Wed, December 03, 2008
A comment that I've heard several times in the last few weeks is, "I took a look at my 401(k)/mutual fund statement and it was really depressing." Well, take heart: at least you're not down by eight billion dollars.... Read the full article
Wed, December 03, 2008
Sometimes, a well-meaning gift giver just doesn't know enough about a recipient’s needs to select “the perfect gift.” A gift card or gift certificate seems like a nice solution in that situation, but what if the retailer that issued the card subsequently goes bankrupt? In the present economic climate, it seems likely that a few retailers will go bankrupt in the next few months. Here are a few thoughts to keep in mind as you consider giving a gift card. Read the full article
Wed, November 26, 2008
In my earlier post on Roth IRA conversions, I noted that if you converted an IRA into a Roth earlier this year it may make sense to recharacterize the funds if the value of your account has slumped and you still owe taxes on the earlier, larger conversion amount. I also stated that you can’t go back this year and do another conversion. However, I realized that there is a way to sort of do a conversion/recharacterization/reconversion. Read the full article
Wed, November 26, 2008
As 2008 draws to a close, take some time to consider what you can do before year-end to reduce your income tax bill. Read the full article
Sat, November 22, 2008
I’m delighted to announce that The FFS Blog has been accepted by the Newstex blog syndication service. The change will be transparent to my blog users, except for the addition of the Newstex icon at the bottom of the blog.
Read the full article
Fri, November 21, 2008
Yesterday I attended the semiannual conference of the New England Economic Partnership (NEEP), a nonprofit organization that analyzes economic issues relevant to New England. The dismal scientists lived up to their name, although there were valiant attempts at optimism during the conference, which was held in the auditorium of the Boston Federal Reserve Bank. Read the full article
Mon, November 17, 2008
With stock market indices down 30% or more from their January 1st levels, most investors are battered, bruised, and hoping for happier times. In the midst of a generally depressed stock market, there are still a couple of clever ways to make the most of a bad situation using a Roth IRA. Read the full article
Fri, November 14, 2008
Prescription processor Express Scripts recently reported that some of the confidential data that it maintains on millions of patients has been compromised. In October the company received an extortion letter from someone who possessed names, Social Security numbers, and prescription information for about 75 people. Some of Express Scripts’ clients (typically these are health benefit plans) received similar threats.
The company has established a website to provide information about the data loss, although at present the site doesn't contain much real information. Express Scripts believes it has identified where the lost data was stored, but gives no indication that it has figured out how many people's information was stolen.
As I’ve mentioned before, stolen medical data sells for a premium because it can be used to commit insurance fraud; medical data theft is potentially much more lucrative than credit card theft. This incident will bear close watching, especially if it turns out that a significant number of people's information was lost. Express Scripts says that it will provide free "identity restoration services" to individuals who become victims of identity theft as a result of this loss – so by the time help is provided, the damage will already be done.
Read the full article
Fri, November 14, 2008
I've written several posts on the asset protection limits available to consumers who have invested in a variety of financial assets. With all the changes and adjustments that have taken place in the last few months in the financial landscape, I thought it might be helpful to provide a single article summarizing the insurance /protections currently available to investors. Read the full article
Tue, November 11, 2008
Last week, financial journalist and author Jane Bryant Quinn polled several members of the National Association of Personal Financial Advisors (NAPFA) for our opinions on whether it's still a good idea to have stocks in a retirement portfolio. The consensus? In a word, "yes." Read the full article
Fri, November 07, 2008
This completes the series of posts that I started during National Protect Your Identity Week. I'd like to finish by discussing several more ways to avoid becoming a victim of online ID theft. Read the full article
Tue, November 04, 2008
With so much attention being given to the $700 billion bailout of banks and the financial industry in the Emergency Economic Stabilization Act of 2008, not much has been said about the individual income tax provisions included in the massive 440-page bill passed last month.
If you'd like to avoid searching the full bill for the parts that might be personally relevant, here's a quick summary of some provisions that could be interesting to you even if you're not an enormous bank.
Read the full article
Tue, October 28, 2008
The IRS is reporting that more than 383,000 regular refund and economic stimulus checks have been returned as undeliverable by the Postal Service.
Taxpayers whose economic stimulus checks are not in the mail by Dec. 31 will lose out, because by law the checks cannot be sent out after that date. If you're expecting a check and haven't received it yet, browse over to the IRS's website and use the Stimulus Payment tool. Addressing errors must be corrected by Nov. 28 in order for checks to be processed in time. The "Where's My Stimulus Payment" tool provides instructions on how to update your address if needed or you can call (866) 234-2942.
Read the full article
Tue, October 28, 2008
Most people thought that the Federal Reserve was being generous when it provided $85 billion to AIG in an equity deal plus $37.8 billion in liquidity lending. As it turns out, that might not be enough to keep the company going.
Read the full article
Mon, October 27, 2008
Today I received another bogus e-mail claiming to be from Melrose Cooperative Bank, a bank with which I do no business. It's such an excellent example of the application of social engineering to phishing fraud that I decided to share it.... Read the full article
Sat, October 25, 2008
It looks like this week's discussion on identity theft will probably overflow into next week a bit, because I'm finding new information to share. Having discussed some of the social engineering-based approaches to stealing your private information, today I'd like to take a brief look at how you can protect your computers against more subtle forms of attack. Read the full article
Thu, October 23, 2008
Only about 10 to 15% of identity thefts with known causes have been attributed to online data theft, but this statistic is not very reassuring. According to the Identity Theft Assistance Center, only 42% of ID theft victims are able to determine how their information was stolen. If the majority of victims don't know how their information was stolen, it may not be safe to assume that the 10-15% figure accurately represents all ID theft losses attributable to online sources. How can you avoid being victimized online? Read the full article
Tue, October 21, 2008
The parties involved in the Lehman credit default swap (CDS) auction are settling up today, and everyone is hoping that none of the participants got too badly burned (even if they're hedge funds). Read the full article
Return to The FFS Blog Home Page
And now, to keep my lawyers happy: This site is for educational and informational purposes only. Nothing contained here should be construed by anyone as an invitation or solicitation to buy or sell any security. This site does not contain personalized legal, tax, investment, or financial advice. Users of this site should consult with a qualified adviser to obtain advice suited to their personal circumstances. Any links provided here to other web sites are for informational purposes only. We take no responsibility for the accuracy or content of linked sites.
COPYRIGHT THOMAS A. FISHER © 2008 - 2015