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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.

September 2009 |  BY Alexandra DeFelice |  Article

Individual investors’ confidence in U.S. capital markets increased slightly from 2008, with 73 of investors indicating they have at least some confidence compared with 70 last year, according to a telephone survey of 1,000 investors conducted by the Center for Audit Quality and The Glover Park Group released Wednesday.

June 2009 |  Article

Eighty percent of CPA financial advisers are strongly recommending a mix of growth and income securities for their clients, according to an online survey of members of the AICPA’s Personal Financial Planning Section. The survey, conducted between April 22 and June 4, showed that CPAs are reevaluating their clients’ risk tolerance and working to rebalance portfolios, reassess tax planning, and control expenses and cash flow.

June 2009 |  BY JOHN C. ZIMMERMAN |  Article

The financial collapse of highprofile investment institutions has generated billions of dollars of losses. A recent report notes that federal and state prosecutors “are preparing for a surge of prosecutions of financial fraud.𔄣 A question may arise as to whether these losses for tax purposes are to be treated as investment losses, giving rise to capital loss limitations, or theft losses, which can be deducted without any limitations under the casualty loss rules.

February 2009 |  Article

The SEC finalized a rule requiring mutual funds to provide investors with a concise summary of the key information they need to make informed investment decisions. The new summary prospectus will appear at the front of a fund’s prospectus. The SEC also approved a new rule that permits sending a summary prospectus to satisfy prospectus delivery requirements provided that the mutual fund’s summary prospectus, statutory prospectus, and other specified information are available online.

January 2009 |  BY Richard E. Marcus, Glen Janken |  Article

Like many of their clients, CPAs tend to consider the problem of retirement planning solved once they develop a plan for accumulating savings during the client’s working years. But as recent events have shown, panics and bear markets can add another dimension to the equation. Moreover, there is another side to the retirement savings coin, the postretirement side, when clients must figure out how to make their nest eggs last as long as they do.

November 2008 |  Article

The U.S. Court of Appeals for the Federal Circuit issued a longawaited decision that could make it more challenging to patent business processes such as tax and financial strategies. In a 93 ruling issued on Oct. 30 in the In re Bilski case, the court stated a new, more stringent test for the patentability of business methods.

July 2008 |  BY John P. Maher |  Article

Mark Twain wrote, “History doesn’t repeat itself, but it does rhyme.” With the recent extraordinary events that have rattled the markets and investors, it pays to heed historical precedent and apply (often forgotten) lessons to the current economic cycle. These dos and don’ts should help investors navigate the currently volatile market.

July 2008 |  BY Jane M. Searing |  Article

EXECUTIVE SUMMARY Private foundations must distinguish between what are sometimes called mission–related investments and program–related investments (PRIs). PRIs enable private foundations to make venture capital–type investments that might otherwise be penalized under the IRC as “jeopardizing,” that is, risky. Mission–related investments, although not technically defined, nonetheless have their distinct purposes, too, mainly growing the foundation’s assets in a socially responsible manner.

January 2008 |  BY Clark M. Blackman |  Article

CPAs who provide investment advice to their clients will be held to a fiduciary’s civil standard of conduct. Thus, it is prudent to know and understand best practices for fiduciaries. Organize your practice to provide competent, objective advice to the client’s satisfaction, starting with a complete understanding and awareness of the duties of a fiduciary adviser (including loyalty, due care and full disclosure).