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As a tax practitioner, you may have contemplated adding personal financial planning services to your practice. There is a natural progression to go from being your client's most trusted tax advisor to also being their most trusted personal financial advisor. But you have questions: will it be profitable? How do I get started? What are other CPA firms doing? All of these questions are addressed in a new research study published by the AICPA's PFP Section that can show you how to expand your services into this lucrative niche area that is a great compliment to your tax practice.

The Personal Financial Planning Section of AICPA and Moss Adams LLP are pleased to announce the results of their first joint study of CPA financial planning and advisory practices- AICPA/Moss Adams CPA Financial Planning Practice Study.

Click here for more information

 
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Individual

This section covers taxation issues for individuals.

IRS Charitable Contribution Comment Letter

The AICPA has provided comments on the proposed regulations relative to "Substantiation and Reporting Requirements for Cash and Noncash Charitable Contribution Deductions" (REG-140029-07), as published in the Federal Register on August 7, 2008. To view the comment letter, click here

AICPA Comments on Proposed Regs Defining Child Under Section 152
On August 8, 2007, AICPA commented on section 152 proposed regs on a special rule for children of divorced or separated parents or parents who live apart. Learn More>>

 

AICPA Urges IRS to Reconsider Including Tax Preparation Cost Estimates in the 2005 Form 1040 Instructions

In a November 30, 2005 letter to Commissioner Everson, the AICPA strongly recommended that the IRS not publish tax preparation cost estimates in the 2005 Form 1040 Instructions. Learn More>>

 

AICPA Urges IRS to Eliminate Schedule D Reporting Burden

The AICPA expressed concern that the 2005 instructions for Form 1040, Schedule D will impose a significant burden on individual taxpayers when they report capital gains and losses by requiring taxpayers to list each capital gain or loss transaction on a separate line. This would likely discourage e-filing of individual tax returns. Learn More>>


Income Taxes: Installment Agreements
AICPA Member
If you're unable to pay the full amount of federal income tax that you owe, you may be able to work out an installment agreement with the Internal Revenue Service (IRS). Learn More>>
Deductions and Exemptions
AICPA Member
The amount of federal income tax you owe is figured by taking your gross income and subtracting from it certain allowable adjustments, deductions, and exemptions. Learn More>>
Minimizing Taxation of Your Social Security Retirement Benefit
AICPA Member
If the only income you had during the year was Social Security income, then your benefit usually isn't taxable. However, if you earned other income during the year or had substantial investment income, then you might have to pay federal income tax on part of your benefit if your total income exceeds a certain base amount. Learn More>>
Projecting Federal Income Tax, Making Estimated Payments, Choosing Correct Withholding Amount (Overview)
AICPA Member
The federal income tax is, in the words of the IRS, a pay-as-you-go tax. You pay federal income tax as you earn or receive income during the year, not retroactively. Learn More>>
Reducing Your Modified Adjusted Gross Income
AICPA Member
If you reduce your modified adjusted gross income (MAGI), you can minimize the amount of income tax you pay on your Social Security retirement benefit. Learn More>>
Tax Calculation: Alternative Minimum Tax
AICPA Member
The alternative minimum tax (AMT) is an extra tax that certain taxpayers must pay in addition to their regular income tax. The purpose of the AMT is to prevent taxpayers with substantial income from using tax loopholes (such as certain exclusions, deductions, and credits) to pay little or no tax. Learn More>>
Tax Considerations: Terminal Illness and Death
AICPA Member
When the terminal illness of a family member is newly discovered, or in those cases where the death of a family member has just occurred, federal income tax liability certainly isn't a primary concern; indeed, it may seem utterly insignificant. Learn More>>
Tax Issues for Household Employers
AICPA Member
If you pay for household help, you may be liable for the nanny tax, even if your employee is not a nanny, per se. Learn More>>
Money Issues That Concern Married Couples
AICPA Member
Marriage is an important step in anyone's life and brings many challenges with it. One of those challenges is the management of your finances as a couple. Learn More>>
Money Issues That Concern Unmarried Couples
AICPA Member
As unmarried partners, you need to decide whether to handle your finances separately, together, or in some combination. If you decide to combine finances, you should proceed with caution. Learn More>>
Special Considerations for Gay and Lesbian Couples
AICPA Member
As a gay or lesbian couple, legal marriage is currently not available to you in most states. Learn More>>