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November 2009 |  BY DAVID W. RANDOLPH, PH.D. |  Article

Despite the recent downturn in the American housing market, one of the highestvalue assets owned by most taxpayers remains their home. While many taxpayers have seen the value of their home decline, those in locales where home values have remained relatively strong—such as parts of some Southern and Midwestern states—could still realize a gain upon the sale of their home.

October 2009 |  Article

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) provided transition relief for plan administrators of 403(b) plans who make a good faith effort to comply with applicable annual reporting requirements for the 2009 plan year. The guidance in the EBSA’s Field Assistance Bulletin (FAB) no.

October 2009 |  BY JUSTIN P. RANSOME, ESQ., CPA, VINU SATCHIT, CPA |  Article

Although many investment assets have lost value in the past year, individuals coming to CPAs for estate planning advice often hold highly appreciated assets, and many want to make significant charitable gifts. For that reason, charitable remainder trusts remain a popular method of reducing assets subject to estate tax.

October 2009 |  BY MARK E. POWELL, ESQ. |  Article

Sooner or later, every estate planner comes face to face with the generationskipping transfer tax (GSTT). Many practitioners do not feel up to the challenge because this particular tax has a reputation for being as treacherous as the sea. But after you boil down all the complications, you’re left with a fairly direct set of circumstances to watch for.

October 2009 |  BY ELLEN COOK, CPA, ANNA FOWLER, CPA, PH.D., ANNETTE NELLEN, ESQ., CPA, NORA STAPLETON, CPA, JOSEPH W. WALLOCH, CPA |  Article

Given the breadth and variety of tax relief provisions in the American Recovery and Reinvestment Act (ARRA) of 2009, PL 1115, one or more could affect your clients’ individual returns for the 2009 tax year. Many are intended to provide relief for taxpayers in financial distress, stimulate consumer spending or provide an incentive for more environmentally friendly living.

October 2009 |  Article

Since the onset of the economic crisis last fall, many CPAs who are personal financial planning specialists have been working overtime to reassure clients overwhelmed with fear about the future and safety of their investments and to reassess and reorient investment portfolios when necessary. Members of the AICPA’s Personal Financial Planning (PFP) Section recently reflected on their experiences from the past year and their outlook for the future.

October 2009 |  Article

The AICPA’s Personal Financial Planning Section recently launched a resource to help members a

October 2009 |  Article

Editor's note These are Webexclusive excerpts from the JofA's round table discussion with members of the AICPA's Personal Financial Planning Section. Also read Lessons Learned From the Financial Crisis, Oct. 09. PARTICIPANTS' PERSPECTIVES ON GETTING INTO PERSONAL FINANCIAL PLANNING Lyle Benson We’re all living examples of CPAs who made the decision to enter into this area a long time ago in our careers.

September 2009 |  BY DAVID A. STOLZ, CPA/PFS, CFP |  Article

When Bill and Jen decided to divorce, they never expected their personal residence to become a major problem. Initially, Jen thought she wanted to stay in the house. She was emotionally attached to the home, and she thought remaining in it would help minimize the impact of the divorce on the couple’s daughter, since the home was the only one their daughter had ever known.

September 2009 |  BY CHARLES J. REICHERT, CPA |  Article

The Tax Court ruled that paying higher education expenses from an IRA was not a modification of a taxpayer’s annuity payments from the IRA that would have made the payments subject to the 10 additional tax on early distributions. Generally under IRC § 72(t), distributions received from an IRA before a taxpayer reaches age 59½ are subject to the penalty.