AICPA Personal Financial Planning (PFP)

What happens when technical excellence meets deep human empathy? In this episode, Carl Richards, CFP®, author of Your Money and creator of the famed "Sketch Guy" column in The New York Times, joins host Cary Sinnett to explore how CPA financial planners can foster trust through simplicity, storytelling, and purposeful conversation. Carl shares how sketches can cut through complexity, how planners can create space for real client understanding, and why listening with intention may be your most powerful technical skill. Whether you're coaching a client through uncertainty or explaining a nuanced tax strategy, Carl shows how precision with purpose is the future of trusted planning. You'll Learn in This Episode: Why financial planners are in the behavior change business Carl challenges CPA financial planners to see their role not just as experts, but as guides who help clients change the way they think and act with money. How technical precision with purpose can lead to greater outcomes Carl explains how our drive for technical perfection can sometimes overshadow the deeper emotional and behavioral work required to truly serve clients well. Practical ways to build trust through clarity and vulnerability Learn how to shift your communication from "Here's the solution" to "Let's explore this together"—and how that builds long-term trust. Whether you're a numbers-first technician or a holistic planner striving to connect more deeply with clients, this episode offers both insight and inspiration. Resources: Podcast: Turning Panic into Trust Video: Old Problems, New Solutions: Techniques for Solving Concentrated Stock Positions Podcast: The why, what, and how behind legacy planning for your clients This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.    

Artificial intelligence is transforming how CPA financial planners approach research, analysis, and communication. In this episode, Chris Benson shares how he moved from curiosity to confident integration of AI in his daily practice. He explains how AI helps him generate first drafts of client communication, brainstorm planning strategies, and reduce research time from hours to minutes. Chris also provides a balanced perspective on data privacy, compliance risks, and how planners should evaluate new tools without getting distracted by every new release. Whether you are just beginning to explore AI or already incorporating it into your workflows, Chris's insights will help you find practical, responsible ways to harness the power of AI in your practice. Topics Covered How to begin experimenting with AI as a CPA financial planner The role of AI as a research assistant, communication partner, and brainstorming tool Time-saving examples from client questions, financial modeling, and planning scenarios Risks related to privacy, cybersecurity, and client impersonation Cautious evaluation of emerging AI tools and what to look for in early demos A realistic forecast for how AI may be embedded in future tax and planning software AICPA Resources: Upcoming webcast: AI & Technology updates for PFP   Resources:      AI Tax Resource Center                         Empowering tax professionals with AI                         Leveraging Generative AI                         Business in the age of AI                         Getting started with generative AI/ChatGPT This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Jimmy Williams, CPA/PFS, shares how the role of the CPA is evolving from compliance technician to holistic financial planner. In this episode, Jimmy and host Cary Sinnett explore how trust, technical excellence, and human connection are converging in a new era of planning, and why CPAs are uniquely positioned to lead it. ·       Learn how CPAs can step into their fullest potential as advisors. ·       Hear about the added value to your clients and to your practice. ·       Discover what's driving this shift—and what's holding some back. ·       Gain insight into delivering deeper value through personal connection. ·       Explore the future of the profession and how you can be part of it. AICPA Resources: Article:  Member perspectives: Get support with the PFP Section Article: Raising awareness of the importance of PFP through the CPA Exam Video: Use your client's tax return to provide valuable financial advice Upcoming event: Rise2040: Shaping the Future of Finance and Accounting Article: Sid Kess on the History and Future of CPAs in Financial Planning Article: Get to know your community & learn from each other in this series This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

Bob Keebler joins Cary Sinnett to unpack why this year-end is anything but routine.  With shifting tax thresholds and surprise penalties lurking under the surface, every decision matters more than ever.  This rapid-fire episode arms CPA financial planners with critical year-end strategies, from Roth conversions to trust distribution traps.  Don't miss your chance to finish strong and plan ahead with confidence. AICPA Resources: Article:  Tax code changes: What H.R. 1 means for you and your clients Article: Tax Trifecta Trust after H.R. 1, known as the One Big Beautiful Bill Act Chart: PFP Tax Bracket Management Chart This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice.  Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients.  Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Building wealth is one thing. Defining what wealth means is another. In this episode, Cary Sinnett sits down with Dr. Brian Portnoy, one of the world's leading experts on the psychology of money, to explore why the future of financial advice isn't just about technical expertise — it's about emotional intelligence, perspective, and purpose. Brian unpacks his powerful concept of "funded contentment" — the idea that true wealth is the ability to live a meaningful life, not just grow a bigger balance sheet. He shares practical ways advisors can help clients escape the hedonic treadmill, have deeper conversations about what matters, and reframe financial planning around purpose before numbers. They also dive into how AI and technological disruption are reshaping the advisor's role, pushing EQ skills like empathy, self-awareness, and connection to the forefront of practice. As the financial landscape evolves, the ability to understand and guide clients as humans, not just portfolios, is becoming a defining skill. Key Topics Covered The difference between being rich and being truly wealthy How to help clients define their future selves and avoid future regrets Why financial conversations should start with meaning, not money The advisor's evolving role from mechanic to guide Why EQ is becoming an essential advantage in the age of AI AICPA Resources: PFP Podcast: How emotions affect financial decisions PFP Learning: Emotional Intelligence PFP Learning: MBAexpress: Emotional Intelligence PFP Podcast: Turning Panic into Trust with Dr. Lurtz

When families look to CPA financial planners, they're often asking more than just tax or investment questions. They want to know: Will my kids be ready when it's their turn to inherit? In this episode, Cary Sinnett welcomes Mindy Kalinowski Earley, consultant to ultra-high-net-worth families and Chief Learning Officer at Family Office Exchange. With two decades of experience at the intersection of family dynamics and education, Mindy challenges planners to move beyond balance sheets and into legacy stewardship. Together, they explore: ·       Why preparing heirs is about purpose, values, and emotional intelligence—not just financial literacy. ·       How advisors can help design learning experiences that build resilience, trust, and stewardship across generations. ·       The hidden lessons families pass down through behavior and how advisors can help surface values more intentionally. ·       Practical ways to start the conversation about rising-generation education with clients. For CPA financial planners, this conversation offers insight into one of the most complex and rewarding areas of planning: ensuring that wealth transitions are not just tax efficient, but truly human-centered. Resources: Podcast: How to talk to your kids about your estate plan Podcast: Guiding families in their philanthropic endeavors Article: Talking to your kids about money Video: Financial independence: Rethinking retirement Video: Discover how to have impactful legacy conversations This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.    

When business owners skip exit planning, the fallout can be brutal; value lost, families divided, legacies diminished. But with the right strategy, an exit isn't chaos, it's a launchpad: valuations climb, transitions smooth out, and owners step confidently into their next chapter. In this episode of the AICPA Personal Financial Planning Podcast, host Cary Sinnett welcomes Daniel D. Meiklejohn, JD, CPA, PFS. With his rare combination of legal, tax, and financial planning expertise, Daniel helps business owners turn exits from reactive scrambles into deliberate successes, covering everything from succession and valuation to wealth transfer and legacy planning. Listeners will learn: · The #1 risks owners overlook before selling · Why building the right advisory team changes the outcome · How early planning boosts valuations (and reduces stress) · Where CPA financial planners fit into the exit conversation · Practical ways to help clients start planning today This episode is a must-listen for CPA financial planners who work with business owners—or anyone who wants to sharpen their edge in succession and legacy planning. AICPA Resources: https://www.aicpa-cima.com/cpe-learning/webcast/business-exit-planning https://pfplanning.libsyn.com/business-exit-transitions-for-cpa-financial-planners https://www.aicpa-cima.com/professional-insights/article/pcps-succession-planning-survey

What happens when one overlooked detail turns a thoughtful estate plan into a multi-million-dollar tax disaster? In this episode of the AICPA Personal Financial Planning Podcast, nationally recognized tax and estate planning expert Bob Keebler joins Cary Sinnett to unpack the cautionary tale of Estate of Rowland v. Commissioner. Despite well-crafted trusts and modest estates, a simple misstep in making the portability election led to the loss of $3.7 million in estate tax exemption. The case underscores the reality that "substantial compliance is not enough" when filing Form 706—and the reputational and financial risks that follow. You'll learn: Why the IRS and courts denied the portability election—and what it means for practitioners. How valuation, appraisals, and strict filing compliance can make or break an estate. What CPA financial planners can do to collaborate effectively with attorneys and safeguard clients from hidden estate administration landmines. Practical risk management steps firms should adopt to prevent similar outcomes. Listen in to protect your clients' legacies, preserve your professional reputation, and avoid the quiet traps buried in estate planning compliance. Resources: Guide: Guide to Financial and Estate Planning Vol. 4 Podcast: Estate Planning & Portability Learning: Estate Planning Certificate Program Video: Critical Income, Estate and Trust Planning for 2023 and Beyond This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

Jeff Levine joins us to break down one of the most surprising features of the new tax law: a brand-new type of deduction that could significantly change the way we think about AGI thresholds, phaseouts, and entity planning. In this episode, we unpack how the latest changes in the tax code are opening up advanced strategies for clients, and where financial planners need to stay sharp to avoid stealth cliffs and missed opportunities. Key Topics Covered: The new above-the-line deduction and who can benefit Planning around AGI phaseouts and stealth tax cliffs Leveraging non-grantor trusts for charitable and income planning Avoiding estate planning complacency amid exemption increases Rethinking entity structure in light of expanded QSBS rules Resources: Planning after tax changes Podcast: BBB Crossover Special A summary for tax planning This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

The pipeline is aging—and the profession is feeling the pressure. But what if Gen Z isn't just the next wave of talent, but the spark that transforms your practice? In this energizing episode, Cary Sinnett sits down with Sherron Permashwar, CPA and founder of The Modern Savvy CPA, to unpack why recruiting Gen Z isn't just important—it's essential. Sherron brings her insight as a 27-year CPA veteran with a digital-native following to explore: ·       What Gen Z really wants from a career in financial planning ·       How to move from a "hierarchy" mindset to a "community" culture ·       Why high schools and colleges are missing the mark—and how you can fill the gap ·       Content strategies CPA firms can use to build credibility and trust on TikTok, YouTube, and beyond ·       How purpose, flexibility, and mentorship drive Gen Z retention If you're ready to future-proof your firm and attract the next generation of purpose-driven professionals, this episode is for you. Resources: Article: Mentoring at CPA firms fosters strong leaders Article: Notable gaps between what Gen Z expects and what employers offer Toolkit: CPA Pipeline Article: Learn more about the Accounting Scholars Leadership Workshop

When disaster strikes—wildfire, flood, earthquake—will your clients' finances survive the storm? In this episode, host Cary Sinnett speaks with Mitch Freeman, CPA/PFS, a nationally recognized advisor with firsthand experience navigating the financial aftermath of natural disasters. Mitch shares practical insights on: ·       Proactive steps to prepare clients financially for disasters ·       Insurance challenges in high-risk areas ·       How private adjusters can ease post-disaster stress ·       Essential documents and checklists every client should have ready With over 60 years in the profession, Mitch offers hard-won wisdom and actionable advice to help CPA financial planners build financial resilience into every plan. Resources:        Disaster preparedness        Aftermath of a natural disaster checklist        Dealing with catastrophic property loss        Disaster management essentials for CPAs        A primer on disaster planning, relief, and recovery with a CPA        Disaster Relief Resource Center        State Disaster Tax Relief Guide        AICPA Benevolent Fund – Disaster Support Application This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

The One Big Beautiful Bill Act is no longer a proposal, it's the law. That means CPA financial planners must shift gears fast. In this special crossover episode of the AICPA Personal Financial Planning Podcast and the AICPA Tax Odyssey Podcast, host Cary Sinnett is joined by nationally recognized experts Bob Keebler and Mark Gallegos to break down what the new law really means for your clients and your planning strategies. From the permanent TCJA tax brackets and QBI deduction to enhanced SALT caps, PTET elections, and new income exclusions for tips and overtime, this episode delivers high-level insights you can act on immediately. You'll also hear forward-looking guidance on Roth conversions, entity structure decisions, estate and gifting strategies, and what Medicaid reforms mean for clients with multigenerational care responsibilities. This is the must-listen briefing every CPA financial planner needs right now. Resources: 2025 Reconciliation charts Planning for tax changes and tax reform 2025 House tax bill This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

In this special crossover episode between the AICPA's Tax Section Odyssey and PFP Section podcasts, April Walker is joined by Bob Keebler and Mark Gallegos to break down the fast-moving tax legislation landscape. They walk through key provisions in both the House's "One Big Beautiful Bill Act" and the Senate's proposal, sharing what matters most for client conversations right now. Topics include: Timing and reconciliation process in Congress Section 199A and SALT cap updates PTET deduction differences and planning impact Section 174 R&D expensing changes Bonus depreciation and Section 179 updates Opportunity Zones and energy credits Why now is the "opportunity season" for proactive client outreach This episode is your go-to briefing for what's in motion and how to stay ahead. Tune in to hear what tax advisors need to know — and how to start client conversations before the final bill hits the President's desk. Resource: PFP considerations across 2025 legislative proposals

When markets are volatile, your clients look to you for clarity—but before they can truly hear your technical advice, they may need something deeper: to feel emotionally steady and heard. In this episode, Dr. Meghaan Lurtz, behavioral scientist and partner at Shaping Wealth, joins host Cary Sinnett to explore the power of a question-led approach for CPA financial planners. You'll learn how leading with well-timed questions—not immediate answers—can reduce client panic, build trust, and actually enhance the effectiveness of your financial guidance. 💡 Key Takeaways for CPA Financial Planners: Why Questions Matter First: Jumping straight to solutions can trigger resistance. Asking grounding questions reduces panic and restores agency. Think Like a 911 Dispatcher: Just like emergency responders, planners can help clients regain control by starting with calm, relevant questions. Examples That Work: Dr. Lurtz shares specific questions that uncover what's really driving client fear—and how to tie responses back to values and long-term goals. From Emotion to Action: How to transition from emotional support to technical advice without losing momentum or empathy. 🛠️ Tools & Resources: ✅ Download Dr. Lurtz's Question-led Approach Handout ✅ How emotions affect financial decisions This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

When the markets swing, smart estate planning can make or break your client's legacy. In this episode, Bob Keebler, CPA/PFS, joins Cary Sinnett to reveal the overlooked tax moves CPA financial planners need to know—from the strategic use of the Alternate Valuation Date (AVD) to avoiding costly missteps with the Kenan Doctrine. Learn how the 645 election can shift tax treatment in your favor, why timing and valuation matter more than ever, and how to deliver sharp planning with empathy during emotional times. If you advise estates in a volatile market, these insights could reshape your postmortem playbook. 💡 Topics Covered: Alternate Valuation Date: when and how it reduces estate tax Kenan Doctrine: the hidden capital gain trap in bequests 645 Election: unlocking more favorable tax treatment for trusts Managing concentrated positions and planning for liquidity Balancing technical expertise with compassionate client communication 🔗 Resources & More: Guide: Vol. 1 - The Adviser's Guide to Financial & Estate Planning – 15th Ed Webcast: Critical Income, Estate and Trust Planning for 2023 and Beyond Article: NumberCruncher for Financial Planners This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.      

As CPA financial planners, we often encounter a painful reality: adult children who are surprised, or even hurt, by their parents' estate plans—after it's too late for discussion. In this episode, Cary Sinnett speaks with Kelley Long, a respected fee-only financial wellness coach and former bank trust officer, about how proactive communication can help families preserve relationships and honor intentions. Kelley offers practical, thoughtful strategies for advisors to help clients initiate and navigate these conversations. Topics include: The ideal timing for involving heirs in estate planning discussions Balancing fairness and transparency, especially when distributions are unequal How to help clients overcome the fear of conflict or entitlement The importance of framing the conversation around values and legacy, rather than specific financial details The role of ethical wills in clarifying intent and reducing misunderstandings Key Insight: Estate planning is not just a legal or financial process—it's a relational one. When clients are supported in sharing their intentions and values clearly, the outcome is not just a smoother transition of wealth, but a stronger foundation for family unity. Resources: Guide: The Adviser's Guide to Financial & Estate Planning – 15th Ed – Vol. 1 Podcast: Estate planning conversations all clients need to have now This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

In this thought-provoking episode, Dr. Meghaan Lurtz joins Cary Sinnett to explore a deceptively simple concept with powerful implications: financial gratitude. Discover how shifting the conversation from scarcity to sufficiency helps clients make better long-term decisions, build trust, and find meaning in their financial journey—especially in volatile times. 💡 What You'll Learn: Why gratitude is more than a feeling—it's a behavior that shapes financial planning success How to introduce reflective questions that don't feel "woo-woo" in a CPA-led client meeting When not to invoke gratitude: understanding the line between healthy reflection and toxic positivity Practical ways to weave gratitude into your meetings, newsletters, and client appreciation events How this subtle shift leads to stronger client connections, better retention, and higher satisfaction 💬 Key Quote: "Gratitude changes the conversation, not just the mood. It's not about ignoring tough realities—it's about helping clients find agency, perspective, and partnership in the plan." 📘 Perfect For: CPA planners who want to differentiate themselves with a human-first approach—without sacrificing technical precision. Resources: Dr. Lurtz has designed resources for financial advisors who want to create more emotionally intelligent and connection-rich client conversations: (Less) Lonely Money  Grandmas and Gratitude. (Less) Lonely Meetings The Kind of Gratitude that Brings Us Closer.  AICPA: Moving from advisor to coach for your clients How emotions affect financial decisions Financial Independence: Rethinking Retirement This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

Host Cary Sinnett and business transition advisor Mike Benedict discuss how to prepare business owners for one of their largest lifetime transactions—exiting their business. The conversation covers key aspects of pre-transaction preparation, valuation methods, building a sell-ready business, and leveraging tax strategies to maximize outcomes. Key Insights Pre-Transaction Preparation: Use a thorough quality of earnings review—similar to staging a home—to highlight strengths and avoid surprises during due diligence. Integrated Planning: Blend exit strategies with overall financial and estate planning to manage tax implications and valuation challenges seamlessly. Realistic Valuation: Rely on recast financials and market comparable to determine a fair, median value that avoids skew from outlier offers. Sell-Ready Business: Aim for a business that operates independently, with strong margins and a robust management team, to attract quality buyers. Strategic Tax Optimization: Apply targeted tax strategies and leverage specific IRS elections to minimize capital gains and enhance the net proceeds from a sale. Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Guide: The Adviser's Guide to Financial & Estate Planning – 15th Ed Podcast: Building business owner wealth with tax advantaged plans Podcast: Deeper CPA financial planner connections with Mackey McNeill This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

In this episode, Cary Sinnett is joined by renowned CPA and tax expert Bob Keebler to unpack the complexities of theft and casualty loss deductions under IRC Section 165. From pig butchering scams to IRA fraud and Ponzi schemes, this episode dives deep into the kinds of losses the IRS will—and won't—let you deduct, what qualifies as a profit motive, and how financial planners can guide their clients through one of the most emotionally and financially painful tax situations. Five Key Insights for CPA Financial Planners: Profit Motive Determines Deductibility To qualify under Section 165(c)(2), a theft or loss must stem from a transaction entered into for profit. Losses from romantic or emotional scams—where no profit motive exists—do not qualify. Five Scam Archetypes to Know A recent IRS CCA outlined five fraud scenarios: Compromised account scams Pig butchering (crypto fraud) Phishing and impersonation Romance scams Kidnapping/extortion schemes Only the first three had profit motives and were deductible. The IRA Trap: The Tax Hit Before the Scam If a client is duped into withdrawing funds from an IRA and then loses the money to a scam, they face a double blow—taxable income and no deductible loss. CPA advisors must flag this risk early. Documentation Is Critical for IRS Support To substantiate a theft loss, clients need: Bank records (e.g., wire transfers) Law enforcement reports A clear, detailed paper trail showing the loss and the attempt to recover funds Directing the IRS to the assigned FBI agent can strengthen the claim. Mitigation and Planning: Protecting Vulnerable Clients Encourage older or high-net-worth clients to follow a "1–2% rule" on risky investments. Foster opens dialogue with family members and advisors to prevent fraud and ensure support if it occurs. Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. IRC Section 165 IRS CCA 2025-101015 (the ruling discussed) Revenue Procedure 2009-20 (Ponzi Scheme Safe Harbor) AICPA PFP Section Guiding your clients who are financial caregivers Scam Tracker Risk Report This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

In this episode of the AICPA Personal Financial Planning Podcast, host Cary Sinnett speaks with expert CPA estate planner Bob Keebler about the latest legislative efforts to repeal the estate tax. They discuss the implications for financial planners, strategies to consider, and how advisors can proactively help clients navigate potential changes. Key Takeaways: Estate Tax Repeal on the Horizon Bills have been introduced in Congress to repeal the estate tax while retaining the gift tax and repealing the generation-skipping transfer (GST) tax. The likelihood of repeal is uncertain, and any repeal may be temporary depending on future political shifts. Potential Scenarios for Estate Tax Reform Three possible outcomes: extension of the current Tax Cuts and Jobs Act (TCJA), total repeal, or a sunset of the current exemption levels. A sunset would likely be the least favorable for high-net-worth individuals, while total repeal could create new planning challenges. Implications for Estate Planning Strategies Portability rules could be affected, potentially eliminating the ability for a surviving spouse to use a deceased spouse's unused exemption. Trust structures, such as bypass and GST-exempt trusts, may need to be reviewed and adjusted before any legislative changes take effect. Planning Ahead: A Limited Window for Action Advisors should consider creating GST-exempt trusts in 2025 before any repeal is enacted to preserve tax benefits. Reviewing and updating existing estate planning documents is critical to avoid unintended consequences if the tax law changes. Access resources and events related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Understanding Estate Tax Sunset | Navigating Tax Changes for Expiring TCJA Provisions Estate planning for the TCJA sunset of the double exclusion amount Planning for tax changes and tax reform This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.