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    PFP News

     

    Member-Exclusive News, Resources and Events

     

    July 30, 2014

    In This Issue

    Upcoming PFP Online Learning Opportunities in August
    o August 6: Cleaning Up Spilled Milk: What To Do About Unreported Foreign Bank Accounts
    o August 13: Charitable Giving: The Latest Trends and Strategies
    o August 15: Trusts, Section 469 & Section 1411: Material Participation After Frank Aragona Trust
    o August 27: Advanced PFP Series: Planning for Large IRAs
    o August 28: Be in Demand: Building a Career as a CPA Personal Financial Planner

    Recent Webcasts Added to the PFP Archives: Roth IRAs, Same-Sex Planning, and Being the Advisor of Choice

    Advocacy: Small Businesses Need Cash Method of Accounting, AICPA Tells Congress

    Create or Update Your AICPA Account to Access Your Member Benefits

    Forefield Alert: Court Rulings May Impact Health Insurance Subsidies

    Forefield Alert: GAO Report Reveals Reasons Why People Claim Social Security Benefits Early

    CPA/PFS Corner: November 2014 PFP Boot Camps

     

     

    PFP News & Resources

     

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

     

    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.

    August 6: Cleaning Up Spilled Milk: What To Do About Unreported Foreign Bank Accounts
    A surprising number of U.S. taxpayers have or had foreign bank accounts or other offshore arrangements. In this teleconference on August 6th from 2:30-3:30pm ET, Bryan Skarlatos, J.D. will discuss how the IRS's Offshore Voluntary Compliance Program works, when a client should use the new IRS streamlined program instead, what to do if a client has already closed their account, and what the IRS looks for when auditing taxpayers with offshore accounts. PFP members are welcome to attend for free by calling in 888-950-9404 (domestic), 630-395-0296 (international) and using passcode 1932190 (for both numbers).

    August 13: Charitable Giving: The Latest Trends and Strategies
    Recent law changes have created fewer payers of estate tax and increased income tax burdens for more Americans. How should planners address charitable giving to minimize tax burdens and ensure a client's generosity receives the maximum tax benefit? On August 13th from 1-2:45pm ET, Steve Siegel, J.D., LL.M., author of The CPA's Guide to Financial and Estate Planning, will discuss the role of charitable planning, especially the use of charitable remainder trusts, in this environment, and how charitable planning tools can relate to the personal and family tax and estate planning objectives of your clients. This webcast is free without optional, discounted CPE for PFP/PFS members.

    August 15: Trusts, Section 469 & Section 1411: Material Participation After Frank Aragona Trust
    In the Frank Aragona Trust v. Commissioner, the US Tax Court ruled on the applicability of the Section 469 real estate professional exception to the passive activity loss rules and what standard to apply to determine whether a trust materially participates under Section 469. This has a direct and significant impact on whether the net investment income tax applies to your individual client's estate(s) and trust(s) and their beneficiaries. On August 15th from 1-2:45p.m. ET, David Kirk, CPA/PFS, J.D., LL.M. and Bob Keebler, CPA, MST, AEP will provide you with the known and unknown factors in determining whether a trust materially participates following the Aragona decision to help you provide value to and protect your clients. This webcast is free without optional, discounted CPE for PFP/PFS members.

    August 27: Advanced PFP Series: Planning for Large IRAs
    While IRAs are a great and beneficial retirement asset, the planning opportunities for your clients with very large IRAs becomes limited once they retire, translating into adverse consequences that can be devastating financially. On August 27 from 3-5pm ET, Bob Keebler will discuss advanced planning strategies like Roth conversions, IRA relocation, stretch IRA planning, asset protection planning and more. PFP/PFS members can purchase discounted CPE. Register now! This seminar is available for purchase to all.

    August 28: Be in Demand: Building a Career as a CPA Personal Financial Planner
    Are you good with numbers and do you enjoy interacting with people? Do you want to have a positive impact on the lives of others and have a fulfilling career? If you answered "yes" to these questions, attend this session to find out if a career as a CPA personal financial planner is for you. On August 28th from 1-2p.m. ET, Richard Joyner, CPA/PFS will discuss what is personal financial planning, the business opportunities in the profession, how to pave your own unique career path as a CPA, the types of courses students should look for at the university level and how young and emerging CPAs can gain the necessary work experience. This webcast is free for anyone to attend without optional, discounted CPE for PFP/PFS members.

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    Recent Webcasts Added to the PFP Archives

     

    Did you miss any of our July webcasts? Recordings and presentation materials are archived for member access at aicpa.org/pfp/webcasts after the live events. The following webcasts were recently added to the archives!

    Advanced Financial Planning Strategies Using Roth IRAs
    Most of us know the benefits of a simple Roth IRA, but what about the more advanced strategies, some which are even more beneficial given the estate exemption and the rules on portability? In this webcast, Bob Keebler discusses advanced strategies including structuring a proper Roth IRA conversion, the intricacies of Roth re-characterization, Roth relocation and life insurance, stretch Roth IRAs, and more!

    Financial Planning and Tax Considerations for Same-Sex Couples
    As a result of the Supreme Court ruling on the Defense of Marriage Act rulings, and ongoing changes in many states allowing for same-sex marriages, couples need to work with competent and informed CPA financial planners. In this webcast, Tom Tillery discusses actionable personal financial planning strategies for same-sex couples, including estate, retirement, income tax, risk management and health and welfare benefit plans.

    CPA Financial Planning Thought Leadership: Being the Advisor of Choice
    In this webcast, a panel of CPA financial planning thought leaders share their perspectives on the value proposition for the CPA financial planner; how the CPA is uniquely positioned to be the "advisor of choice" on all financial matters for individuals, families and business owners; the benefits of this expanded business model to the practitioner and firm; and the outlook for the future.

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    Advocacy: Small Businesses Need Cash Method of Accounting, AICPA Tells Congress

     

    The AICPA called on a House small business panel to expand the cash method of accounting to small businesses. "The cash method of accounting is simpler in application, has fewer compliance costs, and does not require taxpayers to pay tax before receiving the income being taxed," the AICPA said in its written testimony. The AICPA also noted the impact on professional service firms that are subject to state regulations limiting ownership to individuals who actively participate in the business — for them, the hardship "would increase significantly." Many states prohibit public accounting firms from allowing any passive (investor) ownership and a majority of the owners must hold active CPA licenses.

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    Create or Update Your AICPA Account to Access Your Member Benefits

     

    In order to access your member-only AICPA and PFP benefits, you need to create an account on AICPA.org. If you haven't yet set up a username or password, see the instructions below to create using "My Account" on AICPA.org. Need to update any of your account information? This can also be accessed in "My Account" at AICPA.org. Create an Account:

     

    Click on "My Account" in top right hand corner of AICPA.org (www.aicpa.org/myaccount).

    Click on "Register" to create an account enabling you to access content and create a unified login for AICPA.org, AICPA Store, Audit Quality Centers, Specialty Membership Sections (including PFP) and Volunteer Central.

    You will need your AICPA member number or the email address associated with your AICPA membership to reg-ister.

     

    Update Your Account:

     

    Click on "My Account" in top right hand corner of AICPA.org (www.aicpa.org/myaccount).

    Click on "Update Your Personal Information to modify your name, address, email, phone, DOB, and State Socie-ty information.

    Click on "About You" to update information about your entity or company, education, and areas of interest (be sure to check "personal financial planning" and related disciplines like individual income tax planning, retirement planning, estate planning, investment advisory services, and insurance planning).

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    Forefield Alert: Court Rulings May Impact Health Insurance Subsidies

     

    Forefield has created a Client Alert that looks at the recent conflicting federal appeals court rulings on whether subsidies for eligible consumers are available for insurance purchased only through state-based exchanges, or through both federal and state-based exchanges.

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    Forefield Alert: GAO Report Reveals Reasons Why People Claim Social Security Benefits Early

     

    Why would people choose to claim their Social Security retirement benefits prior to reaching their full retirement age, when doing so could result in as much as a 30% reduction in monthly benefits? According to the GAO, reasons include an individual's type of work, employment status, education level, marital status, and other factors. Forefield has created a Client Alert that highlights the report's findings. For more information on the data cited in this Client Alert, as well as information about how the Pension Protection and Affordable Care Act has affected the health coverage options of early claimers, please view the complete report.

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    CPA/PFS Corner

     

    November 2014 PFP Boot Camp

     

    Whether you are preparing for the fall/winter 2014 PFS exam (offered December 15, 2014 - January 26, 2015) or simply refreshing your tax, estate, retirement, investment, and risk management skills, this class will provide a systematic overview of all PFP topics, including the Statement on Standards in PFP Services. Tom Tillery, an experienced practitioner and instructor, covers the material in an engaging format and includes real-life scenarios and practical guidance. There are three ways to take advantage of this learning opportunity - choose the one that fits your budget and schedule! Registration information is available on our site for the options below.

     

    In-Person Class: November 5-7, 2014 in Columbus, OH with 24 hours of CPE. PFP Section members can call the Ohio Society of CPAs at 888-959-1212 to register for just $776 including a $100 discount. This qualifies for a $600 sponsorship reimbursement.

    Virtual Class: Join us online for a video broadcast of the PFP Boot Camp to be held in November (3, 11, 18 and 24) with 20 hours of CPE. Tom Tillery will be available to answer questions. PFP Section members can sign up for the entire series for $695, which includes $100 off the AICPA member price. This qualifies for a $400 sponsorship reimbursement. Sessions can be purchased individually as well.

    On-Demand Video: Can't wait until November? Purchase the video recording of the PFP Boot Camp and listen at your convenience. There is no CPE and the instructor is not available to answer questions with this option.

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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 Free Webcasts:

    Cleaning Up Spilled Milk: What To Do About Unreported Foreign Bank Accounts
    August 6, 2:30-3:30pm ET
    Bryan C. Skarlatos, J.D.
    888-950-9404 (domestic)
    630-395-0296 (international)
    Passcode 1932190 (for both numbers)
    If you cannot attend, a digital replay will be available until August 29 at 800-285-7274, passcode 750435.

    Charitable Giving: The Latest Trends and Strategies
    Part 1 of The CPA's Guide to Financial and Estate Planning Series
    August 13, 1-2:45pm ET
    Steve Siegel, J.D., LL.M.
    Free without optional, discounted CPE for PFP/PFS members.

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

    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 at aicpa.org/pfp/webcasts after the live events.

    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.

    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.

    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.

    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.

    Investment Tax Planning - Creating Tax Alpha
    Sept. 23, 2014, 1:00-2:45p.m. ET
    Chris Benson, CPA/PFS, Bob Keebler, CPA, MST, AEP and Scott Sprinkle, CPA/PFS
    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.

    Upcoming Conferences:

    AICPA Women's Global Leadership Summit
    October 23-24, 2014
    Mandarin Oriental, Washington DC
    Attend live or virtually. PFP/PFS members save $100 off the early bird and AICPA member discounts.

    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.

     

    Contact Us

     

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

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