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.

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Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

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