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Financial Planning


Four Reasons CPA Firms Should Consider Putting Wealthcare in the Mix

Leaders of market-dominating CPA firms report that the Golden Age for the CPA profession, the period of high growth from 2002 through 2007, will not be repeated. Additional revenue sources must be sought to achieve profitable growth.
Community News

Karen Goodfriend Receives AICPA's 2011 PFP Distinguished Service Award

On January 17, the AICPA recognized Karen Goodfriend's long history of service when it named her the recipient of its 2011 Personal Financial Planning Distinguished Service Award. The award is given annually to an AICPA volunteer who significantly contributes to the advancement of personal financial planning.

IRS explains dependent care credits for kindergarten costs

As a new school year beckons, parents may be enrolling their young children in kindergarten and various other after-school programs. Can taxpayers claim the dependent care credit for any part of those expenses?

Tax tip: Summer day camp expenses may qualify for a tax credit

Along with the summer come some extra expenses, including (possibly) day camp for children. It may be a pleasant surprise for some parents that the costs of sending their children to these camps may qualify for the child and dependent care tax credit.

Five questions to ask in your financial tune up

Accountants from the Texas Society of CPAs have put together a collection of five key questions to ask yourself when doing a review of your personal finances.

New Baby Boomer budget item: Taking care of the parents

It is estimated that nearly 10 million adult children over the age of 50 care for their aging parents. These Baby Boomers should be finalizing plans for their own retirement, but they are putting their parents first.

Tax Strategy: Set up a CRUT for a business sale

If a client is planning to sell a business, the sale could result in a huge capital gain. But there’s a way to reduce the tax bill, provide for a comfortable retirement and help out a favorite charity – all in one shot.

April is Financial Literacy Month; financial fitness programs abound

The end of busy season, when a client's financial position is in clear focus, is the best time to talk about ways to improve their personal and business financial management and results.

Plenty of reasons to hang on to a credit shelter trust

Preserve credit shelter trusts for the future Are some of your clients looking to ditch their credit shelter trusts? Not so fast.

Forget retirement - let's work forever!

Sixty percent of wealthy individuals say they never plan to retire. This group of "Neveretirees" is expected to grow over the next several years as more than 70 percent of respondents under the age of 45 say they will always be involved in some form of work.

Ohio youngsters FETCH! for financial literacy

At a time when 77 percent of families in the United States are in debt, with 46.1 percent of those families holding credit card debt, the Ohio Society of CPAs is reaching out to educate youngsters about the value of a dollar.

Employees clamoring for basic workplace financial education

In a recent survey conducted by the Personal Finance Employee Education Foundation with the support of the Employee Benefits News, 91 percent of respondents cited employee financial literacy as being extremely important or important in reducing the vulnerability of the American economy to major economic crises.

New retirement plan security rules will affect millions of 401(k) account holders

The U.S. Department of Labor has announced two new rules designed to enhance retirement security and transparency for the millions of workers covered by 401(k), pension, and other retirement arrangements.

Roth IRA conversions post-2009

According to a recent study by USAA, 9% of Baby Boomers with AGIs of $100,000 or more are planning to do a Roth IRA conversion in 2010, and more than half (57%) are not aware that the income limits on conversions are eliminated in 2010.

CPAs offer five-step retirement saving plan

October 18-24 is National Save for Retirement Week. The Illinois CPA Society recommends taking these five steps to evaluate your retirement savings.

PwC releases new guide to taxes and wealth management

PwC's Guide to Tax and Wealth Management has been restructured to focus on wealth management strategies and tools that are most instrumental to building an effective plan.

AICPA experts find exceptional opportunities for estate plans in 2009

Accountants need to reach out to their clients as soon as possible to alert them to the opportunities presented by the highest exemption in estate tax history.

"Anti-gigolo/anti-floozy" trust protects the second (third, fourth …) spouse and the children

It sounds like a tabloid article: A wealthy, older, newly single person suddenly receives a lot of attention from an attractive, much younger, much poorer member of the opposite sex.

New Web site provides insights into financial planning for retirement decisions

The American University has launched a new Web site designed to help financial service professionals better understand the complex retirement decisions facing consumers.


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