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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 the Foreign Trust Reporting Rules for Forms 3520 and 3520-A
June 17, 2003
AICPA Comments on the Foreign Trust Reporting Rules for Forms 3520 and 3520-A

These comments to the IRS focus on the problems for foreign trusts with reporting on Form 3520 and Form 3520-A for Canadian RRSPs. In the comments, the AICPA urges IRS to: (1) exempt Canadian Registered Retirement Savings Plans (RRSPs) and Registered Education Savings Plans (RESPs) from the Form 3520-A filing requirements, and exempt their U.S. owners from the Form 3520 filing requirements for reporting transfers to RRSPs and RESPs; (2) develop a Form 3520 worksheet tailored to foreign trust distributions as a substitute for using Form 4970; (3) change the due date for Form 3520-A to April 15, with extensions; and (4) adopt a uniform method for filing prior years' Forms 3520 and 3520-A to facilitate compliance.

 

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