Good to Know Taxpayers may reduce their 2020 taxable income by tens of thousands of dollars by contributing to tax-deductible IRAs, 401(k)s, and other accounts by May 17, 2021. Traditional Deductible IRA Contributions Taxpayers who are unaware of this opportunity or miss the usual April 15, 2021, deadline may contribute to an IRA for 2020…

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CFP® BOARD UPDATES The CFP Board has launched its Spring 2021 Public Awareness Campaign.  The focus of the campaign is to raise awareness of the value of the CFP® Certification and the peace of mind that comes from having a CFP® Professional help prepare a financial plan. The Board has been running awareness campaigns since…

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Good to Know In mid-March, the IRS announced an extension of time to file individual 2020 income tax returns. The following excerpts were taken directly from IRS press release IR-2021-59, March 17, 2021: “WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals [including…

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CFP® Certificants in the News CFP Board press release, December 16, 2020 Relying on extensive consumer research and user testing, Certified Financial Planner Board of Standards, Inc. (CFP Board) recently launched its redesigned and updated consumer-facing website, LetsMakeAPlan.org (LMAP). The refreshed website includes updated content and a modernized interface with a mobile-friendly design to improve user experience,…

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Good to Know Alert-As of the date this blog was written (March 16, 2021) pressure was building to extend 2020 tax return due dates in recognition of COVID challenges. However, taxpayers should assume the due date for personal and business income tax returns remains unchanged unless an official IRS pronouncement indicates otherwise. The IRS recognizes…

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CFP® BOARD UPDATES The CFP Board has developed and made available a series of resources that will help CFP® Professionals navigate the sometimes choppy waters of CFP Board compliance.  These guidance resources help CFP® Professionals understand and comply with the Code of Ethics and Standards of Conduct. These resources include: An FAQ to help locate…

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Good to Know If your doctor emailed a 35% discount coupon to your inbox, would you take the free money?  Your clients that are under-utilizing Flexible Spending Arrangements to pay medical and child-care costs may be throwing away free money. How? Contributions to the Flexible Spending Arrangements discussed herein are not subject to income, Social…

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CFP® Certificants in the News In a recent CFP Board press release, Board Chair Kevin Keller announced that, “As we celebrate Black History Month, I want to recognize LeCount Davis, CFP® for his contributions to the financial planning profession. LeCount was the first African American to earn the CFP® certification, and I am not alone in considering…

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Good to Know The “red flag” expression comes to us courtesy of its first use in 1602 to signal the preparation for war. An IRS audit, while not a declaration of war against a taxpayer, can certainly put an unprepared client in the cross hairs of an unpleasant tax conflict. Before unfurling the red flags,…

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CFP Board Updates The CFP Board has confirmed exam dates for the three 2021 CFP Board Exam cycles. The CFP® Exam is offered three times a year across 8-day testing windows that take place in March, July and November. You’ll be able to select your test day and testing location from a network of convenient…

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