Personal Finance

A&A

Finance Executives Support Stronger Pension Funds

A survey of 122 Chief Financial Officers (CFOs) by Grant Thornton showed that 84 percent support the Financial Accounting Standard Board (FASB) proposal to report the level of pension funding on the balance sheet. The response came as a surprise to many, but “because corporate pension information is already disclosed in the notes to the financial statements,” said John Hepp, a senior financial professional-standards manager at Grant Thornton, according to CFO.com, finance executives would not object to the new rule.

Capital Gains Law, Investment Values Drive Second Home Market

The annual number of second homes purchased in the United States doubled between 2000 and 2004, from 405,000 to 881,000, according to research conducted by the National Association of Realtors (NAR).

The Value of a Minute

Tax time can leave many people, both accountants and taxpayers, feeling overwhelmed. For a quick break and to put life into perspective, visit www.YourMoneyYourWay.com. This short movie was developed by Tracy Piercy, CFP, for those facing financial challenges, but at this time of year it serves as a great reminder, for anyone needing a reminder, of what it is that is really precious in life.For the curious, providing a name and email address in the form at the end of the movie signs you up for MoneyMinding’s ongoing email financial management tips and strategies.

70 Percent of Americans Will Spend Their Refund Saving for a Rainy Day

Millions of Americans have prepared their federal and state tax returns with hopes of receiving a refund. In past years, that refund, real or not, was likely to be used to pay for something fun or extravagant.

Not Doing Homework Costs Parents Too

Parents who forget to do their homework before choosing a state-sponsored college savings plan are being sold funds with the highest fees, according to a survey of state-sponsored 529 college savings plans just published in the Journal of American Taxation Association. The Securities and Exchange Commission (SEC) is investigating the sales practices of 529 plans and has reportedly requested a copy of the article.“Our results are consistent with the fact that it’s so difficult to choose the right plan that people ask investment brokers for advice, and brokers are selling investors
Tax

Tax Deductions for Accounting Professionals

It’s the end of March. Have you filed your tax return yet? In the rush to prepare tax returns for clients, accountants and members of the accounting firm staff, sometimes forget they need to file their own tax returns.

7 Tips for protecting yourself from the health hazards of air travel

Flying is hazardous. It not just the one in thousands or one in millions chances of crashes or terrorism, it’s physical effects of travel that are far more common and potentially just as serious. Whether traveling on business or pleasure, here are some tips from Harvard Men’s Health Watch for reducing the health hazards of flying: Air pressure: Prevent sinus and ear problems by chewing gum and swallowing often.
Practice Management

The Good Guys Finish First

Institutional Investor has announced its picks for best U.S.
Technology

TurboTax Wants to Help Taxpayers Spend Their Refunds

Intuit’s TurboTax has added a new incentive for taxpayers to purchase their tax return preparation software, the chance to participate in the TurboTax refund bonus program.
Tax

E-Filing A Hit with Taxpayers From Individuals to Large Corporations

E-filing is a hit across the board. The Internal Revenue Service (IRS) reports that more than 39.5 million individual taxpayers, representing 73 percent of the total returns filed, had e-filed by early March. More than 450 of the nation’s largest corporation have electronically filled taxes in advance of the March 15 filing date, as well.
Tax

Debit Card Fraud Jumps

Thieves are finding new ways to steal from us. In stealing account information, they have made an end run around the PIN code system and started producing counterfeit ATM cards to steal money directly from related accounts.
Tax

Tax Cheats Beware: Compliance Support at All-Time High

The 2005 IRS Oversight Board Taxpayer Attitude Survey, released in late February, revealed that 88 percent, or nearly nine out of ten Americans, feel that it is “not at all” acceptable to cheat on your income taxes. This is the highest level of support since the Internal Revenue Service (IRS) Oversight Board began tracking attitudes towards tax cheating in 1999.
Technology

Women and Money – A Match Made in Heaven

Women face special challenges when it comes to managing their money. Stereotypes abound that perpetuate the myth that women aren’t any better at financial management than they are at operating motor vehicles. Janice Kimball, a CPA in Corpus Christi, TX, has worked with clients who have fallen into that clichéd trap. “I still have clients where the woman in the relationship still does not have a clue about any of their finances,” Kimball said.

Warm Weather Lures Shoppers to Spend; Housing Still Weak

Factories responded to an increase in consumer spending in January, by cranking up production in February.
A&A

Coalition Urges Retirement Solutions for All Americans

In a letter sent to Secretary of Labor Elaine Chao as she prepares to open the final SAVER Summit, members of Americans for Secure Retirement, a coalition of 34 organizations representing a broad cross section of interests, urged Chao and Summit attendees to explore solutions addressing often-overlooked elements of the retirement security debate.Advertisement
Tax

Energy Credit Guidance for Home Owners & Builders

The Treasury Department and Internal Revenue Service (IRS) have issued guidance on the certification the homeowners may rely on when claiming credits for purchases that make their home more energy efficient and the energy efficient homes credit available to eligible contractors constructing qualified new energy efficient homes, including manufactured homes constructed in accordance with the Federal Manufactured Homes Construction and Safety Standards.

Health Spending Increases

The Centers for Medicare and Medicaid Services (CMS) reports that total health care spending will grow from its current 16.2 percent of the economy to 20 percent by 2015. This translates to each person spending $12,320 annually, according to USA Today. Nationally projected, we will spend more than $4 trillion on health care by 2015.
Tax

Hurricane Victims Get More Time to Claim Losses, File Taxes

The Internal Revenue Service (IRS) is postponing taxpayer filing and payment deadlines to August 28, 2006, for affected taxpayers hit hardest by Hurricane Katrina.
A&A

Sole Proprietors Likely to Be Focus of IRS Audits

The Internal Revenue Service (IRS) released data last week based on random audits of 46,000 tax returns for 2001 that showed a tax gap of about $354 billion a year. IRS Commissioner Mark Everson said, according to Bloomberg.com, that most of the noncompliance occurs in businesses where there isn’t automatic reporting of information to the IRS, such as sole proprietors who report income and deductions on Schedule C.
Tax

Tax Consequences for Record Jackpot Winner

The holder of a single ticket, sold in Lincoln, Nebraska, is the winner of the nation’s largest lottery jackpot ($365 million), according to the Associated Press.

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