Clients’ top retirement fear: Running out of money
Nearly one-third (30%) of financial planners say their clients’ top retirement fear is running out of money, according to a recent AICPA survey of 631 CPA financial planners.
5 steps to creating goals that actually stick
It seems like we forget our New Year's resolutions the moment it starts feeling taboo to wish people a happy new year. This should come as no surprise if you've ever set goals at the end of December hoping a fresh calendar year will be motivation...
IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
Charitable Giving, Business Structure, and Estate Plans Top List of Adjustments Post Tax Reform: Survey of CPA Financial Planners
As 2018 comes to a close, CPAs are working with their clients to harvest losses, bunch charitable contributions and make other year-end financial planning moves to put them in the best possible position for when they file their taxes. However,...
IRS Confirms Tax Filing Season to Begin January 28
Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive...
IRS, Security Summit partners warn tax professionals of fake payroll direct deposit and wire transfer emails
The Internal Revenue Service and its Security Summit partners today warned tax professionals of an uptick in phishing emails targeting them that involve payroll direct deposit and wire transfer scams. These business email compromise/business...
Pension Stability Commission Heads Into Overtime
The Pension Stability Commission won’t finish its work before the start of a new legislative session, but its members intend to ask Speaker of the House Joe Aresimowicz for permission to continue. The commission is looking to finalize its...
Travelers kicks in $5M for crumbling foundation epidemic
Property and casualty insurer The Travelers Cos. has committed $5 million to support their policyholders suffering from crumbling concrete foundations, state officials said.
Millennials Make the Most Money in Massachusetts; Connecticut Ranks 16th
If you were born between 1982 and 2000, and you live in Massachusetts, you’re making more money, on average, then people of your generation living elsewhere in the United States. If you live in Connecticut, there are 15 states where the average...
12 Year-End Tax and Financial Planning Tips from the AICPA
As 2018 comes to an end, so does the window of opportunity to take advantage of certain tax and financial planning strategies. To help Americans be best positioned come Tax Day 2019, members of the American Institute of CPAs (AICPA) share the...

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    Why Everyone Should Be Paying Attention to the Medicaid Debate 

By CzepigaDalyPope LLC

While the American Healthcare Act or ACA (also known as Obamacare) has so far escaped the repeal-and-replace hatchet, the debate over how to restructure healthcare in this country is far from over.

One of the most controversial elements of that debate is Medicaid. Despite the broad news coverage on this topic, there is still a great deal of misunderstanding about what Medicaid is, who uses it, and how it’s spent.

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Limit Your Liability AND Reduce Your Estate Taxes: Get a QTIP Trust

By Paul T. Czepiga, CzepigaDalyPope LLC

Let’s set the stage. You are a professional service provider and are concerned about professional liability exposure. Or you are engaged in a business that is high risk and you are worried about being sued.

So your lawyer said put all your assets in your spouse’s name.

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  Connecticut CPA magazine feature
U.S. Department of Labor’s New Fiduciary Rule Now Applies
Expands definition of investment advice

By George J. Kasper, J.D., LL.M., Pullman & Comley; Member, CTCPA Employee Benefit Plans Interest Group

Last year the U.S. Department of Labor (DOL) released a controversial new fiduciary regulation (the “Fiduciary Rule” or “Rule”) and related exemptions that impact investment advisers to certain retirement plans, IRAs, and other similar arrangements. The Rule has garnered much attention due to its broad application not only to financial institutions and their advisers, but others who provide services to plan sponsors, participants, and retirement account owners as well. In the midst of ongoing debate, legal challenges, and a directive from President Trump, the DOL delayed the Fiduciary Rule “applicability date” until June 9, 2017.

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Obama’s Fiduciary Rule, After a Delay, Will Go Into Effect

New consumer protections requiring financial advisers to put their customers’ interests ahead of their own – at least when handling their retirement money – will take effect next month, putting to rest the question of whether they would be delayed further.

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Federal and Connecticut Estate Tax Tension: Two Big Reasons to Add a Trust to Your Estate Plan

By Paul T. Czepiga, CzepigaDalyPope LLC

Connecticut residents are exposed to both a federal estate tax and a Connecticut estate tax if their net worth at death exceed a certain level. Unfortunately, the net worth level at which these taxes apply, and how they apply, is different for the federal estate tax and for the Connecticut estate tax.

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Challenging a Will in Connecticut – What You Need to Know

By David Green, CzepigaDalyPope LLC

Contrary to popular belief, a Will or Last Will and Testament, isn’t always written in stone. Quite frequently, disputes arise over the contents of a Will and the parties who are at odds must seek outside help to resolve the issues. Because there are often conflicts of interest around such disputes, it’s important for each party to retain appropriate legal guidance to ensure that their rights are protected.

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  Connecticut CPA magazine feature
College Funding Survival in the Wake of Divorce

By John F. Pearson, CPA, CASL, Barnum Financial Group

I’ve been doing college funding workshops at Connecticut high schools for close to 10 years now, and I’ve met hundreds of high school parents looking for the “golden ticket” that is going to make paying for college somehow magically affordable.

By my count, about one in four appointments I have with workshop attendees are with single parents – typically moms. Late 40s, early 50s, divorced. As part of the settlement, she got the house and joint custody, but the children seem to spend the majority of time residing with her.

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  Connecticut CPA magazine feature
College Funding Advice: Should it Be Part of Your Practice?

By John F. Pearson, CPA, CASL, Barnum Financial Group

The average CPA in public practice in Connecticut is in his or her 50s. This means that, for most of us, paying for college for our kids is a present (or recent) reality – one that most of us would likely just as soon forget.  You’ve got a lot of clients who feel the same way.

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