Nobody Pays Use Tax--And Therein Could Lie a Big Fight
According to Washington State's tax code, purchases made outside the state, in states with no sales tax or a lower sales tax, are subject to a use tax. Other ...

As Elections Near, Senate Republicans Unveil a
Senate Republicans have introduced a plan that would create a Roth 401(k) and would create more protections for workers' pensions when companies convert to cash balance plans. Retirement savings ...

Pushing Grandma Off a Tax Cliff
The House Ways and Means Committee has passed two bills intended to assist investors in the midst of the down market by raising the amount of capital losses that are ...

Bush Pension Proposals Not Finding Enthusiastic Audience
Some observers say that the poor state of the stock market is not encouraging investors to contribute more money to their retirement plans, so that the president's proposal to increase ...

Tech Firms Hide Payroll Taxes on Employees' Stock Options
In quarterly earnings announcements, technology companies such as BEA Systems, Yahoo!, and Cisco Systems, are highlighting a net-income figure that leaves out the payroll taxes they must pay to employees ...

Annuities and Estate Planning
Investor interest in the taxation of annuities has increased, and a Community of Annuity Insurers survey indicates that most annuity owners use them to save for retirement and plan to ...

Rules Changes to Aid Retirees
New Internal Revenue Service (IRS) rules regulating requiredminimum distributions (RMDs) stand to benefit retired-age persons. Therules are for investors with traditional individual retirement accounts,401(k), 401(a) profit-sharing plans, and 403(a) ...

Income Annuities Are Poised for Takeoff
While the financial markets have been booming, consumers have increasingly been taking regular withdrawals from their mutual funds and annuities, rather than creating a formal income payment plan through the ...

Assessing 'Risk' and Social Security
President Bush's Commission to Strengthen Social Security has published its findings, which will serve as a catalyst for debate this year on the subject. Those who support individual saving ...

For Problems in Retirement-Plan Distributions, Congress
Congressional lawmakers have included three provisions in pension legislation that promises a fresh start to retirees whose retirement distributions are in disarray because of clerical foul-ups or other mistakes. ...

House Passes Bill With Investment Advice Provision
The House has passed the Pension Security Act, which sets disclosure requirements for 401(k) plan sponsors, among other changes, and would let plan providers give workers investment advice. ACLI ...

Senate Republicans Gain Crucial Democratic Vote on Tax Cut
In exchange for lawmakers' agreements to support a $20 billion financial aid package for the states, some Senate Democrats have agreed to support efforts by Republican lawmakers to temporarily repeal ...

Bill Would Give Employees Tools to Prevent Future 401(k) Fumbles
The Employee Retirement Savings Bill of Rights, introduced Feb. 4 by Rep. Ben Cardin (D-Md.), would limit restrictions imposed by companies that prevent people from releasing employer stock if they ...

Curb Sought on Abusive Tax Shelters
Senate Finance Committee leaders have proposed tough laws to deter abusive corporate tax shelters by imposing heavy fines on those who promote sham transactions in efforts to evade taxes. ...

Is Your Retirement at Risk?
A proposal submitted last year that sought to make the retirement assets of debtors subject to bankruptcy proceedings left many questioning the safety of their retirement assets. Themeasure in ...

Business Digs in Against Attempts to Reform Pension Rules
Business groups forcefully oppose any significant changes to existing pension rules. Congressional leaders, while willing to address such groups' concerns, are looking to move quickly to revamp pension rules ...

Financial Planning for 401(k) Plans
Accounting strategists Lawrence C. Phillips and Thomas R. Robinson examine the implications involved in investing in 401(k) plans and the role of the financial advisor. Financial advisors are expected ...

SunGard: Estate Planning Software
Sungard Insurance System now offers a software package that provides both family needs analysis and estate planning. FINPACK 2000 v5.5 includes a new investment analysis and asset allocation utility ...

Virtual Payroll
Virtual Payroll, an Internet payroll service, was introduced via the Web in 1997. Its founder, Rey Monzon, has over 20 years of experience in business, and worked for the ...

Bush's Plan Would Scrap Many Investor Taxes
President Bush's current tax incentive proposal would cut dividend taxes, and the proposal would also free individual retirement and savings accounts from taxes, creating a comprehensive tax shelter, according to ...

Online 401(k) Offerings Think Small
Use of the Internet is making it possible for plan providers to deliver automated services at lower costs. More than ever, plan providers are scrambling to supply small businesses ...

What if They Taxed the Inside Buildup?
On March 26, the House Ways and Means Committee was preparingto vote on legislation to repeal the estate tax. That same day, theJoint Committee on Taxation released an estimated revenue ...

Pension Benefit Guaranty Corporation (PBGC): Broke
While companies struggle to infuse cash into their underfunded pension plans, the Pension Benefit Guaranty Corporation (PBGC), a quasi-government agency charged with providing workers with retirement funds when their employers ...

Tax Bill Makes Roth IRAs Even Better
Roth IRAs have always been an excellent way to make tax-freewithdrawals. Starting this year, a new tax bill recently passed byCongress will enable persons 50 and older to stash ...

EEOC Drops Uniformity Policy on Retiree Health Benefits
The Equal Employment Opportunity Commission voted to drop its policy, which requires employers to maintain retiree health benefits that are equal to that of younger workers despite retirees' eligibility for ...

Taxes: Higher Limits on Amounts That May Be Placed in Trusts
Estate tax experts warn that married couples and grandparentswho do not update their wills or living trusts may not benefit from therecent adjustments to the tax law. According to ...

Balancing Risk, Reward in Your Post-Enron 401(k) Plan
In the wake of the Enron debacle, the Labor Department, the White House, and Congress are working on proposals to fix the 401(k) plan system. But the risk in ...

Fresh Approaches to Using Unified Tax Credit in Estate Plans
While the Unified Tax Credit (UTC) remains a central part ofestate planning, a new approach to it--in two major ways--may benecessary. First, the UTC should be viewed as a ...

Census: N.H. Has Lightest State Tax
According to the U.S. Census Bureau, New Hampshire's per capita state tax burden for 1999 was the lowest of any state,while the highest figure was for nearby Connecticut. One ...

Bush Panel Outlines 3 Plans for Social Security Overhaul
President Bush's Social Security Commission recently established three options that will allow workers to establish individual investment accounts. The commission will include the proposals, which would not require that ...

Social Security Revamp May Hurt Minorities
Current Social Security system reform proposals from the Bush administration would allow younger workers to invest a portion of their payroll into the stock market, like a 401(k) plan. ...

Alimony Deductible When 'Almost-Exes' Live Together
A couple decided to file for divorce. The husband was to pay $2,000 a month in alimony, yet the couple decided to live under the same roof. The ...

My Favorite Stock
Financial analyst Robert Kleinschmidt of the Tocqueville fund says H&R Block is the stock to beat. Over the last few months, Kleinschmidt has been gobbling up shares of the ...

Estate and Personal Financial Planning
According to AICPA, about 66,000 CPAs are now, or are in the process of becoming, registered investment advisers. There is currently a trend in which CPAs are moving from ...

O'Neill Urged to Push US Tax Simplification
The Tax Executives Institute, the American Institute of CPAs,and the tax section of the American Bar Association are all askingTreasury Secretary Paul O'Neill to push simplification of the tax codewhile ...

NPC Creates Accountants Financial Planning Program
The National Planning Corp. (NPC) has created the NPC Partners' Alliance (NPCPA), a new division that will concentrate on the accounting/financial planning market. Scott Grayson, the leader of NPCPA, ...

AccountantsWorld
An accountant once asked, "Where can I find a communityof accountants, by accountants, and for accountants?" Micro Vision Software, a veteran tax software company, has answered this question with ...

Full Dividend Tax Cut Unlikely
The Bush administration has proposed the elimination of thetaxation of stock dividends, but securities analysts and economiststhink that the proposal will probably not make it through Congress andcould be seen ...

GOP's Victory Clears Some Roadblocks to Pension Legislation
The Republican-controlled Senate is expected to finalize higher contribution limits on retirement plans and individual retirement accounts early next year, as well as move forward with the pension law changes ...

IRS Catches Up on 401(k) Rules
Official guidelines on implementing a tax law provision that enables older employees to make catch-up contributions to their 401(k) plans were enacted earlier this year. Starting next year, the ...

DOL Opinion Validates Use of Qualified Plan Ins.
Recently, the Department of Labor (DOL) gave an advisory opinion (2000-10A) that has helped to validate the estate planning technique called "Qualified Plan Insurance Partnerships (QPIP)." This technique was ...

Social Security's Future on Voters' Minds
Social Security is a big issue in the election race, and President Bush's proposal to establish personal investment accounts within the system has lost support due to the drop in ...

Check Out the Competition in Long-Term Care Insurance
The federal government has unveiled its long-term care insurance program for federal workers, claiming that it is 15 percent to 20 percent less expensive than those plans in the private ...

For a Less-Taxing Retirement, Use a Roth IRA
There are significant benefits for taxpayers who plan fortheir retirement with Roth IRAs instead of regular individual retirementaccounts. Although there are striking similarities between Roth IRAsand individual retirement accounts, ...

In 401(k)'s, Whose Advice Is Best?
As the economy continues to fluctuate, many investors are turning to their brokers or financial planners for guidance regarding 401(k) plans, but such advice is limited due to federal regulations. ...

Social Security and the Ballot Box
House and Senate lawmakers have pushed the issue of Social Security privatization to the back burner for the fall elections. The issue is not expected to be a platform ...

O'Neill Urged to Push US Tax Simplification
The Tax Executives Institute, the American Institute of CPAs, andthe tax section of the American Bar Association are all asking TreasurySecretary Paul O'Neill to push simplification of the tax code ...

Cash-Balance Plan Proposal Generates Controversy
On April 10, the new cash-balance pension plan guidelines issued by the Treasury Department will be the center of a debate between advocates of workers' rights and businesses. While workers ...

Odds Improve in Congress for 401(k) Overhaul
Two members of the House are about to introduce legislation that would hasten the scheduled increases in retirement plan contribution limits, and are apparently considering upping the individual retirement account ...

Dying for a Tax Cut
The House of Representatives will vote this week on whether to make permanent last year's tax cuts, including the progressive drop in death-tax rates until the year 2010. Although ...

Burdened Taxpayers Figure Out How to Make a Deal With IRS
Tax experts say this tax season will bring huge bills andconflicting advice on how to pay them. Some employees must deal withalternative minimum tax bills on vanished paper profits ...

Cash Balance Pensions Debated
The Treasury Department is addressing cash balance pension conversions, which were prevalent in the last decade until the Clinton administration blocked them, and labor interests are working to ensure that ...

House Committee Approves Pension Bill
The approval by a House panel of H.R. 3762--a pension reform measure that would impose new fiduciary standards on plan sponsors while at the same time giving workers greater access ...

For Most American Taxpayers, Life Just Got Much More Complex
The tax bill recently enacted by Congress may make people'slives more complicated, contrary to what President Bush argued. For onething, the estate tax will be gradually reduced through 2009 ...

The Compliance Heat Is On
Financial planners should anticipate a greater level of scrutiny as they seek to comply with new regulatory mandates, this article says. The Financial Crimes Enforcement Network requires that securities ...

Tax Havens for One and All?
The number of Americans opening overseas bank accounts is growing; the Internal Revenue Service (IRS) estimates that between 1 million and 2 million Americans are trying to evade taxes by ...

States Move to Lower Minimum Annuity Interest Rates
Research from ACLI indicates that about 31 states and the District of Columbia have enacted legislation to lower the minimum nonforfeiture interest rates they pay on fixed-annuity contracts and fixed ...

Insurance Industry Has Wish List for GOP on Capitol Hill
The insurance industry next year will be working for laws that grant annuities capital gains tax treatment and make higher retirement contributions permanent, along with other tax reform incentives. ...

A Society's Site
The National Society of Accountants (NSA) site, www.nsacct.org, has a search engine for finding local NSA memberswho are qualified professional accountants, tax preparers, and financial planners. The site also ...

Client Strategies--The Limits of FLPs: Family Limited
Family limited partnerships (FLPs) are an excellent estate-planning tool for affluent persons who want to bequeath sizable gifts to family members, although they do come with caveats. FLPs are ...

Right Strategy Can Make Late Fund Investing Pay Off
Although stock fund investors usually try to avoid investing late in the year in order to avoid paying taxes on a fund's capital gains distribution when they have not yet ...

Conflicting Advice: Opponents of Advice Bill Back Another Measure
A number of financial firms are concerned that a House-approved bill sponsored by Rep. John Boehner (R-Ohio) could lead workers into investments that benefit the financial firms more than investors. ...

Do Variable Annuities Fit in Your Portfolio?
As retirement tools go, variable annuities (VA) are practical and afford significant tax benefits, but investors should be prepared to pay extra. VAs are uniquely structured to offer protection ...

Split Dollar--The Most Powerful Tool in the Box
Split dollar life insurance valuation enables two parties (employer/ employee) to share in the policy's ownership, premium payments, and benefits. There are three premium payment structures used with split ...

The Fine Print: Senate Tax Bill Isn't All That It Seems
Critics of the Senate tax bill say the legislation is loadedwith discrepancies that provide limited relief to taxpayers in the longrun. One provision of the tax bill being scrutinized ...

Outlook for Estate-Tax Repeal in Congress This Year Dims
With the war in Iraq underway, business groups realize the prospects of lawmakers passing legislation for the permanent repeal of the estate tax this year are remote, but they remain ...

President's Veto Sets Up a Battle on Marriage Tax
President Clinton has followed through on his threats to veto a tax break for married couples, signing the veto this morning during a visit to Martha's Vineyard. The vetoed ...

Digesting the New Mutual Fund Report
New rules will give mutual fund owners two versions of theafter-tax performance of their funds--one assuming that the owner soldthe fund, and one assuming otherwise. The two versions are intended ...

IRS Offers New 401(k) Loan Guidance
The Internal Revenue Service (IRS) has proposed some rules and finalized some others, all intended to help employers administer defined contribution plan loan programs. The rules will apply to ...

Legislation Would Make a Deferred Annuity a Better Deal
New legislation in the House would increase the value of deferred retirement payments in the pension system for federal employees. The bill seeks to enhance deferred annuities---based on the ...

Republicans Plan Pension Reform Bill
GOP lawmakers in the House are crafting new legislation tofortify the defined benefit pension system. Ohio Republican andEducation and the Workforce House Committee Chairman John Boehner hassuggested the legislation ...

Repairing the Damage to Your Nest Egg
Changes in the tax law allow employees to increase their contributions to their 401(k) plans if they are 50 or older by $1,000 over the current $11,000 limit, but another ...

Ask SmartMoney: You, Your New Business And Uncle Sam
When opening up a business out of the home, there are certain things you should think about. First, a trip to the local library, bookstore, or simply surfing the ...

Senate Panel Members Want Review of 401(k) Plan
Senate lawmakers have asked the General Accounting Office to review an Internal Revenue Service (IRS) survey that found a high rate of non-compliance among 401(k) plans. The survey found ...

Nation's Largest Tax-Resolution Firm Lands in Trouble With
J.K. Harris & Co, the country's biggest tax-resolution firm, is under investigation by the Internal Revenue Service (IRS) criminal investigation division and the Treasury inspector general's office. Agents from ...

401(k), All the Time
In the late 1970s, a benefits counselor named Ted Bennadiscovered a part of the tax code known as section 401(k). Today, Benna and a host of analysts continue their ...

401(k) Reform Bill Advances in Senate
Legislation that would implement further protections for 401(k) participants was unanimously approved by the Senate Finance Committee last week, and lawmakers will have to try and find a compromise between ...

Accommodating the Disabled
The Americans with Disabilities Act (ADA) is one of many federal statutes that protect the rights of disabled people. Long-term care facilities must know the regulations they must comply ...

Health Insurers Hope for 'Responsible' Health Care
Health Insurance Association of America President Donald Young says that the healthcare industry is hopeful that the federal government will begin focusing on incentives for low income and middle income ...

Social Security No Soft Cushion
A study from the Employee Benefit Research Institute says thatfour out of every 10 of the nation's retirees depend on Social Securityfor most of their monthly income, and this year ...

Key Bookkeeping Apps Move Online
New accounting applications are enabling small businesses to develop a Web presence and build other hosted e-business applications. Intuit will release QuickBooks Site Solutions (QSS), which will allow companies ...

Ask SmartMoney: You, Your New Business and Uncle Sam
When opening up a business out of the home, there are certain things you should think about. First, a trip to the local library, bookstore, or simply surfing the ...

Social Security Reform: A Better Way
The president's proposal of privatizing Social Security has become less politically possible since the turbulence in the stock market, and Republicans are moving away from the idea, but there is ...

Congress Has a Full Plate of Leftover Business
As congressional lawmakers return from their recess, they arepreparing to re-address a number of tax, pension, and savings measuresthat were proposed last year. Legislators are gearing up to consider ...

Should Pension Law Do More to Protect Retirement Savings?
Since the Enron debacle, lawmakers have been struggling with the notion that the pension laws should be changed to include more protections for employees and their retirement savings. The ...

Discord Over Efforts at Valuing Pensions
The Bush administration and Treasury Undersecretary for Domestic Finance Peter R. Fisher have indicated that the pension system needs to strengthened, with maturities of pension plans more closely matching expected ...

Retirement-Rule Revisions Could Save Millions in Taxes
Ed Slott, an accountant in Rockville Centre, N.Y., and publisher of Ed Slott's IRA Advisor, says what everyone should gain from the pension legislation that is advancing in Congress is ...

Itching to Rebuild the Tax Law
As Treasury Secretary Paul H. O'Neill prepares to drafta model proposal for overhauling the U.S. tax code, most political and industry observers agree the task will be daunting.For the last ...

Paying Off a Mortgage Is Easy, But Do You Really Want To?
Before paying off a mortgage in full, homeowners should decide if doing so is in their best interest. Often, consumers may not owe money on their home but are ...

House Raises Questions on Dividend Taxes and Deficit
In a hearing with Treasury Secretary John Snow, several House Republicans voiced their doubts about President Bush's proposed tax cuts, and expressed concerns over the deficit increases that would result ...

Death and Taxes
The ongoing movement in Congress to eliminate the estate tax could cut into insurance premium sales. The federal estate tax accounts for 7 percent to 12 percent of life ...

Helping Those Workers Who Want to Cut Back
According to the Employee Benefit Research Institute, over half the worker population plans to keep working after official retirement, with reduced hours, but many employers fear that phased-retirement programs could ...

With 'Super Options,' Employees, Too, Could Dodge Paying
There is a move swelling in Congress to expand the tax break that allows some of the nation's wealthiest companies to avoid paying most or all of their income taxes, ...

'Til Death (Or Taxes) Do Us Part
While the only given in the bitterly divided, 107th Congressis their agreement to disagree, both sides of the aisle tend to mirror astatement made by Treasury Secretary Paul O'Neil last ...

IRS Creates a Small Tax Break by Changing Life-Expectancy Tables
The Internal Revenue Service is extending the life-expectancy tables, a change that amounts to a small tax incentive for many taxpayers. Those affected include owners of 401(k)s, individual retirement ...

Tax-Cut Mirage
Congress is offering low-income Americans a deal that seems too good to be true: a 50 percent tax credit on the first $2,000 placed in an IRA or 401(k). ...

New Tricks for an Old Tax Preparer
Almost 16 million Americans use H&R Block to prepare their taxes. These people represent an untapped cross-selling opportunity. H&R Block COO Mark A. Ernst, who will become CEO ...

O Death, Where Is Thy Sting?
With just a small amount of planning, a family businesscan easily be protected from the ravages of estate taxes. According to a recent poll, only 14 percent of small ...

Jobs Report Sparks Tax-Cut Proposals
As the economy sputters and continues to slow down, Democrats and Republicans are eagerly scrambling to find the best avenue toward economic recovery. Democrats have discussed a broadening of ...

Pension Reform
ACLI is applauding the new pension reform bill that was signed into law in May. Phil Anderson, senior vice president of government affairs for ACLI, says the new law ...

Federal Regulators Issue New Insurance and Annuity Sales Regs
Federal banking regulators have issued new consumer-protection regulations regarding sales of insurance products by, at, or on behalf of depository institutions. The regulations, which cover bank sales of insurance ...

Savings Bill Clears Senate Panel
The Senate Finance Committee Thursday approved a pension reform bill that passed the House last month, amending itto include a tax credit for investors with low or moderate incomes. ...

Wall Street Crush
The number of Americans who own stock shares is higher than ever, but policymakers studying this growing group are having a difficult time determining the identity of the average investor. ...

CPAs Expected to Deal With Stock Options
CPAs learned during a conference in Chicago that more of their clients soon will have stock options, which tend to involve issues such as sudden wealth, career planning, diversification, tax ...

New Tax Law Helps 457 Plan Participants
The Sacramento Bee reports that the Economic Growth and Tax Reconciliation Act, signed by President Bush in June, brings significant changes to retirement savings. Namely, contributions to 457 plans ...

House Fails to Override Clinton's Veto of Bill to
The House effort to override the presidential veto of abill that would repeal the estate tax fell short by 14 votes Thursday, as Democrats joined together to back Clinton's veto ...

IRS Proposes Big Split-Dollar Changes
The Internal Revenue Service's proposed rule changes for split-dollar life insurance arrangements could place the policies in two tax regimes: an economic benefit regime or a loan regime. Under ...

401(k) Plans Can Increase Taxes for Some
A report by the Federal Reserve Bank of Cleveland suggests that 401(k) plans can translate into higher taxes for low- and moderate- income participants. In the study, researchers at ...

Financial Planners Abound; Trick Is Finding Good One
The popularity and number of financial planners is increasing. Sources report that about 250,000 people identify themselves as financial planners, and the Bureau of Labor Statistics forecasts 40 percent ...

In a Concession, Bush Lowers Goal of Tax Cut Plan
In a conciliatory gesture that suggested the White House had exhausted all of its options to obtain congressional approval for the president's $726 billion tax incentive plan, President Bush announced ...

Critics Charge Pension Bill Favors Highly Paid Workers
Some legal experts and pension rights advocates say that the first of the post-Enron pension measures, which have recently reached the House floor, could lead companies to seek to reduce ...

IRS Wins COLI Court Case
Employers that used corporate-owned life insurance (COLI) as a tax-break during the late 1980s and early 1990s may have to pay back taxes, according to a U.S. District Court ruling. ...

Plan Would Allow Roth-Type 401(k)s
As part of President Bush's proposed changes to retirement plans, employers would be allowed to start offering employees the option of making Roth IRA-style contributions to their 401(k) plans. ...

Pension Reform Bill Advances in Senate
Senate Finance Committee Chairman William V. Roth has recently proposed The Retirement Security and Savings Act--a major pension reform bill. Similar to the Portman-Cardin pensionreform House bill, the Senate ...

401(k) Providers Seek an Edge in Slicing Transition 'Blackouts'
In the wake of the Enron scandal, providers like Mellon and MassMutual are responding to their customers' demands for reduced "blackout" periods during transitions of retirement plans. Congress has ...

Bankers Unified in Fight to Repeal Estate Tax
Banking trade groups and lobbyists are pooling their voices and influence to persuade Congress to repeal the federal estate tax. Supporters of the effort say abolishing the "death tax," ...

Death Tax: It's About Values
This commentary says that according to the Joint Economic Committee, federal government revenues from the death tax do not make up for what it costs the economy to implement the ...

Social Security, is it Really in Trouble?
California State University professor Theodore Roszak says Social Security is not nearly as bad off as people are led to believe. In his book, "Longevity Revolution: As Boomers Become ...

Baby Boomers Have the Last Word
The Treasury Department has suggested a revision of tax-deferred saving that would create three omnibus vehicles--one for employer retirement plans, one for household retirement plans, and one for general purposes, ...

Life's Face Lift
A survey of consumer buying trends in the life industryin 1999 shows consumers are continuing to buying larger policies.The face amount of the average ordinary life policy issued jumped8.8 percent ...

Playing the Marriage Tax
Although taxes are usually the furthest thing from people's minds when they are getting married, it could pay off totake the time to think about them when planning the date ...

Depreciation of Like-Kind Exchange Property After Notice 2000-4
It seems like Notice 2000-4 will benefit taxpayers, but therule may actually prove burdensome for inadequately planned and executedlike-kind exchanges. Notice 2000-4 is viewed as taxpayer-friendlybecause it allows accelerated ...

Breaks for Those in Retirement, or Gaining on It
This article discusses final regulations issued by the Internal Revenue Service that allow people to invest more in their retirement savings accounts and reduce mandatory minimum withdrawals from retirement accounts ...

IRS Announces COLAs for Defined Benefit Pension Plans
The Internal Revenue Service has announced cost-of-livingadjustments (COLAs), effective Jan. 1, 2001. The adjustments areapplicable to dollar limitations on benefits under qualified retirementplans. The adjustments to the COLAs ...

The Enronization of Social Security
Janice Farmer, a former Enron employee, testified before the U.S. Senate Commerce, Science, and Transportation Committee about her lost retirement funds, and how she was relying on Social Security to ...

Bush Launches Plan to Simplify, Trim Cost of Filing Tax Returns
The Bush administration has launched a series of proposals to make filing taxes easier, including an adjustment to the alternative minimum tax (AMT). As a result of last year's ...

Weighing the Risks of Social Security Reform
Opponents of President Bush's Social Security reform plan, which would make use of personal retirement accounts that would invest in real assets, say the plan is too risky, according to ...

Fusillade in Social Security War
According to this commentary, Sen. Jon Corzine's (D-N.J.) criticism of President Bush's plan to let workers invest part of their Social Security payroll taxes in individual accounts was met with ...

Pension Rules Get New Look
The Financial Accounting Standards Board is considering boosting pension liabilities for corporate America by changing the way pension obligations are valued. Companies affected by the change are those offering ...

President Calls for Full Estate Tax Repeal
The estate tax, or "death tax," as described by President Bush, causes the heirs of a small-business owner to liquidate assets that have been accumulated over decades, he says. ...

401(k) Pioneer Wants to Tune Up Plans
401(k) pioneer Ted Benna says he sees room for improvement in the employer-sponsored retirement benefit plan. Currently lobbying lawmakers to make adjustments to the 20-year-old plan, Benna would like ...

GAO Sees 'High Risk' at U.S. Pension Insurer
A new report by the General Accounting Office (GAO) claims the Pension Benefit Guaranty Corp.'s (PBGC) single-employer pension program is at "high risk" and is in need of "urgent attention." ...

Retirement Advice Bill Gains, but Fate Unsure
Legislation making it easier for financial companies to offer advice to 401(k) participants has gained ground but still faces an uphill battle. A House committee has approved the main ...

Raiding Your 401(k)
When our leaders in Washington learn of something that has gone wrong, the first move is to use the victims as an excuse to regulate the innocent, says the Wall ...

Proposal May Aid Pension Sponsors
The ERISA Industry Committee has gone to Capitol Hill to submit a proposal they say would lower the contribution amount employers pay to pension plans. The centerpiece of the ...

Not a Shy, Retiring Plan
With Social Security income facing a number of restructuring proposals these days, planning for the future can be difficult. In the middle of this debate is a proposal supported ...

Cash Balance Plans Pass Muster With Treasury
The Treasury Department has proposed regulations that assert that cash balance plans do not discriminate against older employees, and when its proposal is finalized, the agency plans to lift the ...

Tech Industry Fears IRS Competition in E-Filing
Speaking before a House subcommittee, Computer & Communications Industry Association President Ed Black requested that Congress forbid the Internal Revenue Service (IRS) from offering electronic filing services that would compete ...

E-filing Takes Hassles Out of Taxes
E-filing takes the sting and the hassle out of filing income taxes. Taxpayers who e-file receive their refunds within three weeks or less if the check is directly deposited ...

Insurance Sales Threatened?
Financial planning analysts are concerned that interestin life insurance policies and trust funds will wane if the inheritance tax is repealed. A new report by Merrill Lynch suggests an ...

The Retirement Crisis
Between 1999 and 2001 the total value of assets in 401(k) plans dropped from $1.8 trillion to $1.64 trillion--the plunge has spurred a renewed interest in retirement savings plansby the ...

Washington People: Roundtable's Bartlett Says Bush and
After attending both conventions, Financial Services Roundtable President Steve Bartlett predicts a friendly atmosphere for banks under the next administration, regardless ofwhether Gore or Bush wins the presidential election. ...

New Pension Bill Expands Leeway to Invest Savings
The Senate Finance Committee is due to vote on a bill that would give workers more flexibility in investing their retirement savings, and would also strengthen rules concerning executive compensation ...

GOP Tax-Cut Plan Will Win
At the top of their game, congressional Republicans and President Bush should have no trouble seeking lawmakers' approval of a tax incentive package somewhere between $350 billion and $550 billion ...

The SEC Brings Investment Advisor Info to the Web
The Securities and Exchange Commission (SEC) has put up a new Web site at www.adviserinfo.sec.gov to allow consumers to access annual filings from 9,000 investment advisors, as an attempt to ...

Tumbling Stock Prices Focus New Attention on Capital-Loss Tax Rules
Lawmakers are reviewing an economic stimulus package that would include a cut in capital-gains tax rates. The subject is sensitive, as some analysts believe it would be more beneficial ...

Preserving Pensions Is Next Hot Issue
The declining value of Americans' pensions could become the next big political issue. Since reaching a peak of 46 percent in 1980, the share of the private-sector work force ...

Survey: Young Workers Skeptical About Social Security
According to a survey of 1,064 U.S. residents between the agesof 21 and 65, low-income and younger workers are doubtful about SocialSecurity's future. While only 51 percent of respondents ...

Social Security's Poor Deal
Republican John Boozman won a special congressional election in Arkansas on Nov. 20, marking a great victory for the Bush administration and its efforts to reform Social Security. Boozman ...

IRS Restructuring to Bring New Division to Atlanta
The Internal Revenue Service (IRS) has restructured, setting up four operating divisions, three in Washington D.C. andone in Atlanta, each specializing in a particular tax area. In Atlanta, the ...

States Make Their DC Plans Even More Competitive
One reason that a number of states are either launching defined contribution (DC) plans or revamping existing DC plans is new federal regulations allowing public sector DC or deferred compensation ...

Tax Legislation Package Faces Clinton Veto Threat
President Clinton says he may veto a $245 billion tax-cut package that the banking industry favors. The measure would create a special tax-deferred savings account for farmers and ranchers, ...

Bush Plans Economic Stimulus
President Bush intends to use his election mandate to support an economic stimulus bill that will probably push for thehastening of the president's tax incentives as well as the expansion ...

CPAs Becoming CFAs
CPAs are joining lawyers, insurance agents, and Wall Street analysts in taking the exams necessary to becoming an official Chartered Financial Analyst. CPAs are seeking to increase their investment ...

Repealing Tax Estate Law Would Hurt More People Than
Repealing the estate tax law is guaranteed to have negative repercussions on the financial services industry and thefinancial tools currently being used, according to Stanley B. Corey Jr., writing for ...

Tax Report
According to the Internal Revenue Service, about 6 million taxpayers were hit by the Pease tax levy in 2000. Although Pease and the personal exemption for upper-income filers, or ...

Permanent Repeal of Estate Tax Is Put Down by Vote in Senate
The Senate yesterday voted to reject a repeal of the estate tax, meaning the gradual elimination of the tax through 2010 will not be made permanent, and leaving many unsure ...

Taxpayers Save as IRS Adjusts Life Expectancy Tables
The Internal Revenue Service (IRS) has revised its longevity tables and included them in the final version of rules concerning retirement savings withdrawals--a move that will reduce retirees' taxes. ...

A Warning for Women About Social Security
The head of a pilot program on Social Security says privatizing the long-term retirement plan is a bad idea, especially for women. Catherine Hill, chief of the Social Security ...

Finding the Warts in Bush's Tax Plan
President Bush's approach to changing the tax system has been one of making incremental changes without making one big proposal, moving from eliminating the inheritance tax to a stimulus package ...

Bush Retirement Plan Proposals Create Confusion for Employers
Retirement savings experts and plan sponsors are still trying to absorb President Bush's 2004 budget proposal, which among other things calls for a major overhaul of retirement savings options. ...

IRS Cracking Down on Fraudulent Trusts
Tax evasion schemes involving fraudulent trusts can be found on some 300 Internet sites, in magazine ads, and in seminars coast-to-coast these days. After one fraudster was ableto hide ...

Arcane Actuarial Science Widens Divide Over Pensions
A growing political chasm regarding pension provision in the United States is pitting Congress members who wish to lessen the burden of trying economic conditions for some of the country's ...

Keep on Offering Estate Tax Riders
The inter-party conflict over the repeal of the estate tax will probably last at least a few more months if not longer, leaving wealthy consumers unsure about how to proceed ...

Confusion Over Change in IRA Distribution Rules Slowly Easing
New rules regarding mandatory distributions from IndividualRetirement Accounts have caused confusion for some bank employees andthe older taxpayers to whom the rules apply. The Internal RevenueService (IRS) surprised the ...

IRS to Cross-Reference K-1 Information
The Internal Revenue Service (IRS) is about to begin comparingdata on K-1 forms to amounts listed on individual tax returns, treatingthe K-1 just like a 1099 or W-2 form. ...

CPA-Client Confidentiality, the New Federal
Under the Internal Revenue Service (IRS) Restructuring and Reform Act of 1998, taxpayers are accorded a privilege regarding written and verbal tax advice from a CPA, attorney, enrolled agents, and ...

Raising the Stakes for Tax Cuts
Since the economy is expected to grow only about 2 percent inthe first three months of 2003, President Bush's recent tax incentiveproposal needs to be passed as soon as possible, ...

Fidelity Advises Advisers, With Eye on Pre-Retirees
Fidelity Investments has launched a free online servicedesigned to help advisers get business from people about to withdraw assets from their retirement accounts. The new area on Fidelity's Web ...

GOP Tax-Cut Plan Will Win
At the top of their game, congressional Republicans and President Bush should have no trouble seeking lawmakers' approval of a tax incentive package somewhere between $350 billion and $550 billion ...

KPMG Consulting, in Filing, Gives Details of Stock
KPMG will sell most of its stake in KPMG Consulting in the initial public offering of its consulting unit in order to shield the consulting business from rules that determine ...

Near-Dead FDIC Reform Looking Like High Priority
Community bankers are within striking distance of seeing legislative action on deposit insurance reform. Advocates almost lost hope after the issue was placed on the back burner to make ...

Greenspan Says Tax Cut Could Be Damaging
Federal Reserve Board Chairman Alan Greenspan, speaking to the House Financial Services Committee, said the economy is ready to grow without more tax incentives and that reducing taxes without reducing ...

The Silicon Valley Loophole
A 1997 provision of the tax code called 1045 will allowinvestors to defer paying taxes on capital gains made on the saleof stock of a startup company by reinvesting the ...

GOP's Victory Clears Some Roadblocks to Pension
The Republican-controlled Senate is expected to finalize higher contribution limits on retirement plans and individual retirement accounts early next year, as well as move forward with the pension law changes ...

Shifting the Burden of Funding Pensions
Recent proposals by the Bush administration call for the creation of new savings plans that would allow Americans to make withdrawals from their accounts tax free, but would eliminate immediate ...

Bush to Tout 'Retirement Security' Proposals
President Bush is expected to link pension reform proposals with the privatization of the Social Security System, but Democrats are opposed, claiming that the Enron debacle and the slumped stock ...

Broad Help Arrives for Pension Savings
New tax incentives are in effect, and have raised contribution limits for 401(k), 403 (b), and 457 retirement savings plans, which allow workers to reduce taxable income while building larger ...

U.S. Candidates Silent on Corporate Rates
Neither candidate running for the office of president has routinely addressed corporate taxes, because, according to Jim Lucier, vice president and senior Washington analyst with Prudential Securities, "neither one of ...

Simple Estate-Planning Tool: Just Give the Money Away
One way to avoid paying estate taxes is to give money away; individuals can give up to $11,000 per year to any one they choose, and to as many people ...

Retirement Bill Sponsors Include Annuity-Promoting Provisions
The Portman-Cardin retirement-security bill includes provisions that would promote the sale of annuities, thus benefiting life insurers and other financial services entities. The bill raises the contribution limits for ...

Penalties Sought in Pension Violations
U.S. Rep. Bernard Sanders (I-Vt.) stated that he would seek reprimands for those companies that underpaid their retirees through cash balance plans. Three out of the 13 companies cited ...

Article Abstracts for /news/tax
GAO Reports on Drug Cards
A report by the Government Accounting Office reveals that prescription drug discount cards save consumers an average of 10 percent. The study was conducted in response to Democratic criticism ...

Banks and Their Competitors Shell Out in Race for Affluent
Financial services competitors are pulling out all of the stops to train their employees to pursue and win the businessof the wealthy. Unlike commercial banks of the past that ...

Democrats to Push Hard for New Pension Reform Laws
Democrats could push for pension reforms before the end of this congressional session, but a compromise bill between the Senate Finance Committee and the Health, Education, Labor, and Pensions Committee ...

Bush Scrambles to Get Discount Drug Card Back on Track
President Bush is attempting to jumpstart his Medicare prescription-discount card proposal, which has been temporarily blocked by a federal judge, by proposing a revised program designed to quell the concerns ...

Bush, After Gaining Tax Cut, Is Taking Aim at Tax Code
Now that the tax bill has been signed by Congress, the Bushadministration has set its sights on overhauling the federal tax code. President Bush and administration officials are reportedly in ...

Tax Research Takes Hold of the Web
The Internet is becoming a hotbed for new online tax research products that let firms do away with CD-ROM tools, whichtake up space and become quickly outdated, and allow firms ...

Spouse Relief Can Now Be Challenged
The Tax Court recently ruled that a taxpayer could challenge the Internal Revenue Service's (IRS) grant of innocent spouse relief to his previous wife. When Congress passed the 1998 ...

Insurers Lukewarm on LTC Bill Passed by the House
Insurers insist that the long-term care insurance bill, H.R. 4946, recently approved by the House does not provide enough of a tax incentive for long-term care policyholders, according to this ...

John Dow's Retirement
The current debate over whether to let workers invest some of their Social Security in the stock market does not take into account the size of standard market investment returns ...

Complex Tax Laws, Lack of Help Have Made Small Businesses
A General Accounting Office (GAO) investigation of small businesses' dealings with the Internal Revenue Service (IRS) finds that small businesses violate tax codes more often than other taxpayers, not out ...

Suddenly Wealthy Require Special Skills
As individuals are finding themselves with large sums of money from inheritances and huge stock market gains, financialplanners must serve this fast-growing market with customizable plans that allow for successful ...

Pension Contributions May Be Delayed up to 90 Days After a
The Internal Revenue Service's final regulations allowretirement plan contributions and distribution deadlines to be postponedfor 90 days in the event of a presidentially declared disaster. Theregulations apply to only ...

FASB Set to Require Interim Disclosure of Pension Data
The Financial Accounting Standards Board (FASB) has ruled that organizations with defined-benefit pensions will have to begin disclosing some financial details of their plans quarterly. The decision by the ...

Overlooked Tax Change Boosts 401(k) Flexibility
Lower income employees stand to benefit from a tax code change that could result in hundreds of dollars in tax savings by way of 401(k) salary deferrals and pretax contributions ...

Cost of Fixing Social Security Escalates
Social Security is $10.5 billion short of funds, and Stephen Goss, the agency's chief actuary, has informed the Senate Finance Committee that the deficit could be eliminated over the next ...

Taxable Accounts Can Win Near Retirement
Generally, it is better to invest on a tax-deferred basis, buttwo things should be considered. First, is tax-deferred investing stilladvantageous when retirement is near? Second, if so, do ...

Greenspan Says Tax Cut Could Be Damaging
Federal Reserve Board Chairman Alan Greenspan, speaking to the House Financial Services Committee, said the economy is ready to grow without more tax incentives and that reducing taxes without reducing ...

Politicians Debate Social Security
Although Congress plans to address Social Security very little this year, political debate is heating up as the election year approaches. The system could be changed to allow younger ...

Brackets Are Decided by Taxable Income
Tom Herman, in his column in the Wall Street Journal, writes that one should not look at total income or adjusted grossincome to determine federal income-tax brackets, but rather, at ...

New Pension Math Underwhelms Public Plans
To the chagrin of some public pension plan sponsors, a revised version of the Portman-Cardin Bill has been approved by the House Ways and Means Committee. The bill would ...

Why New Savings Plans Won't Work
President Bush's proposed tax plan would eliminate taxes on some dividends and extend tax-exempt savings programs, but while it might help some people, it would also create more confusion, according ...

IRS Simplifies Rules on Withdrawing Retirement Money
The Internal Revenue Service (IRS) is proposing to change itsregulations governing how people can withdraw money from retirementplans. The new rules will streamline the decision-making process andallow retirees to ...

SEC Uses Phony Web Site to Snare, Educate Investors
The U.S. Securities and Exchange Commission (SEC) has launched a new Web site that aims to warn investors about fraudulent investment opportunities. The SEC site runs an ad for ...

Benefits Group Finds Fault With Bush Pension Proposal
The American Benefits Council is concerned about a Bush administration proposal that would help fund pensions by replacing the defunct 30-year Treasury bond with high-yield corporate bond rates to determine ...

House Passes Repeal of Estate Tax
Association for Advanced Life Underwriting Director Tom Korb says that the 264-163 House vote to approve a permanent repeal of the estate tax was not a surprise, but the Senate ...

Tax Breaks Can Ease Your Parental Aid Costs
There are tax breaks that can alleviate the financial burdenfor individuals caring for older loved ones. Taxpayers providing carefor their elderly parents may be able to claim a parent ...

E&Y to Strengthen Tax Department
Mark A. Weinberger, new director of the National Tax Department at Ernst & Young, tells Accounting Today that the firmintends to improve all its U.S. tax technology and is recruiting ...

It's Alive! The GOP's Plan to End the Estate Tax Keeps
GOP lawmakers have adopted a "Never Say Die" attitude in their campaign to repeal the estate tax. Efforts to change oreliminate the wealth transfer tax go as far back ...

Investors May Now Eye Costs of Stock Options
The stock options that companies give to executives andworkers are generally not accounted for as an employee expense. By not including the stock options, companies give their earningsa false ...

Any Reform Idea in a Storm
Congress' decision on a slew of proposed corporate reforms could depend on the public's perception of the state of corporate America when lawmakers reconvene in the fall. A House ...

New IRS Proposal Eases Retirement Plan Distribution
The Internal Revenue Service has proposed new retirement rulesthat will allow retirement plan administrators to calculate accountdistributions based on age and the account's balance every year afterthe owner reaches the ...

Firms May Benefit From Forensic Accountant
Every firm will need more than one accountant at some point in time--not more than one tax and bookkeeping CPA accountant, but a forensic accountant with a specialty in investigative ...

Small-Bank Hub Gets Pay Services
Open Solutions, which maintains an Internet portal for community banks, has added payroll services to its offerings. The new service comes through an alliance with PayMaxx Inc., and offers ...

Intuit Aiming for 10-Minute Tax Return
Over the past year, Intuit has been moving to strengthen itsleading position in small-business accounting and personal finance. Intuit's Quicken TurboTax for the Internet is said to be the cure ...

Bush Tries to Block Senate Push to Cut Tax Plan
With the war in Iraq underway, President Bush must now fight to prevent Senate moderates from whittling down his 10-year $726 billion budget proposal. Centrists from both the Republican ...

U.S. Begins Issuing Consumer Data on Nursing Homes
The Bush Administration unveiled data on the quality of care at nursing homes in Florida, Maryland, Colorado, Ohio, Rhode Island, and Washington. The project--which is sponsored by AARP, two ...

Clinton Vetoes GOP Measure to Repeal Estate Tax
President Clinton has vetoed the Republican-sponsored legislation that would have eliminated the estate tax over 10 years, although it enjoyed significant Democratic support in Congress and Republican House leaders say ...

CheckFree Partners With Northfield to Add Tax Component to
Check-Free Investment Services and Northfield Information Services have recently joined forces in adding a tax component to their software. The two companies are now enabling wrap account managers, who ...

Hill Reformers Take Up Pension Issues
Just two years after Congress raised the contribution cap for 401(k) plans and IRAs and eased the rules for creating defined-benefit and defined-contribution retirement plans, lawmakers have returned to the ...

It's a No-Win Situation for Cash Balance
The Internal Revenue Service (IRS) is cracking down on cashbalance plan sponsors for giving their employees the option to choosetheir retirement packages. The IRS has reinterpreted the rulesgoverning cash ...

Newly Rich Escalate Estate-Tax Fight
Republican leaders are expected to make an appeal in the House of Representatives Thursday that lawmakers override theveto of their estate tax bill by President Clinton. The bill would ...

Getting Most From Tax Cut Takes Work
President Bush signed new tax legislation into law on June 7,which will bulk up retirement funds through increased contributionlimits, but only if people are careful about maximizing their benefits. The ...

Improving Your Home Can Bring You Some Tax-Free Funds Eventually
Prior to 1997, homeowners could receive tax-free sale profits only when buying a new house within two years of a sale and for more than the previous property's sale price. ...

Small Businesses Take New Look at Traditional Pension
Defined-benefit pension plans still exist, though they have been somewhat overshadowed by defined-contribution plans, and Watson Wyatt Worldwide retirement practice leader Bill Miner says that the former fill the need ...

Lenders Who Prey on Senior Homeowners Getting the Squeeze
The Department of Housing and Urban Development, the National Association of Realtors, the Mortgage Bankers Association of America, and other organizations have launched consumer educational campaigns designed to curb predatory ...

Benefit Design Choices for Personal Social Security Accounts
The design of benefit choices in systems of funded, individual accounts as a part of Social Security reform should not be overlooked, this article says. Social Security reform depends ...

Proposal May Aid Pension Sponsors
The ERISA Industry Committee has gone to Capitol Hill to submit a proposal they say would lower the contribution amount employers pay to pension plans. The centerpiece of the ...

Senate Democrats Tap Social Security in Budget Plan
Few Senate Republicans are expected to support Democrats' recently unveiled budget plan, which taps Social Security every year over the next decade. The competing $2.1 trillion GOP budget plan ...

Falling Bond Rates Inflate DB Plan Liabilities
Low interest rates are significantly increasing government-required liability computations for defined benefit plans, causing employer organizations to push Congress for a change. Sponsors of pension plans are witnessing rapidly ...

It May Be Time to Plumb Your Pension's Depths
The Bush administration's new proposed regulations threaten employees whose companies provide traditional pension plans, because they make it easier for some companies to move to a different kind of pension ...

Tax Cut Plan Mired in Economic, Political Debate
A new Bush Administration tax cut proposal could be shelved as debate continues over whether the cuts would be beneficial to both the economy and the political aspirations of GOP ...

Congress Seeks to Head Off EU Dispute on Tax
With the United States having lost a World Trade Organization (WTO) ruling on the country's foreign sales corporation scheme, Congress is set to vote this week on tax-codechanges designed to ...

IRS Clarifies Tax Treatment of Split-Dollar Life Insurance
The Internal Revenue Service (IRS) has further defined itsposition on the tax treatment of equity and other split-dollar lifeinsurance arrangements between employers and workers. Current IRSregulations concerning split-dollar arrangements ...

Borrowing on a 401(k)? Better Think Twice
Borrowing from 401(k)s has enabled people to tap into assets that ballooned during the 1990s bull market, writes the Wall Street Journal's Ruth Simon. Indeed, the Profit Sharing/401(k) Council ...

Wrap Up Your Assets and Leave Taxman in the Cold
Investors now have several ways to limit the taxes paidon capital gains, interest payments, and dividends, including pooled funds, individual savings accounts, offshore insurance bonds, certain pension funds, and "enterprise" ...

Intuit, PayPal Bill Payment Services Ink Five-Year Deal to
Intuit is planning to employ X.Com's PayPal for small-business customers and those using its personal finance products. As part of the deal, PayPal will enlarge Intuit's products. These ...

The 2000 Campaign: the Tax Plans
The accounting firm Deloitte & Touche reviewed the tax plans of Gov. George W. Bush and Vice President Al Gore and foundthat Bush's proposal would be more generous to the ...

Software Still Beats Out Web Sites for Preparing Returns
It is tax-return season, and there are a multitude of productsavailable to assist in preparation. Simple returns can be handled onthe Web through preparation sites at H.D. Vest, Intuit, ...

Retirement Account Coverage Has Fallen Behind the Times
Since Americans are being asked to personally manage an increasingly greater amount of their retirement funds, writes American Banker's David Bochnowski, it is paramount that they be given significantly more ...

Consider Enrolled Agents
Enrolled agents (EA) represent another source for getting your tax returns prepared. Often less expensive than certified public accountants (CPAs) and public accountants (PAs),EAs can be hired to prepare ...

The Final Indignity: Estate Taxes
Those who may be exempt from the federal estate tax, which is set to expire then be resuscitated after 2010, still need to be aware that they may be subject ...

GOP House Leaders to Propose Tax Breaks, Changes on 401(k)s
Republican House leaders are working on a package of tax incentives and other changes to assist investors who lost during the recent market drop, hoping to win back ground in ...

Republicans Seek Social Security Bill
Democrats up for election in November have eagerly raised the Social Security issue, as they struggle to gain a majority in the House of Representatives and maintain their majority in ...

Harsh Truth: Bush's Tax Plan Won't Survive Without Changes
President Bush's latest tax incentive proposal would eliminatetaxes on dividends and accelerate other incentives already passed, butpolitical and tax analysts insist that the plan will not pass unchangedthrough Congress. ...

The More Valuable and Versatile IRA
Changes in the tax code hold major implications for IndividualRetirement Accounts as retirement savings options are expanded. Inaddition to expanding contribution limits, the adjusted tax rules willallow people to ...

Don't Reform 401(k) Accounts Out of Existence
Calls for reform of retirement pension funds are justified, but lawmakers should not use their emotions to drive the change, but rather they should proceed thoughtfully, writes R. Glenn Hubbard ...

The Electronic Accountant
"The Accountant's Web Magazine and Resource Guide" is aphrase used to describe Thomson Financial's Electronic AccountantWeb site. Some of the hallmark's of the site include a newswire,news archive, product ...

Wachovia Plans to Eliminate 1,800 Jobs and Take Charge of
Wachovia, a Winston-Salem, N.C., bank, is laying off 1,800 people. The bank will take a $100 million charge to cover severance costs. The job-cuts are part of a ...

House GOP Passes Repeal of Social Security Tax
Republican leaders in the House rallied enough votes toabolish a tax affecting the Social Security benefits of higher income seniors, but President Clinton is promising to veto the repeal. ...

Social Security Revamp May Hurt Minorities
Current Social Security system reform proposals from the Bush administration would allow younger workers to invest a portion of their payroll into the stock market, like a 401(k) plan. ...

Annuity Sales: Using a Layered Approach
Fixed annuities have features like safety of principal and universal tax deferral that are good for clients looking to avoid taxes. For consumers who find value in the different ...

SurePayroll.com
Web-based payroll SurePayroll.com allows employers to enter payroll data via the Internet. SurePayroll.com automatically deducts, calculates, files, and pays local, state, and federal taxes. Employees are paid through ...

Democrat Miller Backs GOP Bill to Abolish 'Marriage Tax'
Newly appointed Sen. Zell Miller (D-Ga.), who was selected to fill the seat vacated recently by the late Sen. Paul Coverdell (R-Ga.), is expected to support the Republican-sponsored plan to ...

Bush Faces an Uphill Struggle in Reforming Social Security
President Bush and other Republicans are preparing for election-year attacks on Social Security. The past 20 years have proven Social Security to be a difficult issue for Republicans, but ...

Hope Alive for Tax Measures
Insurance industry representatives remain optimistic that the two current tax provisions tied up in Congress will be enacted this year. The two provisions--pension reform and reforming the present rules ...

Peachtree Rolls Out Web-Based Payroll
Peachtree Software has developed a new Web-based program especially for its ePeachtree Internet accounting service. The Internet Payroll, as it is known, provides free access to outside accountants registered ...

Quit Double-Taxing Seniors
The current tax on investment dividends is neither fair nor low, particularly for senior citizens, who pay nearly half of all dividend taxes, according to this opinion piece. Senior ...

Your Employer May Not Be Your Best Bet for Financial Advice
The Enron bankruptcy scandal has again brought to light the debate about who should advise workers on how to invest their money in their 401(k) plans. Currently, companies that ...

Senator Calls for New Retirement Tax Incentives
Senate Special Committee on Aging Chairman Larry Craig(R-Idaho) wants Congress to make federal tax laws more favorable forretirement savings, and says he will work to boost the personal savingrate in ...

Tax Cuts Pushed by GOP in House
House Republicans are promoting two investor tax cuts, but while the bills will probably pass the House and have received a positive statement from the Treasury Department, the Senate is ...

Bush to Push Social Security Reforms
President Bush says he plans to push for discussion of his Social Security plan in the next few months, despite fears that debate on the issue could mean the loss ...

AICPA Chair Discloses Plans for Accountants of Tomorrow
Bob Elliot, Chairman of AICPA, told future accountants at the Beta Alpha Psi annual meeting that the role of the CPA in today's society has expanded to include tax services, ...

Planning Can Thwart IRS Designs on IRA
Advanced planning should lower the tax bill for the beneficiaries of individual retirement accounts (IRAs). Under current tax laws, all money stored in an IRA, 401(k), or similar retirement ...

72(t) Payouts and RMD Tables
While it is known that new required minimum distribution (RMD)regulations will greatly impact 72(t) calculations, the question thatremains unanswered is how much. Under the 1989 guidance (Notice 89-25,1989-1 CB ...

Retirees Alarmed at Threat of Cuts in Drug Benefits
Retirees are voicing their opposition to provisions of Medicare legislation currently under review that, they say, would threaten their current drug benefits. They argue that the Medicare drug benefit ...

New Tax Rates Create Planning Opportunities
There are several ways taxpayers can save money under the newtax law. Tom Oshenschlager with Grant Thornton LLP says people withthree or more children should be able to earn ...

White House, Congress Agree to $1 Minimum-Wage Increase
The White House and Congress have agreed, as part of anoverall tax-relief package, to raise the federal minimum wage by $1 over the next two years and to raise the ...

Firms Get Go-Ahead to Offer One-Stop Investment Service
Financial services conglomerates no longer need to obtain clearance from the Department of Labor to offer plan participants one-stop investment management services. On Dec. 14, the Labor Department issued ...

White House Hits 'Factual Errors' on Social Security
The White House sent a letter to Sen. John Corzine (D-N.J.), stating that Corzine's criticism of the Bush administration's plan to let workers invest some of their Social Security payroll ...

Retirement-Plan Heirs Get a Boost
A private-letter ruling from the Internal Revenue Service to be released to the public Nov. 1 could enable beneficiaries to avoid taking full distribution of some retirement plans using an ...

Pension Reforms Needed, Panel Told
Radical changes will be in store for employee pension plans unless Congress takes the initiative to change the way pension liabilities are calculated, business leaders said at a recent hearing. ...

Insiders' Tax Break
Marc Andreessen avoided paying capital gains taxes by utilizing Section 1045 of the Internal Revenue Service tax code. The rule is something of a mystery among most taxpayers. It ...

Discord Over Efforts at Valuing Pensions
The Bush administration and Treasury Undersecretary for Domestic Finance Peter R. Fisher have indicated that the pension system needs to strengthened, with maturities of pension plans more closely matching expected ...

Proposed New IRS Regulations Are a Blessing
Eric Donner, president, CEO, and chairman of the Board ofRetirement Distribution Strategies, writes for Financial ServicesAdvisor magazine that the media's interpretation of the Internal RevenueService's proposed regulations governing distributions from ...

A New 'Saver's Credit' Makes Its Debut This Year
An income-tax credit for low- and middle-income taxpayers outlined in the 2001 tax law is set to make its debut this year. Among other things, the credit helps to ...

Who's Making I.R.A.'s Retiree-Friendly? The I.R.S.
In a sign that it is softening its image, the Internal RevenueService (IRS) has relaxed rules governing withdrawals from IRAs andother retirement accounts. The move is part of an ...

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