Current PFP News 


    As you review your clients’ tax returns, look for planning opportunities. Access resources to help you at aicpa.org/pfp/pathway.

    Please add AICPA_PFPNews@e.aicpa.org to your address book. If you have trouble viewing, the latest issue of PFP News is posted to aicpa.org/pfp/pfpnews on Thursdays.

    AICPA

    PFP News

     

    Member-Exclusive News, Resources and Events

     

    February 10, 2016

    In This Issue

    Podcast: Key Takeaways from the 2016 Advanced PFP Conference

    Now Available! Advanced PFP Conference Video/Audio Recordings and Materials

    Article: President’s Budget Proposes Many Tax Changes

    Audio Clip: Filing Form 8971

    Forefield Alert: Client Alert Discusses Deadline for Making 2015 IRA Contributions

    Blog: Creating a Social Media Policy for Your Practice

    Nominate a Peer for the Sid Kess Award!

    Scholarship to Attend the Advanced Estate Planning Conference

    Bob Veres Media Reviews: “Why Clients Don’t Take Your Advice”

    New in the Learning Library: The Replacement of a Life Insurance Contract: The Good, The Bad and The Ugly

    Call for Comments: AICPA and NASBA Seek Consistency in CPE Credit Increments

    CPA/PFS Corner: Infographic: Pathway to the PFS Credential

    Other News: Podcast: Advocacy: Advocacy: AICPA Requests Guidance on Consistent Basis Reporting Between Estates and Beneficiaries; Leg/Reg: Protecting Access to Retirement Advice; Forefield Alert: February is Financial Aid Awareness Month; Podcast: What You Need to Know About Filing Form 8971; February Inside Information: Keeping Clients on Track for Retirement; AICPA Announces Two New Events: ENGAGE and PFP Leadership Summit

     

     

    PFP News & Resources

     

    Podcast: Key Takeaways from the 2016 Advanced PFP Conference

     

    In this podcast, Scott Sprinkle, chair of the Advanced PFP Conference Planning Committee, shares highlights from the 2016 conference. Joined by Mark Astrinos, Karen Goodfriend, and Ted Sarenski (chair-elect of the planning committee), each recaps their key takeaways, what tops their list of action items, and their best experience of the conference. Ted shares two new events for 2017 – a PFP leadership summit and the ENGAGE conference.

    BACK TO TOP

     

    Now Available! Advanced PFP Conference Video/Audio Recordings and Materials

     

    Video and audio recordings, as well as presentation materials from the 2016 Advanced Personal Financial Planning Conference, are available from AICPA Conferences. Registered conference attendees have complimentary access when they log in to the site (see instructions on how to access the materials), while others can create an account to purchase recordings and presentation materials. Learn more about two new events for 2017 – a PFP leadership summit and the ENGAGE conference.

    BACK TO TOP

     

    Article: President’s Budget Proposes Many Tax Changes

     

    President Barack Obama released his last proposed budget, for the government’s 2017 fiscal year, on Tuesday. It contains tax provisions affecting education, health care, and retirement, as well as proposing extensive changes affecting businesses. The budget presents a wish list of changes the administration would like to see enacted; however, the Republican-held Congress is unlikely to support much of the president’s plan. Read more in the Journal of Accountancy online.

    BACK TO TOP

     

    Audio Clip: Filing Form 8971

     

    In informal conversations with tax software providers, the IRS has confirmed that filers of Form 706 for portability only will not be required to file Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent. An IRS official stated, “For 706s filed solely for portability reasons, practitioners should spend no time or effort on preparing Form 8971 or Schedule A until the IRS releases further guidance, even if that guidance is not released until Feb. 29, 2016." Listen to Bob Keebler’s report (courtesy of Leimberg Information Services).

    BACK TO TOP

     

    Forefield Alert: Client Alert Discusses the Deadline for Making 2015 IRA Contributions

     

    Taxpayers have until their tax return due date (not including extensions) to contribute up to $5,500 to an IRA for 2015 ($6,500 if they were age 50 by December 31, 2015). For most taxpayers, the contribution deadline for 2015 is April 18, 2016 (April 19, 2016, for residents of Maine and Massachusetts). Forefield created a new Client Alert that can help you inform your clients that there's still time to make IRA contributions for 2015.

    BACK TO TOP

     

    Blog: Creating a Social Media Policy for Your Practice

     

    Social media can be a great way to deepen existing client relationships and connect more with prospects. In this AICPA Insights blog post, Blane Warrene outlines four steps to creating a social media policy and compliance issues to consider.

    BACK TO TOP

     

    Nominate a Peer for the Sid Kess Award!

     

    The Sidney Kess Award for Excellence in Continuing Education is designed to recognize an individual who has made significant and outstanding contributions in tax and financial planning continuing education and whose integrity and public service exemplify the AICPA's Values and Vision. Nominations are accepted through March 31. For eligibility and nomination criteria, please contact Barbara Berman at bberman@aicpa.org with the subject line: Sidney Kess Award.

    BACK TO TOP

     

    Scholarship to Attend the Advanced Estate Planning Conference

     

    The P. Thomas Austin Personal Financial Planning Division Scholarship covers the registration fee and travel expenses of an emerging* CPA to attend the 2016 Advanced Estate Planning Conference (July 18-20, 2016 in Washington DC), including the pre-conference on the fundamentals of estate planning, with Jeremiah Doyle and Missy Vaselaney. In addition, there will be networking opportunities with seasoned estate planners available throughout the conference. Learn more about the requirements and complete an application by June 1, 2016 to be considered. *For purposes of this scholarship, an emerging CPA is a practitioner with five to 15 years of experience as a CPA and a novice-level experience of less than five years specifically in estate planning through practice or relevant membership organization.

    BACK TO TOP

     

    Bob Veres Media Reviews: “Why Clients Don’t Take Your Advice”

     

    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 February’s Investment Advisor magazine, including those rated with high relevance:

     

    “DOL Fiduciary Rule Could Arrive by April” by Melanie Waddell

    “In Pursuit of Happiness” by Olivia Mellan and Sherry Christie (Practice management)

    “Why Clients Don’t Take Your Advice” by Stephen Wendel (Client management)

    “Conan the Contrarian” by Mark Tibergien (Practice management)

    “Failure Sucks: To Succeed, Embrace Success” by Angie Herbers (Practice management)

    “What You Need to Know About E-Signatures” by Dan Skiles (Practice management)

    “Is Your Advertising Prohibited?” by Tom Giachetti (Regulatory)

    “Talent Wars: Lessons From Leading Firms” by Caleb Brown (Staff retention)

     

    Access other editions of media reviews, Inside Information and e-columns.

    BACK TO TOP

     

    New in the Learning Library: The Replacement of a Life Insurance Contract: The Good, The Bad and The Ugly

     

    On occasion, a life insurance contract will have to be replaced. The Internal Revenue Service mandates strict rules as to the replacement and design of the new life insurance contract. Financial advisers need a keen awareness of the applicable sections of the IRC; the various types of life insurance contracts; and the unique features and benefits of each contract type. Tom Tillery walks you through the replacement process and illustrates the “finished product” with a case study. In this webcast you will learn to:

     

    Identify and Review IRC sections applicable to life insurance contracts

    Analyze existing life insurance contracts based on: carrier rating, policy type, contractual features and benefits

    Determine the most appropriate life insurance policy based on an individual’s facts and circumstances

    Identify key economic considerations in an IRC § 1035 Exchange

    BACK TO TOP

     

    Call for Comments: AICPA and NASBA Seek Consistency in CPE Credit Increments

     

    The AICPA and the National Association of State Boards of Accountancy issued an amended proposal to create consistency in the increments of continuing professional education credits that would be allowed through various methods of instruction. Interested parties are encouraged to comment on the exposure draft by April 30. Learn more in this article in the Journal of Accountancy. Comments can be submitted by email by April 30 to Clar Rosso (crosso@aicpa.org) or Jessica Luttrull (jluttrull@nasba.org).

    BACK TO TOP

     

    CPA/PFS Corner

     

     

    Infographic: Pathway to the PFS Credential
    Personal Financial Specialist: three simple letters; three simple steps – learn, pass the exam, and gain experience. Where are you on this path? Whether you provide estate, retirement, investment, insurance/risk management or tax planning services, the demand for personal financial planning is already high, and growing! Check out this infographic on the demand and benefits and steps to becoming a CPA/PFS.

    BACK TO TOP

     

    Other News

     

     

    Advocacy: AICPA Requests Guidance on Consistent Basis Reporting Between Estates and Beneficiaries
    The AICPA submitted a comment letter to the IRS with several suggestions regarding the needed guidance from Treasury and IRS on the application of Section 2004 of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) relating to the provision of consistent basis reporting between estates and persons acquiring property from a decedent.

    Leg/Reg: Protecting Access to Retirement Advice
    The House Committee on Education and the Workforce last week considered legislation to strengthen the retirement security of working Americans. On Tuesday, February 2, the full committee, chaired by Rep. John Kline (R-MN), held a markup of the Affordable Retirement Advice Protection Act (H.R. 4293), introduced by Rep. Phil Roe (R-TN), and the Strengthening Access to Valuable Education and Retirement Support Act (H.R. 4294), introduced by Rep. Peter Roskam (R-IL). The complementary, bipartisan proposals will require financial advisors to serve their clients’ best interests and protect access to high-quality, affordable retirement advice. The proposals provide a legislative alternative to the Department of Labor’s fiduciary proposal. The markup took place last week.

    Forefield Alert: February is Financial Aid Awareness Month
    The U.S. Department of Education has named February Financial Aid Awareness Month. This is the time of year when many families file the FAFSA (the government's aid application) and the CSS Profile (the standard college aid application). Forefield offers a variety of materials that you can use to educate your clients and prospects about financial aid: Financial Aid for College, Financial Aid 101, ABCs of Financial Aid and 529 Plans and Financial Aid Eligibility. View the alert.

    Podcast: What You Need to Know About Filing Form 8971 for Basis Consistency
    In this podcast, Bob Keebler interviews Vince Lackner regarding the new Form 8971 which is required by the IRS for basis consistency, including the premise for basis consistency, what information needs to be included when the form is filed, the status of instructions and regulations, who has to file and who doesn’t, and concerns over the timing of filing Form 8971 within 30 days of filing Form 706. AICPA submitted comments on the draft version of IRS Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent.

    February Inside Information
    The latest edition of Inside Information* from Bob Veres includes stories on: Out of the Box and On the Money: Here’s a fresh look at how to keep clients on track for retirement, and keep them from overspending once they get there; Following Through: What’s new at Max My Interest and Performance Trust; Social Security Made Easy: Social Security Advisors will not only create a customized claiming strategy for your clients, but also implement it through the Social Security Administration; Tales of Data Conversion: How painful is it, really, to move your client data to a new portfolio management system; Parting Thoughts: The next few years could represent the growth opportunity of a lifetime for your firm. *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.

    AICPA Announces Two New Events: ENGAGE and PFP Leadership Summit
    5 Areas of Advanced Expertise. Real-World Learning. Stronger Connections.
    AICPA recently announced the new ENGAGE event to be held on June 12-15, 2017 which will co-locate five conferences, including the Advanced Personal Financial Planning Conference, the Advanced Estate Planning Conference and the Conference on Tax Strategies for High-Income Individuals. This unique event is the accounting profession’s one-of-a-kind event to accelerate and advance your success as a practitioner, featuring more top quality content, greater access to leading speakers, experts, and thought leaders, more crossover exposure to other conferences, and more opportunities to grow your network, strengthen your practice, and enhance client relationships. As a PFP/PFS members, you will still experience the leading technical conference for financial planning professionals, with access to more networking, an expanded exhibit hall experience and PFP-focused events.

    AICPA announced the creation of a new conference experience on January 22-25, 2017 with the Personal Financial Planning Leadership Summit. This event, designed for “leaders among leaders,” will be a very interactive gathering of leading financial planners across the country and will be a unique opportunity to take your PFP practice to the next level. This is a one-of-a-kind occasion for the profession’s innovators to experience an event unlike any other “conference” with A-list attendance and interactive sessions. Deepen professional relationships both in and out of the meeting, which includes excursions and activities on the event property, and draw inspiration from the tranquil location.

    BACK TO TOP

     

    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:

    Watch PFP News for registration links for upcoming events!

    How Do You Save Income Taxes with a Non-Grantor Trust?
    February 24, 2-3:45pm ET
    Discounted CPE.

    No Time to Waste: The Estate Planner's Role in Planning for Incapacity
    March 16, 2-3:45pm ET
    Discounted CPE.

    Later Life Planning: New Services to Offer Aging Clients
    April 27, 1-2:45pm ET
    Free with CPE to PFP/PFS members.

    2016 Taxes: Start Your Money Plan Here
    April 28, 1:00 to 2:00 p.m. ET
    Invite your clients to this free consumer-oriented event. No CPE offered.

    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.

    Latest Trends and Developments in Long Term Care Insurance
    August 17, 1-2:15pm ET
    Discounted CPE.

    Upcoming Conferences:

    PFP Thought Leadership Summit
    January 22-25, 2017
    Discounted CPE.

    Advanced PFP Conference (ENGAGE)
    June 12-14, 2017
    Discounted CPE.

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

    Advanced Estate Planning Conference
    July 18-20, 2016
    Discounted CPE.

     

    Contact Us

     

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

    Follow us on:

     

    You are Subscribed to AICPA PFP Section
    Mailing List

    Manage Your Preferences
    Unsubscribe
    Add to Address Book
    Privacy Policy
    Contact Us

    American Institute of CPAs,
    220 Leigh Farm Road,
    Durham, NC 27707-8110
    888.777.7077

    A16FB44




    A A A


     
    Copyright © 2006-2016 American Institute of CPAs.