Personal Financial Planning

Topics

March 1, 2021

Developments in individual taxation

This semiannual update covers recent developments affecting individuals and discusses a number of pandemic-related developments.

March 1, 2021

Helping clients emerge from the pandemic

CPA financial planners can navigate clients through uncertainty and change, and lead them through a reevaluation of savings goals, retirement planning, health care needs, and other basic parts of their financial plan.

February 19, 2021

IRS provides cafeteria plan relief for the pandemic

The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.

February 11, 2021

It is not too late for 2020 QOF tax deferral opportunities

This article discusses the applicable deadlines for individuals for investing in a QOF and obtaining tax deferral.

February 5, 2021

Senate shows bipartisan support for mobile workforce tax legislation

The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.

January 1, 2021

2021 inflation adjustments for retirement plans announced

The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021.

January 1, 2021

The impact of filing status on student loan repayment plans

This article discusses income-based plans and how married couples with student loan debt may minimize their current loan payments by filing separately instead of jointly.

January 1, 2021

Self-certification of unclaimed property rollovers permitted

The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.

December 4, 2020

Answering clients’ estate planning questions this December

This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.

December 1, 2020

Student loan debt: Tax and other considerations

This article examines the student loan burden in the United States, reviews programs designed to assist borrowers with repayment, and discusses debt forgiveness issues.

December 1, 2020

QBI deduction: Interaction with various Code provisions

This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.

December 1, 2020

Demolished structures and qualified opportunity zones

Rev. Proc. 95-27 uses a two-part test to define whether the modification of a building, other than a certified historic structure, is a demolition for
purposes of Sec. 280B.

December 1, 2020

Six tax planning strategies for low-cost-basis cryptocurrency

Pursue these strategies as part of a multiyear plan to help a client avoid a big tax hit when it comes time to cash in significantly appreciated crytocurrencies.

December 1, 2020

Achieving a better life experience (ABLE) accounts rules finalized

Eligible individuals with disabilities received IRS guidance on rules regarding tax-favorable ABLE accounts to save money to meet qualified disability expenses.

December 1, 2020

Investments in qualified small business stock

The Code provides favorable treatment for gains from investing in small business stock under Sec. 1202.

December 1, 2020

CARES Act changes to retirement plans

A distribution that meets the definition of a coronavirus-related distribution carries several advantages and tax planning opportunities.

December 1, 2020

Changes to charitable giving rules for 2020

There is a unique opportunity this year for clients
with charitable contribution carryforwards to 2020.

November 16, 2020

It’s a tough year for year-end tax planning

Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.

November 1, 2020

Using trusts in divorce tax planning

A trust set up as part of a divorce settlement can ensure economic protection of the couple’s long-term obligations and provide tax benefits.

November 1, 2020

Recent developments in estate planning: Part 2

This second of a two-part article discusses regulations on calculating the basic exclusion amount once the higher estate tax exemption expires after 2025, as well as several court cases and IRS private letter rulings.