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Last Chance! Summer 2016 PFS Exam Registration Deadline Tomorrow

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PFP News

 

Member-Exclusive News, Resources and Events

 

June 29, 2016

In This Issue

Forefield Alert: New Client Alert Looks at the Implications of Brexit

Forefield Alert: New Rules for College Campus-Sponsored Debit and Prepaid Credit Cards

Podcast: IRS Released Revised Draft Instructions for Form 8971

Podcast: Advising Clients on the Impact of Brexit

T3 Tech Hub Alert: Preparing for the Proposed FinCEN Anti-Money Laundering Rules

Article: Advising Same-Sex Married Clients after Medicare's Rapid Changes

AICPA News Update: The CPA Financial Planner

CPA/PFS Corner: Last Chance! Summer 2016 Exam Registration Deadline Tomorrow; Is Your Profile Current on the CPA/PFS Credential Directory?

Other News: Advocacy: AICPA Comments Regarding Canadian Personal Financial Regulation Issues; Advocacy: AICPA Calls on IRS to Clarify Virtual Currency Guidance; Updated for 2016: The CPAs Guide to Financial and Estate Planning, Volume 1 (2016 Edition); Bob Veres Media Reviews: "Is 4.5% Still Safe?"; AICPA, CIMA Members Overwhelmingly Approve Proposal to Position Profession for Future

 

 

PFP News & Resources

 

Forefield Alert: New Client Alert Looks at the Implications of Brexit

 

On June 23, in a vote heard around the world, citizens of the United Kingdom (England, Scotland, Wales, and Northern Ireland) opted to leave the European Union by a margin of 52% to 48%. Financial markets reacted swiftly to concerns about potential economic ramifications of a British exit--or Brexit--from the EU.  This Forefield alert provides an overview of the economic issues surrounding the Brexit, and what this historic decision could mean for the United Kingdom, world trade, and international investors.

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Forefield Alert: New Rules for College Campus-Sponsored Debit and Prepaid Credit Cards

 

In October 2015, the Department of Education issued new rules for campus-sponsored financial products that are directly linked to financial aid disbursements. The rules are scheduled to take effect in July and offer a variety of protections to students using these products, such as preventing financial institutions from charging excessive fees.  Forefield created a Client Alert that you can send to your clients to inform them of the new rules.

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Podcast: IRS Released Revised Draft Instructions for Form 8971

 

On June 8, the IRS issued updated draft instructions for Form 8971 with regard to estate basis consistency reporting. The instructions state to attach a copy of completed schedule A to the form but do not include any other attachments.  Listen to Bob Keebler, CPA/PFS, provide the audio update courtesy of Liemberg Information Services, Inc.   For additional useful information and resources regarding regulations, requirements for filing the forms and other accounting and legal issues on 8971, refer to the Estate Basis Consistency Reporting Resource Center which includes a recorded webcast, podcasts, flowcharts and AICPA advocacy.

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Podcast: Advising Clients on the Impact of Brexit

 

In this podcast, CPA financial planners Michael Goodman and Scott Sprinkle discuss the recent news on Brexit, including what Brexit means for the EU and other countries, the short-term impact on investments and the market, and what long-term strategies you should take with your clients.

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T3 Tech Hub Alert: Preparing for the Proposed FinCEN Anti-Money Laundering Rules

 

The mission of FinCEN, a bureau of the United States Treasury Department, is to “safeguard the financial system from illicit use and combat money laundering.”  It is expected that the FinCEN rule will require advisors who are, or should be registered with the SEC to establish and implement AML programs within six months of the effective date of the new regulation.  For more information about this proposed regulation and how it will impact your practice, click here.  Access the T3 Tech Hub home page and other alerts here

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Article: Advising Same-Sex Married Clients After Medicare's Rapid Changes

 

In this article, Jim Sullivan, CPA/PFS, suggests that planners review Medicare elections made for same-sex clients that are married.  Due to recent changes with the Obergefell ruling, the opportunity to claim Medicare benefits on a spouse now exists.  For other Medicare filing tips and advising clients on enrollment, listen to this podcast by Ted Sarenski, CPA/PFS, or review the CPA’s Guide to Financing Retirement Healthcare, updated in 2016, and published by the AICPA’s Personal Financial Planning Division. 

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AICPA News Update: The CPA Financial Planner

 

Last week, AICPA released a special news update to the entire AICPA membership about the opportunities to be the “go-to” trusted adviser in financial planning.  A few key points include:

 

Among the general public, there has never been a greater demand for financial planning services, including tax, estate, retirement, life transition planning, etc. In fact, this area is growing twice as fast as traditional accounting services.

An independent study conducted by AICPA in 2015 found that 78% percent of consumers with a net worth of $500,000 to $5 million+ report that financial planning is the most appealing term for the services they're seeking.

The CPA profession has provided these services for over 100 years but not necessarily calling it what the public calls it.

 

Additionally, read a personal testimony shared by Lori Pajunen Luck, CPA/PFS, about her rewarding experience as a CPA Financial Planner.  The case of the CPA financial planner is strong!  Learn more about embracing the title CPA financial planner here

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CPA/PFS Corner

 

 

Last Chance! Summer 2016 PFS Exam Registration Deadline Tomorrow
Register by tomorrow and take the exam any time from July 1 through August 15. The exam is free for first-time test takers with the purchase of the Self-study PFS Exam Review Course (37 hrs. of CPE) or the Archived recording of the PFP Boot Camp (without CPE) in the same shopping cart as the exam. Questions?  Click here.

Is your Profile Current on the CPA/PFS Credential Directory?
CPA/PFS credential holders are included in the CPA/PFS Credential Directory (www.FindaCPAPFS.org), a web resource for consumers and industry stakeholders to locate qualified CPA financial planners. Verify your information is correct and make changes on your AICPA My Account Profile web page. 

Go to aicpa.org/PFS for more information or email us at financialplanning@aicpa.org if you have any questions.

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Other News

 

 

ADVOCACY: AICPA Comments Regarding Canadian Personal Financial Regulation Issues
In support of our colleagues at CPA Ontario, and in collaboration with the Global Accounting Alliance, the AICPA Personal Financial Planning Division commented last week on regulation efforts set forth by the Ontario government to enhance the regulation of those practicing as personal financial planners.  The AICPA recognizes this activity as a global issue as the efforts have captured the attention leading accounting organizations around the world.  Click here to read the comments.

ADVOCACY: AICPA Calls on IRS to Clarify Virtual Currency Guidance
While virtual currency is less of a novelty now, CPAs are still faced with many gray areas in advising their clients on tax-related issues.  The AICPA called on the IRS to clarify rules in areas such as valuation, charitable contributions and gains and loss calculations.  “The issuance of clear guidance in this area will not only reduce the confusion and burden for tax preparers but also will allow taxpayers to accurately comply with IRS rules,” the AICPA says in their letter to the IRS.

Updated for 2016: The CPA’s Guide to Financial and Estate Planning, Volume 1 (2016 Edition)
This comprehensive publication provides guidance to CPAs advising clients in estate, tax, retirement, investment, and risk management matters, as well as reflects the planning implications of major tax law changes, including the 2015 PATH Act, estate basis consistency reporting rules and more. Volume 1 of 4 covers the art of financial planning, estate and client analysis, the co-ownership of property, lifetime gifts to individuals, charitable giving, and the use of trusts. (Volumes 2-4 will be available and included in the collection soon.) 

Bob Veres Media Reviews: Is 4.5% Still Safe?
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 June’s Financial Planning magazine, including those rated with high relevance from “Junxure Cloud Comes of Age” by Joel Bruckenstein to “Is 4.5% Still Safe?” by Ben Bengen.  Access other editions of media reviews, Inside Information and e-columns.

AICPA, CIMA Members Overwhelmingly Approve Proposal to Position Profession for Future
The results are in and the AICPA ballot passed 86.5 percent to 13.5 percent, according to independent tabulator Survey and Ballot Systems. AICPA members will remain at the core of everything we do. And the AICPA will continue its strong commitment to promoting, protecting and growing the CPA. You will get automatic dual membership in the AICPA and new association as part of your regular AICPA dues, which will continue to be set and adjusted in line with historic norms.

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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!

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

Tax Aware Investing
July 13 from 1-2:45pm ET
Discounted CPE.

Retirement Planning for the Business Owner
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.

Using Charitable Trusts to Avoid Capital Gains Taxes & the 3.8% Surtax
Sept. 21 from 2-3:45pm ET
Discounted CPE.

Estate Planning for the 99%
Sept. 28 from 1-2:45pm ET
Free with CPE.

Post-Mortem Planning
Oct. 19 from 1-2:45pm ET
Discounted CPE.

Proactive Year-End Planning After the Election
Nov. 22 from 1-2:45pm ET
Discounted CPE.

Tax Planning with Life Insurance
November TBD
Discounted CPE.

Divorce Taxation
December TBD
Discounted CPE.

Upcoming Conferences:

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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