AICPA: PFP Digest (December 20, 2022)

AICPA has published their PFP Digits for December 2022. The articles begin as follows:

TOP STORY
What does the FTX collapse mean for crypto?
The collapse of FTX and several cascading bankruptcies across the cryptocurrency market have called the future of digital assets into question. The crash will likely weed out overhyped currencies and companies and usher in new federal regulations, but major cryptocurrencies and companies that can prove their worth are expected to endure. (Related podcast episode: “Cryptocurrency: Discover Three Ways to Add Value for Your Clients”) Full Story:  Kiplinger (12/12)
 
    A business owner’s journey to freedom: Part 1Listen as Mackey McNeill, CPA/PFS reviews working on building and delivering Prosper for Business. The methodology is relevant whether you are a CPA financial planner with your own practice or you are advising clients on their businesses.  Advertisement  
 
INDUSTRY NEWS AND TRENDS
Expert predicts Fed will pivot between rate hikes and cuts next year
The Fed has begun slowing its pace of interest rate increases, and many expect a pause in rate hikes by the second quarter, with lowered interest rates by the end of next year. However, one expert argues it’s not that simple. He predicts the Fed will play “yo-yo” with rates as it pivots between a hawkish and dovish stance to fight inflation while maintaining maximum employment. (Related concept piece: “What Rising Rates Could Mean for Your Money” — PFP Section members) Full Story:  Morningstar (12/12)
 
Tips for financial planning in an unpredictable new year
No matter how the economy fares in 2023, your clients can make wise financial moves right now to prepare for anything. Consider recommending they increase their withholding percentage, make the most of their health savings account, leverage their required minimum distributions, reassess their beneficiaries, and invest in themselves. (Related webcast Jan. 24: “2023 Best Financial Planning Ideas for Your Clients” — Free for PFP Section members) Full Story:  Kiplinger (12/11)
 
How might the SECURE Act 2.0 affect your clients?
Congress will likely vote on some form of the SECURE Act 2.0 by year end. The bill would extend the age for required minimum distributions, increase catch-up contributions, expand auto-enrollment, and increase tax credits for small businesses offering retirement plans. Financial planners should assess how the bill could affect client tax returns, retirement planning, and wealth management. (Related podcast episode: “How SECURE 2.0 Will Impact Retirement Planning”) Full Story:  Bloomberg Tax (12/12)

Click here to read the full article: PFP Digest

Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.

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