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Update on New Tax Laws, Private Letter Rulings and Court Cases

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PFP News


Member-Exclusive News, Resources and Events


May 4, 2016

In This Issue

New Resource Page: Elder Planning and Life Transitions after Retirement

New in the Learning Library: Later Life Planning: New Services to Offer Aging Clients

Podcast: Q1 Update on New Tax Laws, Private Letter Rulings, and Court Cases

Bob Veres Inside Information: The Advisor-Friendly 529

Don’t miss the AICPA Conference on Tax Strategies

Apply to the 2016 Leadership Academy

CPA/PFS Corner: Take the Summer 2016 PFS Exam at No Charge

Other News: Leg/Reg: Podcasts: Impact of the DOL Fiduciary Rule; Forefield Alert: New Video: Full Employment and New Concept Pieces for planning for Same-Sex Couples; Audio Clip: Impact Prior Gifts on Subsequent Gift Tax Returns; Bob Veres Media Reviews; Upcoming Webcast: Proactive Planning: Opportunities from your Client’s Form 1040; AICPA Governing Council Authorizes Member Ballot on Proposal



PFP News & Resources


New Resource Page: Elder Planning and Life Transitions after Retirement


CPA financial planners are in the business of helping clients address life transitions, which do not stop at retirement. Elder planning can conjure images of complicated health and housing issues that require addressing. The PFP division has created a new resource center to equip you to discuss these important issues with your clients. The tools include:


The CPA's Guide to Financing Retirement Healthcare

Practical Planning webcasts that cover Social Security, Healthcare, Aging and Elder Issues

A Six-Part Series on Planning for Aging Clients.



New in the Learning Library: Later Life Planning: New Services to Offer Aging Clients


With the aging population and the demise of the estate tax for most clients, CPA financial planners can better serve clients by creating a plan tailored to protecting the client as the client ages or copes with chronic illness or disability. In this webcast, Martin Shenkman, CPA/PFS shares how to approach the planning process through a new lens and strategies to protect your clients and their financial situation.



Podcast: Q1 Update on New Tax Laws, Private Letter Rulings, and Court Cases


In this video podcast (download slides), Bob Keebler CPA/PFS recaps the first quarter of 2016 case law, private letter rulings, as well as proposed and enacted legislation.


Protecting Americans from Tax Hikes (PATH) Act and its effect on qualified charitable distributions, gift tax exemptions, classroom deductions for teachers, 529 plans, charitable trust asset values, ABLE Accounts, and other income tax provisions made permanent.

2017 Proposed Budget Provisions, including gift gain realization, 2009 estate tax reinstatement, present interest (Crummey) requirement elimination, estate tax lien and extension of time to pay, termination of GST exemption allocation, GRATs, elimination of IDGT sales, repeal of net unrealized appreciation exclusion, exemption from required minimum distributions, Roth conversions of basis, elimination of the inherited “stretch” IRA, expansion of 10% early distribution penalty exemptions, and employer plan rollover exemption.

Cases and PLRs covered include:


Reporting basis of inherited property


Incomplete gift to non-grantor trusts


Portability extensions


QTIP elections


IRA rollovers


Roth IRA recharacterizations


Passive activity losses



Bob Veres Inside Information


The latest edition of Inside Information* from Bob Veres includes stories on:


The Barriers in Your Future: A leading practice management consultant offers a tour of the lifecycle of most financial planning firms, and how to negotiate the tough parts of the journey.

Quick Tips: This is a roundup of thoughts, tidbits and ideas from around the profession.

The Wild Wild West: Here’s how to work with public school employees, and some of the ins and outs of the last frontier of lightly-regulated advice.

The Advisor-Friendly 529: Would you like to be able to include client 529 assets in your performance statements, and allocate them as you see fit? Try the Utah state plan.


*Access to 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.



Don’t Miss the AICPA Conference on Tax Strategies for the High-Income Individual


This year's AICPA Conference on Tax Strategies for the High-Income Individual features an all-star cast of renowned experts and thought leaders offering timely insights, solid strategies, and valuable ideas over two intensive days of interaction. The Tax Strategies Conference will guide you through a myriad of timely tax-related subjects - zeroing in on the latest income and estate tax changes. CPAs, financial planners, bank trust officers, insurance agents, family office managers, investment advisers, philanthropy specialists and individuals from firms who are responsible for helping their clients retain and transfer wealth are all welcome to attend.



Apply to the 2016 Leadership Academy


For the eighth consecutive year, the AICPA is hosting a Leadership Academy in Durham, NC from October 2-6, 2016. Over the four day course, candidates will be able to participate in interactive sessions designed to teach strategic planning and personal success skills – including communication and delegation for handling complex management challenges. More than 200 CPAs have participated in the Leadership Academy. The academy is opened to any licensed CPAs who are:


Voting members

Between the ages of 25 and 35


To apply, candidates are asked to submit their resume, licensure information, professional volunteer activities, awards/honors and an essay explaining why participation would be personally important to them. The deadline to apply is May 31, 2016.



CPA/PFS Corner



Take the Summer 2016 PFS Exam at No Charge!
Purchase a PFS exam review option at the same time as your first-time registration for the Summer 2016 PFS Exam and the exam will be free! The following review options are included in this promotion:


Online PFP Boot Camp bundle – not individual session purchases (June 6, 13, 20, 27)

In-person PFP Boot Camp in Denver, CO (June 22-24)

Archived recording of the PFP Boot Camp without CPE (Anytime)

Self-study PFS Exam Review Course (Anytime)


Include the review product and the summer exam in your shopping cart on to get your free exam.  Email us at with questions and instructions for the In-person PFP Boot Camp in Denver.



Other News



Leg/Reg: Podcasts: Impact of the DOL Fiduciary Rule
The Fiduciary Rule, released by the U.S. Department of Labor is a giant leap forward in setting the standard of fiduciary care for retirement investors. The immediate and long-term implications for practicing professionals are somewhat complex. In this podcast series created specifically for AICPA PFP section members, Ron Rhoades discusses key provisions and exemptions, examines how some of the requirements specifically relate to CPAs, and clarifies how educational advice is viewed by regulators. Access the series and an in-depth white paper on the DOL Fiduciary Rule resource page.

Forefield Alert: New Video: Full Employment: Are We There Yet?
The unemployment rate dropped to 4.9% in January 2016 and stayed there in February--a big drop from the 10% unemployment peak in October 2009. What does this mean for wages and the broader economy? View the alert.

Forefield Alert: New Concept Pieces for planning for Same-Sex Couples
Forefield, rebranded as Broadridge Advisor Solutions, has added three new concept pieces to the presentation center, all focusing on the financial concerns of same-sex couples. All concept pieces can be fully branded and personalized with your own information and preferences. View the alert.

Audio Clip: Impact Prior Gifts on Subsequent Gift Tax Returns
In CCA 201614036, the IRS Chief Counsel opined that a taxpayer's understatement of a prior year gift does not extend the assessment statute expiration date (ASED) for the current year, Bob Keebler CPA/PFS, reports. The text of the ruling can be found here. Listen to the recording, courtesy of Leimberg Information Services, Inc.

Bob Veres Media Reviews
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 April’s Financial Planning magazine, including those rated with high relevance. Articles include “Creating Diversity One Advisor at a Time” by Dan Jamieson and “Why RIAs May Start Looking More like Accounting Firms” by Mark Hurley. Access other editions of media reviews, Inside Information and e-columns.

Proactive Planning: Opportunities from Your Client’s Form 1040
Your clients’ tax returns are brimming with opportunities for you, as their CPA, to provide valuable services they need. This strategic session will help you use your client’s tax return to gain a snapshot of their current financial situation and begin to develop a closer relationship to cover all of their financial planning needs, including tax, retirement, estate, investments and insurance/risk management. On May 17 from 11am-12:45pm ET, Bob Keebler, CPA/PFS, and Brooke Salvini, CPA/PFS, will lead you section-by-section through the tax return and provide guidance on the application of key strategies and the best time throughout the year to implement them. Discounted CPE is available for PFP/PFS members. PFP/PFS members can access the archive post live event in the PFP Learning Library.

AICPA Governing Council Authorizes Member Ballot on Proposal
The AICPA’s governing Council has authorized an electronic member ballot on a proposal by the AICPA and The Chartered Institute of Management Accountants (CIMA) to create a new association representing the entire accounting profession, while preserving the AICPA and CIMA membership bodies. The organizations will integrate operations to strengthen advocacy and have more agility in responding to evolving member needs. You should have received an email from the third-party vote administrator last week under the name “AICPA Independent Tabulator.” For more information, visit





PFP Section-sponsored webcast recordings and materials are available as part of your PFP/PFS membership and are posted to 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

Upcoming PFP Section-Sponsored Webcasts:

Watch PFP News for registration links for upcoming events!

Proactive Planning: Opportunities from Your Client’s Form 1040
May 17, 11am-12:45pm ET
Discounted CPE.

Top Financial and Tax Planning Ideas
May 18, 1-2:45pm ET
Free with CPE for PFP/PFS members.

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

Retirement Planning for the Business Owner
Speaker: Jimmy Williams
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.

The CPA’s Guide to Financial and Estate Planning
Steve Siegel
Sept. 28 from 1-2:45pm ET
Free with CPE for PFP/PFS

The CPA’s Guide to Financial and Estate Planning: Estate Planning for the 99%
Steve Siegel
Oct. 19 from 1-2:45pm ET
Discounted CPE for PFP, Tax, and PCPS.

Upcoming Conferences:

Tax Strategies for the High Income Individual
May 24-25, 2016
Discounted CPE.

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.


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