by AICPA & CIMA
Welcome to the AICPA Personal Financial Planning Section podcast. Follow us to receive unlimited access to free podcasts from nationally known experts on topics such as retirement, estate, tax, investment planning, and more. Visit us online at aicpa-cima.com/pfp to join our community and gain access to valuable member-only benefits.
Language
🇺🇲
Publishing Since
1/4/2019
Email Addresses
1 available
Phone Numbers
0 available
April 18, 2025
Cary Sinnett interviews Mike Benedict on preparing business owners for successful exits by focusing on valuation, tax strategies, and building sell-ready businesses.
April 4, 2025
<p class="MsoNormal"><span style= "font-family: 'Times New Roman',serif;">In this episode, Cary Sinnett is joined by renowned CPA and tax expert Bob Keebler to unpack the complexities of theft and casualty loss deductions under IRC Section 165. From pig butchering scams to IRA fraud and Ponzi schemes, this episode dives deep into the kinds of losses the IRS will—and won’t—let you deduct, what qualifies as a profit motive, and how financial planners can guide their clients through one of the most emotionally and financially painful tax situations.</span></p> <p class="MsoNormal"><strong><span style= "font-family: 'Times New Roman',serif;">Five Key Insights for CPA Financial Planners:</span></strong></p> <ol style="margin-top: 0in;" start="1" type="1"> <li class="MsoNormal" style= "mso-list: l1 level1 lfo1; tab-stops: list .5in;"> <strong><span style="font-family: 'Times New Roman',serif;">Profit Motive Determines Deductibility</span></strong><span style= "font-family: 'Times New Roman',serif;"><br /> To qualify under Section 165(c)(2), a theft or loss must stem from a transaction entered into for profit. Losses from romantic or emotional scams—where no profit motive exists—do not qualify.</span></li> <li class="MsoNormal" style= "mso-list: l1 level1 lfo1; tab-stops: list .5in;"> <strong><span style="font-family: 'Times New Roman',serif;">Five Scam Archetypes to Know</span></strong><span style= "font-family: 'Times New Roman',serif;"><br /> A recent IRS CCA outlined five fraud scenarios:</span> <ul style="margin-top: 0in;" type="circle"> <li class="MsoNormal" style= "mso-list: l1 level2 lfo1; tab-stops: list 1.0in;"><span style= "font-family: 'Times New Roman',serif;">Compromised account scams</span></li> <li class="MsoNormal" style= "mso-list: l1 level2 lfo1; tab-stops: list 1.0in;"><span style= "font-family: 'Times New Roman',serif;">Pig butchering (crypto <span style="font-size: 10pt;">fraud)</span></span></li> <li class="MsoNormal" style= "mso-list: l1 level2 lfo1; tab-stops: list 1.0in;"><span style= "font-family: 'Times New Roman',serif;">Phishing and impersonation</span></li> <li class="MsoNormal" style= "mso-list: l1 level2 lfo1; tab-stops: list 1.0in;"><span style= "font-family: 'Times New Roman',serif;">Romance scams</span></li> <li class="MsoNormal" style= "mso-list: l1 level2 lfo1; tab-stops: list 1.0in;"><span style= "font-family: 'Times New Roman',serif;">Kidnapping/extortion schemes<br /> Only the first three had profit motives and were deductible.</span></li> </ul> </li> <li class="MsoNormal" style= "mso-list: l1 level1 lfo1; tab-stops: list .5in;"> <strong><span style="font-family: 'Times New Roman',serif;">The IRA Trap: The Tax Hit Before the Scam</span></strong><span style= "font-family: 'Times New Roman',serif;"><br /> If a client is duped into withdrawing funds from an IRA and then loses the money to a scam, they face a double blow—taxable income and no deductible loss. CPA advisors must flag this risk early.</span></li> <li class="MsoNormal" style= "mso-list: l1 level1 lfo1; tab-stops: list .5in;"> <strong><span style= "font-family: 'Times New Roman',serif;">Documentation Is Critical for IRS Support</span></strong><span style= "font-family: 'Times New Roman',serif;"><br /> To substantiate a theft loss, clients need:</span> <ul style="margin-top: 0in;" type="circle"> <li class="MsoNormal" style= "mso-list: l1 level2 lfo1; tab-stops: list 1.0in;"><span style= "font-family: 'Times New Roman',serif;">Bank records (e.g., wire transfers)</span></li> <li class="MsoNormal" style= "mso-list: l1 level2 lfo1; tab-stops: list 1.0in;"><span style= "font-family: 'Times New Roman',serif;">Law enforcement reports</span></li> <li class="MsoNormal" style= "mso-list: l1 level2 lfo1; tab-stops: list 1.0in;"><span style= "font-family: 'Times New Roman',serif;">A clear, detailed paper trail showing the loss and the attempt to recover funds<br /> Directing the IRS to the assigned FBI agent can strengthen the claim.</span></li> </ul> </li> <li class="MsoNormal" style= "mso-list: l1 level1 lfo1; tab-stops: list .5in;"> <strong><span style= "font-family: 'Times New Roman',serif;">Mitigation and Planning: Protecting Vulnerable Clients</span></strong><span style= "font-family: 'Times New Roman',serif;"><br /> Encourage older or high-net-worth clients to follow a “1–2% rule” on risky investments. Foster opens dialogue with family members and advisors to prevent fraud and ensure support if it occurs.</span></li> </ol> <p class="MsoNormal"><span style= "font-family: 'Times New Roman',serif;">Access resources related to this podcast: <strong>Note</strong>: If you’re using a podcast app that does not hyperlink to the resources, visit <a href= "https://pfplanning.libsyn.com/pfp" target="_blank" rel= "noopener">Libsyn (PFP)</a> to access show notes with direct links.</span></p> <ul type="disc"> <li class="MsoNormal" style= "mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; line-height: normal; mso-list: l0 level1 lfo2; tab-stops: list .5in;"> <span style= "font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;"> <a href="https://www.law.cornell.edu/uscode/text/26/165">IRC Section 165</a></span></li> <li class="MsoNormal" style= "mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; line-height: normal; mso-list: l0 level1 lfo2; tab-stops: list .5in;"> <span style= "font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;"> <a href="https://irs.gov/pub/irs-wd/202511015.pdf">IRS CCA 2025-101015</a> (the ruling discussed)</span></li> <li class="MsoNormal" style= "mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; line-height: normal; mso-list: l0 level1 lfo2; tab-stops: list .5in;"> <span style= "font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;"> <a href="https://www.irs.gov/pub/irs-drop/rp-09-20.pdf">Revenue Procedure 2009-2</a>0 (Ponzi Scheme Safe Harbor)</span></li> <li class="MsoNormal" style= "mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; line-height: normal; mso-list: l0 level1 lfo2; tab-stops: list .5in;"> <span style= "font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;"> <a href="http://www.aicpa.org/pfp">AICPA PFP Section</a></span></li> <li class="MsoNormal" style= "mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; line-height: normal; mso-list: l0 level1 lfo2; tab-stops: list .5in;"> <a href="https://pfplanning.libsyn.com/search/caregivers">Guiding your clients who are financial caregivers</a></li> <li class="MsoNormal" style= "mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; line-height: normal; mso-list: l0 level1 lfo2; tab-stops: list .5in;"> <span style= "font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;"> <a href="https://bbbmarketplacetrust.org/riskreport2024/">Scam Tracker Risk Report</a></span></li> </ul> <p><span style="font-size: 10pt;">This episode is brought to you by the<span style= "font-family: 'Arial',sans-serif;"> </span>AICPA’s <a href= "https://www.aicpa-cima.com/topic/personal-financial-planning" target="_blank" rel="noopener">Personal Financial Planning Section</a>, 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<span style= "font-family: 'Arial',sans-serif;"> </span><a href= "https://www.aicpa-cima.com/membership/landing/credentials" target= "_blank" rel="noopener">CPA/PFS credential<span style= "font-family: 'Arial',sans-serif;"> </span>program</a>, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us <a href= "https://www.aicpa-cima.com/topic/personal-financial-planning" target="_blank" rel="noopener">online</a> to join our community, gain access to valuable member-only benefits or learn about our <a href= "https://www.aicpa-cima.com/resources/landing/personal-financial-planning-certificates" target="_blank" rel="noopener">PFP certificate program</a>.</span></p> <p><span style="font-size: 10pt;">Subscribe to the PFP Podcast channel at <a href="https://pfplanning.libsyn.com/pfp" target= "_blank" rel="noopener">Libsyn</a> to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.</span></p> <p class="MsoNormal"> </p>
March 21, 2025
Cary Sinnett interviews CPA estate planner Bob Keebler about the potential estate tax repeal and its impact on financial planning strategies.
Michael Kitces, MSFS, MTAX, CFP and Carl Richards, CFP
Bloomberg Tax
Michael Kitces
Morningstar
The Great Retirement Debate with Ed Slott & Jeffrey Levine
Blake Oliver & David Leary
Matthew Jarvis, CFP® & Micah Shilanski, CFP®
Taylor Schulte, CFP®
bogleheads
Barron's Advisor
Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors
Mike Jesowshek, CPA
Peter Lazaroff
Benjamin Brandt CFP®, RICP®
Rob Berger
Pod Engine is not affiliated with, endorsed by, or officially connected with any of the podcasts displayed on this platform. We operate independently as a podcast discovery and analytics service.
All podcast artwork, thumbnails, and content displayed on this page are the property of their respective owners and are protected by applicable copyright laws. This includes, but is not limited to, podcast cover art, episode artwork, show descriptions, episode titles, transcripts, audio snippets, and any other content originating from the podcast creators or their licensors.
We display this content under fair use principles and/or implied license for the purpose of podcast discovery, information, and commentary. We make no claim of ownership over any podcast content, artwork, or related materials shown on this platform. All trademarks, service marks, and trade names are the property of their respective owners.
While we strive to ensure all content usage is properly authorized, if you are a rights holder and believe your content is being used inappropriately or without proper authorization, please contact us immediately at [email protected] for prompt review and appropriate action, which may include content removal or proper attribution.
By accessing and using this platform, you acknowledge and agree to respect all applicable copyright laws and intellectual property rights of content owners. Any unauthorized reproduction, distribution, or commercial use of the content displayed on this platform is strictly prohibited.