AICPA Personal Financial Planning (PFP)

The CPA profession has been busier than ever in the past two years with serving clients through the pandemic, responding to additional client needs, juggling complex tax seasons, and keeping up with proposed law changes. In this episode of the PFP Section podcast, Shannon Vincent and Colin Dunn answer the question of how to find time to provide proactive financial planning and wealth management services, including: Moving from being spread too thin serving many clients to having plenty of time to give stellar service to your ideal clients Getting reinspired and re-energized by doing a pareto analysis, defining your target client, and owning it Structuring your services so that they have the best chance of working Making your staff and your firm your number one client Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Visit AICPA’s tax and financial planning hub for more resources on how to offer proactive financial planning services. To gain competence and confidence in financial planning, check out the CPA-exclusive PFS credential. Learn more about Renew Group. This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

Super HSAs allow families who have adult children who are no longer tax dependents to save beyond the annual family limit. This technique works for children who are covered by the family HSA eligible insurance plan. Kelley Long, CPA/PFS, covers the ins and outs of this strategy in this episode of the PFP Section podcast. She answers the following questions: What is a super HSA? How does this strategy work, using a family of four as an example? Where can I find IRS guidance on this topic? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Podcast: Unique and under-communicated HSA benefits Podcast: The power of planning with high deductible health plans This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

The good news is that the 2022 Social Security (SS) COLA adjustment is 5.9%. The bad news is that the Board of Trustees issued their annual report on August 31st and predict that SS funds alone will run out in 2033 and disability funds will run out in 2057. In this episode of the PFP Section podcast, Ted Sarenski, CPA/PFS, shares: The effects of the pandemic and the 2020 recession on the projections The three suggestions being made to solve the long-term financial shortfalls What to include in client projections given the uncertainty of the future SS planning strategies to maximize the amount received Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Guide to Social Security Planning Board of Trustees Report 2022 COLA adjustment This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

If current tax reform proposals become law, there will be many issues to be mindful of with planning for trusts. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, helps you get ahead of these changes so that you can plan for your clients to be ready for impending changes. Bob discusses: How the proposed higher income tax and capital gains rates will impact trusts planning The low threshold for trusts that would have the additional 3% surtax, NIIT expansion, and 199A cap kick in Changes to grantor trusts taxation that will make transactions between grantor and trust pertinent to monitor Being cognizant of electing fiscal year ends in rising tax rate environments Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Register for our year-end planning webcast that is free with CPE for PFP/PFS members. Access the Proactive Planning Toolkit audio learning to hear about tax proposals impacting individuals, estates, and trusts. This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

With a lot of unknowns going into the last quarter of the year, top CPA financial planners have been gathering to share conversations that they’re having with clients now. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, reviews a collection of ideas and thoughts that have been discussed in his Athena study group and other CPA financial planner panels. Lyle gives an overview of what he and his peers are talking about with their clients in the following areas: Income tax planning, including the capital gain rate increase and opportunities for gain harvesting Retirement planning, from reviewing assumptions used in plans to getting ahead of tax proposals Estate planning changes and the need to line up attorneys and valuation experts now Charitable giving strategies such as donor advised funds and making use of the 100% AGI limit for cash contributions Investment planning, including educating clients about the purpose of bonds in their portfolios Insurance planning and the renewed interest in ILITs, disability coverage, and annuities Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Register for our year-end planning webcast that is free with CPE for PFP/PFS members. Access the Proactive Planning Toolkit audio learning to hear about tax proposals impacting individuals. Access the Adviser’s Guide to Financial & Estate Planning for more on planning with your clients. This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app

The House Ways & Means Committee recently released its proposed 2021 tax reform legislation. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, covers the changes being considered that would impact income tax planning, including: Funding the IRS and using tax reform to improve social safety nets Additional childcare credits and other dependent care, childcare, and caregiver provisions Increases to the individual income tax rate, capital gains rate, and 3% surtax over certain thresholds Expansion of NIIT to business income when over certain thresholds Cap on the qualified business income deduction under 199A Wash sale rules applying to cryptocurrency Executive compensation deduction limited to 1M deduction and other business reforms Credits for electric vehicles Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Download the slides to follow along with the podcast Register for our year-end planning webcast that is free with CPE for PFP/PFS members. Access the Proactive Planning Toolkit audio learning to hear about other tax proposals impacting individuals. This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

If you have clients with more than 10 million in their traditional IRAs, Roth IRAs, and vested defined contribution plans, they may have to take distributions to keep the aggregate plan balances below a certain threshold beginning in 2022.  In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, gets you up to speed related to: The new proposed limits on MEGA IRAs and related forced withdrawals How the numbers work with the 50% test and the 100% test The best planning strategies to keep taxable income under 450k (MFJ) / 400k (S) so that the new rules won’t apply Reviewing Roth conversion rules since this will be a key planning opportunity before year-end Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  In-depth slides to follow along with the podcast The case for making Roth contributions before year-end Register for our year-end planning webcast (free with CPE for PFP/PFS members) Proactive Planning Toolkit (see audio learning for tax reform updates) This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

The latest proposals suggest that the estate tax exemption may revert back to pre-TCJA levels in January, 2022. In order not to lose the estate tax exemption that exist today, it may be necessary to make use of this exemption before year-end for your relevant clients. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, fills you in on the estate related reform including: How the estate and gift tax reduction math will work Forcing grantor trusts to be included in the taxable estate Elimination of valuation adjustments for non-business assets Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  In-depth slides to follow along with the podcast Register for our year-end planning webcast (free with CPE for PFP/PFS members) Proactive Planning Toolkit (see audio learning for tax reform updates) Why the spousal lifetime access trust is the go-to strategy This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

If you have been contemplating a Roth conversion for yourself or for your clients, you will want to tune in to this PFP Section podcast episode to hear Steve Siegel’s case for doing this before the year ends.  Steve discusses his top five reasons for doing a Roth conversion in 2021, including: Potential limits on Roth conversions in the future Proposals on elimination of the backdoor Roth Likelihood of higher tax rates in the future SECURE Act 10-year rule Inherited IRA rule limits Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  The Roth conversion decision chart The latest and greatest with Roth conversion planning The Adviser’s Guide to Financial & Estate Planning Register for our year-end planning webcast This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

On September 13th, the House Ways & Means Committee released long anticipated draft legislation which could lead to major tax changes effective January 1, 2022.  In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, walks you through the key areas of interest so that you can plan ahead with your clients in the event these proposals become law.  Bob discusses: Increases in tax rates over certain thresholds, expansion of the NIIT, a new high-income surcharge, and modifications to 199A Return of the estate and gift tax exemptions to pre-2017 levels and drastic changes in taxation of grantor trusts New IRA rules, including mega IRA contribution limits and RMDs, elimination of the backdoor Roth, and more What this means for clients and the future of planning strategies if the proposals become law Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Article: Ways and Means releases list of tax provisions for budget bill Legislative text to be incorporated in the budget reconciliation bill known as the “Build America Back Better” Act This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.