Current PFP News 


    Register for the Tax Strategies for the High-Income Individual Conference (May 18-19 at the Aria, Las Vegas) by this Friday, April 3 for the lowest pricing.

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    PFP News

     

    Member-Exclusive News, Resources and Events

     

    April 1, 2015

    In This Issue

    Update Your CPA and/or PFS Descriptions on Part 2 of Your Form ADV

    Forefield Alert: There's Still Time to Contribute to an IRA for 2014

    Forefield Alert: Economic Rebound - Key Indicators Signal Progress

    Leg/Reg Update: AICPA Comments to the Institute for the Fiduciary Standard on Best Practices

    Leg/Reg Update: AICPA Recommendations to Simplify Retirement Plans

    Leg/Reg Update: How the AICPA's New Confidentially Rule Interacts with Section 7216

    AICPA Resources on Third-Party Verifications/Comfort Letters

    David Kelly's 2Q Guide to the Markets

    CPA/PFS Corner: Easily Add Your PFS Credential to LinkedIn with One Click

    Other News: 1st Quarter Tax and PFP Update; Leadership Academy Applications; Emerging Partner Training Forum

     

     

    PFP News & Resources

     

    Update Your CPA and/or PFS Descriptions on Part 2 of Your Form ADV

     

    Part 2 of Form ADV requires advisers to prepare narrative brochures written in plain English which contain, among other things, information on the educational and business background of management and key advisory personnel of the adviser. The SEC permits, but does not require, advisers to list the professional designations held by such persons. SEC instructions require, however, that any listing of professional designations held must provide a sufficient explanation of the minimum qualifications required for the designation to allow clients and potential clients to understand the value of the designation. Update your CPA and/or PFS descriptions with the latest versions, which have been recently updated for language regarding state boards of accountancies and AICPA standards.

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    Forefield Alert: There's Still Time to Contribute to an IRA for 2014

     

    Taxpayers have until their tax return due date (not including extensions) to contribute up to $5,500 to an IRA for 2014 ($6,500 if they were age 50 by December 31, 2014). For most taxpayers, the contribution deadline for 2014 is April 15, 2015. Forefield has created a new client alert that can help you inform your clients that there's still time to make IRA contributions for 2014.

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    Forefield Alert: Economic Rebound - Key Indicators Signal Progress

     

    It's been nearly six years since the official end of the Great Recession. Now, finally, Americans may have reasons to feel upbeat about their financial prospects as key economic indicators are signaling progress for the U.S. economy. This video from Forefield Advisor, which you can send to your clients, takes a look at some of them.

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    Leg/Reg Update: AICPA Comments to the Institute for the Fiduciary Standard on Best Practices

     

    Last week, the AICPA submitted a letter to the Institute for the Fiduciary Standard regarding the proposed Best Practices For Advisers and Brokers Seeking to Meet the True Fiduciary Standard. The AICPA provided general and detailed responses to certain of the specific criteria set forth in the proposal.

    In general, the AICPA believes that clear and concise guidance regarding investment adviser behaviors are essential to the health of the financial planning and investment advisory industry and the welfare of the public interest. AICPA supports this effort of the IFS and the premise that specific and measurable behaviors that reflect generally accepted principles of fiduciary behavior are vital to the public interest.

    In that regard, the AICPA's SSPFPS similarly provides specific guidance for CPAs who provide personal financial planning services, including investment advice, that builds on the AICPA Code of Professional Conduct (Code) and basic tenets of behaviors required by a fiduciary - always acting in the best interest of the public (i.e., client, when providing personal financial planning services). We are in general agreement that the Best Practices set forth by the IFS are consistent with AICPA's standards of practice and behavior.

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    Leg/Reg Update: AICPA Recommendations to Simplify Retirement Plans

     

    Last week, the AICPA submitted eight recommendations to the Senate Committee on Finance Tax Reform Working Group on Savings and Investment that would simplify employer-sponsored retirement plans and individual retirement accounts. In the letter to the working group, Troy Lewis, CPA, CGMA, chair of the AICPA Tax Executive Committee, wrote, "Because qualified retirement plans are such a large source of retirement savings for many Americans, it is important that the tax rules governing the plans are as simple as possible."

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    Leg/Reg Update: How the AICPA's New Confidentially Rule Interacts with Section 7216

     

    The recently revised AICPA Code of Professional Conduct includes a new Confidential Client Information Rule under Section 1.700.001, which expands the guidance on maintaining the confidentiality of client information. The general thought previously has been that if CPA tax practitioners were complying with Sec. 7216 and revisions of its related regulations that went into effect six years ago (Regs. Secs. 301.7216-1 through 301.7216-3), they were complying with the less detailed AICPA code Rule 301, Client Confidential Information. Now that the new AICPA guidance with its expanded interpretations has taken effect (on Dec. 15, 2014), members are encouraged to assess their practices for compliance with both sets of rules.

    Sec. 7216 prohibits tax preparers from knowingly or recklessly disclosing any taxpayer information obtained in the process of preparing returns. The AICPA's Confidential Client Information Rule, on the other hand, is concerned with other confidential information not necessarily involving tax return preparation. A recent article in the Journal of Accountancy discusses the effect of these two requirements on CPAs.

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    AICPA Resources on Third-Party Verifications/Comfort Letters

     

    Increasingly, CPAs are receiving requests from clients, lenders, loan brokers, health insurance providers, adoption agencies, regulators, and various other agencies to confirm client information. In turn, the AICPA has received several inquiries from CPAs on what they often refer to as "comfort letters" and we have developed a variety of resources, including a third-party verification toolkit.

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    David Kelly's 2Q Guide to the Markets

     

    Markets impacted by big swings in exchange rates and oil prices, global central banks moving in opposite directions, and a host of geopolitical issues, have already made 2015 quite an interesting year. The second quarter should be equally eventful and recent economic developments raise a host of questions for investors. Join Dr. David Kelly on Monday, April 6 at 3pm as he uses slides from the new 2Q Guide to the Markets to discuss those questions and provide prospects for investing going forward (Dial-in: 888-566-7904 | 773-799-3690; Passcode: 3146145#; Pin: 73860#). If you can't attend live, a replay will be available April 7 - May 6 (Dial-in: 800-934-9697; Passcode: 85463).

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    CPA/PFS Corner

     

     

    The summer 2015 PFS exam will be offered June 19 - July 31 at convenient testing centers located across the country. Learn more at aicpa.org/PFSexam.

    Easily Add Your PFS Credential to LinkedIn with One Click
    Your PFS credential shows that you are more than a financial planner—you are a CPA with the powerful combination of extensive tax expertise and comprehensive knowledge of financial planning. Why not show it off? You can now add your PFS credential to your LinkedIn profile and showcase your expertise to colleagues, peers, employers, recruiters and more. Click here to easily add the PFS credential to your LinkedIn profile.

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    Other News

     

     

    Podcast: 1st Quarter Tax and PFP Update with Bob Keebler
    In this 42-minute video podcast (slides), Bob Keebler recaps Private Letter Rulings and case law that occurred in the first quarter of 2015 that may impact strategies used with your tax and personal financial planning clients. Listen to more podcasts from the PFP Section at aicpa.org/pfp/podcasts.

    Applications for 2015 Leadership Academy
    The AICPA Young CPA Network is now taking applications for the 2015 Leadership Academy. Applicants should be young CPAs who demonstrate leadership, a strong personal ethic of service, and expanding professional competencies. Expand your leadership opportunities and apply now for the upcoming class or encourage your younger staff and emerging leaders to apply! The deadline to apply is May 31, 2015.

    Emerging Partner Training Forum
    Embrace your aspirations and build upon your hard work as a new or emerging firm leader by attending the AICPA Emerging Partner Training Forum on June 18-19 in Durham, NC or New York, NY. Within a collegial roundtable setting, you'll receive invaluable perspectives on planning, leadership skills and the big picture for your responsibilities as a new or upcoming leader. Plus, multiple roundtable sessions and a networking reception will provide you with ample time to talk shop with like-minded peers. Note that sessions will be simulcast between Durham and New York and your forum will include both on-site speakers and live broadcasts of speakers at the alternate location.

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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/webcasts 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:

    2015 Taxes: Start Your Money Plan Here
    Consumer Series: Take Charge: Your Money. Your Life.
    April 23, 1-2pm ET
    Registration coming soon.
    Free. No CPE available. Invite your clients to this consumer-oriented webcast.

    Maximize Year-Round Productivity with Leading Financial and Tax Planning Strategies
    May 6, 1-2:45pm ET
    Free | Discounted CPE

    Decanting: Understanding the Income, Gift, Estate and GSTT Aspects
    May 12, 1-2:45pm ET
    Free | Discounted CPE

    Expanding the Framework of Safe Withdrawal Rates
    May 20, 1-2:15pm ET
    Registration coming soon.

    Practical Planning for Aging and Elder Issues
    June 3, 1-2:45pm ET Registration coming soon.

    Asset Allocation Glidepaths in Retirement
    June 10, 1-2:15pm ET
    Registration coming soon!

    Practical Planning for Cash-Flows and Withdrawal Strategies in Retirement
    August 5, 1-2:45pm ET
    Registration coming soon.

    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.

    Navigating Medicare and the Affordable Care Act
    August 19, 1-2:45pm ET
    Registration coming soon.

    Aging & Incompetence: When Your Client Has Crossed the Line and What Next?
    September 16, 1-2:45pm ET
    Registration coming soon.

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

    Other AICPA Webcasts:

    Tax Power Hour: Annual Tax Season Debrief
    April 23, 1-2:34pm ET
    Free | Discounted CPE

    Upcoming Conferences:

    Tax Strategies for the High-Income Individual
    May 18-19
    Aria, Las Vegas
    Live | Virtual
    PFP/PFS members save an additional $100 on the early bird AICPA member price.

    STEP USA Conference
    June 4-5
    San Diego
    Register for this conference covering the latest issues for international private client planning.

    Practitioners Symposium and Tech+
    June 7-10
    Orlando, FL
    Register. PFP/PFS members save an additional $100 on the early bird AICPA member price.

    Advanced Estate Planning
    July 20-22
    Salt Lake City, UT
    Live | Virtual
    PFP/PFS members save an additional $100 on the early bird 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, 2015
    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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