AICPA Insights offers archived audio webinars from various member sections via podcasts. From estate tax portability to impact of the debt ceiling fallout, AICPA webinars offer a wide range of topics and information. You can also subscribe directly to the podcasts in iTunes.
At this time of year, there’s plenty of “spookiness” to go around – the new Halloween movie, haunted houses, people incessantly arguing about politics on Facebook (just to name a few). Luckily, starting a small business doesn’t have to be something that makes your hair stand on end.
To calm potential entrepreneurs’ fears of starting a small business, I wanted to learn about some of the most popular myths – and hopefully put them to rest. Amy Wang, CPA and senior manager of the Tax Advocacy & Policy team at the AICPA and Margaret McNab, founder and co-organizer of the Freelance League of North Carolina, joined me on #CPApowered’s new podcast, The Small Biz Brunch, to discuss just that.
Myth #1: Side Hustles Aren’t Taxable
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In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. Access more resources in the Planning After ATRA and NIIT Toolkit, including more podcasts, 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.
Relief for Missed Portability Elections
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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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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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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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