Personal financial planning news and resources

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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.

November 9, 2015

Your clients may know less about retirement planning than you think

To make sure you and your clients are on the same wavelength, start by getting a comprehensive look at their retirement goals and plans.

November 4, 2015

MyRAs now available nationwide

Treasury said eligible individuals nationwide may now open a new retirement account for people with earned income who may lack access to an employer-sponsored retirement plan.

November 1, 2015

College students lack financial management skills

A survey found that just 39% adhere to a monthly budget.

November 1, 2015

ABLE: A tax planning tool for people with disabilities

The new accounts offer valuable tax planning opportunities.

November 1, 2015

Millennial investors more concerned about debt, cyberrisks

Similarities and differences with investors from older generations were revealed in a new survey.

November 1, 2015

Scholarship funds cover conference expenses for emerging financial planner

Jeremy Weaver, CPA/PFS, a financial planner and investment manager with PlanFIRST Inc. in Greenville, S.C., received the 2015 P. Thomas Austin Personal Financial Planning Division Scholarship.

October 30, 2015

SEC adopts crowdfunding rules

The Securities and Exchange Commission adopted rules that will permit companies to offer and sell securities through crowdfunding.

October 12, 2015

Don’t let clients overlook these key estate planning issues

This column can help clients visualize the consequences of not having an up-to-date plan.

October 1, 2015

Benefits of an employee stock ownership plan in succession planning

Practitioners should be aware of the many advantages of using an ESOP when a business owner is near retirement.

September 28, 2015

Don’t let health care costs catch your clients off guard

If patients don’t fully understand the cost of their treatments, or if they assume their insurance plan will take care of them, they can be hit with expensive surprises.