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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 > Trust, Estate and Gift > Regulation and Administration > Spousal Rights Election and CRTs Under Section 664
Spousal Rights Election and CRTs Under Section 664
AICPA Letter to IRS on Rev. Proc. 2005-24 Concerning Spousal Rights Election and CRTs Under Section 664

AICPA letter to IRS on Rev. Proc. 2005-24 concerning spousal rights election and charitable remainder trusts (CRTs) under section 664. It was submitted June 8, 2005. The AICPA expressed concerns about Rev. Proc 2005–24, saying it creates many traps for the unwary and has the potential to disqualify every inter vivos charitable remainder trust, created on or after June 28, 2005. Even experts who devote a significant part of their practice to this area have difficulty understanding whether a waiver is necessary. In addition, taxpayers who create a valid trust may not realize the need to consult subsequently with an adviser as their circumstances change. The letter lists many potential traps for the unwary created by Rev. Proc. 2005–24 and provides many recommendations as well.

 

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Copyright © 2005 by the American Institute of Certified Public Accountants, Inc., New York, New York.