Personal financial planning news and resources

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April 1, 2016

Bruce Kajiwara, CPA/PFS

Bruce Kajiwara, CPA/PFS, owner of Kajiwara Wealth Advisors in Sacramento, Calif., says CPAs can provide a valuable service with financial literacy education for the public.

March 24, 2016

Millennials struggling to save money

A third of Millennials identified saving money as their top personal goal, an American Institute of CPAs survey found.

March 21, 2016

3 steps clients with kids in college need to take

It’s important clients have a plan in place in the unlikely event that they will need to make medical or financial decisions on behalf of their college-student children.

March 14, 2016

Questions CPAs should ask before having kids

In a demanding field like accounting, it helps to consider what effect having a child will have on your job.

March 7, 2016

What to do when a client wants to give an LLC or limited partnership unit to charity

Many charitable organizations will not accept a gift of an LLC or limited partnership units because the entity’s business is not part of their charitable mission.

March 1, 2016

Social Security changes affect retirement planning

The latest federal budget law restricts the use of the file-and-suspend and lump-sum options.

February 22, 2016

Don’t let your clients miss out on the IRD deduction

Many practitioners still have some questions about when and how the IRD deduction is used.

February 22, 2016

Say good-bye to a popular Social Security planning technique

The popular “file and suspend” Social Security planning technique is going away.

February 11, 2016

Money matters cause tension for 88% of Millennial couples

Just a little over half of young couples discuss their saving and spending habits or have a monthly budget, while just 4 in 10 have talked about their long-term financial plans.

February 1, 2016

How to report clients’ fantasy football winnings

There is little if any authority for the proper reporting on tax returns.

February 1, 2016

Lyle K. Benson Jr., CPA/PFS

Lyle K. Benson Jr., CPA/PFS, owner of L.K. Benson & Co. in Baltimore, says CPA financial planners’ ability to have deep, honest conversations is a key to working successfully with clients.

February 1, 2016

No carryforward of disallowed IRA deduction

Deposits were not ‘excess contributions’ within the meaning of Sec. 219(g), and shifting them to a subsequent year was not otherwise allowable, the Tax Court holds.

February 1, 2016

MyRAs now available nationwide

The government promotes new low-risk Roth IRA accounts for people lacking other retirement savings options.

January 14, 2016

Avoid these mistakes when you hit the big jackpot

CPA financial planners identify five major mistakes made by people who become rich overnight, and suggest ways to avoid them.

January 14, 2016

Americans’ financial outlook holds steady despite indicators of concern

The financial well-being of the typical American is better than it was a year ago, according to the PFSi, a proprietary AICPA index.

January 1, 2016

How to avoid the 10% additional tax on early retirement distributions

Exceptions to the 10% tax for early withdrawals from retirement plans help clients save more for retirement while giving them access to much-needed cash for expenses such as home purchases, medical bills, college tuition, and others.

December 1, 2015

Guiding clients through the Medicare Part B enrollment minefield

CPAs can help seniors avoid expensive penalties and coverage gaps by giving timely advice on the government health plan’s enrollment periods.

November 23, 2015

How Medicare Part B premium increases will affect your clients

Premium hikes will be much smaller than anticipated thanks to a new law.

November 13, 2015

More than one-third of students plan to live at home after graduation to pay off loans

In a recent survey, students said their college loan debts will cause them to delay such life goals as moving out of their parents’ home, buying a house, having kids, and getting married.

November 10, 2015

More than half of clients underestimate their retirement expenses

Underestimating certain key factors in financial planning can leave retirees in difficult circumstances at a time that is supposed to be their golden years.