|
|
To view this email as a web
page, go
here.
|
|
Redefining the value of financial expertise |
|
| | |
|
|
| March
3, 2021 |
|
Highlights in this issue: |
|
| |
PFP
News |
Philanthropy techniques for your wealthier
clients
For
your high income and net worth clients, there are many
savvy strategies that can meet their benevolent desires
while also providing for their loved ones and saving
significant tax. In this PFP Section podcast episode, Steve
Siegel, J.D., LL.M., fills you in
on:
- The benefits of qualified
charitable distributions (QCDs), the limitations, and
the importance of timing this
right
- The beauty of charitable
remainder trusts, especially in an environment where
capital gain rates may increase, and the
cons
- The value of charitable lead
trusts for your most affluent clients and why this may
become a more popular technique if other wealth
transfer strategies go by the
wayside
Bob Veres Inside Information: Life planning,
firm culture and more
Bob
dives into the following subject matter in this edition of his monthly
newsletter:
- Learn about a firm that has
found a better way to create a productive work
environment by designing a unique office
culture
- Read about key takeaways from
two sessions in January’s AICPA PFP Summit, including
primers on how to create and maintain a healthy
culture at your firm, and how to provide life planning
services without sacrificing technical advice in the
process.
- Find out more about XYPN and
their aggregation of support.
Broadridge Advisor client alert: There’s
still time to contribute to an IRA for
2020
Even
though tax filing season is well under way, there's
still time to make a regular IRA contribution for 2020.
Use this alert to remind your clients that they have
until their tax return due date (not including
extensions) to contribute up to $6,000 for 2020 ($7,000
if they were age 50 or older on or before December 31,
2020). For most taxpayers, the contribution deadline for
2020 is April 15, 2021. Log into Broadridge and then
click on client alerts on the left panel to view and
send this alert.
Bob Veres media reviews: retirement planning
in the post-4% world, redefining financial expertise,
and more
Save
time and stay ahead of the curve by reading Bob’s write-ups of high
relevance articles in the February Advisor
Perspectives and Nerds Eye View
like:
- "The
Case for Emerging Markets" by Allan
Roth
- "Five
Podcasts for Advisors in Growth Mode" by Taylor
Schulte
- "Are
Equity Return Forecasts Too Pessimistic?" by by
Joe Tomlinson
- "Retirement
Planning in the Post-4% World" by David
Blanchett
- "The
Financial Advisor as Curator and Redefining the Value
of Financial Expertise, with Jason Zweig" by
Michael Kitces
- "Kitces
& Carl Ep 54: Showing Financial Planning Value On
An Ongoing Basis After the First 6 Months" by
Michael Kitces and Carl
Richards
- "How
Transparent Nudges Can Help Clients take Action… And
Learn, Too" by Meghaan
Lurtz
House passes $1.9
trillion stimulus bill with a variety of small business
relief
The
U.S. House of Representatives passed, by a vote of
219–212, a $1.9 trillion COVID-19 relief package early
Saturday morning that includes $1,400 stimulus checks to
individuals, an extension of unemployment benefits, and
tens of billions in aid for small businesses and
not-for-profits. Read more in the Journal of Accountancy
article here. And read about the tax
provisions here.
Wealth tax proposal
introduced for ultra high net worth
Senator
Elizabeth Warren, joined by Representatives Pramila
Jayapal and Brendan Boyle, proposed a new wealth tax on
households with a net worth of more than $50 million. A
long ways to go, but here is the summary and text of the proposed
bill.
AICPA Town Hall Series
on PPP
Watch
last week’s on-demand AICPA Town Hall
with Erik Asgeirsson, President & CEO of CPA.com,
and Lisa Simpson, CPA, Vice President of Firm Services
at the AICPA, for a brief overview of PPP changes,
including information on a key change in calculating the
loan amount for self-employed Form 1040 Schedule C
filers, a designated window for the smallest borrowers
to apply, and expanded eligibility requirements. You’ll
also get an update on the AICPA’s advocacy efforts
surrounding the IRS tax filing
deadline.
Join the next Town Hall
tomorrow from 3-4pm ET for 1 hour of free CPE
credit.
Tip: Look at portability
through the eyes of a $3.5MM exemption
In
PLR 202107003, the IRS granted 9100 relief allowing an
estate additional time to make a portability election.
Bob Keebler, CPA/PFS, reports in this Leimberg
Information Services, Inc. podcast. The text of PLR
202107003 can be found at here.
PLR 202107001: Extension
of Time for Opting Out of Automatic GST Allocation
In
PLR 202107001, the IRS granted an extension of time to
opt out of the automatic allocation of GST exemption.
Bob Keebler, CPA/PFS, reports in this Leimberg
Information Services, Inc. podcast. The text of PLR
202107001 can be found here.
| | |
Personalize your PFP experience on the new
website
Take a look at a
short video on how to set your
preferences. |
 |
| |
| CPA/PFS
Corner |
Show
clients you have what it takes to be the primary point
of contact with a CPA/PFS!
Did
you know that in a recent AICPA survey, the majority of
respondents (high net worth and high-income individuals)
indicated they would like a professional who can be
their primary point of contact? Let clients know you
have expertise to serve as their primary point of
contact who can oversee all pieces of their financial
picture with your CPA/PFS! Pick the approach that works
for you:
| |
| Last
Week’s Highlights |
Charitable donation strategies for
the masses
Learn about 2020 charitable
contribution rules, 2021 giving strategies, and common
mistakes and misses from Steve Siegel, J.D., LL.M. in
this episode of the PFP Section podcast.
Broadridge Advisor: Pandemic
Relief Measures and Your Tax
Return
The two emergency relief bills
passed in 2020 in response to the COVID-19 pandemic will
make this an unusual tax season for many taxpayers. The
following provisions may affect many households when
they file their personal tax returns for 2020. Log into Broadridge and then
click on client alerts on the left panel to view these
alerts and use them with your clients.
Texas tax
relief
Individuals and households
affected by severe winter storms that reside or have a
business in all 254 Texas counties qualify for
tax relief. The Internal Revenue Service announced
Monday 2/22 that victims of winter storms that began
February 11, 2021 now have until June 15, 2021 to file
various individual and business tax returns, make tax
payments, and make 2020 IRA contributions. More detailed
info here.
IRS provides cafeteria plan relief
for the pandemic
In response to the COVID-19
pandemic, Congress enacted temporary special rules for
health flexible spending arrangements (FSAs) and
dependent care assistance programs under Sec. 125
cafeteria plans. More can be found in this Journal of
Accountancy article.
Bob Veres media reviews: Next-gen
redefines retirement, 2020 “oops” decisions, and
more
Save time and stay ahead of the
curve by reading Bob’s write-ups of high
relevance articles in the recent Financial Advisor on
topics like redefining retirement, giving back, improved
PPP relief, 2020 mistakes and
more. | |
|
Get Connected |
Connect with your peers on
the AICPA PFP Linkedin Group
Email the PFP team directly
For
account questions and login issues, call (888)
233-7618 |
|
| For more, visit the AICPA PFP
Section |
|
| | |
