Personal Financial Planning


PERSONAL FINANCIAL PLANNING

The CFP Board of Standards—which regulates certified financial planners—establishes a task force to propose changes to its organizational structure so the board can more effectively oversee the development of a global certification program ( www.cfpboard.org/press_archvdpr.html#5-21-01 ).

The GAO says the ongoing decline in Americans’ personal savings shrinks the supply of domestic investment capital, increases U.S. dependence on foreign lenders and slows the economy’s growth. Long-term projections indicate that, even if the personal savings rate stabilizes, future generations’ income will rise more slowly than that of their predecessors, which doubled every 35 years ( www.gao.gov/cgi-bin/getrpt?rptno=GAO-01-591SP ).

An AARP report says the financial status of most Americans over age 50 has improved. Nevertheless, the study adds, older individuals need more investment income and better health insurance to cope because poverty afflicts four in ten over age 60, health-care coverage has decreased among those ages 50 to 64 since 1988 and pension coverage for preretirees has not increased in 20 years ( www.aarp.org/press/2001/nr052301.html ).

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Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.