Current PFP News 


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    Respond to 3rd Quarter PFP Trends Survey on Retirement Cash Flow Planning Issues by September 18th.

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    PFP News

     

    Member-Exclusive News, Resources and Events

     

    September 2, 2015

    In This Issue

    Leg/Reg Reminder & Podcast: Potential Changes in Valuation Discounts Leads to Focus on the Current Rules

    September Inside Information: Life Planning

    Forefield Alert: Introducing the New Tax Resource Center

    Podcast: Ten Tax Tips for a Down Market

    New Resource Page Dedicated to Section 7216 Guidance

    Respond to 3rd Quarter PFP Trends Survey on Retirement Cash Flow Planning Issues by September 18th

    Call for Comments on CPA Exam Exposure Draft

    Webcast: Aging and Incapacity – The CPA’s Role in Advising Aging Clients

    New in the Learning Library: Navigating Medicare and ACA; Planning for Spending in Retirement

    August Recap of PFP/PFS News & Resources To Help You Practice Competently & Profitably

    CPA/PFS Corner: Early Bird Discount for PFS Exam; Exam Prep Options to Fit Your Schedule

    Other News: Podcasts: Advising Clients During Market Uncertainty; Advising Clients on Dissolving Family Limited Partnerships and LLCs

     

     

    PFP News & Resources

     

    Leg/Reg Reminder & Podcast: Potential Changes in Valuation Discounts Leads to Focus on Current Rules

     

    In July, there was serious speculation that the IRS will release proposed regulations (late this summer or early this fall) that will impact the availability of valuation discounts when transferring interests in family controlled entities (such as family limited partnerships and limited liability companies) to family members. Under current law, taxpayers are permitted to transfer minority interests in family entities to family members at a significantly reduced tax cost with the use of valuation discounts. 

    Given the likelihood of a change to the current valuation discount rules, it is advisable for practitioners to consult with their clients today. If a client is thinking about giving a gift of a family entity or limited partnership interest, he or she should consider making those gifts now while the valuation discounts are still available.  Learn more.

    Podcast: Given the attention on valuation discounts with the potential changes, Bob Keebler interviewed attorney Todd Angkatavanich to get clear on the current rules. They discuss:

     

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    What Chapter 14, Special Valuation Rules, are designed to do and the types of transfer tax provisions to which it applies under IRC §2701

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    Transactions that may trigger, intentionally or unintentionally, treatment as a deemed gift

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    The “vertical slice” exception to the rule under IRC §2701

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    Types of retained interest rules that may trigger the zero valuation rule

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    Planning opportunities under IRC §2701

     

    One key takeaway is that whenever the adviser enters into a family transaction – gift transfer, sale, recapitalization, change in capital structure, or an initial capital contribution – where there are different economic classes of interests, proceed with caution as it may unintentionally trigger the application of IRC §2701.

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    September Inside Information

     

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

     

    Life Planning: How to expand your understanding of clients’ behavior, and navigate the new boundaries of the advisor/client relationship.

    Robo-Weather Advisory: Are the new online investment platforms delivering more risky portfolios than their customers are expecting?

    Institutional Succession: Advisors looking at their succession options might have something to learn from an independent mutual fund’s solutions.

     

    *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.

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    Forefield Alert: Introducing the New Tax Resource Center

     

    Forefield has launched a new Tax Resource Center as part of its Advisor product. The Tax Resource Center provides information on trending topics relating to federal income, gift, and estate taxation. It also recently added a Key Numbers Resource Center which brings together all of the most popular publications featuring key planning figures and thresholds.

    The new Tax and Key Numbers Resource Centers join the Health-Care Reform Resource Center, Women's Resource Center, Social Security Resource Center, and Retirement Plan Participant Resource Center. Advisor Resource Centers are accessible from the Advisor home page as a tab on the menu bar. View the alert.

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    Podcast: Ten Tax Tips for a Down Market

     

    In this podcast, Bob Keebler provides ten tax planning ideas to consider during a market downturn; such as Roth conversions, loss harvesting in a recent estate, contributions to pensions, profit sharing, 401k plans, IRAs or 529 plans, gifting securities to children or grandchildren, funding GRATs and more.

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    New Resource Page Dedicated to Section 7216 Guidance

     

    Make sure to check out the AICPA’s new resource page dedicated to IRC § 7216 guidance. It includes top FAQs, Sample Consent Forms, and more!

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    Respond to 3rd Quarter PFP Trends Survey on Retirement Cash Flow Planning Issues by September 18th

     

    The third quarter PFP Trends Survey link is now open for you to give us your perspective. Consistent with the PFP Division's thought leadership/best practices initiative focused on retirement planning in 2015, this third quarter survey is centered on cash flow issues faced by retired clients.

    The results of the survey will be used to create media message points that will demonstrate the importance of CPAs in their clients' financial planning relationships and raise awareness in the CPA community and with the media of the issues that CPA financial planners face. You can download the Q2 PFP Trends Survey executive summary and media release for use with your clients and local media at www.aicpa.org/pfp/trendsurvey.

    We need your involvement to establish a consistent message of awareness for CPA financial planners through this survey. We thank you in advance for your support of this quarterly survey! Start the short survey.

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    Call for Comments on CPA Exam Exposure Draft

     

    The AICPA seeks public comment on the Exposure Draft, Maintaining the Relevance of the Uniform CPA Examination. This Exposure Draft is an informed and detailed proposal for the next version of the CPA Exam, which will enhance testing of higher-order cognitive skills critical to the role of a newly licensed CPA. The comment period is September 1, 2015 through November 30, 2015. All Exposure Draft responses received on/before November 30 will be carefully considered by the AICPA as it finalizes Exam blueprints that will ultimately replace the current Content and Skill Specification Outlines (CSOs/SSOs). Once approved, the next version of the Exam will be announced in 2016 and launched in 2017.

    We strongly encourage members to respond to the CPA Exam analysis and as you do so, consider your perspective of estate, retirement, investment, risk management, and tax planning and your expectations of entry level staff.

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    Webcast: Aging and Incapacity – The CPA’s Role in Advising Aging Clients

     

    In 2010, there were 5.8 million people aged 85+. By 2050 this will increase to 19 million and 20% of the populations will be age 65+. The average age at which Alzheimer’s is diagnosed is 73. Approximately 50% of those 85+ have some cognitive impairment. These demographic changes have profound impact on CPAs and their practices. On September 16 from 11am-12:45pm ET, Martin Shenkman will discuss the role of the CPA financial planner, what signs of cognitive impairment to be alert for, and strategies to take with aging clients. Attend for free with CPE.

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    New in the Learning Library: Navigating Medicare and ACA and Planning for Spending in Retirement

     

    PFP Section-sponsored webcast recordings and materials are available as part of your PFP/PFS membership and are posted to aicpa.org/pfp/library, including last week’s events:

    The CPA’s Guide to Financial and Estate Planning: Navigating Medicare and ACA
    In the first event of this webcast series, Steve Siegel tied in the latest PFP Section benefit, The CPA’s Guide to Financial & Estate Planning, with essential estate planning considerations to discuss with your clients now. The Affordable Care Act is complex legislation that includes provisions being implemented over a 10-year period, and CPA financial planners have an opportunity to help clients understand how this environment affects their overall financial plan. In this webcast, Steve addresses:

     

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    The latest provisions of ACA and Medicare

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    Life events that can affect or disrupts your clients’ coverages

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    Advising clients on buying individual health care coverage

     

    Access the recording and presentation materials.

    Planning for Spending in Retirement (Consumer Webcast)
    According to a recent AICPA survey on trends in personal financial planning, not having enough money for retirement is the #1 concern of Americans. As you envision what your life and finances might look like after you retire, cash flow planning is a critical piece of the retirement planning puzzle. Hear a panel of CPA financial planners as they address envisioning retirement, planning for spending in retirement, and how to connect your spending and savings goals prior to and in retirement in this webcast hosted by the AICPA’s Personal Financial Planning Section and 360 Degrees of Financial Literacy. Share the free archive with your clients!

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    August Recap of PFP/PFS News & Resources

     

    To Help You Practice Competently & Profitably
    Below is a brief recap of the news, resources, advocacy, and education made available to you last month. Visit our website to view this comprehensive list with links to the various resources mentioned:

     

    The CPA’s Guide to Financial and Estate Planning: Volume 3 of 2015 edition released (Volumes 1-2 were released in July; watch PFP News for Volume 4, which will be released in September)

    Agenda Released for 2016 AICPA Advanced PFP Conference

    August Inside Information: Trusting Trustees

    Three Media Reviews from Bob Veres

    New in the Learning Library (newly designed!):

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    Webcast: Practical Planning for Cash Flows and Withdrawal Strategies in Retirement

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    Podcast: Termination of an Insurance Trust

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    Podcast: Advising Clients on Avoiding Common Retirement Planning Missteps and Mistakes

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    Podcast: Advising Clients on Dissolving Family Limited Partnerships and LLCs

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    Podcast: Advising Clients During Market Uncertainty

    Forefield Alerts:

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    Growth in Mergers & Acquisitions

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    Social Security and Medicare Trustees Report Highlight Challenges

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    Interest Rates on New Federal Student Loans Fall Slightly

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    September is National Life Insurance Awareness Month

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    Market Volatility Materials Available

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    New Video Highlights China’s Recent Market Turmoil

    Leg/Reg:

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    Highway Funding Bill Changes Tax Return Due Dates

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    New Estate Basis and Reporting Rules Effective Immediately

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    New Estate Basis Reporting Requirements Delayed Until Next Year

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    PFP Executive Committee Chair Letter re: DOL Fiduciary Proposed Rulemaking

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    CPA/PFS Corner

     

     

    25% Early Bird Discount for Fall/Winter PFS Exam
    Register now and receive a 25% discount on the registration for the fall/winter 2015 PFS exam (offered December 26, 2015 – January 29, 2016 at convenient testing centers located across the country). Learn more at aicpa.org/PFSexam.

    Exam Prep Options to Fit Your Schedule
    Whether you learn best in a traditional classroom, an online classroom, or independently, there’s an exam preparation format that’s right for you. Choose from the following options:

     

    1.

    Online PFP Boot Camp – November 16, 23; December 7, 14

    2.

    In-person PFP Boot Camp in Columbus, OH – December 9-11

    3.

    Archived recording of the PFP Boot Camp without CPE – Anytime

    3.

    Self-study PFS Exam Review Course – Anytime

     

    PFP Section members can benefit from discount pricing to prepare for and take the PFS exam, receiving 32.5 hours of CPE for as low as $407.50 (with the sponsorship reimbursement)!

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    Other News

     

     

    Podcast: Advising Clients During Market Uncertainty
    In this podcast, Lori Luck, CPA/PFS and David Stolz, CPA/PFS address recent market events, how they are advising and communicating with clients, and planning opportunities to consider. Access the  PFP Learning Library for more videos, podcasts, and webcasts.

    Podcast: Advising Clients on Dissolving Family Limited Partnerships and LLCs
    In this podcast, Martin Shenkman discusses issues and considerations and alternate options when it comes to deciding whether to dissolve a family limited partnership and family limited liability company. These structures were put in place for a variety of reasons, but most likely with the primary goal being to generate valuation discounts for estate and gift tax planning purposes. Martin addresses the pros and cons as well as some of the novel and common planning opportunities available to advisers to help their clients address this issue. Access the PFP Learning Library for more videos, podcasts, and webcasts.

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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
    .

    PFP Section-Sponsored Webcasts:

    Aging and Incapacity: CPAs Role in Advising Aging Clients
    September 16, 11am-12:45pm ET
    Free with CPE for PFP/PFS members.

    Understanding New Tax Due Dates Law
    September 16, noon-1pm ET
    Free without CPE.

    Estate, Tax and Financial Planning: New Ideas to Address with Your CPA
    October 19; 1-2pm ET
    Free without CPE. Invite your clients to this consumer-oriented webcast.

    How to Know Wills, Trusts and Other Legal Documents Meet Your Clients' Goals
    October 21, 1-2:45pm ET
    Discounted CPE.

    Introduction to Life Planning
    October 27, 1-2:15pm ET
    Free without CPE.

    Practical Planning for Social Security and Healthcare in Retirement
    November 4, 1-2:30pm ET
    Free without CPE

    Year-End Financial and Tax Planning Strategies
    November 13, 1:30-3:15pm ET
    Registration coming soon.
    Free with CPE.

    Upcoming Conferences:

    Sophisticated Tax Planning for Your Wealthy Clients
    November 16-17
    Boston, MA
    Live | Virtual
    PFP/PFS members save an additional $50 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.

    Building a Personal Financial Planning Services Business
    January 16-17
    Bellagio, Las Vegas
    PFP/PFS members save an additional $100 on the AICPA member price.

    George Kinder’s The Seven Stages of Money Maturity® Workshop
    January 16-17
    Bellagio, Las Vegas
    Watch PFP News for registration information.
    PFP/PFS members save an additional $100 on the AICPA member price.

    A Case Study in Producing and Presenting Financial Plans
    January 17
    Bellagio, Las Vegas
    Watch PFP News for registration information.
    PFP/PFS members save an additional $100 on the AICPA member price.

    What the Sophisticated CPA, Lawyer & Financial Planner Need to Know About Planning for IRAs
    January 17
    Bellagio, Las Vegas
    Watch PFP News for registration information.
    PFP/PFS members save an additional $100 on the AICPA member price.

     

    Contact Us

     

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

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