One area where many CPA practitioners can consider offering expanded services is in personal financial planning.
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Personal Financial Planning
Contributing to a Child’s IRA
Establishing an IRA in a child’s name can be an effective planning technique for a child with earned income.
Lifetime Tax Planning for LLC Owners
Several steps can be taken before a LLC member’s death to reduce estate and income taxes and to plan for an orderly succession.
Key Planning Considerations for Cash Flow in Retirement
Assuring sufficient cash flow during retirement is a critical planning consideration. This column addresses various factors that affect cash flow for retirees in the current economic climate.
Estate Planning for International Clients
It is essential for clients with multiple citizenship or residency to understand that the timing and manner of cross-border wealth transfers fundamentally affect their ability to minimize tax burdens.
Assisting the Newly Widow[er]ed
This article discusses ways to aid clients who have suffered the loss of a spouse or other close loved one.
Tax Planning Opportunities for Funding an IRA
This article explores various funding choices for IRAs and provides an approach or model by which the tax adviser can optimize the funding choice, given the taxpayer’s tax-related goals.
Using a Buy/Sell Agreement to Transfer Ownership
A buy/sell agreement is a contract that restricts business owners from freely transferring their ownership interests in the business; they are a tool in providing for a planned and orderly transfer of a business interest.
The 10 Most Powerful Postmortem Planning Pointers for Trusts and Estates
Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family.
Strategies for the Social Security Safety Net
For approximately the next 20 years, 10,000 people a day will become eligible for Social Security retirement benefits and will be looking to a tax practitioner to help them plan for the future.
Current Leading Practices for Structuring the Family Office
This article explores certain structural attributes of the family office in an attempt to identify some leading practices for families (and their advisers). These structural attributes are organized into four categories: (1) ownership and governance, (2) scope of services provided, (3) capital structure and funding, and (4) entity selection and taxation.
Incorporating the Statement on Responsibilities in Personal Financial Planning into a Tax Practice
This column explains the Statement on Responsibilities in Personal Financial Planning Practice, issued by the AICPA’s PFP Executive Committee, and discusses how practitioners can use it to help clients with personal financial planning.
Making Gifts to Minors
This column discusses the advantages and disadvantages of gifting under the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act and in what kinds of situations each should be used.
Generations of Wealth in Marcellus Shale
Many in the Marcellus shale areas are being faced with difficult financial decisions due to the newfound wealth associated with the sudden interest in the Marcellus formation.
Estate Tax Planning for a U.S. Citizen with a Noncitizen Spouse
Under current U.S. tax law, a U.S. citizen may transfer property to his or her U.S. citizen spouse without any tax consequence or limitation. However, a U.S. citizen married to a noncitizen can make only a limited amount of bequests to his or her spouse.
Tax Court Rules on Valuation of Life Insurance Policy in Bargain Sale
The Tax Court held that where the profit-sharing plan of an S corporation wholly owned by the taxpayers distributed to them a life insurance policy on their lives, the taxpayers could not reduce the taxable value of the policy by the amount of the surrender charge for purposes of determining their income from the transfer
Protecting the Elderly from Financial Abuse
This column explores the warning signs of senior fraud and offers suggestions for identifying those signs and resources for guidance in handling such situations.
Life Settlements
The tax treatment of life settlement proceeds has been unclear until recently. However, the IRS issued guidance during 2009 that clarifies when and to what extent policyholders must recognize capital gain when they sell a life insurance policy.
The Valuation of FLPs
Due to the popularity of family limited partnerships (FLPs) and the significant tax savings they can provide, the IRS has sought to limit the benefits of their use. As part of its attack on an FLP, the IRS frequently will challenge the value of the FLP that is claimed on an estate or gift tax return.
Last-Minute Estate Planning for 2009: Focus on the GST
This article focuses on estate planning opportunities relating to the generation-skipping transfer tax that practitioners and taxpayers should consider for implementation in 2009.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
