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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 > AICPA Comments on Foreign Currency Transaction Regulations
AICPA Comments on Foreign Currency Transaction Regulations

These comments to the IRS focus on revisions of proposed Section 987 regulations, regarding Notice 2000-20. In light of the revision of proposed Section 987 regulations, the AICPA offers comments to the IRS addressing qualified business units (QBUs) that are branches, including disregarded entities. The comments do not address the section 987 consequences of partnerships, estates, or trusts.

 

The suggestions in the comments include: that the revised regulations provide that no exchange gain or loss is recognized on remittances of capital from a qualified business unit (QBU) and adopt the four-pool approach of reg. section 1.987-5 to determine whether transfers are remittances of earnings or capital, that the revised regulations also adopt an annual netting rule, that the revised regulations respect the legal form of ownership of QBUs in determining the section 987 consequences of any transfer of property between QBUs, and that transfers between two QBUs with the same functional currency do not result in section 987 exchange gain or loss, regardless of how the QBUs are owned. The comments also recommend that the revised regulations should make no distinctions between the types of property distributed from a QBU.

 

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