News & Updates
The Jackie Robinson of Financial Planning
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…
Read MoreALERT – IRS Audit Red Flags
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,…
Read More2021 CFP Board Exam Dates Set
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…
Read MoreThe Qualified Business Income Deduction – Part I
Good to Know The Section 199A deduction, popularly referred to as the 20% Qualified Business Income deduction, was enacted to reduce the disparity in income tax rates between C Corporations and “pass-through businesses.” There is no entity level income tax in pass-through businesses – business gains and losses “pass through” to the business owner’s personal…
Read More2021 FINANCIAL PLANNING FORECAST
CFP® Certificants in the News According to a January 11, 2021, report by CFP Board, “…nearly 1 in 5 CFP® professionals reported that clients leaned on them as a financial therapist first and a financial planner second [in 2020]…”. Other key trends were reported by CFP Board, including: The rise of virtual financial planning “Advice…
Read MoreALERT – Tax Gift for 2020 PPP Borrowers
Good to Know In the cosmic order of U.S. tax law, expenses associated with tax-free income are frequently not deductible. In the case of Payroll Protection Program loans, the IRS went one step further to rule that expenses paid with the proceeds of PPP loan debt were not deductible if the loan was merely expected…
Read MoreCFP BOARD ACHIEVES RECORD GROWTH of CFP PROFESSIONALS
CFP® Certificants in the News Despite the specter of the pandemic, the number of CFP® Professionals grew in 2020 to 87,726. We will rely upon selected excerpts from CFP Board Reports Impressive 2020 Growth to summarize the growth and increasing diversification of CFP® Professionals. Increasing Diversity According to CFP Board CEO Kevin Keller, “The increase in…
Read MoreLast Minute COVID-19 and Tax Extenders Bill
Good to Know President Trump signed the COVID-19 and Tax Extenders Bill into law on December 27, 2020. This blog will focus upon the following key provisions: Pandemic Relief CARES Act Extensions and Pandemic Provisions Tax Provisions Disaster Tax Relief Tax Extenders Pandemic Relief The bill provides a refundable tax credit in the amount of…
Read MoreCFP Board Relaunches Financial Planning Website
CFP Board Updates Based on feedback from consumer research and user testing, the CFP Board has revamped and now relaunched the financial planning website – letsmakeaplan.org. The goal of the new website is to provide content that enables the consumer to gain a better understanding of the importance of financial planning and then how to…
Read MoreTOP 4 FINANCIAL CONCERNS OF THE PANDEMIC
CFP® Certificants in the News More than five of every ten Americans are experiencing “high” to “very high” financial stress levels as a result of the pandemic according to a survey commissioned by CFP Board and released December 3, 2020. Admittedly, that is hardly a seismic revelation. But if we dig below the headlines, you…
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