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    PFP News

     

    Member-Exclusive News, Resources and Events

     

    April 23, 2014

    In This Issue

    Post-Tax Season Planning Resources

    Standards Spotlight: Compliance Toolkit

    Leg/Reg Update: Proposed Legislation to Lighten NIIT, Income Tax Burden on Estates

    Leg/Reg Update: SEC Risk Alert on Cyber Security

    Forefield Alert: National Small Business Week Kicks Off May 12

    Apply to Volunteer on a PFP Committee

    CPA/PFS Corner: PFS Exam Open in June-July; Live/Virtual PFP Boot Camps in May

    Event Spotlight: Planning in a Five Dimensional Tax System; 2014 Taxes: Start Your Money Plan Here

     

     

    Headlines

     

    Post-Tax Season Planning Resources

     

    Now that April 15th is behind you, post-tax season client review meetings give you the opportunity to reconnect with clients and launch future planning engagements based on needs identified during tax season. Utilize the following resources from the PFP Section to leverage the work you've done during busy season to continue your tax, estate, retirement, risk management and investment planning engagements:

     

    Created by expert CPA financial planners, the Tax Return for PFP Checklist identifies financial planning opportunities as you analyze your client's tax returns.

    The Personal Financial Outlook and/or Personal Finance Report Card can be used as a starting point to get clients engaged in understanding their PFP needs and to take proper action in key planning areas.

    Fox Financial Planning Network is a program designed for CPAs to help you systematize and organize the planning process, administration and delivery of your financial planning or wealth management services.

    Forefield Advisor is an education and communication tool that enables advisors to deliver personalized, current and concise content to their clients.

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    Standards Spotlight: Compliance Toolkit

     

    The Standards in PFP: Compliance Toolkit is available to assist members practicing in retirement, estate, investment and/or risk management planning with understanding the depth of the newly promulgated Statement on Standards in Personal Financial Planning Services, effective July 1, 2014. The toolkit is included with PFP/PFS membership, and is comprised of the following:

     

    Compliance manual addressing why SSPFPS is important to members in the protection of clients and their practice, how it aligns with the AICPA Code of Professional Conduct and when SSPFPS applies

    Flowchart to assist in determining when SSPFPS will apply

    Checklists to assist in compliance with SSPFPS and improve workflow

    Customizable engagement letters for use in your PFP engagements and to assist with compliance with SSPFPS

    Frequently Asked Questions regarding applicability and compliance with SSPFPS

    PowerPoint to educate firm professional staff

    The CPA's Guide to Investment Advisory Business Models to gain an understanding of when you are deemed to be providing investment advice such that registration as an investment adviser is required, an important aspect in determining whether SSPFPS applies to the services provided

    Podcasts, webcasts and blog posts

     

    Register for the upcoming webcast rebroadcast series, The New PFP Standards, to learn more about the statement, as well as the PFP Power Hour: Understanding and Applying the New PFP Standards. See "Events" section for registration information.

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    Leg/Reg Update: Proposed Legislation to Lighten NIIT, Income Tax Burden on Estates

     

    The AICPA submitted a legislative proposal to Congress to treat estates and certain trusts as married persons filing separately for both income tax and the net investment income tax purposes. This proposal highlights the excessive tax burden placed on an estate compared with the tax burden that the decedent had during his or her life, as well as provides a solution to these inequalities. Currently, an individual's estate is subject to the top rate of 39.6% on annual taxable income in excess of $12,150.

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    Leg/Reg Update: SEC Risk Alert on Cyber Security

     

    The SEC's Office of Compliance Inspections and Examinations (OCIE) issued a risk alert focused on cybersecurity governance, identification and assessment of cybersecurity risks, protection of networks and information, and other issues. The agency urged financial advisers to conduct regular risk assessments to identify threats, stressing remote client access and funds transfer requests as particular concerns.

    Additionally, OCIE will be conducting examinations of more than 50 registered broker-dealers and registered investment advisers, focusing on areas related to cybersecurity. In order to empower compliance professionals with questions and tools they can use to assess their respective firms' cybersecurity preparedness, OCIE included a sample cybersecurity document request in the Appendix to this Risk Alert.

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    Forefield Alert: National Small Business Week Kicks Off May 12

     

    Online registration is now open for National Small Business Week, a series of events scheduled to take place at select cities throughout the United States. Sponsored by the Small Business Administration, National Small Business Week is an annual event designed to help entrepreneurs launch and manage successful business endeavors. Forefield has created a Client Alert to make your business owner clients aware of the event and the registration details.

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    Apply to Volunteer on a PFP Committee

     

    The AICPA has over 100 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.

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    CPA/PFS Corner

     

    PFS Exam Open in June-July

     

    Enhance your credibility and confidence with the CPA/PFS credential! The Personal Financial Specialist (CPA/PFS) credential distinguishes your skills in tax, estate, retirement, risk management, and investment planning, enabling you to work knowledgeably and confidently with clients and other financial planning professionals.

    The 2014 PFS exam will be offered June 19 - July 31, 2014 and December 15, 2014 - January 26, 2015. Register by May 22 for a 25% early bird discount! PFP Section members save an additional $100 off the AICPA member exam price. Visit aicpa.org/PFSexam for more information.

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    Live and Virtual PFP Boot Camps in May

     

    Whether you are preparing for the 2014 PFS exam or simply refreshing your tax, estate, retirement, investment, and risk management skills, the PFP boot camp will provide a systematic overview of all PFP topics, including the new Statement on Standards in PFP Services. This class is offered live May 14-16 in Denver, CO or as an online virtual group class over 4 dates in May. Both qualify for PFP/PFS discounts and the sponsorship reimbursement program.

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    Other News

     

    Special Report: Solving the Burnout Crisis

     

    This special report* from Bob Veres addresses the pathology of our age in the financial planning/investment advisory profession. The report discusses causes of="" burnout and solutions, including: change your mindset, force yourself to take time for yourself, change your routine, change your environment, be more intentional with your clients, outsource your workload, find someone to take over routine chores, learn the joys of mentorship, and scale back. *Access to content from Bob Veres (including his monthly newsletter, 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.

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    Event Spotlight

     

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    Planning in a Five Dimensional Tax System - Taking the Quantum Leap Forward for Your Clients

     

    With the dynamic shift in the tax environment, virtually every estate, retirement, investment, insurance, and tax planning decision now needs to be analyzed through the five-dimensional tax system. In this webcast on May 2 from 1-2:45pm ET, Bob Keebler will lead practitioners through a discussion on tax-efficient investing and bracket management that are now at the forefront of planning strategies. PFP/PFS members may attend for free without optional CPE or discounted CPE for purchase. Register.

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    Free Consumer Webcast: 2014 Taxes: Start Your Money Plan Here

     

    Invite your clients to this free consumer webcast on April 29. Send them the description below!
    Your tax return is the roadmap to your life goals. So don't file it and forget it. Use it. In this plain-English consumer-oriented webcast brought to you by 360 Degrees of Financial Literacy and the AICPA Personal Financial Planning Division on April 29, 1-2pm ET, Gina Chironis, CPA/PFS will show you how to use your tax return to create a personal financial plan in the context of today's dynamic tax environment. You will learn planning steps to take in the new tax environment, how to ensure your retirement plan delivers, how to evaluate your investment strategy, how to protect your assets, and more. This seminar is free to everyone; CPE is not offered. Register.

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    Events

     

    Event recordings and materials are posted once available to aicpa.org/pfp/webseminars if you would like to listen again or if you are not able to attend the live event.

    Upcoming Free Webcasts:

    Final Reminder! Tax Power Hour: Annual Tax Season Debrief
    April 24, 1-2:45pm ET
    Free without optional CPE for PFP/PFS members.

    Final Reminder! 2014 Taxes: Start Your Money Plan Here
    April 29, 1-2pm ET
    Gina Chironis
    Invite your clients to this consumer-focused webcast.
    Free. No CPE available.

    Handling RIA Burnout
    April 30, 4pm ET
    Bob Veres
    This free webcast accompanies Bob's special report on this topic.

    Planning in a Five Dimensional Tax System: Taking the Quantum Leap Forward for Your Clients
    May 2, 1-2:45pm ET
    Bob Keebler
    Free without optional, discounted CPE for PFP/PFS members.

    PFP Power Hour: Understanding and Applying the New PFP Standards
    May 8, 3-4pm ET
    Dirk Edwards
    Free. No CPE available.

    Prudent Diversification Practices for Investment Fiduciaries
    May 20, 1-2:45pm ET
    Stewart Frank
    Free without optional, discounted CPE for PFP/PFS members.

    A Qualitative Approach to the 1040
    June 18, 1-2:45pm ET
    Michael Kay
    Free without optional, discounted CPE for PFP/PFS members.

    Washington Tax Brief
    June 18, 1-2pm. ET
    Ed Karl, AICPA VP of Taxation, and Melissa M. Labant, Director of Tax Advocacy
    Free without optional, discounted CPE for PFP/PFS members.

    Save the Dates!

    Registration links will be available soon in PFP News.

    Proactive Planning: How Your Peers Are Advising Their Individual Clients in 2014
    May 19, 1-2:45pm ET
    Lyle Benson, Susan Bruno, Lisa Featherngill, and Larry McKoy
    Free without optional, discounted CPE for PFP/PFS members.

    Advanced PFP Series: Venn Diagrams: Meet Me at the Intersection of Estate and Income Tax
    May 28, 3-5pm ET
    Paul Lee
    Discounted CPE
    Recordings of the webcasts in this series will be available at aicpa.org/pfp/webseminars after the live events.

    Retirement Planning and Issues Related to Aging
    June 10, 1-2:45pm ET
    Jean-Luc Bourdon, Lori Luck and Ted Sarenski
    Free without optional, discounted CPE for PFP/PFS members.

    The Mathematics of Portability
    June 11, 1-2:45pm ET
    Bob Keebler
    Free without optional, discounted CPE for PFP/PFS members.

    Advanced Financial Planning Strategies Using Roth IRAs
    July 8, 1-2:45pm ET
    Bob Keebler
    Free without optional, discounted CPE for PFP/PFS members.

    Upcoming For-Fee Rebroadcasts:

    Note that discounted CPE is available for the SSPFPS rebroadcasts, and recordings of the original webcasts in this series will be available at aicpa.org/pfp/webseminars post-rebroadcasts.

    Do the New PFP Standards Apply to You?
    April 30, 1-2pm ET
    Dirk Edwards and Clark Blackman
    Discounted CPE.

    Understanding the Requirements of SSPFPS
    May 7, 1-2pm ET
    Dirk Edwards and Clark Blackman
    Discounted CPE.

    Practical Applications of SSPFPS
    May 14, 1-2pm ET
    Dirk Edwards and Clark Blackman
    Discounted CPE.

    Leveraging SSPFPS to Elevate Your Practice
    May 21, 1-2pm ET
    Dirk Edwards and Clark Blackman
    Discounted CPE.

    Advanced Tax Series: Leading Practices for Structuring the Family Office
    July 23, 1-2:40pm ET
    Discounted CPE.
    Presented by the AICPA Tax Division

    Upcoming Conferences:

    AICPA Conference on Tax Strategies for the High-Income Individual
    May 19-20, 2014
    Aria, Las Vegas
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    AICPA Advanced Estate Planning Conference
    July 21-23, 2014
    Swisshotel, Chicago
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    AICPA Advanced Personal Financial Planning Conference
    January 19-21, 2015
    Bellagio, Las Vegas
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    Implementing PFP Services: Step-by-Step Plans for Success
    January 17-18, 2015
    Bellagio, Las Vegas
    Attend the 2-day session only or bundle with the Advanced PFP Conference. PFP/PFS members save $100 off the AICPA member price.

     

    Contact Us

     

    Email the PFP Team: financialplanning@aicpa.org Visit our home page: aicpa.org/pfp

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