Personal Finance

Is your financial advisor really working for you?

As the events of the last several months have made clear, it's never been more important for consumers to act in their own best interests when working with a financial advisor. Consumers must ask the right questions when selecting an advisor, AND they must keep asking questions on a regular basis. The National Association of Personal Financial Advisors (NAPFA) has been a vocal advocate for the consumer for more than 25 years and is currently working with other industry organizations, congressional leaders, and regulators to encourage increased protection for consumers.
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Teach Children to Save Day is April 21

Do you remember the joy of opening a full piggy bank? Do your children understand the value of a dollar? Teach Children to Save Day, observed this year on Tuesday, April 21, is an annual event highlighting the importance of teaching our nation's youth about preparing financially for the future.
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AICPA poll uncovers major concerns of Americans

Job security emerged as a top financial concern for Americans amid a 16-month U.S. economic recession, according to a poll conducted by Harris Interactive on behalf of the American Institute of Certified Public Accountants. Nearly five in 10 employed Americans – 47 percent – said they are "concerned" about losing their jobs soon. Fifteen percent said they were "somewhat concerned" and 10 percent said they were "very concerned." Nationwide the U.S.
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New Jersey governor proclaims April as Financial Literacy Month

The importance of personal financial know-how to Americans can no longer be overlooked. The New Jersey Society of Certified Public Accountants (NJSCPA) is undertaking a major effort to meet the needs of Garden State residents with information about managing their personal finances more effectively.
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Oregon governor declares April Financial Literacy Month

Perhaps now more than ever is making wise financial decisions more important to Oregonians. Recognizing it is essential for citizens to manage their money wisely, Oregon Governor Ted Kulongoski has declared April 2009 to be Financial Literacy Month. The national statistics are alarming, with the Federal Reserve reporting in 2008 that Americans carry more than $2 trillion in consumer debt.
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Technology

Financial literacy moves to Second Life

By Spencer Elliott, Ohio University Outlook Ohio University and credit union industry leaders have launched a new educational video game that uses the virtual world Second Life to teach financial skills to young people. The game, Credit Union Island, is designed for high school students. Based in the teen grid of Second Life, a simulated world with millions of users, the game enables players to guide their avatars through real-life financial decisions such as taking out a college loan, making car payments and buying a home.
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A&A

Obama pushes for mandatory retirement savings plans

Part of President Obama’s budget proposal would require employers who do not offer a pension plan to provide their employees with a direct-deposit retirement savings plan, modeled after a traditional Individual Retirement Account (IRA).“The result will be that workers will be automatically enrolled in some form of savings vehicle when they go to work, making it easy for them to save while also allowing them to opt out if their family or individual circumstances make it particularly difficult or unwise to save,” according to the budget plan.
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Making smart investment decisions after a job loss

The Better Business Bureau (BBB) of Metropolitan New York and the Financial Industry Regulatory Authority (FINRA) have launched a resource for workers experiencing job loss as a result of corporate mergers, layoffs, or closings. The information is designed to help workers make sound financial decisions regarding their personal finances, retirement funds, and other severance pay during periods of unemployment.
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CPAs offer tips for managing money in down economy

With many retailers filing for bankruptcy and liquidating merchandise, you may be tempted to splurge on items from clothing to electronics. However, the Virginia Society of Certified Public Accountants (VSCPA) encourages consumers to make wise financial decisions during this economic crisis. Here are some tips to help you avoid overspending and make sure you purchase only what you need and can afford:Take a closet inventory Before making a purchase, take a look through your closet. Ask yourself, do I really need new clothes? Everyone enjoys wearing the latest fashions.
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Prosecutors want jail now for Madoff

Bernard Madoff, arrested December 11 after allegedly confessing to running a $50 billion Ponzi scheme, may now face jail pending his trial, as prosecutors say he violated a court agreement by mailing jewelry and other valuables worth more than $1 million to relatives and friends.Prosecutors say he violated an asset freeze by mailing the heirlooms to his brother, son, daughter-in-law, and friends, but Madoff's attorney called it an innocent mistake.
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How to avoid investment schemes in the future

The money that victims of Madoff's alleged fraud may be able to recover by any of a variety of avenues is likely to be limited, and investors need to remember that there is no insurance for investment risk.
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10 tips for choosing a financial planner

You may be considering help from a financial planner for a number of reasons, whether it’s deciding to buy a new home, planning for retirement or your children’s education, or simply not having the time or expertise to get your finances in order. Whatever your needs, working with a financial planner can be a helpful step in securing your financial future.According to the Certified Financial Planner Board of Standards, Inc., you should interview and evaluate several financial planners to find the one that’s right for you.
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Madoff victims may recover some losses

Investors who have lost large sums of money in Bernard Madoff's alleged $50 billion fraud may be able to recover some of their losses by taking steps including making claims through the Securities Investor Protection Corp. (SIPC), taking advantage of the theft-loss deduction, or ultimately filing suit against whatever assets Madoff still has.
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Advising clients in the wake of Madoff revelations

CPAs who are being bombarded with questions about the impact of the Bernard Madoff scandal are trying to reassure clients.Consider comments made to MarketWatch columnist Chuck Jaffe: "I've worked with my adviser for years," said Ted L., a 60-something executive in Short Hills, N.J. "He came highly recommended and has always seemed to do a good job – so good that I've maybe taken his success for granted. He's been pretty good even when everyone else is doing so bad, so now I am worried that maybe he's doing something wrong or that this is all fake.
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Nine financial resolutions for 2009

After a month of indulging on eggnog, holiday cookies, and other seasonal goodies, many Americans mark the New Year by making resolutions, often dealing with losing weight and living a healthier lifestyle. With the current economy, financial fitness is more likely to be your priority for 2009. As with any exercise program, getting started and sticking to it are the hardest parts. The Illinois CPA Society recommends these nine resolutions to bolster your financial standing and keep it healthy.
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Tax

Humbug! IRS tells senior citizens to end year with retirement withdrawal

The Internal Revenue Service has adopted a Scrooge-like attitude for the holiday season, deciding not to give a break to retirees who must withdraw funds from tax-deferred accounts. No relief will be granted to Americans ages 70 1/2 and older who are required to make minimum withdrawals from their retirement plans. The IRS said administrative changes for 2008 would be confusing and complicated for both individual taxpayers and retirement plan sponsors, Forbes.com reported.
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Harvesting capital losses in mutual funds and stocks

Some shareholders in mutual funds will be surprised by a capital gains distribution in the next few days, in a year when for the most part they have experienced record losses in their accounts. But when investors redeemed billions of dollars in shares from mutual funds this fall, some of these funds recorded long-term gains. Mutual funds are required by the Internal Revenue Service (IRS) to distribute substantially all of their income to their shareholders, who must then report the distributions as income.
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Request your free 2009 Financial Literacy Calendar

The Virginia Society of Certified Public Accountants' (VSCPA) award-winning Financial Fitness Calendar is now available for the 2009 calendar year. Developed in partnership with the American Institute of Certified Public Accountants (AICPA), the 12-month wall calendar is a free consumer resource as part of the VSCPA's financial literacy initiative to improve the financial health of Virginians.
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Municipal bond investors will have access to more investment information

The Securities and Exchange Commission has announced that it has unanimously approved measures that will shine more light than ever before on the municipal securities market by tapping the power of the Internet. For the first time, investors will have a free, one-stop way to find municipal bond information online to help them make investment decisions.The SEC has worked with the Municipal Securities Rulemaking Board (MSRB) to correct a glaring deficiency in the $2.6 trillion municipal market, in which two-thirds of the securities are owned by individual investors.
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AICPA offers financial planning advice for holiday shopping

With disposable income especially tight this holiday season, the American Institute of Certified Public Accountants offers consumers the following tips to help them manage their finances during the next few weeks of shopping. These practices will benefit them year round.1: Develop a BudgetPlan a budget that is appropriate for your financial situation. You will need to identify your current monthly income and expenses, which will guide your spending for the holiday season. It is important that once you create a budget you stick with it.
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Pages

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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