and consumers. The fiduciary guide, Prudent Practices for Investment Advisors, created by fi360 and technically reviewed by the AICPA’s fiduciary task force, led by Clark M. Blackman II, CPA/PFS, may be helpful in determining specifics required to meet the fiduciary standard of care.

Leg/Reg: Kitces’s Guide for Advisors on Fiduciary Rule and Best Interest Contract
The clock is ticking for the implementation of the new fiduciary rule, impacting those who provide advice on all retirement accounts. Kitces succinctly and clearly illustrates how advisors can begin interpreting what this rule will mean to their day to day practice. This piece also includes an in-depth look at the “Level Fee Fiduciary” and the Best Interest Contract Exemption. For further insight, read a summary compiled by Bob Veres about how professional advisors win with the new ruling.

Forefield Alert: April is Financial Literacy Month
April is National Financial Literacy Month, the perfect time to help your clients get on track with their saving and investing goals. Forefield offers several concept pieces and videos that you may find useful in communicating with your clients and prospects during National Financial Literacy Month. To learn more about Financial Literacy Month, Log into your AICPA account to access this Forefield alert and other Forefield resources by clicking here. Once logged in, locate the "Broadridge | Go to Forefield Advisor" icon which is about half-way down the page on the left. Click there and you will automatically be re-directed to the Forefield Alerts and Resources page.

Apply to Volunteer on a PFP Committee
The AICPA has many volunteers who serve on the various Personal Financial Planning committees and task forces. If you are interested in participating on a committee or task force, please log on to volunteer central at volunteers.aicpa.org and complete the volunteer application. Please make sure to load a resume or CV when you complete the application. In addition, there are numerous task forces set up every year to work on special projects identified by the committees. If you have questions, please contact us at financialplanning@aicpa.org. Our volunteers are what make the AICPA the great organization it is, so please consider serving on one of our committees or task forces.

New Estate Basis Consistency Reporting Podcasts

 

Introduction to Form 8971: In this podcast, Bob Keebler CPA/PFS provides an overview of Form 8971 including insight into the proposed regulations and what is required to report estate basis, when it is required to be reported, who is required to file the form, and other special considerations.

Zero Basis Rule and Subsequent Filing Requirements: In this podcast, Bob Keebler CPA/PFS provides an explanation and case scenarios regarding IRC Section 1014 zero basis rule as well as the IRC Section 6035 subsequent transfer reporting rules and the new estate basis consistency regulations.

Form 8971 and Addressing Basis in IRAs and Roth IRAs: In this podcast, Bob Keebler CPA/PFS provides an overview of reporting basis in IRAs and Roth IRAs.

 

For more resources and podcasts on this topic, visit the Estate Basis Consistency Reporting Center.

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 April’s Financial Planning magazine, including those rated with high relevance. Topics include Follow the Leader. Or Not and The Mysterious Case of the Unpaid Arbitration Awards. Also, access other editions of media reviews, Inside Information and e-columns.

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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-Sponsored Webcasts:

Watch PFP News for registration links for upcoming events!

Tomorrow! 2016 Taxes: Start Your Money Plan Here
April 28, 1:00 to 2:00 p.m. ET
Invite your clients to this free consumer-oriented event. No CPE offered.

Gaining Confidence and Building Rapport in Client Meetings
May 4, 1-2:15pm ET
Free; no CPE offered.

Proactive Planning: Opportunities from Your Client’s Form 1040
May 17, 11am-12:45pm ET
Discounted CPE.

Top Financial and Tax Planning Ideas
May 18, 1-2:45pm ET
Free with CPE for PFP/PFS members.

Using Trusts as the Designated Beneficiary of a Stretch IRA
June 29, 1-2:15pm ET
Discounted CPE.

Retirement Planning for the Business Owner Speaker: Jimmy Williams
July 20, 1-2:45pm ET
Discounted CPE

Latest Trends and Developments in Long Term Care Insurance
August 17, 1-2:15pm ET
Discounted CPE.

Upcoming Conferences:

Tax Strategies for the High Income Individual
May 24-25, 2016
Discounted CPE.

Advanced Estate Planning Conference
July 18-20, 2016
Discounted CPE.

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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