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    PFP News


    Member-Exclusive News, Resources and Events


    February 3, 2016

    In This Issue

    Advocacy: AICPA Comments on Form 8971

    Advocacy: AICPA Requests Guidance on Consistent Basis Reporting Between Estates and Beneficiaries

    Leg/Reg: Protecting Access to Retirement Advice

    Forefield Alert: February is Financial Aid Awareness Month

    Podcast: What You Need to Know About Filing Form 8971

    February Inside Information: Keeping Clients on Track for Retirement

    AICPA Announces Two New Events: ENGAGE and PFP Leadership Summit

    Andrea Millar Receives the Inaugural Chairmen Award

    Apply to Volunteer on a PFP Committee

    Feb. 24: Income Tax Planning Opportunities Using Non-Grantor Trusts

    CPA/PFS Corner: Earn Credit Toward Future Dues with the PFS Referral Program

    Other News: Podcast: Advising Clients When They Underestimate Retirement Needs; Forefield Alerts; Audio Clip: Income Tax Deduction Denied for Failure to Supply Appraisal; Article: The Top Seven Estate Planning Stories of the Past Half-Decade



    PFP News & Resources


    Advocacy: AICPA Comments on Form 8971


    AICPA submitted comments on the IRS Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent (originally posted 12/18/15 and updated draft posted 1/26/16), and instructions (originally posted on an Office of Management and Budget website 1/4/16, and then updated draft posted on IRS website 1/27/16).



    Advocacy: AICPA Requests Guidance on Consistent Basis Reporting Between Estates and Beneficiaries


    The AICPA submitted a comment letter to the IRS with several suggestions regarding the needed guidance from Treasury and IRS on the application of Section 2004 of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) relating to the provision of consistent basis reporting between estates and persons acquiring property from a decedent.


    Leg/Reg: Protecting Access to Retirement Advice


    The House Committee on Education and the Workforce this week will consider legislation to strengthen the retirement security of working Americans. On Tuesday, February 2, the full committee, chaired by Rep. John Kline (R-MN), held a markup of the Affordable Retirement Advice Protection Act (H.R. 4293), introduced by Rep. Phil Roe (R-TN), and the Strengthening Access to Valuable Education and Retirement Support Act (H.R. 4294), introduced by Rep. Peter Roskam (R-IL). The complementary, bipartisan proposals will require financial advisors to serve their clients’ best interests and protect access to high-quality, affordable retirement advice. The proposals provide a legislative alternative to the Department of Labor’s fiduciary proposal. The markup is taking place today.



    Forefield Alert: February is Financial Aid Awareness Month


    The U.S. Department of Education has named February Financial Aid Awareness Month. This is the time of year when many families file the FAFSA (the government's aid application) and the CSS Profile (the standard college aid application).
    Forefield offers a variety of materials that you can use to educate your clients and prospects about financial aid:


    Financial Aid for College

    Financial Aid 101

    ABCs of Financial Aid

    529 Plans and Financial Aid Eligibility


    View the alert.



    Podcast: What You Need to Know About Filing Form 8971 for Basis Consistency


    In this podcast, Bob Keebler interviews Vince Lackner regarding the new Form 8971 which is required by the IRS for basis consistency, including:


    The premise for basis consistency

    What information needs to be included when the form is filed

    The status of instructions and regulations

    Who has to file and who doesn’t

    Concerns over the timing of filing Form 8971 within 30 days of filing Form 706



    February Inside Information


    The latest edition of Inside Information* from Bob Veres includes stories on:


    Out of the Box and On the Money: Here's a fresh look at how to keep clients on track for retirement, and keep them from overspending once they get there.

    Following Through: What's new at Max My Interest and Performance Trust?

    Social Security Made Easy: Social Security Advisors will not only create a customized claiming strategy for your clients, but also implement it through the Social Security Administration.

    Tales of Data Conversion: How painful is it, really, to move your client data to a new portfolio management system?

    Parting Thoughts: The next few years could represent the growth opportunity of a lifetime for your firm.


    *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.



    AICPA Announces Two New Events: ENGAGE and PFP Leadership Summit


    5 Areas of Advanced Expertise. Real-World Learning. Stronger Connections.
    AICPA recently announced the new ENGAGE event to be held on June 12-15, 2017 which will co-locate five conferences, including the Advanced Personal Financial Planning Conference, the Advanced Estate Planning Conference and the Conference on Tax Strategies for High-Income Individuals. This unique event is the accounting profession’s one-of-a-kind event to accelerate and advance your success as a practitioner, featuring:


    More top quality content

    Greater access to leading speakers, experts, and thought leaders

    More crossover exposure to other conferences

    More opportunities to grow your network, strengthen your practice, and enhance client relationships


    As a PFP/PFS members, you will still experience the leading technical conference for financial planning professionals, with access to more networking, an expanded trade show experience and PFP-focused events.

    AICPA announced the creation of a new conference experience on January 22-25, 2017 with the Personal Financial Planning Leadership Summit. This event, designed for “leaders among leaders,” will be a very interactive gathering of leading financial planners across the country and will be a unique opportunity to take your PFP practice to the next level. This is a one-of-a-kind occasions for the profession’s innovators to:


    Experience an event unlike any other “conference” with A-list attendance and interactive sessions

    Deepen professional relationships both in and out of the meeting, which excursions and activities on the event property

    Draw inspiration from the tranquil location



    Andrea Millar Receives the Inaugural Chairmen Award


    A message from Lyle Benson, CPA/PFS: "As acting Chairman of the AICPA PFP Executive Committee, I had the pleasure along with Clark Blackman and Dirk Edwards (previous and past Chair, respectively) to create and present the Inaugural Chairmen Award to Andrea Millar, Associate Director of the AICPA Personal Financial Planning Division. Andrea's tireless dedication to the financial planning profession and her unwavering commitment to the AICPA PFP Division has raised the level of the profession in so many ways. Her passion for the CPA Financial Planner has motivated countless volunteers and the strong staff that she leads for the AICPA. She has broken new ground, set new standards of professionalism, and pioneered new ideas with vision and vigor. Please join us in congratulating Andrea Millar on this well-deserved award."


    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 and complete the volunteer application. Please make sure to load a resume or CV when you complete the application. The PFP Committees are:


    PFP Executive Committee

    PFS Credential Committee


    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 Our volunteers are what make the AICPA the great organization it is, so please consider serving on one of our committees or task forces.



    Webcast: Income Tax Planning Opportunities Using Non-Grantor Trusts


    February 24 from 2-3:45pm ET
    Speakers: Bob Keebler and Steve Oshins
    Discounted CPE.*
    Non-grantor trusts are an effective estate planning tool. When used as an effective income tax planning tool, you can also save your clients significant federal and state taxes each year. In the current planning environment, federal and state income tax planning has taken on a greater level of importance.  In this webcast you will learn:


    How a Non-Grantor Trust is taxed

    Different strategies for reducing the federal income tax

    Techniques that can be used to avoid unnecessary state income taxes

    How to shift income into lower tax brackets

    Decanting to distribute capital gains as DNI

    Decanting to change Situs

    Distribution of capital gain property to shift income


    *This webcast will be posted in the PFP Learning Library, included with PFP/PFS membership, after the live event.



    CPA/PFS Corner



    Earn Credit Toward Future Dues with the PFS Referral Program
    The CPA/PFS credential enhances the CPA’s competence, expertise, and confidence in tax, estate, retirement, investment and risk management planning. Our referral program allows CPA/PFS credential holders to earn a credit toward future PFS dues for referring a future CPA/PFS. Learn more at



    Other News



    Podcast: Advising Clients When They Underestimate Retirement Needs
    In this podcast, David Stolz, CPA/PFS addresses strategies to consider when advising clients in circumstances when they underestimate retirement needs including ways to get accurate spending information, address resistance, assess the emotional aspect, and build a cash flow budget and a system that can track and report accurate information.

    Forefield Alert: New Video Highlights Fed’s Recent Actions
    On December 16, the Federal Open Market Committee (FOMC) raised the benchmark federal funds rate to a range of 0.25% to 0.50%, the first increase from the near-zero range where the rate had lingered since December 2008. This video looks at the potential implications of a rising interest-rate environment for consumers, investors, and retirees.

    Forefield Alert: Market Volatility Materials Available
    If you are looking for ways to help your clients stay focused, consider the following materials: Strategies for Coping with Market Volatility, Eleven Ways to help Yourself Stay Sane in a Crazy Market, Handling Market Volatility, Holding Equities for the Long Term: Time Versus Timing, and Monitoring Your Portfolio. View the alert.

    Audio Clip: Income Tax Deduction Denied for Failure to Supply Appraisal
    In Gemperle v. Commissioner, T.C. Memo 2016-1 (1/4/2016), the Tax Court held that the taxpayers were not entitled to a charitable income tax deduction and were liable for accuracy-related penalties because they failed to include a copy of a qualified appraisal with their return reporting the donation of a conservation easement. Listen to Bob Keebler’s report (courtesy of Leimberg Information Services).

    Article: The Top Seven Estate Planning Stories of the Past Half-Decade
    In this article excerpted from the Ultimate Estate Planner, Steve Oshins describes seven stories that have provided this community with the dramatic, the unpredictable, and the unexpected.





    PFP Section-sponsored webcast recordings and materials are available as part of your PFP/PFS membership and 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 no charge to conference attendees or for purchase to those who weren’t able to attend. Recordings from past conferences are available at aicpaconference

    PFP Section-Sponsored Webcasts:

    Watch PFP News for registration links for upcoming events!

    Today! The Replacement of a Life Insurance Contract: The Good, The Bad, The Ugly
    February 3, 1-2:45pm ET
    Discounted CPE.

    How Do You Save Income Taxes with a Non-Grantor Trust?
    February 24, 2-3:45pm ET
    Discounted CPE.

    Planning for Incapacity
    March 16, 2-3:45pm ET
    Discounted CPE.

    Later Life Planning: New Services to Offer Aging Clients
    April 27, 1-2:45pm ET
    Free with CPE to PFP/PFS members.

    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.

    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.

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

    Upcoming Conferences:

    PFP Thought Leadership Summit
    January 22-25, 2017
    Discounted CPE.

    Advanced PFP Conference (ENGAGE)
    June 12-14, 2017
    Discounted CPE.

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

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


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