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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

 
Tax Home > Resources > Individual > AICPA Supports the MOBILE Cell Phone Act of 2008 (H.R. 5450)
April 8, 2008
AICPA Supports the MOBILE Cell Phone Act of 2008 (H.R. 5450)

This AICPA letter supports H.R. 5450, the MOBILE Cell Phone Act of 2008, introduced by Rep. Sam Johnson (R-TX).  The bills would reclassify cell phones and personal digital assistants (PDAs) from listed property (under section 280F(d)(4)(v)) to that of business property.  Such a reclassification would update the tax treatment of cell phones and PDAs by:

 

·         eliminating the onerous substantiation requirements on taxpayers, including small business owners;

·         removing such taxpayers from being subject to penalties and taxes for not meeting the substantiation requirements under audit;

·         lessening the possibility that a tax-exempt organization may be subject to intermediate sanctions; and

·         reducing the possibility of tax preparers being subject to unnecessary penalties.

 

According to a 2004 NFIB Small Business Poll, 78% of small-business owners use a cell phone for business purposes. 

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