A third of Millennials identified saving money as their top personal goal, an American Institute of CPAs survey found.
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TOPICS
Personal financial planning
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.
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.
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.
Social Security changes affect retirement planning
The latest federal budget law restricts the use of the file-and-suspend and lump-sum options.
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.
Say good-bye to a popular Social Security planning technique
The popular “file and suspend” Social Security planning technique is going away.
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.
How to report clients’ fantasy football winnings
There is little if any authority for the proper reporting on tax returns.
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.
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.
MyRAs now available nationwide
The government promotes new low-risk Roth IRA accounts for people lacking other retirement savings options.
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.
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.
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.
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.
How Medicare Part B premium increases will affect your clients
Premium hikes will be much smaller than anticipated thanks to a new law.
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.
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.
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.
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