Financial Planning Feed

financial planning estate

The AICPA provides information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and investment planning advice.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Tax Planning is a Critical Factor in Financial Planning

Financial-planning-consultationCongratulations on making it through another tax season! From those long hours, including rigorous reviews and meetings with clients, you’ve gained unique insight into their lives—insight into their incomes, spending habits, investments and life events. Income tax planning and estate planning elements have become a more critical part of overall personal financial planning with the enactment of the American Taxpayer Relief Act of 2012 and the Net Investment Income Tax. While reviewing those 1040s, you are able to envision potential tax impacts of financial decisions and begin considering tax planning strategies for your clients, which broadens your relationship. This is a great first step in helping them meet their overall financial planning needs, including making estate, retirement, investment and risk management planning decisions to move them toward their long term goals.

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Interview with Team Who Wrote Net Investment Income Tax

Bob Keebler interviews David Kirk and Adrienne Mikolshek, part of the team who wrote the Net Investment Income Tax regulations, to help members understand the new IRS Form 8960, Net Investment Income Tax for Individuals, Estates and Trusts and the draft instructions. Access more resources in the Planning After ATRA and NIIT Toolkit, including more podcasts, a customizable letter to send to clients to illustrate why it is important that they meet with you and new charts by Bob Keebler as well as webcast recordings and Forefield Advisor alerts/videos and the complete four-volume set of The CPA’s Guide to Financial & Estate Planning, recently updated for ATRA and NIIT and much more.

Interview with David Kirk and Adrienne Mikolashek

 

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Explore the New IRS Form for Net Investment Income Tax

Bob Keebler goes line by line through Form 8960, Net Investment Income Tax for Individual, Estates and Trusts, to help members understand key elements they need to know for tax season. Access more resources in the Planning After ATRA and NIIT Toolkit, including more podcasts, a customizable letter to send to clients to illustrate why it is important that they meet with you and new charts by Bob Keebler as well as webcast recordings and Forefield Advisor alerts/videos and the complete four-volume set of The CPA’s Guide to Financial & Estate Planning, recently updated for ATRA and NIIT, and much more. (Email subscribers can listen to the podcast on our website.)

IRS Form 8960 Draft Instructions

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Authoritative Guidance Issued for CPA Personal Financial Planners

Personal financial planning is projected to grow at a rate double that of the accounting profession through 2017. The expansion of services in areas such as estate, retirement, risk management and investments and the increased demand for these services have led the AICPA to further enhance its authoritative guidance in the delivery of personal financial planning services for the benefit of AICPA members' clients and practices.

The AICPA Statement on Standards in Personal Financial Planning Services provides AICPA members with comprehensive, enforceable guidance and a roadmap for delivering PFP services consistently and confidently. The standards are built on the cornerstone of the CPA profession – the public interest – and align with the AICPA Code of Professional Conduct, which upholds the highest levels of integrity, professionalism, objectivity and competence. Following the statement ensures that members’ clients receive the information they need to make sound financial decisions and that the standard of care expected of members holding out as trusted advisers is met.

A robust toolkit has been developed to help members understand the depth of the statement and put it into practice by the effective date of July 1. The toolkit is available to PFP Section members and CPA/PFS credential holders as a member benefit. It is also available for purchase

This informative podcast covers the ins and outs of the standards and how you will benefit from having a framework to guide your work with clients. (Email subscribers can listen to the podcast and see the slides on our website.)

Understanding and Applying the Statement on Standards in PFP Services

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Understanding the 3.8% Net Investment Income Tax and Its Effects

In this podcast, Bob Keebler discusses the impact of the regulations on net investment income tax. Access more resources in the Planning After ATRA and NIIT Toolkit, including more podcasts, a customizable letter to send to clients to illustrate why it is important that they meet with you and new charts by Bob Keebler as well as webcast recordings and Forefield Advisor alerts/videos and the complete four-volume set of The CPA’s Guide to Financial & Estate Planning, recently updated for ATRA and NIIT and much more. (Email subscribers can listen to the podcast and see the slides on our website.)

Understanding the Net Investment Income Tax

Continue reading "Understanding the 3.8% Net Investment Income Tax and Its Effects" »

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