Current PFP News

How to help clients take advantage of low interest rates
August 5, 2020
Highlights in this issue:
PFP News
To find all COVID-19 related content, visit

The Adviser's Guide to Retirement and Elder Planning: Social Security Planning is updated
Author Ted Sarenski, CPA/PFS, organizes seemingly complex planning into basic questions that your clients will ask you about Social Security.  He focuses on the strategies and advice you can provide as your clients plan and make decisions in this crucial area.  The 6th edition not only updates for 2020 key numbers, but it also includes planning tips on when to start retirement benefits, what to do when a recipient dies, information for disabled widows and widowers and more.

How to help clients take advantage of low interest rates
The potential for imminent estate tax law changes coupled with a low interest rate environment makes this an opportune time to transfer wealth. Bob Keebler, CPA/PFS, goes in-depth in this podcast episode (slides) with responding to the following questions that will help you help your clients: 
  • Why do you need to start educating clients now about how to protect their estate and gift tax exemption?
  • What is the most powerful transaction you can use to transfer wealth right now and how does this compare to a GRAT?
  • How do you balance bet to live and bet to die strategies?
  • When are dynasty trusts, private annuities, and split-dollar life insurance effective planning strategies? 
Steve Oshins releases 6th Annual Non-Grantor Trust State Income Tax Chart
The Non-Grantor Trust State Income Tax Chart is an easy-to-use summary that should open up opportunities for practitioners to save state income tax for their clients both with newly-created non-grantor trusts and by moving and fixing any existing non-grantor trusts that are needlessly paying state income tax and therefore dragging down the trust’s asset base.  The $10,000 state and local tax deduction limitation magnifies this problem, thereby bringing state income tax planning into the spotlight.  Advisors should be taking advantage of the opportunity to avoid the tax drag inherent in many trusts that accumulate income that is subject to state income tax even if not sourced to that state. 

Bob Veres Inside Information: creating bond portfolios, automated communications
The latest edition of Inside Information from Bob Veres includes stories on:
  • The Bond Buyer: where to find expertise to help you create individual bond allocations for your clients
  • Marketing: how to automate the process of sending out consumer articles through social media
  • Investing: the rank order of highest to lowest-returning investment categories is remarkably consistent over time
Life after the pandemic: thoughts from Lyle Benson, CPA/PFS
Our world has changed in many ways due to COVID-19.  Read questions to ask clients now and how to change mindsets during this unprecedented time.

New Broadridge material covers Reg BI, Form CRS and more
This new concept piece, Working with a Financial Professional: Your Interests Come First, provides investors with an easy-to-understand breakdown of the new regulatory requirements.

Reg BI primarily made changes related to broker-dealers and their previous suitability standard. Use your professional judgment in determining whether this Broadridge piece is valuable for your clients. You may also want to remind your clients that CPA financial planners are regulated by their state boards of accountancy and follow the Statement on Standards in Financial Planning Services.

Accept Your PFS Digital Badge!
All CPA/PFS credential holders should have received an email from in July with a reminder to activate your new PFS digital badge (if you don’t see it in your inbox, be sure to check your junk mail). This graphical symbol of your credential can be used on your website, social media, and email, linking back to an independent verification and description of the CPA/PFS credential for your employer, clients and prospects. This is a great opportunity to raise awareness for the CPA/PFS credential and once you accept your badge, you will have access to a pdf that will allow you to print your credential certificate on demand. Please let us know if you need more information or did not receive the email.

Bob Veres media reviews: the Social Security funding crisis has arrived
Save time and stay ahead of the curve by reading Bob’s write-ups of recent articles from Advisor Perspectives like:
  • “Actively Managed Funds Underperform on a Risk-Adjusted Basis” by Larry Swedroe
  • “The Mutual Fund Puzzle” by David Blanchett
  • “Are U.S. Stock Prices Consistent with Their Fundamentals?” by Geoff Considine
  • “What is Your Time Worth?” by Anna Premyslova
  • “Social Security’s Funding Crisis has Arrived” by Gary Shilling
New FAQs, fillable PPP loan forgiveness application with formulas, and more PPP resources
Yesterday, the SBA released 23 FAQs related to PPP loan forgiveness.  Dive deeper with this article and this podcast, courtesy of Leimberg Information Services, Inc.  Help clients complete an SBA PPP forgiveness application with this PDF, which includes calculations and information from other, relevant application pages.  Also, the Main Street Lending funding options page has recently been updated.   For other news and tools, be sure to review the AICPA PPP resources page and register for our upcoming Town Hall webcast series

Summary judgement denied on qualified appraisal issue
In an Order entered July 27, 2020 in the case of WT Art Partnership, L.P. v. Commissioner, Tax Court Judge Lauber denied the Commissioner's motion for summary judgment on the question of whether art appraisals were "qualified appraisals" under Code " 170(f)(11)(D). Bob Keebler, CPA/PFS, reports in this Leimberg Information Services, Inc. podcast.
Tax Section Spotlight
With the current COVID-19 environment, connecting with the IRS has been challenging due to strained resources and staffing issues at the IRS. See how using e-Services tools can be an alternative for connecting with the IRS electronically on certain matters in this Tax Section Odyssey video, courtesy of the Tax Section.
Last Week’s Highlights
We’re excited to let you know that our long-time volunteer and key contributor to the PFP Division strategies over many years, Charlie Kowal, is the recipient of the 2020 PFP Distinguished Service Award. Charlie has chosen to be honored for this award when we’re back together in person at next year’s PFP Conference at ENGAGE.

Ed Slott honored with Sidney Kess award for excellence in continuing education
The Sidney Kess Award for Excellence in Continuing Education was awarded to Ed Slott, CPA.  Read more about Slott in this press release.

Young CPA financial planners awarded at AICPA ENGAGE
At the 2020 Advanced Personal Financial Planning conference as part of AICPA ENGAGE, we recognized young individuals who have been dedicated to supporting their clients and embody the personal, ethical and professional characteristics of the model CPA financial planner.  Those honored include:
Zach Thies, CPA/PFS – P. Thomas Austin Personal Financial Planning Division Scholarship
5 Young CPA/PFS professionals – Personal Financial Planning Standing Ovation Award

Volume 3 of The Adviser's Guide to Financial and Estate Planning updated for SECURE and CARES
With vast amounts of change in recent years due to TCJA, SECURE, CARES, and more, you can use The Adviser's Guide to Financial and Estate Planning as your one-stop reference resource to keep up with the latest.  Written by nationally respected experts, Steve Siegel and Sid Kess, you can find all you need in this comprehensive, 1000-page, 4-volume publication. It provides guidance to CPAs advising clients in estate, tax, retirement, investment, and risk management matters and reflects the current law and planning implications. Learn more in Volume 3 (10th edition).

What’s next? Life after the pandemic
Your clients look to you for more than just numbers. You can help them through the human and personal dynamics of transition. Lyle Benson CPA/PFS, facilitates a conversation in this episode (slides) with Susan Bradley on how to skillfully help clients move through the pandemic.

How CPA financial planners can succeed with alternative fee models
Financial planners who use hourly billing, subscription fees and other alternatives to the AUM billing model shared their experiences at the ENGAGE 2020 conference. One benefit to these alternative models is that they could allow planners to serve a broader range of clients. Read more in this article and enhance your learning with this podcast.

CPA licensure model transformation continues after NASBA board vote
Work to transform the CPA licensure model will continue in earnest after the National Association of State Boards of Accountancy announced that its board of directors has voted unanimously to support the advancement of the CPA Evolution initiative. Read more.
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

AICPA town hall series: CARES Act and PPP
August 6, 20
Free CPE for AICPA members

10 Critical IRA Errors Advisors Must Avoid
Jeff Levine
August 12

Business Succession Planning: Now’s the Time
Steve Siegel
September 21
Free CPE for PFP and PFS Section members

Year-end planning (client-facing webcast)
Jeff Levine, CPA/PFS
October 21
Free consumer webcast

More Learning Opportunities

2020 Mid-year tax roundup
August 10, 18

Small firm update
September 3

Get Connected
Email the PFP team directly
Connect with your peers on the AICPA PFP Linkedin Group

Frequently Accessed PFP Resources
PFP standards
Young CPAs/students/professors
Technology Toolkit
The CPA’s Guide to Investment Advisory Business Models
For more, visit the AICPA PFP Section
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