EXECUTIVE SUMMARY IN THE NOT-TOO-DISTANT FUTURE, you may be able, with just a few mouse clicks, to access any public company’s financial reports in extraordinary detail and for any period. In addition, you may be able to perform an array of instant analyses of those data. THE UNDERLYING TECHNOLOGY is
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TOPICS
Personal financial planning
A Financially Secure Future
EXECUTIVE SUMMARY THE HIGH COST OF A NURSING HOME STAY CAN bring financial ruin to even the most well-funded retirement. Failure to plan for long-term-care needs can spell disaster for clients neither poor enough to qualify for government aid nor wealthy enough to pay for it themselves. Today, a
Planning for Higher Education
ollege is expensive. IRC section 529 qualified tuition programs have become more popular due to Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) provisions that ended the taxing of distributions used to pay qualified higher education expenses. Prior to the EGTRRA, the earnings portion of such distributions was
Smart Stops on the Web
TAX SOFTWARE SITES Links to Tax Programs www.futureofsoftware.net CPAs and tax preparers can find links here to sites that offer software—either to demo for free or purchase—as well as hardware and peripherals. Users can explore categories such as computer rentals, data recovery and storage, and multimedia. A search on the
When the SEC Knocks….
EXECUTIVE SUMMARY WITH INCREASING NUMBERS OF CPAs OFFERING investment services, more are registering with the SEC as investment advisers and facing field examinations from the SEC Office of Compliance Inspections and Examinations (OCIE). These investigations determine whether the adviser is complying with the Investment Advisers Act of 1940, protect
Going, Going, Gone?
EXECUTIVE SUMMARY WITH UNCERTAINTY ABOUT WHETHER THE ESTATE TAX will actually be repealed in 2010 and the possibility it will return in 2011, CPAs need to help their clients plan carefully to make sure they take maximum advantage of all of the estate tax changes. THE ESTATE TAX EXEMPTION INCREASES
Smart Stops on the Web
ESTATE PLANNING SITES Test Your Knowledge www.aaepa.com The American Academy of Estate Planning Attorneys Web site offers a top 10 estate planning techniques section which gives an overview of various approaches and how to use them to protect clients’ wealth. The FAQ area helps CPAs answer common questions such as
Ten “Musts” for Developing a PFP Practice
CPAs interested in careers in personal financial planning or who have established practices and would like to create a niche in this area can follow these steps to get started: Select a practice structure. Depending on their firm’s purpose or the way they conduct business—including how much liability they are
Don’t Invest for Clients—Plan for Them
EXECUTIVE SUMMARY AS CPAs ADD FINANCIAL PLANNING services TO their professional offerings, it’s important not to limit planning to just discussing investments. Effective planners must develop an in-depth strategy by examining all aspects of a client’s financial affairs including assets, liabilities, insurance, investments and employee benefits. BY TAKING A MACROECONOMIC
Smart Stops on the Web
PERSONAL FINANCIAL PLANNING SITES A Free Plan for the Future www.atlanticfinancial.com Investors can get a free financial plan by filling out a short online questionnaire at this site. For a thorough analysis, they can download a comprehensive form and mail it to Atlantic Financial, an independent investment firm in Westboro,
SEC Jurisdiction Over Investment Advice
EXECUTIVE SUMMARY MANY CPAs HAVE RESPONDED TO INCREASED client interest in financial products by formally offering investment advisory services. This generally requires them to register as investment advisers with either a state agency or with the SEC, based primarily on the amount of assets under management. CPAs CAN PROVIDE LIMITED
E-Commerce
For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. E-COMMERCE The SEC adopts rule amendments that permit registered investment companies and advisers to store required records on electronic
Accounting
For news from the AICPA and state societies, visit www.cpaweb.org , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. A FASB statement will provide guidance on asset retirement obligations related to tangible long-lived assets, such as factories or storage
Privacy
A study commissioned by a technology trade group says federal legislators should obtain more information before passing online privacy laws. It also says that, if passed, current legislative proposals will effectively require businesses to build costly compliance tracking systems and many companies will stop sharing information about their online customers
When the Client Wants to Leave It to the Cat
EXECUTIVE SUMMARY THE CPA WHOSE CLIENT WANTS TO ensure that companion animals will be properly cared for in an estate trust has to have sensitivity to the client’s feelings as well as know where to steer him or her. Extreme emotions are involved when people talk about death—and money.
Compliance
At a securities industry conference on money laundering, an SEC director encourages compliance by broker-dealers ( www.sec.gov/news/speech/spch486.htm ).
The Right Philanthropic Vehicle
EXECUTIVE SUMMARY A SURPRISING NUMBER OF INDIVIDUALS SET UP PRIVATE foundations and other philanthropic entities without considering if they are the best option to meet their charitable inclinations. Income and estate tax savings are not the only consideration. A PRIVATE FOUNDATION IS THE CHOICE OF THOSE who want to
Professional Issues
Questions about the independence of investment analysts are attracting the SEC’s attention. Its acting chairman and its chief accountant worry that brokerage house researchers may be tailoring investment recommendations to suit their investment banking clients ( www.sec.gov/news/speech/spch477.htm ; www.sec.gov/news/speech/spch485.htm ).
Banking
The federal reserve board of governors adopts a rule that revises official staff commentary on regulation E, which implements the Electronic Funds Transfer Act. The new rule provides compliance guidance on electronic check conversion transactions, computer-initiated bill payments and electronic authorizations of recurring debits from a consumer’s bank account (
E-Commerce
To combat online fraud and improve the public’s confidence in doing cross-border business on the Internet, the United States joins 12 other nations in launching econsumer.gov, a multilingual Web site where consumers can obtain information about relevant laws and agencies and submit e-commerce-related complaints online ( www.ftc.gov/opa/2001/04/econsumer.htm ).
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
