February 19, 2014
Think Twice About Once-a-Year IRA Rollover Rule
Under the federal income tax law – specifically, Section 408(d)(3)(B) of the Internal Revenue Code – a taxpayer can roll over funds from one IRA to another only once a year.
February 13, 2014
Reality Bites: The New 3.8% Net Investment Income Surtax
The specter of the dreaded new surtax on “net investment income” (NII) has turned into reality. For the first time ever, some upper-income taxpayers will have to pay the 3.8% surtax on their 2013 income tax returns. This could be a harrowing experience for some of your clients.
February 11, 2014
Introducing the MyRA: Boom or Bust?
President Obama didn’t drop any bombshells in his State of the Union address delivered on January 28. But he did unveil a new retirement-saving concept called the “MyRA” (a wordplay on IRA). As the president explained, this account will be designed to encourage retirement savings by workers who don’t have access to employer plans like…
February 5, 2014
More Employers Focusing on Workers’ Financial Well-Being in 2014
As U.S. companies grow increasingly concerned about the financial well-being of their workforce, a new survey by Aon Hewitt, the global talent, retirement and health solutions business of Aon plc, finds that employers are looking for new ways to improve the long-term financial health of their employees in 2014.
February 3, 2014
Ohio Ranks Among Worst for Personal Finances
Financial security remains elusive for almost half of Ohio households, which often are one medical issue, pink slip or other crisis away from plunging into severe poverty, according to a new report from the Corporation for Enterprise Development.
January 29, 2014
The Disadvantages of Budgeting
A budget is based on a set of assumptions that are generally not too far distant from the operating conditions under which it was formulated.
January 22, 2014
Experts Warn of Scam Emails About Data Breach at Target
In the aftermath of the data breach that potentially exposed the credit and debit card information for 80 million shoppers, Target sent out an official email stating that the company would offer one free year of credit monitoring through Experian.
January 22, 2014
Tips for Tackling Small Business Finances in 2014
Online accounting software maker Xero has released a new collection of critical tips and advice from accountants that is designed to help small businesses improve operations in 2014.
January 21, 2014
AICPA Honors CPA for Contributions to Financial Planning
The American Institute of CPAs today recognized Steven Levey, CPA/PFS, CGMA, with the AICPA Special Recognition Award for 2014. The Institute presents the award to individuals who have made outstanding contributions to a particular area of the profession.
January 17, 2014
Saving for Retirement: What You Should Be Doing Now
You’ve heard the mantra a thousand times: It’s never too early to start saving and planning for retirement. Whether you’ve heeded that advice closely or have let time slip by, it’s also not usually too late to have a positive effect on your retirement finances.
January 14, 2014
5 Steps to Financial Independence in 2014
The New Year is a great time to make some positive changes in your financial life. While Americans are good at creating resolutions, we often find them difficult to keep. We resolve to lose weight, save money or end bad habits, but few of us stick with those plans for long.
January 8, 2014
Auditor Cites Credit Card Misuse at Washington State University
The Washington State Auditor's Office published a report last month detailing cases of university credit cards being used for "unallowable" purchases at three major higher education institutions, including Washington State University.