Many U.S. adults lack a basic understanding of common financial terms found in health insurance plans as they face critical decisions about their future coverage, according to an AICPA survey. More than half of respondents (51%) could not accurately identify at least one of the following terms: premium, deductible, and
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Personal financial planning
SEC strengthens broker-dealer audit requirements
The SEC on Wednesday approved rule amendments that strengthen audit requirements for broker-dealers. The amendments are intended to increase protections for investors whose money and securities are turned over to SEC-registered broker-dealers. The final rules are available on the SEC’s website. Under previous rules, broker-dealers are required to file annual
Loan guarantee terminates IRA
The Tax Court held that two taxpayers’ personal guarantees of a loan to a company whose stock was owned by their individual retirement accounts (IRAs) were indirect extensions of credit to the IRAs, a prohibited transaction. Thus, the IRAs ceased to qualify as IRAs at the beginning of the tax
Applying business provisions of the American Taxpayer Relief Act
While the comprehensive corporate tax reform desired by the business community remains highly elusive, businesses did receive a number of concessions via the American Taxpayer Relief Act of 2012 (ATRA), P.L. 112-240, which was signed into law Jan. 2, 2013. The act extends through 2013 an assortment of expired or
SEC lifts ban on advertising for certain private securities
Issuers of certain private securities, including hedge funds, will be able to advertise to the general public under a rule the SEC adopted Wednesday. But only “accredited investors” will be permitted to invest in these private securities offerings as a result of rules adopted by the SEC on Wednesday. Accredited
PFP Q&A: Planning for change
With the Baby Boomer generation hitting retirement age, personal financial planning has become an increasingly important service for many accounting firms. But practitioners are dealing with plenty of changes, including the implementation of new tax laws and the landmark rollout of new standards. The JofA assembled a team of industry
Proposed PFP services standards available for public comment
The AICPA released an exposure draft of a Proposed Statement on Standards in Personal Financial Planning Services on Tuesday as part of an initiative that’s expected to help boost the profile of CPA personal financial planning (PFP) practitioners. The proposal outlines members’ responsibilities in PFP engagements. These responsibilities include: General
Proposed Statement on Standards in Personal Financial Planning
This spring, following a two-year drafting process involving practitioners from across the AICPA, the AICPA Personal Financial Planning Executive Committee issued an exposure draft for public comment on a Proposed Statement on Standards in Personal Financial Planning Practice. The proposed statement addresses the responsibilities of AICPA members when providing personal
IRS gives details of operations on furlough dates
To help taxpayers plan for the upcoming furlough dates on which the IRS will be closed (see “IRS Decides to Shut Down Completely on Furlough Dates”), the IRS issued a news release detailing how the shutdown days, the first of which is May 24, will affect operations (IR-2013-51). The other
Survey: Financial stress taking a toll on Americans
Problems created by financial stress aren’t limited to people’s pocketbooks. A new survey found that money-related stress is also taking a toll on Americans’ waistlines, friendships, and sleep habits. The telephone survey, conducted March 14–17, asked 1,011 U.S. adults to name all the ways financial stress is affecting their lives.
Conservation easement tax donation update
The deductibility of a charitable donation for a conservation easement or restriction on a real property interest is provided for under Sec. 170(h). Even with almost 13 pages of regulations (Regs. Sec. 1.170A-14), this provision is not straightforward, as evidenced by the number of taxpayers challenged by the IRS. Careful
Award honors significant contributions to PFP discipline
Clark M. Blackman II, founder of Alpha Wealth Strategies in Houston, received the AICPA’s 2012 Personal Financial Planning Distinguished Service Award. The annual award, which was presented at the 2013 Advanced Personal Financial Planning Conference in Las Vegas in January, recognizes an AICPA volunteer who significantly contributes to the advancement
Making a “backdoor” Roth IRA contribution
Sec. 408(d)(1) ordinarily requires a pro rata allocation between taxable and nontaxable amounts (using the Sec. 72 annuity rules) when reporting distributions received from an individual retirement plan (an individual retirement account or annuity (IRA)). The practical effect is that a taxpayer must recover any nontaxable amount (basis) ratably as
Tax considerations when dividing property in divorce
The emotional aspects of a divorce often interfere with planning for the efficient distribution of the marital estate. The shock and ill feelings may create a barrier between spouses that prevents even discussing issues. Tax practitioners need to know how to explain to a divorcing client the tax realities, to
Tax cliff averted
Pulling back from the “fiscal cliff” at the 13th hour, Congress on New Year’s Day preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. The new law brings a multitude of changes affecting both 2012 returns and, for the new year, tax planning,
Grouping passive activities
One technique for converting otherwise passive activities to nonpassive is grouping them and treating them collectively as a single activity, thereby combining the participation hours and improving a taxpayer’s ability to achieve the necessary hours for material participation. Regs. Sec. 1.469-4 provides general rules and limitations for grouping activities and
Simplified home-office deduction safe harbor announced
On Tuesday, the IRS released Rev. Proc. 2013-13, which gives taxpayers an optional safe-harbor method to calculate the amount of the deduction for expenses for business use of a residence during the tax year under Sec. 280A, beginning with the current tax year. Individual taxpayers who elect this method can
Start of tax season delayed until Jan. 30; later for some taxpayers
The IRS announced on Tuesday that it plans to open the 2013 filing season and begin processing many individual income tax returns on Jan. 30 (IR-2013-2). However, not all taxpayers will be able to start filing tax returns on that date. The IRS says it will be able to begin
Tax and fiscal cliff resources
The Journal of Accountancy is dedicated to ensuring CPAs stay well informed about the tax issues. This page gathers together news stories and articles from AICPA magazines and newsletters discussing the many aspects of the fiscal cliff that loomed at the end of 2012. The fiscal cliff had many different
Year-end tax planning: Preparing for the tax cliff
Rarely has there been such a major difference between the laws in effect in one year and the next. The maximum income tax rates next year could be as high as 43.4% on ordinary income (44.6% if the potential impact of reinstated limitations on itemized deductions is taken into account)
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
From The Tax Adviser
October 31, 2025
Recent developments in estate planning
October 31, 2025
Current developments in taxation of individuals: Part 2
September 30, 2025
Current developments in taxation of individuals: Part 1
August 30, 2025
