Current PFP News 


    Listen to the 1st Quarter Tax and PFP Technical Update with Bob Keebler.

    AICPA

    PFP News

     

    Member-Exclusive News, Resources and Events

     

    March 25, 2015

    In This Issue

    1st Quarter Tax and PFP Technical Update with Bob Keebler

    AICPA Recommends Estate Tax Portability Relief for Surviving Spouses

    Applications for 2015 Leadership Academy

    Forefield Alert: National Retirement Planning Week

    Financial Literacy Webcast: 2015 Taxes: Start Your Money Plan Here

    Save the Dates! 2015 Webcast Calendar

    CPA/PFS Corner: Qualify for a PFS Dues Credit

    Other News: Leadership Update Podcast; March Inside Information

     

     

    PFP News & Resources

     

    1st Quarter Tax and PFP Update with Bob Keebler

     

    In this 42-minute video podcast (slides), 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:

     

    - PLRs

     

    Generation Skipping Transfer Tax

    Inherited IRAs

    IRA Rollovers

    Roth recharacterizations

    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 con-tribution 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 pay-ments.

    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

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    Leg/Reg Update: AICPA Recommends Estate Tax Portability Relief for Surviving Spouses

     

    The AICPA submitted a letter on March 19 to the IRS and the Department of the Treasury recommending relief for surviving spouses who would like to elect portability of their deceased spouse's unused estate tax exemption.

    The portability election must be made by a decedent's executor on a timely filed Form 706. However, executors of estates for decedents who died on January 1, 2014 or later may be unaware that a Form 706 is required to be filed (even for estates below the filing threshold) within 9 months of the date of death in order for the surviving spouse to make the portability election.

    The AICPA requested that Treasury and IRS:

     

    Permanently allow estates below the filing threshold 15 months after the death to file Form 706 in order to elect portability;

    Provide a short Form 706-EZ to make the portability election; and

    Allow the surviving spouse to file Form 706 for portability, if the executor chooses not to file the form because the estate is not otherwise required to do so.

     

    Read more from the Journal of Accountancy.

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    Applications for 2015 Leadership Academy

     

    The AICPA Young CPA Network is now taking applications for the 2015 Leadership Academy. Applicants should be young CPAs who demonstrate leadership, a strong personal ethic of service, and expanding professional competencies. Expand your leadership opportunities and apply now for the upcoming class or encourage your younger staff and emerging leaders to apply! The deadline to apply is May 31, 2015.

    The academy will be held in Chapel Hill, NC, home of the UNC Tarheels and some of the best BBQ around. Dates of the event are October 4th- 8th, 2015. Don't miss this opportunity to meet with peers from around the country who will become your professional network far into the future of your career.

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    Forefield Alert: National Retirement Planning Week

     

    April 13-17 is National Retirement Planning Week--the perfect time to advise your clients on a variety of retirement planning issues. Forefield Advisor offers several concept pieces, presentations, and seminars that you may find useful in communicating with your clients and prospects during National Retirement Planning Week, including “Saving for Retirement,” “Women and Retirement Planning,” “Basic Retirement Planning,” “Retirement Basics” and the Retirement Plan Participant Resource Center.

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    Financial Literacy Webcast: 2015 Taxes: Start Your Money Plan Here

     

    Invite your clients to this consumer-oriented webcast by sending them the description and registration link below!

    Your tax return is the roadmap to your life goals. So don't file it and forget it. Use it. On April 23, 1-2p.m. ET, Chris Benson, CPA/PFS will show you how in this webcast brought to you by 360 Degrees of Financial Literacy and the AICPA PFP Division. In the context of today's dynamic tax environment, he will explain how you can use your tax return to create a well-rounded comprehensive financial plan. This seminar is free to everyone; CPE is not offered. Register now!

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    Save the Dates! 2015 Webcast Calendar

     

    To help you grow professionally and enhance your practice, you have access to the top CPA financial planners and other nationally known speakers, thought leaders and technical experts through high quality learning opportunities like free webcasts from the AICPA PFP Section with optional discounted CPE for PFP Section members, inclusive of CPA/PFS credential holders. Save the dates for the following webcasts in 2015. Registration links will be available soon on our website and in PFP News.

     

    2015 Taxes: Start Your Money Plan Here (Consumer webcast; April 23, 1-2pm ET)

    Maximize Year-Round Productivity with Leading Financial and Tax Planning Strategies (May 6, 1-2:45pm ET)

    Decanting: Understanding the Income, Gift, Estate and GSTT Aspects (May 12, 1-2:45pm ET; Register for free or with discounted CPE.)

    Expanding the Framework of Safe Withdrawal Rates (May 20, 1-2:15pm ET)

    Practical Planning for Aging and Elder Issues (June 3, 1-2:45pm ET)

    Asset Allocation Glidepaths in Retirement (June 10, 1-2:15pm ET)

    Communicating with Clients to have an Emotional Impact (July 2015)

    Asset Protection (including Hybrid DAPTs) (July 2015)

    Practical Planning for Cash-Flows and Withdrawal Strategies in Retirement (August 5, 1-2:45pm ET)

     

    Navigating Medicare and the Affordable Care Act
    (August 19, 1-2:45pm ET)

    Planning for Spending in Retirement (Consumer webcast; August 27, 1-2pm ET)

    Aging & Incompetence: When Your Client Has Crossed the Line and What Next? (September 16, 1-2:45pm ET)

    Year-End Financial and Estate Planning Strategies in Plain English (October 2015)

    How to Know Wills, trusts and Other Legal Documents Meet Your Clients' Goals (October 21, 1-2:45pm ET)

    Year-End Financial and Tax Planning Strategies (October 2015)

    Practical Planning for Social Security and Healthcare in Retirement (November 2015)

    Dealing with the Speed and Change of Technology, Particularly Software Tools (December 2015)

    The Leading Estate Planning Mistakes (December 2015)

     

    Also, don't forget that all PFP Section-sponsored webcast recordings and materials are posted after the live event to the PFP Section's webcast library, a favorite resource of many PFP Section members, inclusive of CPA/PFS credential holders.

    Note that the PFP Section will be hosting more podcasts in 2015 to round out the learning opportunities for members. Stay tuned for more information in future editions of PFP News.

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    CPA/PFS Corner

     

     

    The summer 2015 PFS exam will be offered June 19 - July 31 at convenient testing centers located across the country. Learn more at aicpa.org/PFSexam.

    Qualify for a PFS Dues Credit
    Did you know that as a CPA/PFS credential holder, you can receive a credit for your PFS dues for each CPA that you refer to either obtain the CPA/PFS credential or sit for the PFS exam? Learn more about how to qualify for a credit and what to discuss with potential credential holders. This opportunity is a win-win-win for you, your profession and your CPA colleagues -- both experienced CPAs (holding the CFP® or ChFC designations) and less experienced CPAs (using the PFS pathway of learning, exam review and exam) can qualify for the credential)! CPAs providing financial planning services can enhance their confidence and competence by obtaining the CPA/PFS!

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    Other News

     

     

    Podcast: Executive Action May Increase Taxes
    On March 2, 2015, the Obama administration acknowledged that it 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.

    Podcast: Additional Distributions From IRA
    In this 2-minute tax update, Bob Keebler discusses the Private Letter Ruling 201510060, 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.

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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/webcasts 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
    .


    PFP Section-Sponsored Webcasts:

    2015 Taxes: Start Your Money Plan Here
    Consumer Series: Take Charge: Your Money. Your Life.
    April 23, 1-2pm ET
    Registration coming soon.
    Free. No CPE available. Invite your clients to this consumer-oriented webcast.

    Maximize Year-Round Productivity with Leading Financial and Tax Planning Strategies
    May 6, 1-2:45pm ET
    Registration coming soon.

    Decanting: Understanding the Income, Gift, Estate and GSTT Aspects
    May 12, 1-2:45pm ET
    Free | Discounted CPE

    Expanding the Framework of Safe Withdrawal Rates
    May 20, 1-2:15pm ET
    Registration coming soon.

    Practical Planning for Aging and Elder Issues
    June 3, 1-2:45pm ET Registration coming soon.

    Asset Allocation Glidepaths in Retirement
    June 10, 1-2:15pm ET
    Registration coming soon!

    Practical Planning for Cash-Flows and Withdrawal Strategies in Retirement
    August 5, 1-2:45pm ET
    Registration coming soon.

    Planning for Spending in Retirement
    Consumer Series: Take Charge: Your Money. Your Life.
    August 27, 1-2pm ET
    Registration coming soon!
    Free. No CPE available. Invite your clients to this consumer-oriented webcast.

    Navigating Medicare and the Affordable Care Act
    August 19, 1-2:45pm ET
    Registration coming soon.

    Aging & Incompetence: When Your Client Has Crossed the Line and What Next?
    September 16, 1-2:45pm ET
    Registration coming soon.

    How to Know Wills, Trusts and Other Legal Documents Meet Your Clients' Goals
    October 21, 1-2:45pm ET
    Registration coming soon!

    Other AICPA Webcasts:

    Tax Power Hour: Annual Tax Season Debrief
    April 23, 1-2:34pm ET
    Free | Discounted CPE

    Upcoming Conferences:

    Tax Strategies for the High-Income Individual
    May 18-19
    Aria, Las Vegas
    Live | Virtual
    PFP/PFS members save an additional $100 on the early bird AICPA member price.

    Practitioners Symposium and Tech+
    June 7-10
    Orlando, FL
    Register. PFP/PFS members save an additional $100 on the early bird AICPA member price.

    Advanced Estate Planning
    July 20-22
    Salt Lake City, UT
    Live | Virtual
    PFP/PFS members save an additional $100 on the early bird AICPA member price.

    2016 Advanced Personal Financial Planning
    January 18-20
    Bellagio, Las Vegas
    Live | Virtual
    PFP/PFS members save an additional $100 on the early bird AICPA member price.

    Implementing PFP Services: Step-by-Step Plans for Success
    January 16-17, 2015
    Bellagio, Las Vegas
    PFP/PFS members save an additional $100 on the AICPA member price.
    Watch PFP News for registration information.

     

    Contact Us

     

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

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