Accounting education

EARNINGS FOR FINANCIAL PLANNERS RISE IN 2005: Earnings for financial planners have risen 27 percent from their 2004 levels, according to a survey conducted by the College for Financial Planning in conjunction with the Financial Planning Association. Its 2005 Survey of Trends in the Financial Planning Industry showed that the median gross amount of planner earnings climbed to $277,800 in 2005.The majority of CFP professionals surveyed (56 percent) also reported that their income is the result of a combination of fees for service and commissions, while only 34 percent reported that their income is the result of fee-only services. When asked about clients' net worth, planners reported the continuation of a trend from previous years, with a 33 percent increase - to $1 million - over last year's reported amount of $750,000. In other findings regarding the financial planning market, 67.3 percent of planners participating in the survey prepared between one and 19 single-focus plans, while 62.7 percent prepared up to 19 comprehensive plans.

Investment advisors write books for many reasons.Some have practice management techniques that they feel could help others. Some have a particular planning or investment expertise. Others just want to see their name on the dust jacket. Check your cost benefit analysis calculators before starting, say veteran scribes: The task is a monumental one, and the benefits often come quite indirectly.

The recently enacted Energy Tax Incentives Act of 2005 includes new and substantial tax incentives for individuals to make energy-saving (and some energy-creating) improvements to their homes.The incentives come in the form of tax credits, which reduce federal tax bills on a dollar-for-dollar basis. Unlike many other tax credits contained in the Internal Revenue Code, these energy tax credits are not phased out for higher-income individuals. These credits are available for certain energy-saving home improvements made in 2006 and 2007.

For the fourth consecutive year, Plante Moran Financial Advisors placed among the top 10 largest independent financial advisory firms in the nation based on total assets under management, according to Bloomberg Wealth Manager's fifth annual rankings.With more than $3.9 billion in total assets under management, PMFA ranked seventh in terms of overall assets; the firm also is 45th based on average client relationship size. Bloomberg Wealth Manager's annual financial advisor ranking includes 500 firms from across the United States.

The expanding profile of women in the accounting profession will be the focus of the first Women's Summit hosted by the Work/Life & Women's Initiatives Executive Committee of the American Institute of CPAs.

RIA, a part of the Thomson Corp. providing information and software to tax professionals, has computed the changes to next year's tax brackets, standard deductions, personal exemptions and other important tax breaks.

A Minneapolis customizer and reseller of accounting software is among the first to launch a podcast targeting accounting and finance executives.

CCH Tax and Accounting, a provider of industry information and software, said that subscribers to their CCH Tax Research NetWork will soon be able to access tax-related content from BNA through the www.tax.CCHGroup.com portal.

Employer-sponsored retirement plans, including 401(k) programs, will be allowed to make loans and hardship distributions to victims of Hurricane Katrina and members of their families, the Internal Revenue Service said.

Ameriprise Financial, formerly American Express Financial Advisors, launched its first advertising campaign since announcing plans to spin off from its parent company, American Express Co.

New guidance from Securities and Exchange Commission regulators sets limits on ways to determine the cost of stock options, though the new SEC chairman said that the report was "tentative."

Although Congress has authorized tens of billions of dollars in tax breaks to help American families cope with rising college costs, millions of taxpayers are failing to cash in on this government assistance.

The Internal Revenue Service said victims of Hurricane Katrina will have until Jan. 3, 2006 to file any returns, pay any taxes, or make any deposits due -- extending an earlier announced reprieve.

The American Institute of CPAs and the Internal Revenue Service launched a partnership aimed at providing assistance to taxpayers at local disaster recovery centers established by the Federal Emergency Management Agency.

The Treasury Department and the Internal Revenue Service said that they would waive the tax-credit regulations that prohibit owners of low-income housing providing housing to victims of Hurricane Katrina who don't qualify as "low income."

U.S. TO REISSUE 30-YEAR BOND IN Q1 2006: The Bush administration said that it would resurrect the 30-year Treasury bond, a move that it said would help to finance the national debt and, at that same time, appeal to conservative investors looking for long-term options.

When CPAs add financial services to their practices, the overwhelming method of entry is to affiliate with a broker/dealer and receive commissions. For many, there is a next stage: transitioning to a model of full financial advisory with compensation from fees based on assets under management. Careful management of the rebranding can ease clients into the new way of doing business.

Broker/dealers who are not registered as investment advisors must now give brokerage customers a disclosure stating that their interests may not always be the same as their customers.

The American Institute of CPAs has won a 2005 Clarion Award from the Association for Women in Communications for its national "360 Degrees of Financial Literacy" program.

A survey by Fidelity Investments recently found that one-third of working adults are delaying their retirement plans due to financial reasons.