As we look to the results of the midterm election, it appears that we will have a divided government in 2023-2024 and we will need to carefully consider the impact on our clients. Year-end planning could include tax loss harvesting for crypto, new energy provisions and investments, Roth conversions and filling up the 22% and 24% tax bracket. We will also need to give careful consideration to the preparation for the sunset of the Tax Cuts and Jobs Act of 2017 regarding the federal gift and estate tax exclusion. As you approach this with your clients, conversations and plans will need to be developed in preparation for the changes happening in 2026. In this PFP Section podcast, Bob Keebler, CPA/PFS also addresses the following:

What is going to happen to SECURE 2.0?
Will the EARN Act pass?
Will there be an Extenders package?
Will there be an update to the 10% penalty connected to a corrective distribution?
Will there be a change in the required beginning date (RBD)?
Will there be changes to Substantially Equal Periodic Payment (SEPP) rules?
Will there be changes to the grantor trust regulations?
Will the Corporate Transparency Act be passed?

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.

Learn more about this and other year-end planning strategies at Bob Keebler’s webcast on November 17th and 28th (free with CPE for PFP Section members).
Find Bob’s decision charts in the Proactive Planning Toolkit, exclusive to AICPA PFP Section members.

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.

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Midterm election results and planning for your clients {PFP Section}

AICPA Personal Financial Planning (PFP)