http://feeds.feedburner.com/aicpa/PCYa AICPA Insights is the official blog for the American Institute of CPAs. AICPA Insights features posts from AICPA staff on a variety of topics affecting the accounting profession, the Institute and its members. http://blog.aicpa.org Copyright © 2006-2011 American Institute of CPAs http://blogs.law.harvard.edu/tech/rss en-us Wed, 29 Jan 2014 11:00:00 -0400 Fri, 14 Feb 2014 11:00:00 -0400 AICPA Insights AICPA Insights is the official blog for the American Institute of CPAs. AICPA Insights features posts from AICPA staff on a variety of topics affecting the accounting profession, the Institute and its members. AICPA Insights cpa,aicpa,news,tax,financial,accounting,cpa,profession,financial,planning,cpa,exam,accountant,gaap,gaas,ifrs,risk,management,sustainability,management,accounting,tax,preparer no no gwright@aicpa.orgAICPA Insights In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. http://blog.aicpa.org/2014/02/relief-for-missed-portability-elections.html 78FCEE82-7911-418C-ABF8-6DD41B001513 Fri, 14 Feb 2014 11:00:00 -0400 Relief for Missed Portability Elections In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. 0:09:09 Robert Keebler financial planning, portability, estate, cpa, tax no no gwright@aicpa.org (AICPA Insights) Bob Keebler interviews David Kirk and Adrienne Mikolshek, part of the team who wrote the Net Investment Income Tax regulations, to help members understand the new IRS Form 8960, Net Investment Income Tax for Individuals, Estates and Trusts and the draft instructions. http://blog.aicpa.org/2014/01/interview-with-team-who-wrote-net-investment-income-tax.html 77FCEE82-7911-418C-ABF8-6DD41B001513 Wed, 29 Jan 2014 11:00:00 -0400 Interview with Team Who Wrote Net Investment Income Tax Bob Keebler interviews David Kirk and Adrienne Mikolshek, part of the team who wrote the Net Investment Income Tax regulations, to help members understand the new IRS Form 8960, Net Investment Income Tax for Individuals, Estates and Trusts and the draft instructions. 0:40:52 Robert Keebler financial planning, net investment income tax, cpa, tax no no gwright@aicpa.org (AICPA Insights) Bob Keebler goes line by line through Form 8960, Net Investment Income Tax for Individual, Estates and Trusts, to help members understand key elements they need to know for tax season. http://blog.aicpa.org/2014/01/explore-the-new-irs-form-for-net-investment-income-tax.html 76FCEE82-7911-418C-ABF8-6DD41B001513 Fri, 24 Jan 2014 11:00:00 -0400 IRS Form 8960 Draft Instructions Bob Keebler goes line by line through Form 8960, Net Investment Income Tax for Individual, Estates and Trusts, to help members understand key elements they need to know for tax season. 0:26:01 Robert Keebler financial planning, net investment income tax, cpa, tax no no gwright@aicpa.org (AICPA Insights) Over the past three decades CPAs have expanded the planning advice they provide to individuals and families as it relates to such areas as estate, retirement, risk management and investment planning. To adapt to a rapidly evolving profession and regulatory landscape and in addition to the already existing regulatory framework for CPAs, the AICPA is promulgating the Statement on Standards in Personal Financial Planning Services to protect the public and our members. In this podcast, Clark Blackman and Dirk Edwards lead you through a discussion on the nature and objective of the SSPFPS; when and to whom it applies; an overview of the requirements; how the standard will help elevate your practice; and the timeline for issuance and resources. http://blog.aicpa.org/2014/01/understanding-and-applying-the-statement-on-standards-in-pfp-services.html 75FCEE82-7911-418C-ABF8-6DD41B001513 Tue, 21 Jan 2014 11:00:00 -0400 Understanding and Applying the Statement on Standards in PFP Services Over the past three decades CPAs have expanded the planning advice they provide to individuals and families as it relates to such areas as estate, retirement, risk management and investment planning. To adapt to a rapidly evolving profession and regulatory landscape and in addition to the already existing regulatory framework for CPAs, the AICPA is promulgating the Statement on Standards in Personal Financial Planning Services to protect the public and our members. In this podcast, Clark Blackman and Dirk Edwards lead you through a discussion on the nature and objective of the SSPFPS; when and to whom it applies; an overview of the requirements; how the standard will help elevate your practice; and the timeline for issuance and resources. 0:45:52 Clark Blackman and Dirk Edwards financial planning, PFP, professional standards no no gwright@aicpa.org (AICPA Insights) In this podcast, Bob Keebler discusses the impact of the regulations on net investment income tax. http://blog.aicpa.org/2014/01/understanding-the-38-net-investment-income-tax-and-its-effects.html 74FCEE82-7911-418C-ABF8-6DD41B001513 Thu, 16 Jan 2014 11:00:00 -0400 Understanding the 3.8% Net Investment Income Tax and Its Effects In this podcast, Bob Keebler discusses the impact of the regulations on net investment income tax. 0:36:09 Bob Keebler net investment income tax, AICPA, Certified Public Accountant, CPA no no gwright@aicpa.org (AICPA Insights) The AICPA Technical Hotline provides non-authoritative advice to members on matters of accounting and financial reporting, audit, attest, compilation and review service standards. This podcast, the AICPA Insights Live webcast on Nov. 22, addresses some of the more commonly asked questions over the past year in the areas of audit, attest, compilation and review engagements. Highlights include the new clarified audit standards, verification requests, supplementary information and Service Organization Controls reporting. http://blog.aicpa.org/2013/12/hot-topics-and-faqs-from-the-aa-technical-hotline.html 73FCEE82-7911-418C-ABF8-6DD41B001513 Tue, 24 Dec 2013 11:00:00 -0400 Hot Topics and FAQs from the A and A Technical Hotline The AICPA Technical Hotline provides non-authoritative advice to members on matters of accounting and financial reporting, audit, attest, compilation and review service standards. This podcast, the AICPA Insights Live webcast on Nov. 22, addresses some of the more commonly asked questions over the past year in the areas of audit, attest, compilation and review engagements. Highlights include the new clarified audit standards, verification requests, supplementary information and Service Organization Controls reporting. 0:54:36 Kristy Illuzzi accounting, auditing, SOC, technical hotline, AICPA, Certified Public Accountant, CPA no no gwright@aicpa.org (AICPA Insights) The following podcast is from the AICPA Insights Live webcast series and covers 10 things one should know about internal controls as presented by Findley Gillespie and Steven Gin of Moss Adams. http://blog.aicpa.org/2013/12/10-things-you-should-know-about-internal-controls.html 72FCEE82-7911-418C-ABF8-6DD41B001513 Tue, 10 Dec 2013 11:00:00 -0400 10 Things You Should Know About Internal Controls The following podcast is from the AICPA Insights Live webcast series and covers 10 things one should know about internal controls as presented by Findley Gillespie and Steven Gin of Moss Adams. 01:02:30 Findley Gillespie and Steven Gin internal controls, risk management, AICPA, Certified Public Accountant, CPA no no gwright@aicpa.org (AICPA Insights) The purpose of Roth IRA conversions as it relates to the Net Investment Income Tax is to lower modified adjusted gross income below the threshold amount over the long-term. Some benefits of Roth conversions include lower overall taxable income, tax-free compounding, no required minimum distributions at age 70 ½, tax-free withdrawals for beneficiaries and more effective funding of the "bypass trust." Converting to a Roth IRA creates opportunities to reduce the overall size of the estate and to take advantage of greater tax-free yields and favorable tax attributes. Bob Keebler walks you through the mathematics of conversion through examples, tactical considerations and a four-step process for Roth conversion planning. http://blog.aicpa.org/2013/12/year-end-planning-roth-ira-conversions.html 71FCEE82-7911-418C-ABF8-6DD41B001513 Tue, 03 Dec 2013 11:00:00 -0400 Year-End Financial Planning The purpose of Roth IRA conversions as it relates to the Net Investment Income Tax is to lower modified adjusted gross income below the threshold amount over the long-term. Some benefits of Roth conversions include lower overall taxable income, tax-free compounding, no required minimum distributions at age 70 ½, tax-free withdrawals for beneficiaries and more effective funding of the "bypass trust." Converting to a Roth IRA creates opportunities to reduce the overall size of the estate and to take advantage of greater tax-free yields and favorable tax attributes. Bob Keebler walks you through the mathematics of conversion through examples, tactical considerations and a four-step process for Roth conversion planning. 00:12:22 Robert S. Keebler, CPA roth IRA, net investment income tax, AICPA, Certified Public Accountant, tax, financial planning, CPA no no gwright@aicpa.org (AICPA Insights) A Charitable Remainder Trust is a split interest trust consisting of an income interest, which is paid to the donor or other beneficiary during the term of the trust, and a remainder interest, which is paid to the designated charity. The purpose of this strategy is to harbor net investment income in a tax-exempt environment while leveling income over a longer period of time to keep MAGI below the threshold amount. CRTs are especially useful when there is a large capital gain that pushes income above the threshold amount. In this podcast, Bob Keebler explores using CRTs in year-end planning strategies for your clients. http://blog.aicpa.org/2013/11/charitable-remainder-trust-strategies.html 70FCEE82-7911-418C-ABF8-6DD41B001513 Tue, 26 Nov 2013 11:00:00 -0400 Year-End Financial Planning A Charitable Remainder Trust is a split interest trust consisting of an income interest, which is paid to the donor or other beneficiary during the term of the trust, and a remainder interest, which is paid to the designated charity. The purpose of this strategy is to harbor net investment income in a tax-exempt environment while leveling income over a longer period of time to keep MAGI below the threshold amount. CRTs are especially useful when there is a large capital gain that pushes income above the threshold amount. In this podcast, Bob Keebler explores using CRTs in year-end planning strategies for your clients. 00:13:54 Robert S. Keebler, CPA charitable remainder trusts, net investment income tax, AICPA, Certified Public Accountant, tax, financial planning, CPA no no gwright@aicpa.org (AICPA Insights) Because of the multi-dimensional tax environment that now exists post-American Taxpayer Relief Act, CPA financial planners must look at the tax impact on clients’ financial plans through a 5 to 10 year horizon. Ordinary income tax rates from the Bush Administration were made permanent. The capital gains rate increased from 15% to 20% for taxpayers with income greater than the threshold amounts. Phase-out of personal exemptions and limitations on itemized deductions (Pease) become critical in managing tax brackets by shifting income and deductions into certain years. This podcast from Bob Keebler provides a overview of theory, strategies and case studies in bracket management. http://blog.aicpa.org/2013/11/year-end-financial-planning-bracket-management-podcast.html 69FCEE82-7911-418C-ABF8-6DD41B001513 Tue, 12 Nov 2013 11:00:00 -0400 Year-End Financial Planning: Bracket Management Because of the multi-dimensional tax environment that now exists post-American Taxpayer Relief Act, CPA financial planners must look at the tax impact on clients’ financial plans through a 5 to 10 year horizon. Ordinary income tax rates from the Bush Administration were made permanent. The capital gains rate increased from 15% to 20% for taxpayers with income greater than the threshold amounts. Phase-out of personal exemptions and limitations on itemized deductions (Pease) become critical in managing tax brackets by shifting income and deductions into certain years. This podcast from Bob Keebler provides a overview of theory, strategies and case studies in bracket management. 00:12:34 Robert S. Keebler, CPA net investment income tax, bracket management, AICPA, Certified Public Accountant, tax, financial planning, IRS no no gwright@aicpa.org (AICPA Insights) Demonstrate your firm's value by understanding and implementing year-end strategies that are timely and beneficial. This AICPA Insights Live session discusses the American Tax Payer Relief Act and Net Investment Insurance Tax as it pertains to year-end tax planning. http://blog.aicpa.org/2013/11/the-38-net-investment-income-tax-podcast.html 68FCEE82-7911-418C-ABF8-6DD41B001513 Fri, 08 Nov 2013 11:00:00 -0400 Proactive Year-End Financial and Tax Planning Demonstrate your firm's value by understanding and implementing year-end strategies that are timely and beneficial. This AICPA Insights Live session discusses the American Tax Payer Relief Act and Net Investment Insurance Tax as it pertains to year-end tax planning. 01:07:50 Beth C. Gamel, CPA/PFS; Robert S. Keebler, CPA; Ted J. Sarenski, CPA/PFS; Scott Sprinkle, CPA/PFS, CGMA net investment income tax, AICPA, Certified Public Accountant, tax, financial planning, IRS no no gwright@aicpa.org (AICPA Insights) Strategies for reducing net investment income include municipal bonds, tax deferred annuities, life insurance, rental real estate, oil and gas investments, choice of accounting year for estate/trust and timing of estate/trust distributions. Strategies for reducing modified adjusted gross income include Roth IRA conversion, CRTs, non-grantor CLTs, and installment sales. Join Robert Keebler, CPA of Keebler and Associates LLP in this podcast as he walks you through year-end planning for the 3.8% NIIT. http://blog.aicpa.org/2013/11/the-38-net-investment-income-tax-podcast.html 67FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 04 Nov 2013 11:00:00 -0400 Year-End Planning: The 3.8% Net Investment Income Tax Strategies for reducing net investment income include municipal bonds, tax deferred annuities, life insurance, rental real estate, oil and gas investments, choice of accounting year for estate/trust and timing of estate/trust distributions. Strategies for reducing modified adjusted gross income include Roth IRA conversion, CRTs, non-grantor CLTs, and installment sales. Join Robert Keebler, CPA of Keebler and Associates LLP in this podcast as he walks you through year-end planning for the 3.8% NIIT. 00:11:18 Robert Keebler net investment income tax, AICPA, Certified Public Accountant, tax, financial planning, IRS no no gwright@aicpa.org (AICPA Insights) In the wake of the Supreme Court’s Windsor decision invalidating a portion of the Defense of Marriage Act, the Treasury Department and the Internal Revenue Service announced on Aug. 29 that “same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.” The IRS also issued a revenue ruling (Rev. Rul. 2013-17) and FAQs providing guidance on the topic. In short, regardless of what state the same-sex couple currently lives in, if they were legally married in a jurisdiction that recognizes same-sex marriages as legal and valid, then same-sex spouses are married for all federal tax purposes. This podcast from Bob Keebler covers Revenue Ruling 2013-17, background on the DOMA decision, income, estate and gift tax planning implications, as well as portability, IRAs and retirement plans. http://blog.aicpa.org/2013/09/irs-guidance-following-doma-decision.html 66FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 16 Sep 2013 11:00:00 -0400 IRS Guidance Following DOMA Decision In the wake of the Supreme Court’s Windsor decision invalidating a portion of the Defense of Marriage Act, the Treasury Department and the Internal Revenue Service announced on Aug. 29 that “same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.” The IRS also issued a revenue ruling (Rev. Rul. 2013-17) and FAQs providing guidance on the topic. In short, regardless of what state the same-sex couple currently lives in, if they were legally married in a jurisdiction that recognizes same-sex marriages as legal and valid, then same-sex spouses are married for all federal tax purposes. This podcast from Bob Keebler covers Revenue Ruling 2013-17, background on the DOMA decision, income, estate and gift tax planning implications, as well as portability, IRAs and retirement plans. 00:19:16 Robert Keebler Certified Public Accountant, DOMA, SCOTUS, same-sex marriage, tax, estate, financial planning, IRS no no gwright@aicpa.org (AICPA Insights) In this podcast, Ted Sarenski discusses the latest developments regarding health care reform and the Affordable Care Act, including what will be required of health plans offered both through exchanges and employers, the delay to 2015 of the requirement for large employers to offer health insurance, the individual mandate, penalties and federal subsidies, the October 1 deadline for health insurance exchanges, preexisting conditions, and Ted’s predictions and advice for clients in 2014. http://blog.aicpa.org/2013/08/affordable-care-act-implications-you-need-to-know-now-podcast.html 65FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 19 Aug 2013 11:00:00 -0400 Affordable Care Act Implications You Need to Know Now In this podcast, Ted Sarenski discusses the latest developments regarding health care reform and the Affordable Care Act, including what will be required of health plans offered both through exchanges and employers, the delay to 2015 of the requirement for large employers to offer health insurance, the individual mandate, penalties and federal subsidies, the October 1 deadline for health insurance exchanges, preexisting conditions, and Ted’s predictions and advice for clients in 2014. 00:13:33 Ted Sarenski Certified Public Accountant, Patient Protection and Affordable Care Act, Health insurance, Health insurance exchange, Health care reform, Affordable Care Act, Insurance no no gwright@aicpa.org (AICPA Insights) This podcast from Bob Keebler covers tax and estate planning following the Defense of Marriage Act decision by the Supreme Court of the U.S. Bob discusses the complexity of moving from a same-sex marriage state to an opposite-sex only marriage state, income tax planning for same-sex married couples, estate and gift tax planning, the marital deduction, gift splitting and portability issues, as well as IRAs and retirement plans. http://blog.aicpa.org/2013/07/tax-and-estate-planning-following-the-doma-decision.html 64FCEE82-7911-418C-ABF8-6DD41B001513 Thu, 18 Jul 2013 11:00:00 -0400 Tax and Estate Planning Following the DOMA Decision This podcast from Bob Keebler covers tax and estate planning following the Defense of Marriage Act decision by the Supreme Court of the U.S. Bob discusses the complexity of moving from a same-sex marriage state to an opposite-sex only marriage state, income tax planning for same-sex married couples, estate and gift tax planning, the marital deduction, gift splitting and portability issues, as well as IRAs and retirement plans. 00:29:35 Robert Keebler Certified Public Accountant, DOMA, SCOTUS, same-sex marriage, tax, estate, financial planning no no gwright@aicpa.org (AICPA Insights) The not-for-profit accounting and auditing landscape has undergone significant change in recent years. In this podcast, CPA not-for-profit experts Chris Cole, Jennifer Hoffman, Frank Jakosz and Andrew Prather discuss current NFP issues that face CPA preparers and auditors and describe how the AICPA’s newly updated Not-for-Profit Entities Audit and Accounting Guide can be a resource for NFPs. Discussion topics include recent Financial Accounting Standards Board updates, changes in the NFP investment arena, revenue recognition, gifts-in-kind valuation, and taxes and regulatory considerations. http://blog.aicpa.org/2013/05/not-for-profits-rolling-with-the-changes-podcast.html 63FCEE82-7911-418C-ABF8-6DD41B001513 Thu, 09 May 2013 11:00:00 -0400 Not-for-Profits: Rolling with the Changes The not-for-profit accounting and auditing landscape has undergone significant change in recent years. In this podcast, CPA not-for-profit experts Chris Cole, Jennifer Hoffman, Frank Jakosz and Andrew Prather discuss current NFP issues that face CPA preparers and auditors and describe how the AICPA’s newly updated Not-for-Profit Entities Audit and Accounting Guide can be a resource for NFPs. Discussion topics include recent Financial Accounting Standards Board updates, changes in the NFP investment arena, revenue recognition, gifts-in-kind valuation, and taxes and regulatory considerations. 00:39:39 Journal of Accountancy Certified Public Accountant, Financial Accounting Standards Board, American Institute of Certified Public Accountants, Chris Cole, Nonprofit organization, Revenue recognition, Business no no gwright@aicpa.org (AICPA Insights) Bob Keebler discusses three opportunities individuals can take advantage while we wait for final resolution on the "fiscal cliff." I would like to talk about today are gain harvesting to avoid the increase in the capital gains, Roth conversions to avoid the increase in income tax rate and potentially to take advantage of the loss of state income tax deductions in the future, and finally funding dynasty trusts before a new federal law could come into effect. http://blog.aicpa.org/2012/12/immediate-2012-tax-planning-opportunities-for-individuals.html 62FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 24 Dec 2012 11:00:00 -0400 3 Immediate 2012 Tax Planning Opportunities for Individuals Bob Keebler discusses three opportunities individuals can take advantage while we wait for final resolution on the "fiscal cliff." I would like to talk about today are gain harvesting to avoid the increase in the capital gains, Roth conversions to avoid the increase in income tax rate and potentially to take advantage of the loss of state income tax deductions in the future, and finally funding dynasty trusts before a new federal law could come into effect. 00:05:50 Robert Keebler, CPA Estate planning, Tax rate, financial planning no no gwright@aicpa.org (AICPA Insights) The 3.8% Medicare surtax on net investment income is set to take effect on Jan. 1, 2013. How this surtax will affect those who are current beneficiaries of charitable remainder trusts is a hot financial planning topic. Robert Keebler explores planning for this new surtax and the Treasury Department's recently issued regulations addressing section 1411 of the Internal Revenue Code, the 3.8% Medicare surtax in his latest podcast. http://blog.aicpa.org/2012/12/charitable-remainder-trust-and-the-38-medicare-surtax.html 61FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 17 Dec 2012 11:00:00 -0400 Charitable Remainder Trust and the 3.8% Medicare Surtax The 3.8% Medicare surtax on net investment income is set to take effect on Jan. 1, 2013. How this surtax will affect those who are current beneficiaries of charitable remainder trusts is a hot financial planning topic. Robert Keebler explores planning for this new surtax and the Treasury Department's recently issued regulations addressing section 1411 of the Internal Revenue Code, the 3.8% Medicare surtax in his latest podcast. 00:03:20 Robert Keebler, CPA 3.8%, Medicare, surtax, Estate planning, Tax rate, Patient Protection and Affordable Care Act, financial planning no no gwright@aicpa.org (AICPA Insights) The Supreme Court’s decision upholding the Affordable Care Act confirmed that trusts and estates will be subject to a new 3.8% Medicare surtax when net investment income exceeds a threshold amount. This year presents an unprecedented opportunity for you to differentiate your firm and services and show that you provide significant value to your clients by having all of their financial planning needs in mind, including retirement, estate, tax, investment and insurance planning. With so many unknowns in 2013 compounded by an election year, your clients need to take advantage of many financial planning avenues now to avoid missing crucial opportunities to protect their nest egg and increase their net worth. http://blog.aicpa.org/2012/07/estates-and-trusts-with-38-medicare-surtax.html 60FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 30 Jul 2012 11:00:00 -0400 Estates and Trusts with 3.8% Medicare Surtax The Supreme Court’s decision upholding the Affordable Care Act confirmed that trusts and estates will be subject to a new 3.8% Medicare surtax when net investment income exceeds a threshold amount. This year presents an unprecedented opportunity for you to differentiate your firm and services and show that you provide significant value to your clients by having all of their financial planning needs in mind, including retirement, estate, tax, investment and insurance planning. With so many unknowns in 2013 compounded by an election year, your clients need to take advantage of many financial planning avenues now to avoid missing crucial opportunities to protect their nest egg and increase their net worth. 00:19:51 Robert Keebler, CPA United States Supreme Court, Medicare, Estate planning, Tax rate, Patient Protection and Affordable Care Act, Supreme Court no no gwright@aicpa.org (AICPA Insights) The Supreme Court’s decision upholding the Affordable Care Act confirmed that taxpayers whose income exceeds a threshold amount will be subject to a 3.8% Medicare surtax on net investment income, effectively raising their marginal income tax rate. However, whether the Bush era tax cuts will be extended and, if so, for whom, remains an open question. In light of this uncertainty, CPAs may want to start planning for possible 2013 tax increases now, particularly for clients who will benefit from transferring assets to family members, decisions that can take time to make. http://blog.aicpa.org/2012/07/planning-strategies-in-wake-of-the-new-38-medicare-surtax.html 59FCEE82-7911-418C-ABF8-6DD41B001513 Thu, 12 Jul 2012 11:00:00 -0400 Planning Strategies in Wake of the New 3.8% Medicare Surtax The Supreme Court’s decision upholding the Affordable Care Act confirmed that taxpayers whose income exceeds a threshold amount will be subject to a 3.8% Medicare surtax on net investment income, effectively raising their marginal income tax rate. However, whether the Bush era tax cuts will be extended and, if so, for whom, remains an open question. In light of this uncertainty, CPAs may want to start planning for possible 2013 tax increases now, particularly for clients who will benefit from transferring assets to family members, decisions that can take time to make. 00:12:11 Robert Keebler, CPA Medicare, United States, Adjusted gross income, Patient Protection and Affordable Care Act, AGI, Bush tax cuts, Robert Keebler, Supreme Court no no gwright@aicpa.org (AICPA Insights) This year presents an unprecedented opportunity for you to differentiate your firm and services and show that you provide significant value to your clients by having all of their financial planning needs in mind, including retirement, estate, tax, investment and insurance planning. With so many unknowns in 2013 compounded by an election year, your clients need to take advantage of many financial planning avenues now to avoid missing crucial opportunities to protect their nest egg and increase their net worth. http://blog.aicpa.org/2012/07/key-income-tax-planning-ideas-for-2012.html 58FCEE82-7911-418C-ABF8-6DD41B001513 Wed, 04 Jul 2012 11:00:00 -0400 Key Income Tax Planning Ideas for 2012 This year presents an unprecedented opportunity for you to differentiate your firm and services and show that you provide significant value to your clients by having all of their financial planning needs in mind, including retirement, estate, tax, investment and insurance planning. With so many unknowns in 2013 compounded by an election year, your clients need to take advantage of many financial planning avenues now to avoid missing crucial opportunities to protect their nest egg and increase their net worth. 00:26:30 Robert Keebler Income tax, Supreme Court, Financial plan, American Institute of Certified Public Accountants, Certified Public Accountant, United States, Tax rate, CCH, Congress, Tax, estate tax, bush tax cuts no no gwright@aicpa.org (AICPA Insights) In this audio stream, Lyle, Ted and Scott discuss why 2012 is a critical year to proactively plan with your clients. Hear about planning techniques that need to be considered now given the many unknowns in 2013. Learn about planning opportunities that can be uncovered while you’re preparing your clients 2011 tax returns. Find out tips to communicate the value of financial planning with clients, and how you can get paid for the work you are providing and increase your bottom line by adding or expanding Personal Financial Planning services. http://blog.aicpa.org/2012/03/proactive-planning-with-your-individual-clients-during-tax-season.html 57FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 12 Mar 2012 11:00:00 -0400 Proactive Planning with Your Individual Clients during Tax Season In this audio stream, Lyle, Ted and Scott discuss why 2012 is a critical year to proactively plan with your clients. Hear about planning techniques that need to be considered now given the many unknowns in 2013. Learn about planning opportunities that can be uncovered while you’re preparing your clients 2011 tax returns. Find out tips to communicate the value of financial planning with clients, and how you can get paid for the work you are providing and increase your bottom line by adding or expanding Personal Financial Planning services. 00:45:41 Lyle benson, Ted Sarenski and Scott Sprinkle Financial plan, Certified Public Accountant, American Institute of Certified Public Accountants, Congress, Lyle Benson, $5 million, Retirement planning, Bush tax cuts, Tax return (United States), CPA, Financial planner no no gwright@aicpa.org (AICPA Insights) A 20 minute podcast on the estate planning and financial planning impact of the estate tax provisions in the recently released President’s fiscal year 2013 budget proposal covers various provisions, including those affecting intentionally defective grantor trusts, valuation discounts and grantor retained annuity trusts. Even though these provisions may not be enacted this year, it will help you have intelligent conversations with your clients, know what the President’s legislative agenda for this year is, and be prepared for some of the estate tax provisions that may eventually be enacted. http://blog.aicpa.org/2012/03/aicpa-podcast-on-estate-planning-impact-of-the-presidents-budget-proposals.html 56FCEE82-7911-418C-ABF8-6DD41B001513 Wed, 07 Mar 2012 11:00:00 -0400 Estate Planning Impact of the President’s Budget Proposals A 20 minute podcast on the estate planning and financial planning impact of the estate tax provisions in the recently released President’s fiscal year 2013 budget proposal covers various provisions, including those affecting intentionally defective grantor trusts, valuation discounts and grantor retained annuity trusts. Even though these provisions may not be enacted this year, it will help you have intelligent conversations with your clients, know what the President’s legislative agenda for this year is, and be prepared for some of the estate tax provisions that may eventually be enacted. 00:21:43 Robert Keebler United States, Congress, $5 million, AICPA, American Institute of Certified Public Accountants, Financial plan no no gwright@aicpa.org (AICPA Insights) In this audio stream, Michael Kitces covers the new cost basis reporting rules enacted under the Emergency Economic Stabilization Act of 2008. Note that the new tracking rules will require any financial intermediaries (i.e., generally all brokers and custodians, as well as certain other types of financial institutions) that currently issue Form 1099-B to report using an updated version, which tracks not only the gross proceeds from sales of securities, but the cost basis, acquisition date, amount of gain/loss, and character of the gain/loss (i.e., short-term or longterm). Actual reporting on cost basis will be phased in over time, with equities in 2011, mutual funds and dividend reinvestment plans in 2012, and bonds and other securities in 2013. http://blog.aicpa.org/2012/01/cost-basis-reporting-rules.html 55FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 16 Jan 2012 07:00:00 -0400 Michael Kitces on Cost Basis Reporting Rules In this audio stream, Michael Kitces covers the new cost basis reporting rules enacted under the Emergency Economic Stabilization Act of 2008. Note that the new tracking rules will require any financial intermediaries (i.e., generally all brokers and custodians, as well as certain other types of financial institutions) that currently issue Form 1099-B to report using an updated version, which tracks not only the gross proceeds from sales of securities, but the cost basis, acquisition date, amount of gain/loss, and character of the gain/loss (i.e., short-term or longterm). Actual reporting on cost basis will be phased in over time, with equities in 2011, mutual funds and dividend reinvestment plans in 2012, and bonds and other securities in 2013. 00:16:24 Michael Kitces FIFO, Internal Revenue Service, Cost basis, Emergency Economic Stabilization Act of 2008, IRS tax forms, Cost basis reporting, IRS, Dividend reinvestment plan, Michael Kitces, Form 1099-B, American Institute of Certified Public Accountants, United States no no gwright@aicpa.org (AICPA Insights) In this audio stream, Bob Keebler covers the new thinking as it relates to Roth planning given market volatility. Key considerations include: Opportunistic conversions (i.e., optimizing Roth segregation strategies, which focus on the volatility of the stock market); Hedging against increased tax rates; Tactical planning (i.e., net operating losses); and the annual Roth conversion strategy. Important to note is that conversions to Roth 401(k)s cannot be recharacterized. http://blog.aicpa.org/2012/01/bob-keebler-on-refining-the-roth-strategy.html 54FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 02 Jan 2012 07:00:00 -0400 Bob Keebler on Refining the Roth Strategy In this audio stream, Bob Keebler covers the new thinking as it relates to Roth planning given market volatility. Key considerations include: Opportunistic conversions (i.e., optimizing Roth segregation strategies, which focus on the volatility of the stock market); Hedging against increased tax rates; Tactical planning (i.e., net operating losses); and the annual Roth conversion strategy. Important to note is that conversions to Roth 401(k)s cannot be recharacterized. 00:18:57 Robert Keebler Recharacterisation, Roth IRA, Roth, United States, Roth 401, Traditional IRA, 401(k), Tax, Individual Retirement Account, Business, Financial plan, Bob Keebler no no gwright@aicpa.org (AICPA Insights) Notice 2011-66 provides guidance for executors of estates of decedents who died in 2010 regarding the time and manner of choosing to opt out of the estate tax have the carryover basis rules apply. Revenue Procedure 2011-41 provides safe harbor guidance regarding property acquired from estates of decedents who died in 2010. This audio stream provides an overview of the guidance and strategies to assist advisers and clients in making decisions. http://blog.aicpa.org/2011/12/new-estate-planning-guidance-for-decedents-who-passed-in-2010.html 53FCEE82-7911-418C-ABF8-6DD41B001513 Fri, 30 Dec 2011 07:00:00 -0400 New Estate Planning Guidance for Decedents Who Passed in 2010 Notice 2011-66 provides guidance for executors of estates of decedents who died in 2010 regarding the time and manner of choosing to opt out of the estate tax have the carryover basis rules apply. Revenue Procedure 2011-41 provides safe harbor guidance regarding property acquired from estates of decedents who died in 2010. This audio stream provides an overview of the guidance and strategies to assist advisers and clients in making decisions. 00:18:50 Robert Keebler estate tax, Generation-skipping transfer tax, American Institute of Certified Public Accountants, Internal Revenue Service, United States, Bob, IRS, GST, Financial plan, Inheritance tax, Carryover basis, Form 8939 no no gwright@aicpa.org (AICPA Insights) Have your clients been asking you tough questions about the current U.S. fiscal situation in this time of uncertainty? "Should I change my asset allocation? Should I put money in gold? Should I get out of the stock market as a whole?" This audio stream provides an overview of where the U.S. is right now from a market, economic and fiscal standpoint and also suggests various tax-motivated strategies that you might want to pursue with your clients. Note: This was recorded prior to Standard and Poor’s lowering of the U.S. credit rating. http://blog.aicpa.org/2011/12/impact-of-the-debt-ceiling-fallout.html 52FCEE82-7911-418C-ABF8-6DD41B001513 Mon, 26 Dec 2011 11:03:43 -0400 Debt Ceiling Fallout Have your clients been asking you tough questions about the current U.S. fiscal situation in this time of uncertainty? "Should I change my asset allocation? Should I put money in gold? Should I get out of the stock market as a whole?" This audio stream provides an overview of where the U.S. is right now from a market, economic and fiscal standpoint and also suggests various tax-motivated strategies that you might want to pursue with your clients. Note: This was recorded prior to Standard and Poor’s lowering of the U.S. credit rating. 00:25:45 Robert Keebler and Michael Goodman debt ceiling, United States, Certified Public Accountant, U.S. Gold, State University of New York, American Institute of Certified Public Accountants, Business, Italy, Michael Goodman, Financial plan, Greece no no gwright@aicpa.org (AICPA Insights) The IRS on Sept. 29 issued Notice 2011-82 to alert executors of 2011 estates of the need to file a Form 706 to make the election to transfer a decedent's unused $5 million estate and gift tax exclusion to the surviving spouse. In particular, for the executor of a 2011 estate to make a portability (i.e., deceased spouse unused exclusion amount) election, the executor is required to file a timely Form 706 for the decedent's estate, even if the estate is not otherwise obligated to file a Form 706. If a timely return is not filed, any excess exclusion amount is lost forever and is unavailable at the death of the surviving spouse. To avoid falling into this trap, practitioners should discuss with their clients the benefit of filing the federal estate tax return for the first spouse, even if no tax is due. Over the next few weeks and months, it is very important to file extensions (Form 4768) or Form 706 for early 2011 deaths within the nine-month deadline (starting Oct. 3, 2011). http://blog.aicpa.org/2011/10/critical-issues-to-consider-estate-planning-filings.html 51FCEE82-7911-418C-ABF8-6DD41B001513 Fri, 16 Dec 2011 11:03:43 -0400 2011 Deaths and Form 706 and Portability - 11/15/2011 The IRS on Sept. 29 issued Notice 2011-82 to alert executors of 2011 estates of the need to file a Form 706 to make the election to transfer a decedent's unused $5 million estate and gift tax exclusion to the surviving spouse. In particular, for the executor of a 2011 estate to make a portability (i.e., deceased spouse unused exclusion amount) election, the executor is required to file a timely Form 706 for the decedent's estate, even if the estate is not otherwise obligated to file a Form 706. If a timely return is not filed, any excess exclusion amount is lost forever and is unavailable at the death of the surviving spouse. To avoid falling into this trap, practitioners should discuss with their clients the benefit of filing the federal estate tax return for the first spouse, even if no tax is due. Over the next few weeks and months, it is very important to file extensions (Form 4768) or Form 706 for early 2011 deaths within the nine-month deadline (starting Oct. 3, 2011). 00:24:32 Robert Keebler estate tax, death tax, Internal Revenue Service, United States, Tax, IRS, $5 million, Inheritance tax, Obama, American Institute of Certified Public Accountants, Estate tax in the United States no no gwright@aicpa.org (AICPA Insights) The final Form 706 and instructions were issued early September by the Internal Revenue Service for decedents who died in 2010. For most people who died in 2010, the form and estate tax payment were due Sept. 19. The AICPA requested a 90-day postponement of the due date, and on Sept. 12 the IRS announced filing and penalty relief for 2010 estates. In light of recent estate tax developments, listen to Bob Keebler’s thoughts on critical issues to think through for 2010 and 2011 estate planning and filings. http://blog.aicpa.org/2011/10/critical-issues-to-consider-estate-planning-filings.html 50FCEE82-7911-418C-ABF8-6DD41B001513 Thu, 20 Oct 2011 11:03:43 -0400 Recent Estate Tax Developments - 9/13/2011 The final Form 706 and instructions were issued early September by the Internal Revenue Service for decedents who died in 2010. For most people who died in 2010, the form and estate tax payment were due Sept. 19. The AICPA requested a 90-day postponement of the due date, and on Sept. 12 the IRS announced filing and penalty relief for 2010 estates. In light of recent estate tax developments, listen to Bob Keebler’s thoughts on critical issues to think through for 2010 and 2011 estate planning and filings. 00:19:04 Robert Keebler estate tax, death tax, Internal Revenue Service, United States, Tax, IRS, $5 million, Inheritance tax, Obama, American Institute of Certified Public Accountants, Estate tax in the United States no no gwright@aicpa.org (AICPA Insights)