Personal financial planning

Gerald Townsend, CPA/PFS/ABV

Clients need more than one thing from a personal financial planner, according to Gerald Townsend, CPA/PFS/ABV.

Financial fears spike for young adults amid pandemic

More than half of Americans said their financial situation caused them stress during the pandemic, according to an AICPA survey. Younger Americans were particularly affected, with three-quarters of 18- to 24-year-olds reporting financial anxiety.

2021 child tax credit, EITC, and premium tax credit limits updated

The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.

Senate shows bipartisan support for mobile workforce tax legislation

The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.

Why it’s romantic to talk about money

Nearly three-quarters (73%) of US adults living with a spouse or partner said financial decisions have caused tension in their relationship, an AICPA survey found.

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.