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Top Democrat on Senate Panel Wants Hearing on SEC’s Reg BI

Sen. Sherrod Brown, the highest-ranking Democrat on the Senate banking committee, is calling for a hearing on the Securities and Exchange Commission's proposed Regulation Best Interest. He cited a letter from 11 former SEC economists raising concerns about the economic analysis that went into the regulation. To read the full article in Think Advisor, click: Senate Banking Panel Lawmaker Wants Reg BI Hearing ...

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Top Financial Firms Cut Jobs Amid 2019 Market Turmoil

Asset managers and banks are under pressure as volatility roils global markets and investors pile into passive, low-fee funds. The $3 trillion hedge fund market has been hit hard as performance sank and funds closed last year. One recruiter thinks more shakeout lays ahead. To read the full article in Financial Planning, click: Top Financial Firms Cut Jobs Amid 2019 Market Turmoil. ...

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Twelve Common Technology Mistakes You Should Avoid

Over my 30-plus year career consulting on technology, I've encountered many mistakes my clients have made regarding hardware, software, and technology in general. As technology has become more integral and complicated, I've seen an increasing number of companies struggle with it. These problems aren't just minor issues; in many cases they could threaten a company's survival. To read the full article in Jour ...

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Spotify Bets Big on Podcasting to Power Battle Against Apple

Spotify Technology SA acquired podcasting companies Gimlet Media Inc. and Anchor FM Inc., a declaration that their specialty is the next big area of growth for the world’s largest paid music service. To read the full article in Bloomberg, click: Spotify Bets Big on Podcasting to Power Battle Against Apple. ...

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Why the Market for Advisors has Never Been Better

Cerulli Associates estimates that there are just over 300,000 advisors in the U.S. This number has caused some hand-wringing in our industry—and, I’d argue, for the wrong reasons. Despite forecasts suggesting the advisory industry will shrink in the coming years, there’s plenty cause for optimism. To read the full article in Financial Planning, click: Why the Market for Advisors has Never Been Better. ...

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Tax Traps for Divorcing Clients

The surprise split of Amazon CEO Jeff Bezos and his wife MacKenzie puts advisors on alert: Are you prepared with appropriate retirement and tax advice if your clients divorce? It’s unlikely that Bezos will have to crack open his Amazon 401(k) or IRA to get through this event. But for your average client, that’s exactly where most of their wealth may be. To read the full article in Financial Planning, click: ...

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74% of Users Don’t Know Facebook Records Their Ad Preferences

Facebook has been in the news quite a bit for its ad targeting over the past year, most notably with reports that the now-defunct Cambridge Analytica used improperly obtained data to develop “personality” profiles on U.S. voters and target ads toward them during the 2016 U.S. presidential election. But many users are still unaware what information Facebook actually collects for ad targeting purposes. To rea ...

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Proposed Rules Would Exempt Corporate U.S. Shareholders from Sec. 956

The IRS issued proposed regulations that Sec. 956, which requires an income inclusion by U.S. shareholders of controlled foreign corporations (CFCs) that invest in U.S. property, should not apply to corporate shareholders. To read the full article in Journal of Accountancy, click: Proposed Rules Would Exempt Corporate U.S. Shareholders from Sec. 956. ...

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19 Trends to Watch in 2019

Macroeconomic trends and matters of convenience will move advisors, assets, and markets this year in the ever-changing wealth management space. To read the full article in Financial Planning, click: 19 Trends to Watch in 2019. ...

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Potential 2019 Tax Changes Your Wealthy Clients Need to Know About

The Tax Cuts and Jobs Act has provided certain advantages for clients, including a 20% deduction for qualified business income and a higher standard deduction. But a cap on deductions for state and local taxes and a different method for determining inflation adjustments could create challenges. "The TCJA has given wealthy taxpayers some interesting changes to their return," noted Scott Kadrlik, CPA, PFS. To ...

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Tax Credit for Clients who Hired Nannies this Year: Tax Strategy Scan

Despite the changes that came with the Tax Cuts and Jobs Act, clients can still claim the child and dependent care tax credit on their 2018 returns. Working parents who paid for day care, summer camp or a babysitter should take advantage of this tax break, which can help them save as much as $1,050 per child below age 13. Those who intend to claim are advised to pay their babysitter legally and remit the ne ...

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Why Digital Retirement Tools are Targeting Younger Clients

Millennials are using TDFs more than others. Digital firms are paying attention. Some of the leading RIAs, asset managers and TAMPs updated their retirement packages with new tools to track target-date funds and savings statistics, ultimately giving clients more sophisticated information about their retirement options. To read the full article in Financial Planning, click: Why Digital Retirement Tools are T ...

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This Failing Market Offers an Opportunity to Cut Your Taxes in Retirement

If stock market volatility has drained value from your traditional IRA, this might be a good time to convert the account into a Roth IRA to take advantage of tax-free asset growth. The move may be especially appealing for retirees who have delayed their Social Security benefits and are younger than 70½. To read the full article in CNBC, click: This Failing Market Offers an Opportunity to Cut Your Taxes in R ...

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Where Should Rich Clients Retire?

If your clients are super wealthy and want to avoid a big tax bill, they’re better off retiring in Michigan than in Maryland. The IRS collects around $18 billion in estate taxes annually, according to the agency. To read the full article in Financial Planning, click: Where Should Rich Clients Retire? ...

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How Tax Reform is Changing Clients’ Financial Plans

CPA financial planners name charitable giving, business structure and estate plans as the areas of clients' financial plans they have had to adjust most frequently after passage of the law known as the Tax Cuts and Jobs Act. Planners can tap into their technical expertise to evaluate how different tax strategies would align with a client's overall financial picture, said Robert Westley, CPA/PFS. Ultimately, ...

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Hurry Up—Get Your Clients Divorced

After Dec. 31, spouses responsible for paying alimony won’t get a tax deduction, due to a change under the Tax Cuts and Jobs Act. To read the full article in Financial Planning, click: Hurry Up—Get Your Clients Divorced. ...

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2019 Standard Mileage Rates Announced

The IRS released guidance Friday on the standard mileage rate for business, medical and certain moving expenses incurred in 2019. To read the full article in Journal of Accountancy, click: 2019 Standard Mileage Rates Announced. ...

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Preparing for an Unexpected SEC Audit

Preparing for an audit by the Securities and Exchange Commission can be a significant undertaking for a small firm. During stressful times such as this, leaders should stay confident and set a positive example for others. To read the full article in Smart Brief, click: Preparing for an Unexpected SEC Audit. ...

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