When it comes time to put on your year-end planning hat, will you be prepared to provide the best tax and financial planning advice to clients? Take this quiz to see if you’re ready to tackle year-end planning for 2020.
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TOPICS
Personal financial planning
How to help clients dealing with a loved one’s addiction
CPAs can help families navigate the financial side of substance abuse.
COVID-19 and withdrawals from retirement plans
Taxpayers under financial duress caused by the pandemic can avoid penalties.
Inflation-adjusted income ranges for 2021 IRA and 401(k) plans
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.
Americans’ personal financial satisfaction sees record rebound
The AICPA’s Personal Financial Satisfaction Index (PFSi) rose 99% in the third quarter, setting a new record for quarterly growth. This finding underscores this year’s economic volatility, as last quarter the PFSi saw its largest-ever quarterly decline.
Unclaimed property distributions allowed as self-certified rollovers
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.
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.