AICPA Personal Financial Planning (PFP)

Guests: Ryan Firth, CPA/PFS, Shehan Chandrasekera, CPA, and John Strohmeyer, J.D., LL.M. With recent Bitcoin appreciation and the IRS becoming more proactive with tracing transactions, you may have clients interested in learning more or wondering how their activities impact their taxes. In this episode of the PFP Section podcast, experts Ryan Firth, CPA/PFS, Shehan Chandrasekera, CPA, and John Strohmeyer, J.D., LL.M. respond to the following questions: When do you have a reportable tax event and how do you minimize tax? What happens when bitcoin is used to purchase personal property or a cup of coffee? What is the best way to track these transactions for tax reporting purposes? What strategies should you be aware of for your clients? 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: Six tax planning strategies for low-cost-basis cryptocurrency Courses covering blockchain, IRS guidance, and more Video: Blockchain and cryptocurrencies: what you need to know 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.

Guests: Susan Bruno, CPA/PFS Give your clients peace of mind that their loved ones will be secure by learning about important factors when guiding their life insurance decisions. In this episode of the PFP Section podcast, Susan Bruno, CPA/PFS, answers the following questions: Who is the most unbiased professional to work with? What needs to be considered when designing the plan? What are the ins and outs of purchasing permanent insurance? How do you manage policies so that your clients don’t lose coverage? How do you get rid of unwanted policies in the most cash and tax effective way? 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. Learn more in the Adviser’s Guide to Financial & Estate Planning, Volume 1. Find client facing resources with the PFP Section Broadridge Advisor benefit. Check out the life insurance sessions at June’s Advanced PFP Conference at ENGAGE. 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.

Guest: Bob Keebler, CPA/PFS Recorded on Tuesday, January 5th, Bob Keebler, CPA/PFS, shares what you will want to think about for your clients as a result of Tuesday’s election. From Social Security and Roth conversion planning to wealth transfer and charitable giving implications, tune in to get more details on the following topics: What to be mindful of with the general Democratic party themes Proposals to keep your eyes on and the likelihood they’ll become law The future of current planning techniques Strategies you should consider for your clients and when Access resources related to this podcast: Register for 2021 best ideas for you, your clients, and your business. Gain more details from our in-depth learning in late 2020, including Post-election year-end planning and Last-minute planning for 2020. 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.

Guests: Susan Tillery, CPA/PFS and Dave Stolz, CPA/PFS Congratulations on making it through 2020! Join your PFP Executive Committee and PFS Credential Committee chairs, Susan Tillery, CPA/PFS, and Dave Stolz, CPA/PFS, as their share tips for success for your business and clients and fill you in on what the PFP Division is doing for you in 2021. Listen to learn about: What they have done to keep their businesses thriving in the current environment How they have created a good experience for their clients in the COVID environment What the PFP Division is focused on for you in 2021 Resources to help you help your clients Access resources related to this podcast: Learn more about the experienced track to the CPA/PFS credential. Find your PFP Section benefits with this quick start guide. Register for 2021 best ideas for you, your clients, and your business. Register to attend PFP Summit on January 25th and 26th. Stay connected with the evolution of the CPA exam. 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.

Guest: Mackey McNeill, CPA/PFS Being in the people business of personal financial planning often requires shifting from an expert with all the answers to a coach who ask questions and listens. In this episode of the PFP Section podcast, Mackey McNeill, CPA/PFS, gives you the framework she uses for her first meeting with her retirement clients, including: Asking open ended questions to get the conversation started and active listening Addressing the fear that comes with money discussions head on Setting a frame by laying out the game plan, your role, and the client’s role Encouraging the client to set intentions that guide the financial plan forward Access resources related to this podcast: The new approach to retirement planning: part 1 The Adviser’s Guide to Practical Retirement Planning 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.

CPA financial planners are in a position to be one of the first to spot cognitive decline with their clients. Knowing what signs to look for and what to do next can go a long way towards protecting your aging clients. In this episode of the PFP Section podcast, Reina Schlager, CPA/PFS, discusses: The nine domains of diminished capacity Warning signs that may be connected to dementia and memory How to be more connected and alert to decline with your clients Establishing relationships with successor trustees and durable POAs Access resources related to this podcast: Guiding clients with diminishing mental capacity – part 1 Guide to Retirement and Elder Planning: Healthcare Coverage Planning 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.

Panelists: Bob Keebler, CPA/PFS and David Slenn, JD The Internal Revenue Service has recently increased scrutiny of micro-captive insurance structures and time is of the essence to take corrective measures for your clients. Bob Keebler, CPA/PFS, interviews expert David Slenn to get you up to speed on this issue. David answers the following questions: What is the background of micro-captives? What message is the IRS sending with their recent notice and why should business owners be concerned? Why is the IRS urging taxpayers to receive independent counsel? Can micro-captives be structured to work for tax planning purposes? Access resources related to this podcast: Internal Revenue Service notice IR-2020-226 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. Don’t miss an episode. Subscribe to our podcast series on iTunes or Spotify. Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guests: Mackey McNeill, CPA/PFS When Mackey began her business, she approached financial planning from a technical and data driven perspective. She quickly found that clients often didn’t take steps to implement the recommended plan. In part 1 of the new approach to retirement planning series, Mackey walks you through: How she turned her financial planning process on its head to get clients to buy in What she learned about people and psychology to create the best results for her clients Understanding the money biases that clients bring to the table and how to overcome these Access resources related to this podcast: The Adviser’s Guide to Practical Retirement Planning 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Robert Keebler, CPA/PFS If you have clients who want to lock in the current estate tax exemption but are concerned about parting with assets, the new grantor retained interest partnership (GRIP) may be the answer. In this episode of the PFP Section podcast, Bob Keebler interviews GRIP experts Mary O’Reilly and Stephen Breitstone. They respond to the following questions: What is a GRIP and how does it work? In which circumstances does this technique make sense? What features would you include in the partnership agreement? Is there a risk of clawback? What is the downside to implementing this strategy? Access resources related to this podcast: Read about the GRIP technique in this newsletter provided by Leimberg Information Services, Inc. Find other estate planning strategies in The Adviser’s Guide to Financial & Estate Planning. 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Steve Siegel, J.D., LLM Retirement, taxes, lifestyle, family, and taxes are just a few of the reasons why your clients may consider a change in where they are located. In this episode of the PFP Section podcast, Steve Siegel, J.D., LLM walks you through what you need to consider as you advise clients, including: Distinction between residency and domicile Actions to sever domicile in one state and create it in another Five essential factors that state auditors focus on when determining domicile Ramifications of remote working across state lines during the pandemic Access resources related to this podcast: Broadridge Advisor article explaining domicile in client terms The Adviser’s Guide to Financial & Estate Planning 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.