Current PFP News 


Audio Clip: IRS Extends Time to Make S Corp Election

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AICPA

PFP News

 

Member-Exclusive News, Resources and Events

 

November 30, 2016

In This Issue

January PFP Conference: PFP Summit: For Leaders Among Leaders

Audio Clip: IRS Extends Time to Make S Corp Election

New in the Learning Library: Protecting Your Loved Ones from Financial Fraud & Abuse

Upcoming Webcast: Divorce Taxation

Benefit Spotlight: Medicare Part D Open Enrollment Letter

Apply to Volunteer on a PFP Committee

CPA/PFS Corner: Don't Miss the In-Person Boot Camp; PFS Exam Registration Deadline Approaching

Other News: Updated for 2016: The CPA's Guide to Social Security Planning; Updated for 2016: The CPA's Guide to Practical Retirement Planning; Video Podcast: Post-Election Tax and Financial Planning; Benefit Spotlight: Identity Theft Resources; Leg/Reg Comment Letters: Making a QTIP Election When Filing a Return to Elect Portability & Changes in Methods of Accounting; Bob Veres Media Reviews: 5 Hot Spots on Your Form ADV

 

 

PFP News & Resources

 

January PFP Conference: PFP Summit: For Leaders Among Leaders

 

Designed for “leaders among leaders,” this event will host the most experienced minds in the personal financial planning profession. It’s time to compare notes with esteemed peers, challenge conventional thinking and shape future legacy.
 
The AICPA PFP Summit is a one-of-a-kind occasion for the profession’s innovators to experience an event unlike any “conference” you have attended in the past, given the A-list attendance and the nature of interactive sessions that will prompt lively discussions.  Deepen professional relationships both in and out of the meeting suite, with excursions and activities on the event property; and draw inspiration from the tranquil location of Terranea, a resort on one of Southern California’s most scenic and coveted coastlines overlooking the Pacific Ocean and Catalina Island. 

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Audio Clip: IRS Extends Time to Make S Corp Election

 

In PLR 201644003, the IRS granted 9100 relief extending the time for a corporation to make an election to be treated as an S corporation, Bob Keebler reports. The full text of the ruling can be found here and the audio clip here, courtesy of Leimberg Information Services, Inc.

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New in the Learning Library: Protecting Your Loved Ones from Financial Fraud and Abuse

 

In case you missed it, access this consumer-focused webcast recording which will equip you, as a trusted adviser, as well as your clients to protect loved ones from financial fraud and abuse.  Topics covered include:

 

Common scenarios or schemes that abusers use to target their victims

How vulnerable victims are identified and targeted

What the “villains” look like (criminal, family, and home health aides)

Red flags to look and listen for when working with your clients

Practical steps to take with your CPA to identify if abuse is occurring and how to proactively protect the abuse from happening

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Upcoming Webcast: Divorce Taxation

 

All too often, clients focus their concern on ending the marriage relationship and ignore critical decisions that can impact their short and long-term tax situations.  This webcast will focus primarily on three key areas of the tax implications of divorce and separation like:

 

Alimony payments

Property settlements

Child support

 

This event takes place next week on December 7th from 1-2:45pm ET.  Register for the event here if you need CPE hours.  Otherwise, PFP Section members can listen to the webcast recording in our learning library shortly after the event.

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Benefit Spotlight: Medicare Part D Open Enrollment Letter

 

December 7th is the annual enrollment deadline for Medicare Part D.  Use this newsletter to help assist clients making decisions on this type of coverage.  More information on Medicare Part D can also be found in Volume 3 of the CPA’s Guide to Financial & Estate Planning.

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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. 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 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. The application period is open until July 10, 2017.

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CPA/PFS Corner

 

 

Don’t Miss the In-Person PFP Boot Camp
The AICPA's in-person PFP Boot Camp is held December 7-9 in Columbus, OH.  This program covers all of the topics on the PFS Exam and refreshes your knowledge in estate, retirement, tax, investment and insurance planning. It is filled with practical examples and applications that you can use in your practice immediately. For more information, visit aicpa.org/pfp/bootcamp.

PFS Exam Registration Deadline Approaching - December 12
The fall/winter PFS exam window opens December 12, 2016 and closes January 27, 2017. Register now so you can schedule your exam on the best date and location that fits your schedule. Email us at financial planning@aicpa.org if you have any questions

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Other News

 

 

Updated for 2016: The CPA’s Guide to Practical Retirement Planning
The updated version of the CPA’s Guide to Practical Retirement Planning includes an update to the LGBT section as well as information on the new 529 ABLE accounts and the myRA plan. 

Updated for 2016: The CPA’s Guide to Social Security Planning
The updated guide reflects changes in the file and suspend and restricted application rules. Also, new case studies reflect the limitations and opportunities these changes bring to your clients.

Video Podcast: Post-Election Tax and Financial Planning
In this video podcast (download slides), Bob Keebler, CPA/PFS, explains what to watch for in 2017 regarding major tax reform and tax planning opportunities.  Keebler explains the implications of a broader income tax base and lower rates beginning next year along with the effects of certain taxes being entirely repealed or eliminated.  Also, learn new deferral strategies including holding out for the lower rates and how to hedge economic risk. 

Benefit Spotlight: Identity Theft Resources
Tax-related identity theft continues to be an ever-growing national crisis.  Unfortunately, fraudsters are always looking for new ways to steal confidential information to commit crimes.  Be sure to check out the following resources which are available to assist you on this topic:

 

A letter to clients which lays out prevention tips

A checklist which explains steps to help mitigate the damage after identity theft

 


Leg/Reg Comment Letters: Making a QTIP Election When Filing a Return to Elect Portability & Changes in Methods of Accounting
On November 9, the AICPA submitted comments to the IRS on Revenue Procedure 2016-49, regarding guidance on making a qualified terminable interest property (QTIP) election when filing a return to elect portability of the deceased spousal unused exclusion amount. The guidance provides a reasonable approach to interpreting, implementing, and complying with the QTIP and portability rules.

On November 14, the AICPA submitted comments to the IRS regarding Revenue Procedure 2015-13, Changes in Methods of Accounting. Our comments include recommendations for items which the AICPA has identified in Rev. Proc. 2015-13 and thinks the IRS should revise to better achieve the goal of encouraging voluntary compliance with proper tax accounting methods, while limiting the administrative burdens of taxpayers when complying with the rules.

Bob Veres Media Reviews: 5 Hot Spots on Your Form ADV
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 November’s Financial Planning magazine including “5 Hot Spots on Your Form ADV” by Ann Marsh and “Going Your Separate Ways” (divorce) by Lisa Robinson.  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-Hosted Webcasts:

Watch PFP News for registration links for upcoming events!

Next Week! Divorce Taxation
December 7 from 1-2:45pm ET
Discounted CPE.

How CPA Financial Planners Can Avoid the Top Technology Mistakes
December 14 from 1-2:15pm ET
Free (no CPE).

Other Webcasts:

Cybersecurity: Exclusive Insight from the IRS
December 15 from 1-2:45pm ET
Discounted CPE.

Small Firm Update
December 15 from 2-3:00 pm ET
Free (no CPE).


Upcoming Conferences:

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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