Current PFP News

June 3, 2020
In this issue:
Updated for 2020: the proactive planning toolkit
How Medicare benefits have changed due to our public health emergency
Bob Veres Inside Information: the advisor alpha
House passes PPP Flexibility Act
Upcoming PFP Webcasts
PFP News
To find all COVID-19 related content, visit

Love has no meaning if it isn’t shared.  Love has to be put into action.” – Mother Teresa.  The power of your positive words, actions, objective guidance, and a caring ear can help others during this time of extreme hurt and suffering. 

Updated for 2020: The proactive planning toolkit
Legislation like TCJA, and the SECURE and CARES Acts have added more complexity to planning for your individual, family, and business owner clients. This toolkit can help you plan proactively for your clients.  Check out these resources which will help you understand the latest planning strategies and help you continue to add value in your client relationships.
  • Best income tax strategies chart
  • Roth decision charts
  • Podcasts on the SECURE and CARES Acts
  • Webcast recordings
  • And much more!
How Medicare benefits have changed due to our public health emergency
Clients 65+ and those with certain medical conditions are at higher risk for contracting COVID-19. If they are affected by the virus, you can help them understand their increased Medicare benefits put in place by the Centers for Medicare and Medicaid Services. In this episode, learn from Jim Sullivan, CPA/PFS, as he answers questions about the changes to Medicare benefits like:
  • What testing and treatment does Medicare cover for COVID-19?
  • How have telemedicine services been expanded? 
  • If a vaccine is approved, will it be covered by Medicare?
  • How have the special rules for Medicare coverage for a skilled nursing facility changed?
  • Can beneficiaries obtain extended supplies of prescription medications?
  • What if out-of-network care is needed?
  • What to consider with Medicare Advantage plans?
For those who prefer to read, Jim provided a write-up on this topic that can be found here.

Bob Veres Inside Information: the advisor alpha
The latest edition of Inside Information from Bob Veres includes stories on:
  • The Advisor Alpha Opportunity: What are the best practices for rebalancing portfolios and tax-loss harvesting?
  • Client Services: A new way to value advisory practices and small businesses.
  • The Profession: Schwab and rivals introduced a new custodial revenue model.
Top tax planning strategies now in the PFP Learning Library
In case you missed this May webcast featuring Bob Keebler, CPA/PFS, as a PFP Section member, you can now access the recording to the event in the PFP Learning Library. Hear his take on key planning strategies to consider with clients now.

Bob Veres media reviews: withdrawal strategies, passing wealth on tax-free
Save time and stay ahead of the curve by reading Bob’s write-ups of recent articles from Advisor Perspectives like:
  • “Don’t Be Fooled by the Recent Stock Market Rebound” by Gary Shilling
  • “Can Withdrawal Strategies be Customized for Clients?” by Joe Tomlinson
  • “Rich Americans Seize Historic Chance to Pass on Wealth Tax-Free” by Ben Steverman
  • “Nuts and Bolts of Special-Needs Planning” by Minoti Rajput
  • “Ian Bremmer: Silver Linings in the COVID-19 Pandemic” by Dorothy Hinchcliff
House passes PPP Flexibility Act
As things continue to change with the PPP, we are here to help you understand the program and how AICPA is advocating on a substantial number of COVID-19-related issues that impact individuals, small businesses and you as you are continuing to provide guidance to them.
  • Last week, the U.S. House approved legislation that would make things easier for small businesses and other recipients of the PPP funding to qualify for loan forgiveness.  Learn more in this article.
  • We are continuing to advocate in favor of deductibility of ordinary business expenses for recipients of the PPP by supporting H.R. 6754 and supporting H.R. 6821. 
  • The AICPA has compiled a list of FAQs we are frequently hearing from members about the PPP.
  • Listen to last week’s PPP Town Hall Event.
  • Download the loan forgiveness calculator from the PPP resource center and check back often for continual updates.
Speculating on a COVID-19 cure could be risky
Use this new Broadridge client alert to explain to clients some of the risks involved in the costly, complex, and time-consuming drug development process, and why discoveries that may benefit millions of people might not generate profits for investors.

Student loan relief
In this Journal of Accountancy article, Ross Riskin, CPA/PFS, shares information about relief available under the CARES Act and how to advise clients or their family members who have federal student loans. There are also multiple Broadridge Advisor alerts you can send to clients so that they understand their payment options.

Register for the Advanced PFP Conference at ENGAGE
This year, the Advanced PFP Conference ENGAGE will be an all-digital event with 3 parts, with the primary Advanced PFP Conference sessions taking place in July.  The content and speaker lineup for 2020 is top-notch and not to be missed!  Check out the Advanced PFP sessions here and register today!

IRS news: guidance on income tax withholding on certain periodic payments, deadlines postponed
In IR-2020-104, the IRS issued a proposed regulation updating the federal income tax withholding rules for periodic retirement and annuity payments made after December 31, 2020. Under the proposed regulation for 2021 and future calendar years, the Treasury Department and the IRS will provide the rules and procedures for determining the default rate of withholding on periodic payments when a taxpayer has no withholding certificate in effect in applicable forms, instructions, publications and other guidance.

In Notice 2020-35, the IRS postpones deadlines for certain specified time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, and Coverdell education savings accounts on account of the ongoing COVID-19 pandemic.  The notice also provides a temporary waiver of the requirement for a Certified Professional Employer Organization to file certain employment tax returns and their accompanying schedules electronically.
CPA/PFS Corner
Help clients know they can come to you  
As a CPA, your professional responsibilities, deep tax knowledge and understanding of finance makes you best qualified to provide objective advice in the areas of tax, retirement, estate, risk management and investment planning. Show your clients that you can help with their financial planning questions and concerns by earning the CPA/PFS credential.
Last Week’s Highlights
How to help clients with retirement relief provided by CARES
Do you have clients who have had coronavirus-related health or financial issues? The CARES Act retirement plan and IRA provisions may be able to provide them with cash flow relief. Use your deep tax knowledge as a CPA financial planner to help your clients make smart planning moves now. Be sure to follow along with the slides included in the resources as you learn from Bob Keebler, CPA/PFS, in this episode.

Bob Veres e-column: COVID marketing
In this e-column, Bob Veres shares how the current environment and uncertainty is driving people to seek guidance, reassurance, and a professional assessment of their financial situation.

Learn about estate planning to better serve your clients.
The P. Thomas Austin Personal Financial Planning Division Scholarship covers the registration fee of an emerging CPA to attend the 2020 Advanced Estate Planning Conference (July 20-22). Learn more about the requirements and complete an application by June 15th to be considered.

Bob Veres fee survey issued
Bob has created a short survey designed to capture trends in revenue models and fees of financial planners and investment advisors.  Please take a few minutes to complete the survey here and Bob will issue a report analyzing trends and data.
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
June 4
Free CPE for AICPA members

How the SECURE Act changes retirement and other planning
Jeffrey Levine
June 24

Expanding the Framework of Safe Withdrawal Rates
Michael Kitces
July 15
Free CPE for PFP Section members

10 Critical IRA Errors Advisors Must Avoid
Jeff Levine
August 12

More Learning Opportunities

Building a Tax & Financial Planning Advisory Business Workshop

Advanced PFP Conference at AICPA ENGAGE
2020 ENGAGE Digital
Advanced PFP Agenda

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

Frequently Accessed PFP Resources
PFS pathway information
Technology Toolkit
Bob Veres media reviews
Tax & Financial Planning Hub
For more, visit the AICPA PFP Section
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