Personal financial planning news and resources

TOPICS

July 16, 2020

Show clients empathy in uncertain times

Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.

July 1, 2020

The SECURE Act’s changes

Practitioners can advise on the most sweeping retirement reforms since 2006.

July 1, 2020

Ask the expert: Investing with an eye on taxes

Duncan Gates is Avantax’s Strategist–TSI Advisor Experience. In this role, he is responsible for providing education on tax-related topics and concepts, advisor training, and distribution of the Tax-Smart Investing platform.

June 24, 2020

RIC shareholders can take Sec. 199A deduction for REIT dividends

The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.

June 24, 2020

Medicare changes in response to COVID-19

Recent changes to Medicare due to the pandemic include COVID-19 testing coverage, telemedicine coverage and a requirement that Part D plans provide a 90-day supply of covered drugs upon request. Medicare will also cover a vaccine if one is developed.

June 24, 2020

Amid uncertainty, financial planning clients stick with long-term plans

On average, only 30% of CPA financial planners’ clients have made changes to their financial plans due to the pandemic, according to the latest AICPA Personal Financial Planning Trends survey.

June 23, 2020

Rollover relief for required minimum distributions

The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.

June 19, 2020

Guidance on how to take CARES Act distributions from qualified plans

The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.

June 16, 2020

Steps to take to prepare for a recession

Establishing an emergency fund is the tactic that CPA financial planners most recommend Americans take to help prepare for a downturn.

June 15, 2020

Preparing for future health needs

As trusted advisers in their clients’ lives, CPAs can play an important role in long-term health planning.

June 8, 2020

Why Roth conversions still make sense after the SECURE Act

Changes brought on by the SECURE act have added new wrinkles to the planning process that must be considered by IRA owners and CPA financial planners.

June 1, 2020

Financial planning strategies for depressed asset values

Consider these financial planning strategies in a period of low interest rates and high volatility.

June 1, 2020

Look before you leap into a 529 plan

Circumspection is called for in funding students’ higher education.

June 1, 2020

Forensic accountants team up to fight elder abuse

Forensic accountants play a key role in an innovative approach to combating elder financial exploitation in a program that is spreading nationally.

May 27, 2020

When planning for a natural disaster, don’t forget about your finances

Margaret Poster, CPA, shares advice for making sure your finances are in shape in the event of a disaster.

May 22, 2020

What to do with your stimulus check

Many Americans will receive stimulus money to help them weather the pandemic, but what they do with that money will depend on whether they need it right away or can afford to set some aside. CPA financial planners offer advice on how to make the best use of stimulus funds.

May 20, 2020

HSA contribution limits increase for 2021

The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.

May 19, 2020

Essential documents clients must update during COVID-19

Now, more than ever, it’s important to ensure clients’ wills, health care powers of attorney, and other estate planning documents are current.

May 12, 2020

Options for clients with student loans during the pandemic

Here’s a rundown of the relief the CARES Act offers for student loan borrowers, who is eligible for it and what clients can do if they’re not covered by the CARES Act or if they’ve become unemployed or had their hours reduced.

April 23, 2020

Financial satisfaction takes biggest dive since Great Recession

Economic woes brought on by the coronavirus pandemic triggered the steepest quarterly decline in Americans’ personal financial satisfaction since the recession that began in 2008.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.