AICPA Personal Financial Planning (PFP)

In this podcast, Kelley Long, a CPA financial planner, discusses two overlooked 401(k) scenarios that can lead to unexpected taxes or penalties: when someone leaves their job with an outstanding 401(k) loan, and when an employee's contributions are refunded due to plan testing failure. Kelley explains how to avoid penalties by making loan payments into a rollover IRA before the tax return deadline and highlights the importance of identifying whether a 401(k) plan is safe harbor to prevent contribution limits for highly compensated employees. Questions answered: What happens if I leave my job with a 401(k) loan? How can I avoid early distribution penalties after leaving my job? What is a "return of contributions" in a 401(k) plan? How does being a highly compensated employee affect 401(k) contributions? What is a safe harbor 401(k) plan, and why is it important? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Guide to Practical Retirement Planning Building business owner wealth with tax advantaged plans This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Lyle Benson and his guests discuss how the upcoming AICPA Personal Financial Planning (PFP) Summit scheduled for January 2025 in Charlotte, North Carolina promotes the importance of networking and deepening our peer relationships. This 9th annual PFP Summit is an example of how connecting with other leaders through deep discussions on mutually beneficial topics can benefit both individuals and the CPA financial planning profession. Lyle's conversation with guests includes these topics (and more) and how PFP Summit addresses them: Finding an environment where professionals can engage deeply with a blending expert presentations with participant discussions. Combining both larger interactive group discussions with informal and smaller gatherings that together can solidify long-term professional relationships. Prioritizing the on-going development of community that builds on the initial "study group on steroids," experience and extends during the year with other formal and informal activities, such as the PFP Summit Presents virtual follow-up meetings. Carving out time to address broader themes providing challenges and opportunities in financial planning, such as leadership, succession planning, and emerging issues like artificial intelligence. The podcast highlights the PFP Summit's unique approach to professional development and community building; looking forward to the new opportunities the 2025 event will offer. Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in the Deeper CPA Financial Planner Connections podcast series. Register for the 2025 PFP Summit to be held in Charlotte, NC on January 26-29, 2025, with a current early bird registration discount. Attendance is limited to 120 people to encourage networking and interaction. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

In this insightful discussion, tax planning expert Debra Taylor highlights the importance of structured service calendars and proactive client communication. She shares five essential steps for effective tax planning, along with 20 key strategies that can significantly benefit clients financially. Debra also introduces diagnostic software that financial advisors can utilize to enhance their planning efforts. With a focus on personalized approaches, she emphasizes the impact of comprehensive tax planning on clients’ wealth, making it a must-listen for finance professionals.

Karen Goodfriend, a CPA financial planner, shares her inspiring transition from corporate to personal financial planning, focusing on integrating psychology with finance. She discusses the unique challenges younger clients face with sudden wealth and the importance of emotional support. Technology's impact on remote collaboration and the significance of community in the CPA sector are highlighted. Karen emphasizes mentorship and adaptability in strategies to meet clients' long-term aspirations, showcasing the evolving role of financial planners today.

Discover how a structured year-round planning calendar can enhance tax planning and improve client retention. Explore five key elements that create a stellar financial plan, including asset longevity and tax efficiency. Uncover proactive tax strategies that boost wealth, especially during retirement. Learn how to differentiate your tax services to stand out from the competition. This engaging discussion also highlights the significance of adapting to changing tax laws to optimize client financial outcomes.

In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS discusses strategies for estate tax planning in anticipation of the TCJA (Tax Cuts and Jobs Act) sunset on December 31, 2025. The sunset, which will reduce the double exclusion amount from approximately $14 million to $7 million and many practitioners will need to evaluate gifting for their relevant clients. Bob covers various techniques, including: Spousal lifetime access trusts (SLATs) and dynasty trusts, to ensure effective estate planning. The importance of cash flow planning, understanding portability rules, and careful trust design to avoid issues like the Reciprocal Trust Doctrine. Practical considerations such as timing of gifts, administrative preparation, and the use of private annuities for income. The need for thorough documentation and legal compliance to prevent estate inclusion and litigation. Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Prepare large estates for TCJA sunset now article Upcoming webcast: Multi-year income tax planning in preparation for the sunset of TCJA included in PFP Section membership Video: Planning with SLATs and SLANTs ahead of the TCJA sunset This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

In this insightful discussion, financial planning expert Debra shares her expertise in managing high-net-worth clients. She emphasizes the importance of an annual service calendar to strengthen client relationships and set clear expectations. Debra explores various fee structures, advocating for flexibility based on clients' needs. She answers key questions about service delivery and charging for financial planning. Listeners will also discover valuable resources, including guides and tools to enhance client communications throughout the year.

Life inevitably presents us with forks in the road, whether chosen or forced upon us. These transitions can be uncomfortable, requiring us to leave the familiar and step into the unknown. Whether guiding your clients through their life changes or experiencing your own, having a strategy can make these journeys less daunting. In this Deeper CPA Financial Planner Connections episode of the PFP Section podcast, Lyle Benson, CPA/PFS, CFP® interviews Andrea Millar, RLP®, PCC, CPA/PFS to share her expertise on navigating these uncertain times. Tune in to discover: What to anticipate during significant life transitions The primary source of struggle during periods of uncertainty Practical steps to transform these challenging moments into opportunities for growth and deep satisfaction Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Tune into Susan Bradley's podcast episode, Understanding the human side of life transitions. Join Andrea in her session at ENGAGE, Navigating the balance: Prioritizing mental wellness for financial professionals. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

A recent CNBC survey of couples discovers that 64% admitted to being financially incompatible. A money date is a relaxed and open conversation about finances and goals. This is an important component to financial compatibility and avoiding potential conflict. It can benefit relationships of any length and open channels of communication with transparency and respect. Dave answers questions like: What is a money date and why is it important? How can it help understand each other's financial habits and attitudes? What are the places for combined and separate money in marriage? Does this concept work for both newly engaged and long-term couples? Many of the PFP Section resources provide ideas on topics that can be discussed in this manner including: The Life Events section of Broadridge Advisor provides conversation ideas relating to clients' current or future situations. The new Health Transitions Guide help you talk clients through potentially stressful situations. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

As we narrow in on the sunset of the Tax Cuts and Jobs Act, many practitioners will be suggesting that their relevant clients make gifts. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, and Larry Brody, JD, discuss what needs to be known when valuing life insurance policies for the purpose of filing gift tax returns, including: What do we need to know about the IRS regulations? Can you get a valuation in lieu of relying on the IRS regulations? What value should be used when given a series of values on Form 712? What if you don't agree with the Form 712 values? For more resources related to this episode: Access Bob's decisions charts in the Proactive Planning Toolkit. Use the Adviser's Guide to Financial & Estate Planning for other planning ideas as we head into the sunset of TCJA. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.