AICPA Personal Financial Planning (PFP)

Latest Episodes:

Business Exit Transitions for CPA Financial Planners Apr 18, 2025

Show notes

Host Cary Sinnett and business transition advisor Mike Benedict discuss how to prepare business owners for one of their largest lifetime transactions—exiting their business. The conversation covers key aspects of pre-transaction preparation, valuation methods, building a sell-ready business, and leveraging tax strategies to maximize outcomes.

Key Insights

Pre-Transaction Preparation: Use a thorough quality of earnings review—similar to staging a home—to highlight strengths and avoid surprises during due diligence.
Integrated Planning: Blend exit strategies with overall financial and estate planning to manage tax implications and valuation challenges seamlessly.
Realistic Valuation: Rely on recast financials and market comparable to determine a fair, median value that avoids skew from outlier offers.
Sell-Ready Business: Aim for a business that operates independently, with strong margins and a robust management team, to attract quality buyers.
Strategic Tax Optimization: Apply targeted tax strategies and leverage specific IRS elections to minimize capital gains and enhance the net proceeds from a sale.

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.

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 at www.aicpa.org/pfp 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.

When theft gets taxing with Bob Keebler Apr 04, 2025

Show notes

In this episode, Cary Sinnett is joined by renowned CPA and tax expert Bob Keebler to unpack the complexities of theft and casualty loss deductions under IRC Section 165. From pig butchering scams to IRA fraud and Ponzi schemes, this episode dives deep into the kinds of losses the IRS will—and won't—let you deduct, what qualifies as a profit motive, and how financial planners can guide their clients through one of the most emotionally and financially painful tax situations.

Five Key Insights for CPA Financial Planners:

Profit Motive Determines Deductibility To qualify under Section 165(c)(2), a theft or loss must stem from a transaction entered into for profit. Losses from romantic or emotional scams—where no profit motive exists—do not qualify.
Five Scam Archetypes to Know A recent IRS CCA outlined five fraud scenarios:
- Compromised account scams
- Pig butchering (crypto fraud)
- Phishing and impersonation
- Romance scams
- Kidnapping/extortion schemes Only the first three had profit motives and were deductible.
The IRA Trap: The Tax Hit Before the Scam If a client is duped into withdrawing funds from an IRA and then loses the money to a scam, they face a double blow—taxable income and no deductible loss. CPA advisors must flag this risk early.
Documentation Is Critical for IRS Support To substantiate a theft loss, clients need:
- Bank records (e.g., wire transfers)
- Law enforcement reports
- A clear, detailed paper trail showing the loss and the attempt to recover funds Directing the IRS to the assigned FBI agent can strengthen the claim.
Mitigation and Planning: Protecting Vulnerable Clients Encourage older or high-net-worth clients to follow a "1–2% rule" on risky investments. Foster opens dialogue with family members and advisors to prevent fraud and ensure support if it occurs.

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.

IRC Section 165
IRS CCA 2025-101015 (the ruling discussed)
Revenue Procedure 2009-20 (Ponzi Scheme Safe Harbor)
AICPA PFP Section
Guiding your clients who are financial caregivers
Scam Tracker Risk Report

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.

Estate Tax Repeal & Its Impact on Planning Mar 21, 2025

Show notes

In this episode of the AICPA Personal Financial Planning Podcast, host Cary Sinnett speaks with expert CPA estate planner Bob Keebler about the latest legislative efforts to repeal the estate tax. They discuss the implications for financial planners, strategies to consider, and how advisors can proactively help clients navigate potential changes.

Key Takeaways:

Estate Tax Repeal on the Horizon
- Bills have been introduced in Congress to repeal the estate tax while retaining the gift tax and repealing the generation-skipping transfer (GST) tax.
- The likelihood of repeal is uncertain, and any repeal may be temporary depending on future political shifts.
Potential Scenarios for Estate Tax Reform
- Three possible outcomes: extension of the current Tax Cuts and Jobs Act (TCJA), total repeal, or a sunset of the current exemption levels.
- A sunset would likely be the least favorable for high-net-worth individuals, while total repeal could create new planning challenges.
Implications for Estate Planning Strategies
- Portability rules could be affected, potentially eliminating the ability for a surviving spouse to use a deceased spouse's unused exemption.
- Trust structures, such as bypass and GST-exempt trusts, may need to be reviewed and adjusted before any legislative changes take effect.
Planning Ahead: A Limited Window for Action
- Advisors should consider creating GST-exempt trusts in 2025 before any repeal is enacted to preserve tax benefits.
- Reviewing and updating existing estate planning documents is critical to avoid unintended consequences if the tax law changes.

Access resources and events 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.

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.

Additional Social Security Payments for Some Clients Mar 07, 2025

Show notes

Cary Sinnett and Dan Snyder discuss the repeal of the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP), major changes impacting public workers, spouses, and retirees. Learn who is affected, how to claim retroactive payments, and key financial planning strategies.

Key Takeaways:

Who's Affected? Retired public workers, teachers, police, firefighters, and spouses previously impacted by GPO/WEP.
What Changed? The Social Security Fairness Act (Jan 2025) repeals GPO & WEP, allowing full Social Security benefits.
Retroactive Payments: Eligible recipients may receive lump sums dating back to Jan 2024. Apply immediately to maximize benefits.
Tax Planning Alert: Lump sums are taxable with no withholding—prepare for potential Medicare IRMAA impacts.
Action Steps for Advisors: Identify affected clients, review tax strategies, and ensure timely applications.

Access resources and events 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:

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 at www.aicpa.org/pfp 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.

Estate Planning & Portability Feb 07, 2025

Show notes

In this episode of the AICPA Personal Financial Planning Podcast, Cary Sinnett welcomes Bob Keebler, a nationally recognized expert in estate and tax planning. Together, they break down the critical topic of portability in estate planning—what it is, how it works, and why it matters for both financial planners and clients.

Key Insights: Portability: Use It or Lose It – If you don't elect portability within the required time frame, the deceased spouse's unused estate tax exemption is lost forever.

Deadlines Matter – The DSUE must be filed within 9 months of death, but an extension up to 15 months is possible. For smaller estates, a late portability election may be available for up to 5 years.

Bypass Trust vs. Portability – While portability can double a surviving spouse's exemption, a bypass trust protects future growth from estate taxes. The right choice depends on long-term tax projections.

Estate Planning in 2025 & Beyond – The current $14 million exemption per person is set to sunset in 2026, potentially dropping to $7 million. Planners must prepare clients accordingly.

CPAs Must Be Proactive – Even if a CPA isn't directly engaged for estate tax returns, they should ask key questions about a client's estate plan, especially if the surviving spouse's assets could exceed the future exemption limit.

Resources & Links:

AICPA PFP Section
Email us your feedback
Related video and slides: Estate planning deep dive (exclusive to PFP Section members)

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments welcomed at podcast@aicpa-cima.com

Advancing CPA Financial Planning: Insights from Leaders Brooke Salvini and Oscar Vives Jan 24, 2025

Show notes

Welcome to the AICPA Personal Financial Planning Podcast, hosted by Cary Sinnett. In this episode, Cary is joined by Brooke Salvini, Chair of the Personal Financial Planning (PFP) Executive Committee, and Oscar Vives, Chair of the PFS Credential Committee. Together, they dive into pivotal advancements in CPA financial planning, including the integration of Personal Financial Planning into the CPA exam, updates to PFP standards, and the evolving role of technology and artificial intelligence in the profession.

Key Discussion Points:

Introduction and Guest Backgrounds
- Brooke shares her tenure as Chair of the PFP Executive Committee and the dynamic changes during her leadership.
- Oscar highlights his leadership role in the PFS Credential Committee and his experience in financial planning since 2007.
Major Milestones in 2024
- Launch of the new CPA exam featuring Personal Financial Planning topics.
- Simplified pathways for earning the PFS credential, including express routes for experienced professionals.
Outlook for 2025 and Beyond
- The impact of rapidly advancing technology and artificial intelligence in financial planning.
- Updated roadmaps to help CPAs incorporate financial planning into their services, regardless of their current practice model.
- Enhancements to PFP standards to keep pace with the evolving profession.
Personal Financial Planning Engagements
- Redefining financial planning to include services such as retirement planning, tax strategies, and business structure advice.
- Addressing misconceptions about investment management as a barrier to financial planning.
Exciting Developments for CPA Financial Planners
- The upcoming PFP Advanced Conference, returning in January 2026, blending the best of previous summits and conferences.
- Resources available at AICPA.org/PFP, including standards, templates, and the updated PFP roadmap for 2025.

Resources Mentioned:

Visit aicpa.org/PFP for tools, resources, and updates.

Explore the pathways to earn the PFS designation.

Review the tax and planning calendar for quarterly service opportunities.

Digging Deeper with your clients

Education Funding {PFP Section} Jan 10, 2025

Show notes

In this episode of the AICPA Personal Financial Planning Podcast, host Cary Sinnett welcomes Dr. Ross Riskin, Chief Learning Officer at the Investments & Wealth Institute and author of Guide to Education Planning. They dive deep into education planning strategies, including the benefits and complexities of tools like 529 plans, the importance of multi-generational funding conversations, and how to align education savings with broader financial goals.

Here are five key takeaways from the conversation between Cary Sinnett and Dr. Ross Riskin:

The Value of Education Planning
- Education planning remains highly valuable as it bridges generations, connects with next-gen clients, and addresses a significant knowledge gap among financial advisors. It also integrates with broader legacy and wealth transfer strategies.
Importance of Multi-Savings Vehicles
- Financial planning for education isn't "one size fits all." Utilizing a combination of tools like 529 plans, brokerage accounts, and Coverdell accounts helps optimize funding, flexibility, and tax efficiency based on client priorities and state-specific tax benefits.
Proactive Conversations Across Generations
- Successful advisors include grandparents, parents, and even extended family in funding discussions early on. Understanding their contributions and intentions (e.g., lump sums vs. future pledges) is critical for accurate projections and family alignment.
Strategies for Leftover 529 Plan Funds
- Excess funds can be strategically used by transferring beneficiaries, repaying student loans (up to $10,000 per person), or rolling into Roth IRAs for beneficiaries to support retirement planning.
Financial Aid and Investment Oversight
- Advisors must understand financial aid policies, tax considerations, and investment flexibility within 529 plans, especially during distribution years. Monitoring allocations ensures funds are managed efficiently to preserve capital in high-interest environments.

Show Notes: Conclusion

Dr. Ross Riskin reminds us that effective education planning requires proactive conversations, personalized strategies, and leveraging tools like 529 plans for tax efficiency, legacy planning, and beyond. For more resources:

Explore the AICPA PFP Section: aicpa.org/pfp.
Get your copy of Guide to Education Planning to build your expertise.

Thank you for listening! Don't forget to follow the podcast for future episodes featuring expert insights on tax, estate, investment, and financial planning.

Deeper CPA Financial Planning Connections | Celebrating 30 Years in the Industry {PFP Section} Dec 20, 2024

Show notes

This milestone episode celebrates 30 years of professional growth and client success, highlighting the dynamic evolution of the financial planning profession and the firm's commitment to innovation and excellence.

Five Key Takeaways:

The Evolution of a Career in Financial Planning: Growth and succession is vital for a long-lasting impact. Lyle Benson introduces his son Chris. Chris Benson shares his journey from aspiring engineer to CPA financial planner, highlighting the pivotal moments that shaped his career, including his transition from a large CPA firm to the family firm.
The Critical Role of Tax Planning: Tax returns form the foundation of the firm's financial planning process. Tax strategy is woven into every aspect of wealth management, creating a seamless, cyclical approach to client service.
Fixed Fees vs. AUM Model: The firm operates on a fixed-fee model, aligning services with client value while minimizing conflicts of interest, offering an alternative to traditional AUM-based fees.
Technology Transforming the Profession: Advances in technology, such as digital systems and portfolio management tools, have revolutionized client service and firm efficiency. AI is seen as an augmentation tool rather than a replacement for human advisors.
The Value of Community and Professional Networks: Active involvement in organizations like the AICPA and peer study groups has provided invaluable support, resources, and growth opportunities for both Chris and the firm.

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.

Innovative Technology for Integrated Tax and Financial Planning
Building a financial planning and tax business
Investment advisory business models
Build your tax and financial planning advisory services
PFP/PFS Drop-in Session - February 26, 2025, at 3pm ET
Listen to other episodes in the Deeper CPA Financial Planner Connections podcast series.

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.

The Power of Client Communication: 4S Framework for Financial Planners {PFP Section} Dec 06, 2024

Show notes

In this episode, Cary Sinnet and Mark Gochnour explore how effective communication builds trust and sets financial planners apart. Mark introduces the 4S Framework—a powerful tool for connecting with clients and simplifying complex concepts.

Key Takeaways

Why Communication Matters:
- Builds trust, fosters engagement, and differentiates you from competitors.
- Avoid overloading clients with technical jargon or unnecessary details.
4S Framework for Communication:
- Scripts: Prepare and practice concise responses to common questions.
- Stories: Share personal anecdotes to build emotional connections.
- Sketches: Use visual aids to explain concepts and engage clients.
- Supplements: Provide tangible materials to reinforce discussions.
Actionable Insights:
- Tailor your language to clients' needs and practice regularly.
- Join workshops at the AICPA PFP Summit in January to refine your storytelling and communication skills.

Access resources and events 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.

AICPA PFP Summit: January 26–29, 2025, at Dimensional's Charlotte office.
Explore communication resources at aicpa.org/pfp.

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.

Understanding Bitcoin: A CPA's Perspective Nov 22, 2024

Show notes

Mark Astrinos and David Oransky discuss Bitcoin's role in modern investing, addressing its speculative nature, practical uses, and potential as a long-term store of value. They explore how advisors and clients can approach Bitcoin thoughtfully, balancing skepticism with understanding.

Key Topics Covered:

Foundations of Investing:
- Saving vs. investing and the speculative nature of all assets.
- Bitcoin's similarities to "digital gold" and its unique network benefits.
Bitcoin's Role in Portfolios:
- How Bitcoin compares to traditional assets like stocks, bonds, and gold.
- Its potential as an inflation hedge and long-term store of value.
Practical Applications:
- Bitcoin enables global, permissionless transactions and portable wealth.
- Its scarcity-driven dynamics make it appealing amid fiat currency concerns.
ETFs and Adoption:
- Bitcoin ETFs simplify access for investors and advisors.
- Direct ownership offers unique benefits but requires technical knowledge.

Key Takeaways:

Advisors should educate themselves about Bitcoin's potential as a legitimate asset class.
Even a small allocation to Bitcoin may offer diversification and inflation protection.
Start with reputable resources like Fidelity and BlackRock or AICPA's PFP Division materials.

Resources Available:

A three part deep dive into bitcoin is available:

A video with slides