Accountants are still trying to determine all the ramifications of the Trump tax reform package. Now wannabe CFP certificants will take their turn to figure it all out.
The CFP Board announced on Tuesday that the new federal tax law will be included in the November CFP exams, with an emphasis on how the tax law applies to financial planning.
"Given the breadth of changes under the Tax Cuts and Jobs Act of 2017, we believe it is important for the public to have candidates for CFP certification tested on the new law as quickly as possible," said John Loper, the CFP Board's managing director for professional practice. "We know that taxes are an important part of developing a financial plan. Equipping future CFP professionals with the latest information will help them serve their clients."
CFP candidates will have between now and November 6-13, when the exams are administered, to study up on the tax law. The July 2018 CFP exams will be the last to base questions on 2017 tax law, the board said.
The AICPA will incorporate the new tax laws into its uniform CPA examination starting in January, the CFP Board noted.
The next CFP exam testing window is July 10-17, and registration for the exam ends on June 26, the board said. Candidate who want to take the exam must successfully complete a course from a program registered by the CFP Board. The education verification deadline ends on June 12.
The exam costs $695 through the education verification deadline and $795 after. More information is available at www.CFP.net/exam.