Financial planning

by Phyllis Bernstein

FPA PUSHES SEC TO CONSIDER CFP BOARD CODE OF ETHICS: The 28,000-member Financial Planning Association has lent its support to a Securities and Exchange Commission proposal requiring registered investment advisors to adopt a specific code of ethics. At the same time, though, it asked the commission to consider the obligations that planners already have under the CFP Board Code of Ethics.

Gain on the sale of qualified securities to an employee stock ownership plan or to an eligible worker-owned cooperative is not recognized by any taxpayer except a C corporation — that is, if the taxpayer or the taxpayer’s executor elects not to recognize the gain and buys qualified replacement property within the replacement period defined below.

It’s your firm’s partner meeting. The first item on the agenda is adding personal financial planning to the practice. While this is certainly very exciting, it presents an assortment of new challenges — not the least of which is getting the partners to approve the idea.

PWC URGES TRANSPARENT REPORTING MODEL FOR MUTUAL FUNDS: While improving mutual funds’ disclosure requirements is a crucial step, it isn’t enough — funds must adopt a new reporting model that is more transparent, according to a white paper by PricewaterhouseCoopers’ U.S. investment management industry group.The paper, “Communicating the Value of Your Funds: A New Model for Transparency in Fund Reporting,” concludes that disclosure alone, although critical, isn’t the answer to what investors need — and it doesn’t constitute transparency.

by Bob Rywick

by Cynthia Harrington

WORRIES OVER DILUTION, NOT EXPENSING, DRIVING OPTIONS SCALEBACKS: Despite a booming stock market, three-quarters of Standard & Poor’s 500 companies surveyed said that they are planning to shift away from stock options, but not as a result of expensing, according to a survey by Deloitte & Touche — rather, they’re running out of shares for option grants.

Washington — The Financial Planning Association has lent its support to a White House budget proposal that called for the creation of three new savings plans for saving for retirement, and that would reduce the number of defined-contribution plans to one.

The following rules apply to determine how deductions that enter into the computation of distributable net income that is taxable to an estate or trust beneficiary are allocated among the items of trust income.

by Mitchell Freedman

by Dave McClure

by Bob Rywick

by Derek Graham

Wealthiest Taxpayers Accounted for 7 Percent of Charitable Gifts: Gifts by the 400 wealthiest taxpayers in the U.S. accounted for about 7 percent of all charitable gifts reported on income tax returns for the year 2000, according to the NewTithing Group, a nonprofit donor education and research organization.

New York -- The American Institute of CPAs’ Personal Financial Planning Division has honored CPA/PFS William J. Goldberg with the division’s Distinguished Service Award for financial planning.

by Bob Rywick

by Thomas Dalpiaz

Chase Inks Deal with C2B as Preferred Provider: JPMorgan Chase has signed an agreement to become the preferred provider of small business banking services through the American Institute of CPAs’ Business Solutions program, CPA2Biz Inc., the institute’s Internet portal.

by Bob Rywick