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Bob Veres: How to prepare your firm for an acquisition |
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April 14, 2021 |
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Highlights in this issue: |
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PFP News |
New podcast: Sensible Taxation and Equity Promotion Act (STEP) of 2021
On March 29th the Senate’s Van Hollen and House’s Pascrell released proposals that would result in the realization of capital gains on the date property is transferred by gift, trust, or death. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, gets you up to speed on the latest, including:
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What the proposals say and the similarities and differences in the Senate and House versions
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Exceptions for personal property, transfers to spouses, and gifts/bequests to charity
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The need to be mindful of the connection between these proposals and others that suggest a 39.6% tax rate on capital gains when income exceeds 1 million
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Planning strategies to be prepared if these bills become law
Updated: Analysis of a tax return for financial planning opportunities
Developed by leading CPA financial planners, this popular checklist has been updated to help you add value to your client relationships. Use this checklist and compare it to a client’s 1040 side-by-side to identify key issues and planning needs for your tax clients.
New Broadridge Advisor client alert: High-frequency indicators: Where to look for signs of recovery
Disruptions in business activity have varied greatly from region to region, and often from one week to the next, according to the severity of local COVID-19 outbreaks. Unfortunately, many of the official statistics used to gauge the health of the U.S. economy are somewhat delayed. This new client alert discusses some of the high-frequency indicators that economists and investors are using to monitor the impact of the pandemic and the progress of the economic recovery.
Controversial IRS example of the SECURE Act 10-year rule application
Recently released IRS Publication 590-B explains how the 10-year rule under the SECURE Act affects IRA distribution requirements. The Publication has experts in the field scratching their heads. Bob Keebler, CPA/PFS, and Ed Slott, CPA, report in this Leimberg Information Services, Inc. podcast. Publication 590-B can be found here.
New in the PFP Learning Library: Financial advice in the age of COVID
Check out Dr. Carolyn McClanahan’s popular webcast now available in the PFP Learning Library. Both recording and slides are available. You will:
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Determine the interplay between the financial planning and medical worlds in today’s environment
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Identify how COVID has affected financial planning projections, insurance planning, estate planning, and the delivery of financial planning services
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Learn the status of our health care system and upcoming coverage policies that will affect your clients, including the latest from the American Rescue Plan Act of 2021
Free CPE: April 20 Webcast: Social Security and Medicare: Maximizing retirement benefits
The rules for Social Security remain mostly stable yet clients continue to have difficulty understanding, asking you questions in relation to their overall retirement planning. PFP/PFS members get 2 hours of free CPE when you join Ted Sarenski, CPA/PFS, in this webcast to:
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learn different ideas for when to collect Social Security based on an individual’s circumstance,
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gain insight about some of the nuances and intricacies of Social Security so you can give accurate and helpful advice, and
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find out about Medicare Advantage, how it differs from traditional Medicare, and more.
Bob Veres media reviews: How to prepare your firm for an acquisition
Save time and stay ahead of the curve by reading Bob’s write-ups of articles in the April 2021 issue of Investment Advisor like:
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”New Index Rates Companies on Racial Justice Criteria” by Bernice Napach
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”The Do’s and Don’ts of Partnering with CPAs” by Jeff Berman
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”Legislative, Regulatory Maneuvers in Play” by Melanie Waddell
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”4 Problems with Advisor Marketing (and How to Fix Them)” by Angie Herbers
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”How to Prepare Your Firm for an Acquisition” by Tom Giachetti
Boyd: FBAR Penalty Limit Applies Per Form, Not Per Account
In United States v. Boyd, No. 19-55585 (3/24/2021), the Ninth Circuit Court of Appeals applied the statutory limit on the imposition of penalties for a non-willful FBAR violation. Bob Keebler reports in this podcast from Leimberg Information Services Inc. The text of the Ninth Circuit's opinion and a dissenting opinion can be found at
here
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Free web seminar series: Global Financial Planning Institute
You are invited to Working with US citizens abroad and expats in the US, a series of 4 free cross-border financial planning webinars hosted by the Global Financial Planning Institute for the financial advisor community. These webinars each start at 4pm ET and recordings will be sent to all registrants.
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April 13: Differences in Working with the International vs Domestic Client
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April 27: Building an International Practice - Business Models & Compliance
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May 11: Investment Considerations for the American Abroad
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May 25: Treaties & Definitions of Residency
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CPA/PFS Corner |
The CPA/PFS credential is closer than you think
If you work with individuals and families, then your client conversations likely include various aspects of personal financial planning: tax, retirement, estate, risk management/insurance, and investment planning. We have pathways to the credential that will meet your needs: Take the comprehensive exam in one sitting, study topic-by-topic and
complete the certificates or see if you qualify for the experienced CPA pathway.
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Last Week’s Highlights |
New podcast: Keebler on What you need to know about the "For the 99.5% Act"
This bill, introduced into the US Senate on March 25, 2021, could lay the groundwork for what’s ahead with changes to estate, gift, and trust rules. If passed, the effective date would be December 31st, 2021 and would result in significant increases to federal estate and gift tax. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, fills you in on:
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The key provisions, including a 3.5 million estate exemption, 1 million gift exemption, and a 20k cap on annual exclusion gifts
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Changes to the GRAT, grantor trust, and valuation discount planning techniques
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Expansion of conservation easements and the special use valuations for farms
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What you need to consider with clients before enactment
Bob Veres Inside Information: Are you evolving with your clients and a fresh look at the elements of planning
Bob dives into the following subject matter in this month’s Inside Information edition:
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Enhanced fiduciary: A new organization is creating board-certified specialties around the fiduciary standard.
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Easy ESG: A new software tool lets you turn model portfolios into ESG portfolios with a few keystrokes.
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Evolving clients, evolving relationships: Your clients have changed due to the pandemic. Are you meeting the challenge?
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The elements of planning: An iOS app offers a more focused, relevant planning engine than the software we’re all used to.
Broadridge Advisor client alert: U.S. credit-card debt levels see record drop in 2020
Despite the financial challenges experienced by Americans as a result of the coronavirus pandemic, U.S. credit-card debt dropped to record levels in 2020. Use this latest Client Alert to open discussions with your clients on debt management and discuss this unprecedented drop in U.S. credit-card debt and offer strategies to help your clients eliminate their credit-card debt.
Bob Veres media reviews: Social Security tips for women, and more
Save time and stay ahead of the curve by reading Bob’s write-ups of articles in the April 2021 issue of Financial Planning covering topics including lessons learned from 2020, Social Security and women, the 4% rule for retirement income, and more.
Recognize young CPA/PFS holders for their outstanding achievements as a CPA financial planner
The Standing Ovation Program recognizes young CPA/PFS credential holders in personal financial planning (including tax, retirement, estate, risk management and investments) who exhibit exemplary professional achievement. Help spread the word to others in your firm that they can nominate you or others who are eligible; you may also self-nominate with a letter of recommendation from a partner, manager, or colleague. Review the eligibility and nomination requirements and
submit this quick and easy online application by July 16, 2021.
Your PFP section benefits on the new website
Can’t find it? This short video visually demonstrates navigating the new website to access your key PFP Section benefits.
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