Financial Planning

The American Institute of CPAs has named Thomas J. Purcell III to a two-year term as chairman of its Tax Executive Committee, the tax policy and standards-setting body of the AICPA.

Strong revenue and market share growth don't guarantee a financially healthy independent investment advisor practice -- but being focused and deliberate about the types of clients served and the services offered can drive profitable growth, according to a study of the top firms by Schwab Institutional and Moss Adams.

A recent survey on issues related to long-term care and the sometimes widely varying views between men and women on the subject gives credence to the phrase, "Men are from Mars and women are from Venus."

529 college savings plans continue to increase in popularity, as assets in the plans grew to an estimated $45.1 billion at the end of the third quarter, according to data released by the nonprofit College Savings Foundation.

The Financial Planning Association has been awarded a $94,500 grant by the American Red Cross to support its pro bono September 11 Recovery Program.

The sale of many of its offices two years ago pushed financial planning and tax prep firm Gilman+Ciocia Inc. into the black for fiscal 2004, as a $6.1 million gain on that sale wiped out an operating loss of just over $1 million for the year ended June 30.

The Internal Revenue Service has issued proposed regulations that would permit distributions to be made from a pension plan under a "bona fide phased retirement program." It also would set forth requirements for the program.

The National Association of Securities Dealers charged H&R Block Financial Advisors Inc., the investment arm of the tax prep giant, with fraud in the sale of $16 million worth of Enron Corp. bonds after the energy firm's finances and bond ratings had begun to collapse.

Average tuition and fees at four-year public colleges and universities for the 2004-05 year climbed 10.5 percent from last year's levels, to $5,132, while fees at four-year private schools rose 6 percent, to $20,082, the College Board reported.

At the end of a year of sideways markets, many tax advisors are focusing on the ramifications of the two recently passed tax acts. There is, however, a roster of other year-end strategies that are worth looking into.