Personal Financial Planning


In response to a Treasury Department request for comments, the AICPA National CPA Financial Literacy Commission encouraged the development of an education strategy for promoting universal financial literacy in the United States ( www.aicpa.org/financialliteracy/download/aicpa_comment_letter_11_04.pdf ) and emphasized the skills CPAs can contribute to such an effort. The Institute established the commission to lead the profession in improving Americans’ ability to understand and manage their finances.

The Institute published a series of Statements on Responsibilities (SORs) applicable to any member providing personal financial planning (PFP) services on a full-time, part-time or occasional basis. To help members understand this guidance, the AICPA is publishing a series of explanatory articles. One such article ( www.aicpa.org/download/pfp/work_with_adv.pdf ) focuses on SOR no. 2, Working with Other Advisors in a PFP Engagement, explaining its provisions and addressing compliance issues and practice opportunities for CPAs.

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.