Personal 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Plan for your clients to get both PPP loans and the ERC

Many-coins-are-stacked-in-a-graph-shape-for-financial-planning-concepts-1186701116New legislation from the Consolidated Appropriations Act, 2021 creates a chance for some of your clients to take advantage of both Paycheck Protection Program (PPP) loans and the Employee Retention Credit (ERC).

Several changes specific to the ERC can provide an opportunity for additional relief for your clients. The significant changes that affect small businesses include:

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4 steps to take your tax practice to the next level before 2021

GettyImages-991037654This year has been a whirlwind. I’m sure that the extended April 15 filing deadline, the payment deadlines and helping clients navigate PPP funding have kept you busy. Like me, you’re probably just catching your breath. When you’re ready, why not take a moment to reflect on the year you’ve had and consider your goals for your practice. Have you spoken with clients about their retirement or estate plans? Now might be the time to proactively and more formally incorporate financial planning into your tax practice—and begin identifying yourself as a CPA financial planner. Here are four steps you can take to get started: 

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4 tax and financial planning tips to share with clients

GettyImages-578161073Uncertainty is a common theme these days. People worry about the future and face many personal finance questions. The AICPA Personal Financial Planning (PFP) Trends survey found that 80% of CPA financial planners said their clients had a higher stress level about their financial plan than normal. The CPAs surveyed reported that they spoke with their clients early in the COVID-19 pandemic and often. As a CPA financial planner, you play a key role in reassuring clients and easing their concerns. In this blog post, CPA financial planners and CPAs with the Personal Financial Specialist (PFS™) credential detail the top tips they are implementing with their clients now.    

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Navigating financial plans during the pandemic

Shutterstock_184777091As news of the COVID-19 pandemic’s spread intensified early this year, the effect on the U.S. economy and American’s financial situations was unknown. We conducted the AICPA PFP Trends Survey in May to explore how CPA financial planners worked with clients during these uncertain times. The U.S. had experienced tens of millions of job losses, extreme stock market volatility and trillions of dollars in emergency federal programs to mitigate the economic fallout for businesses and individuals. The survey results provide an informative snapshot of how AICPA members on the financial frontlines helped their clients calmly navigate this extraordinary situation.

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3 estate planning conversations to have now

GettyImages-681886373The coronavirus pandemic has encouraged people with existing estate plans to consider reviewing and modifying them, and people without plans to develop them. Regardless of your client’s situation, there are worthwhile conversations about estate planning to be had.

As a CPA, you have a strong relationship with your clients and a comprehensive understanding of their finances. Because of this, you provide great value, and when partnered with an attorney, you form a solid team. You bring your expertise on the financial structure and they bring their knowledge of the legal system.

Continue reading "3 estate planning conversations to have now" »

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