Like many of their clients, CPAs tend to consider the problem of retirement planning solved once they develop a plan for accumulating savings during the client’s working years. But as recent events have shown, panics and bear markets can add another dimension to the equation. Moreover, there is another side
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Personal financial planning
AICPA and InvestmentNews Offer Online Discussion Forum for Financial Advisers
The AICPA and InvestmentNews have launched “Ask the CPA,” an online discussion forum on advising clients in times of economic crisis. InvestmentNews readers may post their questions at www.investmentnews.com/community. CPAs holding the Institute’s personal financial specialist (CPA/PFS) credential will respond. The forum will run through December 31, 2008. “This is an
AICPA Issues Liquidity Restrictions Practice Aid
The AICPA has issued a new nonauthoritative Technical Practice Aid addressing potential accounting and auditing implications of a fund or its trustee imposing restrictions on a nongovernmental entity’s ability to withdraw its balance in a money market fund or other short-term investment vehicle. TPA 1100.15, Liquidity Restrictions, covers balance sheet
New Feed the Pig Cirriculum Targets Younger Audience
The AICPA and The Advertising Council have developed Feed the Pig for Tweens, a new financial literacy curriculum for fourth-, fifth- and sixth-graders. The program is an extension of the Feed the Pig campaign, featuring Benjamin Bankes, which was designed to help 25- to 34-year-olds take control of their finances.
AICPA Vows to Continue Tax Patent Legislative Effort
The AICPA will continue pushing for legislation in the next Congress either to ban tax strategy patents or provide immunity to taxpayers and practitioners from liability. Supporters of a tax strategy patents ban took modest encouragement from the U.S. Court of Appeals for the Federal Circuit’s ruling Oct. 30
Federal Circuit Issues Landmark Decision on Business Method Patents
The U.S. Court of Appeals for the Federal Circuit issued a long-awaited decision that could make it more challenging to patent business processes such as tax and financial strategies. In a 9-3 ruling issued on Oct. 30 in the In re Bilski case, the court stated a new, more
LTC Insurance Has Potential as Wealth Management Strategy, Too
Thank you for your very informative article, “Long-Term Care Insurance and Tax Planning” (Aug. 08, page 44). As a CPA/PFS, I believe that every financial adviser should help their clients make an informed decision regarding long-term care insurance, given the ever-escalating cost of long-term care. We have found time and time
Does Private Equity Belong in Your Client’s Portfolio?
Faced with a slumping stock market and low-yield bond portfolios, some fund managers maybe tempted by the higher potential yields of private equity. Before leading clients to this option, advisers should ask some hard questions: R Do you understand the deal? Is the specific industry one you believe you can
Depreciate Property in Like-Kind Exchanges Consistently
The Treasury has issued final regulations (Treasury Decision 9314) explaining how to depreciate modified accelerated cost recovery system (MACRS) property that has been acquired in a section 1031 like-kind exchange or through a section 1033 involuntary conversion when both the acquired and relinquished property are subject to MACRS in the
Intentionally Defective Grantor Trusts
Estate tax planners have long employed intentionally defective grantor trusts to freeze the value of an asset for estate tax purposes while transferring assets out of the estate free of gift tax. An intentionally defective grantor trust (IDGT) is a complete transfer to a trust for transfer tax purposes but
Be Wary of Taxes Sapping Life Insurance Proceeds
Life insurance can provide an “instant” source of liquidity to the estate of an owner of a closely held business, preferably when the policy insuring the business owner’s life is held by an irrevocable life insurance trust (ILIT). Especially when business owners face succession issues, CPAs advising
AICPA To Webcast Seminars On NQDC, AMT
A Web seminar, “Nonqualified Deferred Compensation Under Section 409A: Implementation Roundtable,” will be held Oct. 2 from 2 to 4:30 p.m. ET. Tax, PFP and PCPS section members may participate free or may pay a discounted price of $74 and receive 21/2 hours of CPE credit (non-section members pay $99).
Housing Act Tightens Home Sale Exclusion
A revenue-raising provision of the Housing and Economic Recovery Act of 2008 enacted in late July (PL 110- 289) disallows exclusion of gain from the sale of a principal residence under IRC § 121 attributable to periods the dwelling is used as a vacation or rental home or other nonqualified
Substantially Equal Periodic Payments From an IRA
In the current economic climate, unexpected circumstances may cause many individuals to consider the early withdrawal of IRA funds. Minimizing the tax consequences of these withdrawals requires careful consideration of opportunities to avoid the 10% penalty on premature distributions. While all distributions from a traditional IRA are subject to income
Top Things to Know About Roth 401(k)s
Roth IRAs have become popular retirement vehicles, but the low contribution limits and participant income limitations have prevented many people from taking advantage of them. The Economic Growth and Tax Relief Reconciliation Act of 2001 provided for designating Roth contributions within a qualified plan. Now many individuals previously excluded can
Is 2008 a Good Year to Elect Out of Installment Sale Accounting?
The sale of investment real estate is often a large taxable transaction, frequently involving deferred payments. Installment sale accounting is automatic under IRC § 453, although taxpayers may elect out and recognize all of the income currently. Usually, taxpayers would rather defer income, but right now, it may make better
Abusive Insurance and Retirement Plans
EXECUTIVE SUMMARY Some of the listed transactions CPA tax practitioners are most likely to encounter are employee benefit insurance plans that the IRS has deemed abusive. Many of these plans have been sold by promoters in conjunction with life insurance companies. As long ago as 1984, with the addition of
Long-Term Care Insurance and Tax Planning
EXECUTIVE SUMMARY Long-term care (LTC) insurance benefits are tax-free to the insured for either reimbursement of qualified expenses or payments up to a per-diem limit indexed for inflation—$270 in 2008. Premiums for LTC insurance are tax-deductible according to limits that are also indexed to inflation and increase with the age
Vacation Home Swaps Get Safe Harbor
Your clients might own a getaway home in the country, a cozy cottage on a lakeshore, a condo on the oceanfront or a rustic cabin in the mountains. When they sell it, they may recognize gain without the benefit of the principal residence exclusion in IRC §
Retirement Planning
The AICPA and Department of Labor have released an online video, “Choosing a Retirement Solution for Your Small Business,” to assist small employers and accountants with employee retirement program options. Using the real-life experiences of four small employers who operate Simplified Employee Pension, SIMPLE IRA and 401(k) plans, the video
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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.
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