This past month we were alerted to some sobering, but expected news from the Center for Retirement Research at Boston College. Most homeowners are expecting to retire “on the house” using their home as their primary retirement vehicle. The study also notes at the same time these same individuals are reducing their equity by borrowing […]
Our old nemesis H&R Block is in the news once again. The New York State Attorney Generals office has sued the tax preparation behemoth for fraudulently marketing individual retirement accounts. It is alleged that H&R Block opened more than 500,000 “Express IRA” accounts over the past four years. However, 85% of the customers who opened […]
The House and Senate have agreed in principal to a tax package that would increase the exemption for the alternative minimum tax in 2006. The exemption would increase to $62,550 and $42,500 for joint and individual filers respectively. The AMT exemption was $58,000 for joint filers and $40,250 for individual in 2005. Charles Grassley R-Iowa […]
In all the years I have been writing this newsletter and doing the radio show I have never witnessed the precipitous instances of investment fraud throughout the nation. I have read on average about ten stories a day about one investment scam or another from all corners of the country. It is quite a lot […]
Over the past five years we have reported on many of the nefarious practices put into play by the big brokerage firms in order to further their long-term goal of ridding themselves of “small investors” to boost the bottom-line. Dumping on the small investor has not only become policy for some firms, it has also […]
Albert Rocha stared at financial papers on his table for a moment then detailed how he, a World War II veteran, invested more than $100,000 in what prosecutors now say was a multi-million dollar Ponzi scheme. More than a decade ago businessman John Heath sat in the 91-year-old’s home and promised him large returns for […]
Indescribable… Indestructible! Nothing Can Stop It! The indestructible creature! Bloated with the blood of its victims! It crawls…. It creeps…. It eats you alive! A long, long time ago back before TIVO, DVD’s, VHS and Betamax, when the Watchdog was very young, one of my favorite Friday night events was watching movies the old fashioned […]
There is currently a House bill sitting in committee that would let employers make tax-free contributions to 529 college savings plans and Coverdell accounts. Rep. Jon Porter R-NV introduced H.R. 3585. We think this is an excellent idea and would allow the employer /employee relationship some added flexibility when it comes to bonuses and compensation. […]
The Internal Revenue Service is putting small business owners in their crosshairs. This year, the IRS is planning to heavily scrutinize company pension plans especially small to mid-size businesses due to what they view as increasing amounts of abuse and errors made within pensions. The IRS has expanded its employee plan division this year to […]
I happened to overhear a conversation at the gym this past month when two young executive types were getting themselves all excited about the sizeable tax refund they were expecting this year. When I hear peoples joy regarding their pending refunds I have to shake my head in frustration. To everyone out there that is […]