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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 > International > Regulation and Administration > IRS Changes Reporting Requirements for Canadian RRSPs and RRIFs
IRS Changes Reporting Requirements for Canadian RRSPs and RRIFs

At the urging of the AICPA and other groups, the IRS issued Notice 2003-75, which created a simplified reporting regime for U.S. citizens and resident aliens holding interests in Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs), and the custodians of these accounts. [See AICPA's June 2003 Letter.] According to our Form 3520 Task Force, these new rules represent a significant improvement over the prior rules. Effective for 2003, the new reporting regime allows individuals to meet reporting requirements by relying on information already available.

 

Until a new 1040-related form is created for the holders of RRSP and RRIF interests, beneficiaries who elect to defer U.S. income taxation under Rev. Proc. 2002-23, 2002-1 C.B. 744, must (1) attach a copy of that election to their returns; (2) indicate the year-end plan balance; and (3) report any plan distributions. Beneficiaries not making the election to defer RRSP/RRIF income and RRSP/RRIF annuitants must report (1) the name and address of the custodian and account number of each RRSP/RRIF; (2) any contributions made during the year; and (3) the year-end balance of the plans plus total distributed and undistributed income earned during the year.

 

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Copyright © 2003 by the American Institute of Certified Public Accountants, Inc., New York, New York.