Personal Financial Planning

Is Now the Time to Implement PFP Services?

The CPA profession has naturally evolved toward personal financial planning (PFP). This is borne out by the results of the recent AICPA PFP Division survey on the economic benefits of implementing a PFP practice in a CPA firm, among other things.

IRS Finalizes Regulations on Use of QLACs

New IRS rules provide that longevity annuity payments will not be required to begin prematurely, thus adding flexibility to retirement planning and helping to protect individuals from outliving their savings.

Navigating Through Divorce: Top Five Financial Planning and Tax Considerations

Advisers must consider a number of issues when helping a client navigate through a divorce. Emotions are at their peak, but careful thought and planning must take place before the divorce agreement is finalized, to prevent future financial and legal headaches. This item discusses the five top issues that financial advisers and CPAs should consider throughout a client's divorce negotiations.

Tax Strategies for the Long Horizon

New taxes and higher rates have dramatically increased the complexity of planning for many taxpayers; however, long-standing techniques for managing income and deductions and taking best advantage of tax-favored vehicles for retirement saving still hold sway.

Help for Self-Employed Clients Who Owe Taxes They Cannot Pay

In tax practice, CPAs occasionally encounter self-employed clients who have difficulty keeping up with their quarterly estimated tax payments. The problem of making adequate estimated tax payments is particularly difficult for the self-employed because they generally do not have taxes withheld and remitted to the government, as do most employees with wages reported on Form W-2.

Planning With Home-Equity Loans and Mortgage Refinancing

Homeowners should not overlook the opportunity to generate cash flow by using the equity in their residence. Not only are home-equity loans a relatively cheap source of financing (considering the after-tax effective borrowing rate), but also the repayment terms are often more generous than those on unsecured loans.

Retroactive Tax Planning After Windsor

Married same-sex couples must now file their federal income tax returns as either married filing jointly or separately, but they have a choice whether to amend their federal income tax returns for open years during which they were legally married.

Newsletter Articles

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

DEDUCTIONS

Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.