CPE & Events

    Podcasts from the Personal Financial Planning Division 

    The AICPA PFP Division monitors the news and legislative and regulatory landscape in order to bring you expert commentary on the issues you need to know in practice.  Listen to the podcasts below to hear the latest on these issues.

    Please be advised that all future events will be housed in our new and improved learning library!  The new library will contain all podcasts, webcasts and related presentation material which will provide a positive member experience.  Stay tuned!





    3/23/2015 2015 Q1 Update on New Tax Laws, Private Letter Rulings, and Court Cases

    In this 42-minute video podcast, 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. These topics and more are covered:

    • Generation Skipping Transfer Tax
    • Inherited IRAs
    • IRA Rollovers
    • Roth re-characterizations
    • IRA early distributions
    • PLR Filing fees
    Case Rulings
    • Estate of Guistina v Comm.: Tax Court erred in assigning a 25% probability to hypothetical events.
    • Eileen S. Belmont, et al v. Commissioner: Taxpayer did not “permanently set aside” the charitable contribution amount required under IRS sec. 642(c) to receive a charitable contribution deduction.
    • Dudek v. Comm.: Bonus payments for “oil and gas lease” treated as ordinary income.
    • Smith: Case dismissed based on debtor’s failure to timely file tax returns and delinquency in plan payments.
    • Running v. Miller: Because debtor’s annuity qualified under Code Sec. 408(b)(2), payment for annuity using IRA funds was a rollover contribution and therefore exempt from bankruptcy estate.
    2016 Budget Proposals
    • Estate, gift, and GST tax rate exemptions
    • GRATs
    • Sale to IDGT
    • Limitations on GST tax and gift tax exclusions
    • Numerous proposed legislative changes to IRAs and retirement accounts
    • Repeal exclusion of Net Unrealized Appreciation
    • Tax expenditures, including value of itemized deductions would fall to 28%
    • Capital gains and qualified dividend tax rate increase
    • Buffet rule would impose a new minimum tax called the Fair Share Tax (FST) on high income taxpayers
    • Tax Carried Interest taxed as ordinary income
    • Close “check-the-box” loophole
    • Close Hewlett-Packard loophole

    Additional Distributions From IRA

    In this 2-minute tax update, Bob Keebler discusses the Private Letter Ruling, where the IRS ruled that additional distribution from a taxpayer’s IRA will not result in a modification to the series of substantially equal periodic payments made under section 72(t) of the Internal Revenue Code and, therefore, not subject to the 10% additional tax imposed on early distributions.


    Executive Action May Increase Taxes

    On March 2, 2015, the Obama administration is contemplating executive action to increase taxes. Senator Bernie Sanders outlined this in six steps, two of which are most important to personal financial planners, which include the elimination of the carried interest tax preference and elimination or modification of valuation adjustments to closely held business interests. In this 2-minute tax update, Bob Keebler discusses why executive action may not be required and what might happen if new regulations are issued.


    3/2/2015  Leadership Update

    In this podcast, PFP Executive Committee chair, Lyle Benson, shares the latest trends, strategy, and resources from the PFP Division. Learn about:
    • Trends in the profession and how CPAs can respond and capitalize on these changes,
    • The 3 “whys” framing the Division’s strategic direction,
    • The results of a recent survey on the economic benefit of providing PFP services,
    • 2 media efforts to increase awareness of CPA financial planners,
    • PFP resources for PFP Section members, inclusive of CPA/PFS credential holders,
    • Legislative and regulatory issues, and
    • Upcoming dates and preparation options for the PFS exam.
    To learn more about your PFP benefits, visit aicpa.org/pfp/membership for a demo of the PFP site and resources.


    2014 Year in Review

    As we approach tax season and begin to think about financial planning strategies to consider in 2015, Bob Keebler provides an overview of the important income tax developments in 2014 that may impact your individual clients with respect to estate tax, property law, and asset protection as well as income taxation, and IRAs and qualified plans in this 3-part podcast series. Some of the topics covered include:

    Estate tax, property law, and asset protection (Recording | Slides)

    • Decanting, dynasty trusts, and asset protection
    • Bankruptcy
    • Gift tax returns and QTIP election
    • Portability and Rev. Proc. 2014-18
    • Trust reformation
    • IDGT sales
    • And more!

    Income taxation (Recording | Slides)

    • Rev. Proc. 2014-16
    • NING
    • Frank Aragona Trust and material participation
    • Notices 2014-1, 2014-19, and 2014-37 and Same Sex Marriages
    • Circular 230
    • And more!
    IRAs and Qualified Plans (Recording | Slides)
    • Investments, transfers, and rollovers (including the 60-day rule for surviving spouses)
    • Excess contributions
    • Qualified plan distributions
    • Roth re-characterizations
    • Longevity annuities
    • And more!


    President Obama’s 2016 Budget Proposal

    In this three-part podcast series, Bob Keebler discusses President Obama’s 2016 budget proposal released on February 2, 2015 with lays out changes to the: To highlight, the proposal: 
    • Restores gift and estate tax to 2009 levels; and portability survives with no index for inflation.
    • Creates a federal law against trusts with perpetuities.
    • Defines a new category of gift transfers with a maximum exclusion of $50,000, taking away the ability to give many gifts to many people.
    • Exempts an individual from RMD rules if the aggregate value of IRAs and tax-favored retirement plans did not exceed $100,000.
    • Allows inherited IRAs to be rolled over within 60 days and requires non-spouse beneficiaries to take inherited distributions over no more than 5 years.
    • Limits Roth conversion to pre-tax dollars; therefore, after-tax amounts could not be converted to a Roth IRA. This attempts to shut down the back-door IRA; however, the impact will be much broader.
    • Increases taxation of capital gains and dividends from 20% to 24.4%. NIIT continues to apply as under current law.
    • Institutes a fair share tax on the high income Americans.
    • Closes a number of tax loop holes.


    Tax Extenders Legislation and ABLE Act

    In this podcast, Bob Keebler discusses the Tax Increase Prevention Act of 2014, which was passed by Congress on December 16.  Bob covers the noteworthy individual and business provisions contained in the tax extenders legislation, as well as the Achieving a Better Life Experience (ABLE) Act of 2014, which was passed as a part of the larger tax extenders legislation. The ABLE Act creates savings opportunities for individuals with disabilities beginning January 1, 2015.


    Retirement Income Strategies and Recent Research

    In this podcast, Michael Kitces discusses recent retirement planning research with respect to safe withdrawal rates, asset allocation glide paths and how to craft effective liquidation strategies for clients in retirement. Listen to this 12 minute podcast to get a glimpse of the research he’s been working on with Dr. Wade Pfau.



    Understanding Asset Protection and Income Tax Planning for IRAs after the Clark Decision

    Bob Keebler is joined by attorneys Ed Maro and Bo Loeffler in this podcast on understanding asset protection planning and income tax planning for IRAs after the Supreme Court’s June 12th Clark v. Rameker decision. The speakers explain bankruptcy, what gets protected, implications for spouses, and why state law is so important. They then dig into the implications and solutions for inherited IRAs after the Clark decision, which held that funds from an inherited IRA were not retirement funds that were exempt from the debtor’s bankruptcy estate.  



    Implications of Supreme Court Decision on Protection of Inherited IRAs in Bankruptcy
    In this podcast, Bob Keebler discusses the background and implications of the June 12th decision in Clark v. Rameker, in which the Supreme Court held that funds from an inherited IRA were not retirement funds that were exempt from the debtor’s bankruptcy estate. (See the leg/reg update and Journal of Accountancy for more information on this case).


    Take a Tour of the Proactive Planning After ATRA and NIIT Toolkit

    The American Taxpayer Relief Act of 2012 (ATRA) and Net Investment Income Tax (NIIT) have added more complexity to planning given that you now have to navigate through a multi-layer tax system in conjunction with running multi-year scenarios to gain a clear picture of the tax landscape in order to advise your clients on virtually all of their personal financial planning decisions. CPA financial planners now have an unprecedented opportunity to demonstrate their value to clients by providing guidance, planning, and tax expertise. The Planning After ATRA and Net Investment Income Tax Toolkit is an extensive suite of tools and resources to help you educate your clients and proactively plan with them throughout the year. Take a brief tour of the toolkit to learn how to get started and take advantage of the resources that best fit your clients and your practice. 



    Aragona Trust Decision on Material Participation

    In this 30 minute podcast, Bob Keebler and David Kirk discuss the implications of the Aragona Trust case regarding trustee material participation and its impact on 2013 and 2014 tax returns. Note that while the case cleared up some ambiguity regarding material participation for trusts, it did not provide clear direction or act as a roadmap. However, the decision may create some urgency for the IRS to address material participation through proposed regulations.  



    Simple Roth Conversion Calculator

    This calculator is meant to assist the advisor in determining whether performing a basic Roth conversion is an appropriate choice for a given client. It is designed to compare investment growth, given a specific set of assumptions, if the client chooses to convert to a Roth versus remaining in a Traditional IRA.


    Tax Rate Evaluator: A Graphical Calculator for Tax Planning After ATRA

    With the passing of the American Taxpayer Relief Act (ATRA), America suddenly shifted from a two dimensional tax system to a four dimensional tax system. Long gone are the days when practitioners only had to consider the regular income tax brackets and the Alternative Minimum Tax (AMT). Today, practitioners must also consider the 3.8% net investment income tax (NIIT) and the new additional brackets (the “supertax”). What does this mean for the practitioner going forward? It means that virtually every financial decision now needs to be analyzed through the lens of this new four dimensional tax system – the regular income tax brackets, the AMT, the NIIT, and the supertax. To help with this planning, the Bronze Edition of the Tax Rate Evaluator is available to PFP Section members and CPA/PFS credential holders as part of the Proactive Planning After ATRA and NIIT Toolkit. For a more robust calculator with additional features, you may want to consider purchasing the for sale Gold Edition of the Tax Rate Evaluator (discount for PFP/PFS members).


    Nevada Incomplete Non-Grantor Trust

    In this podcast, Bob Keebler interviews Bill Lipkind and Steve Oshins about a recent private letter ruling allowing a “NING Trust” – a Nevada Incomplete Non-Grantor Trust. This irrevocable Nevada trust is incomplete for transfer tax purposes, yet a non-grantor trust for income tax purposes. The trust is set up for the benefit of the settler and other discretionary beneficiaries, however, the trust pays the income taxes, creating a powerful opportunity for the taxpayers in high-tax jurisdictions to avoid state income taxes on the sale of property and future investment returns. Read an article from Ultimate Estate Planner describing this strategy.


    The Mathematics of Portability

    Listen to a podcast from Bob Keebler covering the basics of portability, key mathematical concepts, critical issues and concepts, how to maximize tax savings using portability, advantages/disadvantages, a mathematical comparison of different estate planning strategies and more.   



    Form 8960 Prep - Computing the New 3.8% NIIT on Form 1040

    Listen  to a podcast from Bob Keebler covering Form 8960, “Net Investment Income Tax for Individuals, Estates and Trusts” line-by-line with examples. Bob also provides an overview of the NIIT and FAQs on the new tax (regrouping of passive and non-passive activities, real estate investments and the NIIT, limitations for NIIT, and more).


    CPA/PFS Perspectives: 2014 Advanced PFP Conference Recap

    In this podcast (part of the CPA/PFS Perspectives series), Marc Minker and a panel of CPA/PFS credential holders (Doug Duerr, Karen Goodfriend, Ted Sarenski, and Scott Sprinkle) recap highlights and practical ideas from the 2014 Advanced PFP Conference. Using the Best Planning Ideas Panel session as a springboard, they discuss other sessions covering tax and estate planning, retirement, investments, implementing PFP services, and some general practice topics.  


    Q&A on Net Investment Income Tax for Individuals

    In this podcast, Bob Keebler and Jonathan Horn address unanswered attendee questions from the Implementation of the 3.8% Net Investment Income Tax on Individuals webcast. If you missed the webcast, a recording will be available at aicpa.org/pfp/webseminars. 


    Relief for Missed Portability Elections

    In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31, 2014. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. 



    Interview with David Kirk and Adrienne Mikolashek

    Bob Keebler interviews David Kirk and Adrienne Mikolashek, part of the team who wrote the net investment income tax regulations, to help members understand the new Form 8960, Net Investment Income Tax for Individuals, Estates, and Trusts and the draft instructions.


    Form 8960: Draft Instructions

    Bob Keebler goes line by line through Form 8960, Net Investment Income Tax for Individual, Estates, and Trusts, to help members understand key elements they need to know for tax season. 


    Understanding the 3.8% NIIT and Its Effects

    In this podcast, Bob Keebler discusses the impact of the regulations on net investment income tax. Download the related charts, Understanding the Net Investment Income Tax and Applying the 3.8% Net Investment Income Tax


    Understanding and Applying the Statement on Standards in PFP Services

    In this podcast, Clark Blackman and Dirk Edwards will lead members through a discussion on the nature and objective of the SSPFPS; when and to whom it applies; an overview of the requirements; how the standard will help elevate your practice; and the timeline for issuance and resources.


    3.8% Net Investment Income Tax Final Regulations

    In this podcast, Bob Keebler discusses the final and new proposed regulations on net investment income tax.

    October 2013

    Year-End Planning Series
    (Note: This content which includes planning ideas and strategies is relevant going forward)

    In this podcast series, Bob Keebler covers the top financial planning ideas to address with your clients before year-end. Because the American Tax Payer Relief Act and Net Investment Income Tax have added more complexity to the tax landscape, CPA financial planners now have an unprecedented opportunity to demonstrate their value to clients by providing guidance, planning, and tax expertise.




    Tax & Estate Planning Following the Defense of Marriage Act Decision

    In the wake of the Supreme Court’s Windsor decision invalidating a portion of the Defense of Marriage Act (DOMA), the Treasury Department and IRS announced on August 29th that “same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.” The IRS also issued a revenue ruling (Rev. Rul. 2013-17) and FAQs providing guidance on the topic.

    In short, regardless of what state the same-sex couple currently lives in, if they were legally married in a jurisdiction that recognizes same-sex marriages as legal and valid, then same-sex spouses are married for ALL federal tax purposes. This podcast from Bob Keebler covers Revenue Ruling 2013-17, background on the DOMA decision, income, estate and gift tax planning implications, as well as portability, IRAs and retirement plans. 



    Affordable Care Act Implications You Need to Know Now

    In this podcast, Ted Sarenski discusses the latest developments regarding health care reform and the Affordable Care Act, including what will be required of health plans offered both through exchanges and employers, the delay to 2015 of the requirement for large employers to offer health insurance, the individual mandate, penalties and federal subsidies, the October 1 deadline for health insurance exchanges, preexisting conditions, and Ted’s predictions and advice for clients in 2014. For more information to advise your clients on health care changes, visit Forefield Advisor’s Health Care Reform Resource Center.


    Tax & Estate Planning Following the Defense of Marriage Act Decision

    This podcast from Bob Keebler covers tax and estate planning following the DOMA decision. Bob discusses the complexity of moving from a same-sex marriage state to a traditional marriage state, income tax planning for same-sex married couples, estate and gift tax planning, the marital deduction, gift splitting, portability issues, as well as IRAs and retirement plans.


    Critical Provisions in President's FY 2014 Budget Proposal

    This podcast from Bob Keebler summarizes the provisions affecting wealthy clients in President Obama’s recently released fiscal year 2014 budget proposal. Even though these provisions may not be enacted, it will help you have intelligent conversations with your clients, know what the President’s legislative agenda for this year is, and begin planning for some of the estate and tax provisions that may eventually be enacted.  


    Taking a Fresh Look at Reverse Mortgages

    In this podcast, Michael Kitces discusses the shifting landscape in the market for reverse mortgages, and why it might be time for financial planners to take a fresh look at using reverse mortgages in their planning. Kitces covers a brief history of reverse mortgages, the current marketplace, how reverse mortgages work, the risks, cost structure and decisions a client must consider when evaluating reverse mortgages, true economic realities of using reverse mortgages to help finance retirement, some of the feasible options and strategies for using reverse mortgages, and where they may be appropriate.


    Podcast on Key 2013 Planning Considerations for Tax Season

    Lyle Benson, Michael Kitces, Ted Sarenski and Scott Sprinkle cover topics you should be discussing with your clients this tax season and how to integrate tax and estate planning in your clients’ overall financial plan. Specifically, they discuss income tax planning issues, how the new tax rate structure and deduction phase-outs have shifted the nature of tax planning, planning for the Medicare surtax and how to integrate investment and tax strategies, strategies to reduce income, and estate planning issues. These changes make it critical to educate your clients and revisit multi-year plans! Listen to this podcast to get practical ideas that you can discuss with your clients over the coming months.



    Recent Trends and Developments in the Long-Term Care Insurance Marketplace

    Michael Kitces discusses the latest trends and developments in the long-term care insurance marketplace, from the consolidation of the industry and the elimination of lifetime benefits and limited-pay premium options, to the rising popularity of new hybrid LTC insurance contracts that pairs the coverage together with a life or annuity policy as a new form of “asset-based” long-term care protection, and more. 


    Under ATRA 2012 Estate Fiscal Year Election is Crucial

    In this “60 Second Planner” audio clip from Leimberg Information Services, Inc., Bob Keebler shares an important income tax and capital gain planning pointer for 2012 estates. For deaths occurring before November 30, 2012, these estates should elect a fiscal year ending on November 30, 2012 (with the following fiscal year beginning December 1, 2012). With this election, these estates would not be subject to the tax increases under the American Taxpayer Relief Act nor the 3.8% surtax because both taxes only apply to years beginning on or after January 1, 2013. Listen to this short clip to learn more! 


    Resolution of the Fiscal Cliff – Part 1
    Bob Keebler describes the 2013 income tax aspects of the American Taxpayer Relief Act of 2012.

    Resolution of the Fiscal Cliff – Part 2
    Bob Keebler discusses estate, gift and GST planning under the American Taxpayer Relief Act of 2012.

    Resolution of the Fiscal Cliff – Part 3
    Bob Keebler discusses trusts and estates and the impact of the 3.8% surtax and fiscal cliff settlement.



    Michael Kitces on Cost Basis Reporting Rules

    In this audio stream, Michael Kitces covers the new cost basis reporting rules enacted under the Emergency Economic Stabilization Act of 2008.

    Note that the new tracking rules will require any financial intermediaries (i.e., generally all brokers and custodians, as well as certain other types of financial institutions) that currently issue Form 1099-B to report using an updated version, which tracks not only the gross proceeds from sales of securities, but the cost basis, acquisition date, amount of gain/loss, and character of the gain/loss (i.e., short-term or long-term). Actual reporting on cost basis will be phased in over time, with equities in 2011, mutual funds and dividend reinvestment plans in 2012, and bonds and other securities in 2013. 

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