In This Issue
News Briefs
PrimePlus/ElderCare Update
AICPA News
News Briefs
Advice for Buyers—and Sellers—in the Real Estate Market
It may be much harder to get a mortgage these days, but there are still steps that clients can take to improve their chances for financing, according to a Kiplinger.com article. The same story also describes ways that sellers can increase their opportunity to get a good price in a lackluster market. Learn More>>
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Debt FAQs
What’s the best way to deal with debt during tough times? A CNN Money article addresses the kinds of questions that clients may have, including whether it’s wise to borrow right now and the best use for the government’s economic stimulus payments. Learn More>>
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Voluntary Disclosure to the IRS
Voluntary disclosure to the IRS can be a viable option for clients who have not filed their tax returns or paid taxes owed. A Journal of Accountancy article covers the considerations involved and CPAs’ role in the process. Learn More>>
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IRS Economic Stimulus Payment Information Center
The Treasury Department will begin sending economic stimulus payments to more than 130 million eligible households beginning in May. Do your clients have questions about their own eligibility? Check the special IRS Economic Stimulus Payment Information Center for details on who qualifies and other frequently asked questions. Learn More>>
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AICPA Comments to Congress on Estate Tax Reform
In written comments to Congress, the AICPA advocated making permanent changes to the estate law before current law expires in 2010 in order to provide certainty to taxpayers. The AICPA Tax Executive Committee offered a list of seven recommended reforms of the current estate and gift tax reforms. Learn More>>
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Tales of the AMT
Should a client divorce to sidestep the alternative minimum tax? A SmartMoney article describes some of the extremes that taxpayers consider to avoid this tax, which is having an effect on an increasing number of people. The story reviews who’s vulnerable and some of the ways to steer clear of the tax. Learn More>>
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PrimePlus/ElderCare News
Hidden Fees on 401(k)s
What kinds of fees are your clients being charged on their 401(k) plans? According to an AARP article, many people aren’t aware of the impact that any number of fees may have on their balances. The story discusses proposed regulations that would offer more transparency and includes a link to an explanatory brochure. Learn More>>
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Rethinking Retirement Options
The Baby Boom generation should be on the verge of retirement, but in many cases clients in this age range may need to rethink their plans. A Newsweek article chronicles the challenges facing many in their 50s and 60s, including declining retirement portfolio values and plummeting home equity. Learn More>>
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AICPA News
AICPA Tax Strategies for the High-Income Individual Conference
Sign up now for this valuable gathering, which can provide insights into a worthwhile practice niche. Chaired by renowned tax strategist Sid Kess, it offers an update on the latest approaches to wealth preservation, including tax considerations, insurance, compensation, estate planning and more. It will take place on May 8 and 9 at the Bellagio in Las Vegas. Learn More>>
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Upcoming Conferences
Here’s information on gatherings in coming months of interest to CPA planners:
- AICPA Practitioners Symposium, May 5-7, Las Vegas
- AICPA Advanced Estate Planning Conference, July 28-30, Chicago
For more information, go to /Events/Upcoming+PFP+Conferences.htm.
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Announcing the new FASB Accounting Standards Codification
The Financial Accounting Standards Board (FASB) has released the FASB Accounting Standards Codification™ for a 1 year verification period during which constituents will provide feedback. After this period, the FASB is expected to approve the Codification as the single source of U.S. Generally Accepted Accounting Principles (GAAP), superseding all non-SEC content used to populate the Codification. The AICPA supports the Codification because it organizes and simplifies the U.S. GAAP. Learn More>>
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