The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
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TOPICS
Personal financial planning
ABLE account final rules provide wide-ranging guidance
Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.
Slott and Thies receive PFP honors
Ed Slott received the Sidney Kess Award for Excellence in Continuing Education, and Zach Thies received the P. Thomas Austin Personal Financial Planning Scholarship.
Time to consider a Roth conversion
A qualified rollover contribution to a Roth IRA or an in-plan rollover to a designated Roth account, known as a Roth conversion, can be attractive for CPA advisers’ clients because it provides a higher net present value of cash flow from their retirement savings, benefiting themselves or their beneficiaries.
Standing Ovation program recognizes CPAs for contributions to PFP and IMTA
Eleven young CPAs received Standing Ovation awards, which recognize professional achievement in personal financial planning (PFP), business valuation, and forensic accounting, and in information management and technology assurance (IMTA).
How COVID-19 could affect health spending
Being aware of national trends can help financial professionals assist their individual and business clients prepare for future health spending needs.
Recent developments for municipal bond investors
Munis remain as popular as ever, but states’ fiscal woes from COVID-19 and other trends could alter the investing landscape.
One CPA financial planner’s approach to retirement
Mackey McNeill, CPA/PFS, founder of Mackey Advisors, based in Bellevue, Ky., developed a process for encouraging clients to discuss the nonfinancial aspects of retirement.
Talk about more than money when readying clients for retirement
Discussing the nonfinancial side of retirement with clients gives them a better idea of what to expect and gives CPA financial planners insight into how much they might spend.
How to help a client retiring abroad think about taxes
This article discusses how CPAs can help their clients navigate the tax and financial planning complications of retiring overseas.
Underemployment spurs record drop in financial satisfaction
The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings.
How CPA financial planners can succeed with alternative fee models
Financial planners who use hourly billing, subscription fees and other alternatives to the AUM billing model shared their experiences at the ENGAGE conference.
Show clients empathy in uncertain times
Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.
The SECURE Act’s changes
Practitioners can advise on the most sweeping retirement reforms since 2006.
Ask the expert: Investing with an eye on taxes
Duncan Gates is Avantax’s Strategist–TSI Advisor Experience. In this role, he is responsible for providing education on tax-related topics and concepts, advisor training, and distribution of the Tax-Smart Investing platform.
RIC shareholders can take Sec. 199A deduction for REIT dividends
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
Medicare changes in response to COVID-19
Recent changes to Medicare due to the pandemic include COVID-19 testing coverage, telemedicine coverage and a requirement that Part D plans provide a 90-day supply of covered drugs upon request. Medicare will also cover a vaccine if one is developed.
Amid uncertainty, financial planning clients stick with long-term plans
On average, only 30% of CPA financial planners’ clients have made changes to their financial plans due to the pandemic, according to the latest AICPA Personal Financial Planning Trends survey.
Rollover relief for required minimum distributions
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
Guidance on how to take CARES Act distributions from qualified plans
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
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