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Podcast: Q1 Update on New Tax Laws, Private Letter Rulings, and Court Cases |
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In this video podcast, Bob Keebler, CPA/PFS, recaps the first quarter of 2018 case law, private letter rulings, and legislation as follows: |
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Priority Guidance Plan, outlining initial thoughts on guidance projects implementing the Tax Cuts and Jobs Act |
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Cases and PLRs covered include: |
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Estate tax exemption
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QTIP election |
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GST allocation |
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Worthless loan deduction |
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Charitable deductions |
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Income tax form disclosures |
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IRA in divorce |
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IRA rollovers and Roth IRA contributions |
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Trusts as IRA beneficiaries |
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Article: IRS Computer Crash Prompts Deadline Extension |
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As the IRS’s d-File and Direct Pay systems were not operational for most of the day on Tuesday, April 17th, the IRS has extended the filing and payment deadline until midnight on Wednesday, April 18th. Read more in this article. |
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Broadridge Alert: Trade Tariffs |
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The recent tariffs imposed by President Trump on steel and aluminum imports reflect a shift in U.S. trade policy. This new client alert provides an overview of the changes and considers how they might affect the U.S. and global economies. |
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Next Week: Free CPE Webcast: How Tax Reform Changes Planning for Individuals |
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Don’t miss this free CPE webcast taking place next Wednesday, April 25th at 2:30 pm ET. Please note this event is free with CPE for ALL AICPA members, so please share with your colleagues. With tax serving as the gateway to financial planning, now is an exciting time for the profession, promising more opportunity for practitioners and better service for individual clients. In this session, you will learn how the 2017 Tax Cuts and Jobs Act changes the landscape of planning for individuals, business owners, and estates, gifts and trusts. |
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Podcast: Favorable Rulings on Modification of Trust
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In PLR 201814005, the IRS ruled on the income, gift, and generation-skipping transfer (GST) tax rulings with respect to the proposed modification of a trust, Bob Keebler, CPA/PFS, reports. The text of the ruling can be found here and the podcast here, courtesy of Leimberg Information Services, Inc.
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Resource Spotlight: The Retiree's Cost of Care Barometer (And Virtual Demonstration)
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One of the most challenging aspects of planning for retirement comes with projecting health care costs. In case you missed it, Jim Shambo, CPA (retired), developed a new tool designed to help you dive deep with clients who need help planning for their health care expenses in retirement. The new program comes with an easy-to-follow user guide, and Jim will help you understand further how to use the tool and practical applications in a virtual demonstration taking place on May 16th. Registration for the demonstration is limited, so be sure to mark your calendars and register for the interactive experience today. |
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Bob Veres Media Reviews: Staff Turnover, Fiduciary Standards & DOL Rule |
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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 April’s Investment Advisor magazine and recent articles from Advisor Perspectives, including those rated with high relevance: |
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“Factor Investing” (portfolio management) by Allan Roth |
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“The Track Record of Market Pundits” by Larry Swedroe |
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“Beware of the Misinterpretations of the CAPE Ratio” by Larry Swedroe |
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“Why AUM-Based Fees Don’t Meet Fiduciary Standards” by Bert Whitehead |
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“Who Shall Rule the Planning Profession? Competition vs. Consolidation” by Bob Veres |
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“After Court Ruling, DOL Stops Enforcing Fiduciary Rule” by Melanie Waddell |
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“ScratechWorks Unites Fintech and RIA Funding” by Tim Welsh |
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“High Turnover Creates Poor Performance” (practice management) by Mark Tibergien |
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“Make a Decision” (changes in the profession) by Angie Herbers |
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Access other editions of media reviews, Inside Information and e-columns. |
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T3 Technology Hub News: Medicare Enrollment Software |
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T3 Technology News is designed to provide you with insight and all the latest news on technology for financial advisors plus in-depth reporting on financial services technology. The latest edition of the T3 newsletter includes the following articles: |
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Bob Veres Inside Information: Building to a Billion |
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The latest article in Inside Information* from Bob Veres features Building to a Billion, featuring a new workshop with three consultants who offer a realistic way to accelerate your firm’s growth path. *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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Article Feature: How CPAs Turn Wealth Transfer into Opportunity |
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Over the next few decades, $30 trillion in wealth is expected to change hands, presenting a unique opportunity for CPA financial planners whose clients hope to leave their wealth to their children. It also means that CPAs will need to think strategically about how to convince their clients’ heirs to become their clients as well. Read what experts like Jean-Luc Bourdon, CPA/PFS, Mark Astrinos, CPA/PFS and Ann Aptaker, CPA/PFS, share in this article. |
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Take Big Learning in Small Chunks - Embark on the PFS Certificate Pathway
Do you want to earn the stamp of proficiency in areas like retirement and estate planning? Demonstrate your expertise to clients, prospects and even your employer by taking this pathway to the CPA/PFS. Take the journey in steps by completing certificates in retirement, estate, risk management/insurance planning, investment planning and overall PFP practical applications. The CPA strengths of process, standards and tax expertise are integrated within each certificate. Online education makes it convenient; take a short certificate exam for each one and skip the comprehensive PFS exam! The best part? Do this on your own schedule in a flexible way that meets your goals and objectives. Learn more here.
Key Dates to Remember
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Video: Digital Estate Planning
In this video, expert Steve Siegel discusses digital estate planning considerations and strategies for your individual clients as covered in The Adviser's Guide to Financial and Estate Planning.
Bob Veres Media Reviews: Partner and Employee Compensation
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 April’s Financial Planning magazine, including those rated with high relevance like “Compensation Concepts” (partner compensation) by Kelli Cruz and “Be Transparent About Pay” (employee compensation) by Carolyn McClanahan. Access other editions of media reviews, Inside Information and e-columns.
Advocacy: AICPA Supports “Taxpayer First Act” Discussion Draft
On April 6th, the AICPA submitted a letter to the House Ways and Means Oversight Subcommittee in support of their effort to redesign the IRS. In the letter, the AICPA emphasized a commitment to support Congressional efforts to ensure a service-oriented, modernized tax administration.
Test Your Knowledge, Get a Discount to Attend ENGAGE
How much do you really know about current issues impacting individuals? Think you know the answer? Put your knowledge to the test with a game of trivia and receive $100 off your ENGAGE registration, in addition to a $100 discount for being a PFP Section member. Answer the following question when you click here:
Which of the following is not true about tax reform? |
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The Section 1014(a) basis adjustment was repealed. |
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The gift, estate and GST tax exemption were increased. |
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Trusts are eligible for the new Section 199A deduction. |
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Estate Planning Scholarship to Attend ENGAGE
The P. Thomas Austin Personal Financial Planning Division Scholarship covers the registration fee and travel expenses of an emerging* CPA to attend the 2018 Advanced Estate Planning Curriculum as a part of ENGAGE (June 11-13 in Las Vegas). In addition, there will be networking opportunities with seasoned estate planners available throughout the event. Learn more about the requirements and complete an application by May 1, 2018 to be considered. *For purposes of this scholarship, an emerging CPA is a practitioner with 10 years or less experience as a CPA. The registration fee applies to the Advanced Estate Planning Conference and the pre-conference workshop, EST Basics. |
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PFP Section-hosted 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 here.
Upcoming PFP Section-hosted Webcasts:
Watch PFP News for registration links for upcoming events!
Next Week! How Tax Reform Changes Planning for Individuals
April 25th from 2:30-3:30pm ET
Free with CPE for everyone.
Next Week!
Financial Literacy Series: Take Charge: Your Money. Your Life.
2018 Taxes: Start Your Money Plan Here
April 27th from 1-2pm ET
Free for all (and for clients) with no CPE
Retiree Cost of Care Barometer Demonstration
May 16th from 1-2pm
No CPE.
To Roth or Not?
May 23rd from 1-2:15pm ET
How to Serve Your Clients Year-Round with Financial and Tax Planning Strategies
May 24th, 1:00-2:45pm ET
Free with CPE
Planning for Ultra-High Net Worth Individuals
June 6th from 1-2:45pm ET
Discounted CPE
Tax Reform Readiness: Effectively Hold a Client Tax Planning Meeting
June 19th from 1-2:45pm ET
Discounted CPE
Tax Planning Update
July 11th from 1-2:15pm ET
Discounted CPE
Boost Your Etiquette IQ
June 20th from 1-2pm ET
Free; No CPE
In-Depth Rebalancing
August 29th from 1-2:15pm ET
Discounted CPE
Upcoming Conferences & Workshops:
Advanced Personal Financial Planning Conference at ENGAGE
June 2018
Discounted CPE.
Building a Tax and Financial Planning Advisory Business Workshop
June 9-10, 2018
Discounted CPE.
Expanding Your Value as a Retirement Coach
June 10, 2018
Discounted CPE.
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