FPA Headlines - Financial Planning Association - National Capital

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Continued from the previous page Rachael DeCosta-Martin, Sponsorships Co-Director Mitchell Berlin, CFP, Facility Requirements & Social Events Director Kathleen Sindell, PhD, Chapter Communications Director Helen Modly, CFP, PR/Media Relations Co-Director Tommie Monez, CFP, PR/Media Relations Co-Director Bryan Beatty, CFP, Membership Co-Director Cliff Cohen, Esq., Membership Co-Director Tacy Paul Roby, CFP, Pro Bono Director Howard Pressman, CFP, Government Relations Director RECENT TAX REFORM RECOMMENDATIONS FROM PERAB Howard Pressman, CFP In response to the unprecedented economic events of 2008, President Barack Obama established the Economic Recovery Advisory Board (PERAB). The 17 member board, which is made up of non-governmental experts is charged with offering independent advice to the President as he formulates and implements his plans for an economic recovery. On August 27, 2010, the Tax Reform subcommittee of PERAB submitted to the President its report on Tax Reform. While most concerned parties agree that the report offered little in the way of new ideas, there are some recommendations that are of particular interest to planners. Suggestions of note are: Consolidate or restructure current retirement plan offerings to facilitate enrollment by low- and middle-income taxpayers. Modify capital gains treatment to either (1) convert the separate rates on capital gains into a 50percent exclusion or (2) replace the zero rate with a 5-percent rate for taxpayers in the 10- and 15percent tax brackets. End or limit1031 like-kind exchanges, which allow the deferral of taxes on appreciated property. The limitations could include separate sub-categories, for example, creating one category for developed land and another for undeveloped land. Exchanges would not be allowed to cross over into other categories. Provide more stringent rules that partners, shareholders in S corporations, and members of limited liability corporations to pay self-employment tax. Suggestions were made to eliminate the AMT, however due to the costs associated with its repeal, the recommendation was to continue with annual patches. FPA National Capital Area Newsletter Page 4 October 2010
FPA ANNOUNCES HEART OF FINANCIAL PLANNING AWARD WINNERS Eight people who have shown exceptional leadership in the field of financial planning will be honored as the Financial Planning Association’s 2010 Heart of Financial Planning Award winners at the FPA annual conference in Denver in October. The awards recognize individual professionals, financial planning firms, FPA chapters or organizations that contribute to the financial planning community and the public. Recipients represent FPA's core values of competence, integrity, relationships and stewardship. The following are this year’s recipients: Don Blandin, president and CEO of the nonprofit Investor Protection Trust, is being recognized for his leadership in developing the “How Can I Afford Retirement?” investor education program, as well as his close work with securities regulators, FPA chapters, and libraries across the country. Mark Clark is being honored for his commitment to teaching financial education and L.I.F.E. skills to youth through nonprofit agencies and organizations in Northern California Saundra Davis is receiving the award for providing high-quality pro bono financial planning to the working poor, and for volunteering thousands of hours as a key leader for the FPA of San Francisco Pro Bono Committee. Michael Kitces, CFP, is being recognized for his commitment to education in the financial planning industry and for his work as cofounder of the FPA NexGen community of interest. Keith Loveland is a practicing attorney in securities law and compliance and is being honored for his pro-bono and ethics work, and for his work ensuring a client-centered, ethical financial planning process. Brent Neiser, CFP, is receiving the award for his commitment to financial literacy to educate the public in all areas of personal finance. He is director of strategic programs and alliances for the National Endowment for Financial Education. Don Pitti, who died in December, received the award posthumously. He had dedicated years to helping advance the financial planning profession and was one of the founding members of the International Association for Financial Planning, a predecessor organization of FPA. Karin Price Mueller is a journalist who delivers financial planning information to the public through various media outlets. Mueller coauthored financial literacy guides to educate immigrants and the underserved about how they can improve their financial situation in the U.S. UPCOMING FPA NATIONAL CAPITAL AREA PROGRAMS October 7 – Luncheon Program – McLean, VA October 19 – Member Breakfast – Vienna, VA November 16 – Member Breakfast – Bethesda, MD November 18 – Professional Development Program – Vienna, VA December 9 – Volunteer Appreciation Luncheon – McLean, VA December 14 – Member Breakfast – Fairfax, VA Please register for these programs on-line at www.fpanca.org. More details and events to be posted soon! FPA National Capital Area Newsletter Page 5 October 2010
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FPA Headlines - Financial Planning Association - National Capital

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