Wed, April 15, 2009
Periodically the IRS issues a list of tax scams that it considers especially troublesome. Most of the Dirty Dozen Tax Scams involve fraudulent tax filings and other abuses of the tax system. However, the first item on the list is “phishing:” the use of e-mails that appear to come from the IRS but that are actually from crooks looking for ways to steal bank account information, social security numbers, and other personal information.
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Mon, April 13, 2009
Previously I discussed some of the differences between inflationary and deflationary economic environments. I’d like to pick up where I left off, mention one challenging aspect of deflation, and talk a bit about which environment we’re experiencing. Read the full article
Sat, April 11, 2009
Last week, the CFP Board of Standards informed me that I’m now able to use the certification marks that they maintain. Read the full article
Thu, April 09, 2009
Life insurance companies, normally thought of as bastions of stability, have come under greater scrutiny from concern that their holdings of mortgage-backed securities and aggressive annuity guarantees may put their financial stability at risk. Where can you go to determine the strength of your insurer? Read the full article
Mon, April 06, 2009
Many employer-sponsored tax-deferred retirement plans, including 401(k)s, offer a unique investment option called a "stable value" fund. If you've invested in such a fund, you should take a close look at what's inside; its value might not be as stable as you think. Read the full article
Wed, April 01, 2009
The IRS is reminding taxpayers that the 2009 Stimulus Bill included a little something to help boost auto sales. Those who buy a qualifying new car, light truck, motor home or motorcycle in 2009 can deduct state and local sales tax and excise taxes paid on purchase prices up to $49,500. The deduction will be available for 2009 tax returns (only) whether one itemizes or not.
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Tue, March 31, 2009
Increasingly in the media, there are discussions relating to deflation: are we experiencing deflation, and is deflation worse than inflation? Occasionally, discussions of the economy refer to disinflation. This will be the first in a series of posts exploring price changes and their implications for investing.
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Fri, March 27, 2009
Treasury Secretary Timothy Geithner and Securities and Exchange Commission Chairman Mary Schapiro each testified before different congressional committees today to disclose their recommendations on regulatory reform of US financial markets. Read the full article
Tue, March 24, 2009
Today I received updated figures from First American CoreLogic, which maintains one of the nation’s largest databases on residential property transactions. Their January results confirm a wide disparity in housing price changes across the U.S. over the last year. In general, the news is not good. Read the full article
Thu, March 12, 2009
Recently I was listening to an IRS webcast on tax law changes (yes, it’s just as exciting as it sounds!) and something caught my attention. I was already aware that people living in disaster areas are eligible for various kinds of tax relief, but I realized that I’d missed an important fact. You don’t have to live in a disaster area to get a tax break; the Heartland Disaster Tax Relief Act of 2008 includes special provisions for educational expenses incurred by students attending college in areas struck by disaster in 2008. This article will be of interest even if you don’t qualify for the expanded disaster relief benefits but are interested in tax benefits available to households with college expenses. Read the full article
Tue, March 10, 2009
For buyers in the most expensive housing markets, the rules concerning “conforming” mortgages have been confusing over the last year or so. Conforming mortgages are eligible to be purchased by Fannie Mae and Freddie Mac, the two government-run companies that together own or guarantee most home mortgages. One benefit of a conforming mortgage is the all-important interest rate: mortgages whose values exceed a specified amount are not conforming and typically carry interest rates that are ¾% or more higher than conforming mortgage rates. Read the full article
Wed, February 25, 2009
With little fanfare, S.B No. 2729 (the "Act Relative To Equitable Coverage For Annuity Policies") went into effect on January 1, 2009. The law requires that all annuities sold to Massachusetts residents be gender-neutral in all aspects, including premiums and benefits. Read the full article
Tue, February 17, 2009
The final version of the 1071-page American Recovery and Reinvestment Act of 2009 is due to be signed by President Obama tomorrow. My summary of the bill's key tax items two weeks ago was not far off the mark, but there are a number of nips and tucks in the final version. Read the full article
Fri, February 13, 2009
Yesterday's House Financial Services Committee hearing gave evidence that bank lending is flowing again, but credit is still tight. Read the full article
Mon, February 02, 2009
As promised, the House and Senate have been busy working on The American Recovery and Reinvestment Act of 2009, which includes several tax law changes intended to boost the economy. Read the full article
Thu, January 22, 2009
It's now agreed that our nation is in a recession. With increasing frequency, recent media discussions about the economy have turned to the question of whether it will turn into a depression. What's the difference? Read the full article
Wed, January 21, 2009
The National Association of Personal Financial Advisors (NAPFA), of which I'm a provisional member, has initiated a letter-writing campaign to urge members of Congress to make fiduciary investment advice the norm as it reforms the financial industry. Read the full article
Thu, January 08, 2009
The Certified Financial Planner Board of Standards periodically modifies the standards that it sets for the individuals that it certifies. In May 2007, the Board announced the adoption of new Standards of Professional Conduct. The standards took effect July 1, 2008 and began to be enforced as of January 1, 2009. Read the full article
Mon, January 05, 2009
Today the House Financial Services Committee will hear testimony from the SEC inspector general on the Madoff scandal. It promises to be the beginning of what Rep. Paul Kanjorski (chairman of the House Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises) is calling “the most substantial rewrite of laws governing U.S. financial markets since the Great Depression.” Wall Street could not have escaped congressional scrutiny after the year that we’ve had even if Madoff had never happened, but the failure of regulators to protect the public from his massive fraud has drawn fresh attention to the shortcomings of existing regulatory protections. Expect a cacophony of voices offering opinions as to what should or should not be changed in order to prevent future market crises and protect investors from unscrupulous con artists.
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