Current PFP News

October 21, 2020
Highlights in this issue:
PFP News
The new AICPA website is here! Quick-start tips for success
You may have noticed that the AICPA has a new website.  This site was designed with you in-mind and can be customized so that you can quickly and efficiently access what is most important to you.  If you haven’t yet, please login and set up a profile.  We highly recommend you taking 10 minutes to access this quick-start guide to help ensure you have the most successful experience and know where to find your PFP Section resources. 

2020 year-end planning opportunities and election implications
It’s been a year unlike any other and year-end planning is no different. The election has significant implications given the wide gap in tax policy between the two parties. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, breaks down the key areas to focus on, including:
  • What to look out for with a potential change in administrations
  • The highest impact planning like capital gains, estate and charitable planning, and Roth conversions
  • Considerations such as bracket management, timing of deductions, gain and loss harvesting, NUA, and donor advised funds
Listen while viewing the detailed slides.

Bob Veres media reviews: the 5 best tax planning ideas for 2020 from Ed Slott
Save time and stay ahead of the curve by reading Bob’s write-ups of articles in the October issue of Financial Advisor and recent articles from Advisor Perspectives like:
  • “The 5 Best 2020 Tax Planning Ideas” by Ed Slott
  • “Is Succession in Founder’s Economic Interest?” by Carolyn Armitage
  • “Planning This Election Year” by Theresa Marx
  • “Fiduciary Advice: Where Do We Go from Here?” by Knut Rostad
New in the learning library: Business succession planning: Now’s the time
In this recent webcast, Steve Siegel discussed the ins-and-outs of succession planning and why now, more than ever, it is important to have a plan in place.  You can listen to the recording here, which explores various issues and alternatives that arise with respect to succession planning for the owners of privately held businesses.

National estate planning awareness week
The third week of October has been designated as National Estate Planning Awareness Week. Estate planning is a vital component of every financial plan, regardless of the size of an estate. Unfortunately, the need for estate planning is commonly overlooked. This often results in wasted dollars and emotional hardship that could otherwise be minimized with proper advance planning and action.  Broadridge offers a concept video on key estate planning documents along with a dedicated resource center to help you guide clients.

IRS news on payments and distributions to/from a state unclaimed property funds
Revenue Ruling 2020-24 clari?es the federal income tax withholding and reporting obligations that apply for the year a payment is made from a qualified plan to a state unclaimed property fund.

Revenue Procedure 2020-46 modifies and updates Rev. Proc. 2016-47, 2016-37 I.R.B. 346, which provides a list of permissible reasons for a taxpayer to self-certify eligibility for a waiver of the 60-day rollover requirement under certain eligible retirement plans. This Revenue Procedure modifies that list by adding a new reason: a distribution was made to a state unclaimed property fund.

Next week! Planning for the 99% with Steve Siegel
Join financial and estate planning expert Steve Siegel next week in this webcast as he walks through planning for the everyday client in light of the SECURE Act, CARES Act, and the political environment. “Simple” estate planning is a risk for many and Steve will discuss what you need to know to protect your clients including:
  • The challenges in 2020 including making sure that clients understand the retirement plan distribution changes made by the SECURE Act and the opportunities presented by the CARES Act
  • The many other considerations that should go into an estate plan including portability, income tax considerations and asset protection concerns that makes estate planning important for many clients below the tax threshold
  • Why the combination of the sunset of the 2017 TCJA after 2025 and possible “political risk” before then makes advising clients in 2020 of critical importance
Upcoming course on building a fee-for-service personal financial planning practice
Financial planning experts and long-time PFP Division volunteers, Tom and Susan Tillery are offering a virtual course taking place in December which will focus on how to build and implement a fee-for-service, integrated personal financial planning model without asset management or product sales.  Participants will leave with a proven action plan developed over 15 years, as well as written best practices for operating and planning steps.  The deadline to register for this course, which provides 24 hours of CPE, is November 25th and is available only to CPA/PFS credential holders and PFS candidates.

If you are looking for additional resources to build a tax and financial planning practice, as an AICPA member, you can access this podcast series, which features successful CPA financial planners who share how they offer PFP services. Also, visit the Tax and Financial Planning Hub.

COVID Homes" Create Professional Liability Risk for CPA Firms
As COVID-19 closed the physical location of many businesses and stay-at-home orders were issued, some individuals chose to shelter-in-place at vacation homes or other locations out of the state where they previously worked. Those individuals may still be continuing to work out of their “COVID homes.”

While being able to work remotely has many benefits, nexus implications for both individual and business tax clients resulting from employees working somewhere other than the employer’s or taxpayer’s home state may arise.  Learn more in this article.

Assessing fraud penalties in syndicated conservation easement cases
In AM 2020-010, the IRS Chief Counsel issued guidance on the procedures for assessing civil fraud penalties in syndicated conservation easement cases involving partnerships subject to the unified partnership procedures enacted by TEFRA. Bob Keebler, CPA/PFS, reports in this Leimberg Information Services, Inc. podcast.

IRS finalizes regulations on S corporation post-termination distributions
In TD 9914, the IRS issued final regulations providing rules relating to distributions of money by eligible terminated S corporations after the post-termination transition period. Bob Keebler, CPA/PFS, reports in this Leimberg Information Services, Inc. podcast.
CPA/PFS Corner
Give clients peace of mind as a CPA/PFS
In times like today, clients and prospects are feeling anxious.  The current environment may make them feel more uncertain.  Help clients know they can find peace of mind by working with you, a CPA/PFS, as you bring to the table:
  • An objective and client-first approach
  • A specialized knowledge base for personal financial planning
  • A deep understanding of tax matters and how they impact all personal financial matters
  • An extremely high ethical standard
Start working towards the CPA/PFS today and help your clients feel peace and more secure.
Last Week’s Highlights
Final regs on the termination of a trust or estate
If you have clients who terminated an estate or nongrantor trust in 2018, 2019, or 2020, you will want to tune in to this episode of the PFP Section podcast. Long awaited clarity is here and Steve Siegel outlines what you need to know.

Broadridge alert: 2020 election and its potential impact on taxes and the economy A shift in the balance of power can have wide-ranging implications for future government economic policies, but that's not the only reason investors might see an increase in news-driven market volatility in the weeks before and after the upcoming election. This new concept piece on the presidential candidates' tax proposals and other economic policy positions that you can send to your clients.

Social Security wage base announced
The Social Security Administration (SSA) announced that the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax will increase to $142,800 in 2021 from $137,700 in 2020. Learn more in this Journal of Accountancy article.

Bob Veres media reviews: retirement risks amid pandemic bankruptcies
Save time and stay ahead of the curve by reading Bob’s write-ups of articles in the October issue of Financial Planning like “Preparing Your Practice for a Post-Pandemic World” by Kimberly Foss and “Retirement risks Amid Pandemic Bankruptcies” by Ed Slott.

Top rated financial planning technology for 2021: Your input is needed
Bob Veres and Joel Bruckenstein are collecting data for their 2021 technology report for financial planners and will cover a broad array of topics like the best CRM, financial planning software, portfolio management, and tax planning software. The more input they receive, the better the results will be for readers. Take ten minutes to respond to their survey now. Results will be made available to you early next year as a PFP Section member.

PFP Events Coming Soon
Important Note: All PFP events appearing on the full PFP event calendar will be recorded and accessible at no cost to PFP Section members in the PFP Learning Library. Note: You must attend the live event to earn CPE. Please contact the PFP team if you are unable to find a recording that you are looking for.

See the full PFP event calendar

ENGAGE+ continues for those registered
November 16

AICPA town hall series: CARES Act and PPP
October 22, November 5
Free CPE for AICPA members

Next Week! Planning for the 99% in today’s environment
Steve Siegel
October 27

Post-election year-end planning
Bob Keebler
November 10th
Free CPE for PFP and PFS members

SECURE Act: A Seismic shift in your clients’ tax and financial plans (rebroadcast)
Bob Keebler
November 17

Last minute planning for 2020
Steve Siegel
December 1

Other Events:

Alliance for Comprehensive Planners (ACP) 2020 virtual conference
October 28-30

Small firm update
December 3

Get Connected
Connect with your peers on the AICPA PFP Linkedin Group
Email the PFP team directly
For account questions and login issues, call (888) 233-7618
Frequently Accessed PFP Resources
The Adviser’s Guide to Financial & Estate Planning: Volume 4
Upcoming webcast calendar
Resources from Bob Veres
PFP Standards compliance manual
 
For more, visit the AICPA PFP Section
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