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:

1. What happens if I leave my job with a 401(k) loan?
2. How can I avoid early distribution penalties after leaving my job?
3. What is a "return of contributions" in a 401(k) plan?
4. How does being a highly compensated employee affect 401(k) contributions?
5. 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 final installment of Debra Taylor’s Digging Deeper series, she focuses on tax planning. After reviewing the importance of a structured service calendar and proactive client communication, she outlines five essential steps for effective tax planning and highlights 20 key tax planning strategies. This is an approach to broaden your tax planning to addressing the financial planning needs of your clients.

Debra answers questions like these in the podcast:

• What are the five essential steps for effective tax planning?
• How can financial advisors use diagnostic software in tax planning?
• What are some key strategies for tax planning that advisors should consider?
• How can comprehensive tax planning benefit clients financially?

Many of the PFP Section resources provide ideas on topics that can be discussed throughout the year including:

• Debra Taylor’s video archive Planning for Clients with $1-15M in Net Worth
• Debra Taylor’s previous podcasts Digging Deeper with your Clients, Part 1 and Part 2
• Analysis of a Tax Return for Financial Planning Opportunities
• The Personal Finance Scorecard is a great tool to get feedback from your clients on what is really important and can guide your conversations throughout the year

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 episode, Lyle Benson and Karen Goodfriend discuss Karen's journey as a CPA financial planner, highlighting her transition from corporate aspirations to a focus on personal financial planning. Karen emphasizes the importance of integrating psychological aspects with technical financial planning, especially for clients experiencing sudden wealth. In this episode of the PFP Section podcast, Lyle Benson interviews Kelley to share more of her story with our community. The conversation includes Karen’s experience and perspective on topics like:

• Benefits and opportunities of remote work
• Technology’s evolving role of technology and its impact on remote collaboration
• Importance of the supportive CPA financial planning community and mentorship
• Significance of maintaining a balance between technical expertise and client relationships
• The CPA financial planner’s role in the broader financial planning ecosystem

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.
• Technology for a Tax and Financial Planning Services Business Guide
• Learn more about the pathways for getting educated and attaining your CPA/PFS.

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 a follow-up to Debra’s webcast Planning for Clients with $1-15M in Net Worth, she discusses a much more organized approach for tax planning.  A year-round planning calendar clearly shows how you apply tax planning to their financial decisions. The events encompassed in the calendar reinforce the key goals of a successful plan. As CPAs you talk tax planning, but here are ways to apply it with your client discussions that will allow you to be better organized, improve client retention and expectations and justify your fees. Debra answers questions like these and more:

• How can a year-round planning calendar improve client retention and team organization?
• What are the five key elements of a great financial plan?
• How do you differentiate your tax planning from the firm down the street?
• How does tax planning affect financial planning?

Many of the PFP Section resources provide ideas on topics that can be discussed throughout the year including:

• Debra Taylor’s video archive Planning for Clients with $1-15M in Net Worth
• The Advisor's Guide to Financial and Estate Planning is a 4-volume guide that serves as a reference for many client questions and strategies.
• The Personal Finance Scorecard is a great tool to get feedback from your clients on what is really important and can guide your conversations throughout the year

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 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.

As a follow-up to Debra’s webcast Planning for Clients with $1-15M in Net Worth, she discusses some important practice management considerations.  An annual financial planning service calendar structures the delivery of client services and communication and is the foundation for adding valuable client relationships. Debra advocates for a systematic approach to client service, ensuring transparency and predictability. She also discusses various fee structures, including AUM (Assets Under Management) fees and alternative payment arrangements, to ensure fair and flexible compensation for the services provided. Your fees reflect your professional value.  Debra answers questions like:

• How can an annual service calendar help your client relationships?
• How can you charge for your planning services?
• How do you adjust for clients of different asset levels or extensive projects?

Many of the PFP Section resources provide ideas on topics that can be discussed throughout the year including:

• Debra Taylor’s video archive Planning for Clients with $1-15M in Net Worth
• The Advisor's Guide to Financial and Estate Planning is a 4-volume guide that serves as a reference for many client questions and strategies.
• The Personal Finance Scorecard is a great tool to get feedback from your clients on what is really important and can guide your conversations throughout the year

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.

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.