IRS Updates Form 8300
The IRS has revised Form 8300 for reporting receipt of cash in excess of $10,000. The revisions do not appear to affect the two pages of the form that are filled in by a dealer. The changes appear to be limited to minor editorial revisions and revisions to the instructions concerning taxpayer identification numbers.
The form does, however, mandate that it is the version to be used for...
Structured CD Offerings and Elderly Financial Customers
The current financial atmosphere has resulted in very low interest rates on savings and investments. Elderly customers are finding this to be a real problem. What do you do when a bond is called early or when a CD comes due? Some banks and financial institutions are offering what they call a structured CD. It promises higher interest rates than current CD products, and it comes with FDIC...
Avoiding the Tax Man’s Revenge
axes! Everybody hates them. And as a professional who spent years in school earning your credentials, you have more reasons to hate them than most. You didn’t luck into a six figure salary. Your life was consumed getting there – interminable schooling fueled by endless loans, followed by years of jobs to learn your craft at meager wages. You worked hard to earn a salary to compensate for your...
Annuities for the Ages
You are quickly approaching or even past acknowledged retirement age. You wonder what happened to the rich investment returns when you were younger. Bank accounts, money markets, and CDs are paying almost nothing. There are higher returns available, but the continuing financial turmoil makes the risks of investing in the stock market, junk bonds, and real estate at your stage of life...
Defining Liability for a Faulty Defined Benefit Plan
You have a new client named Allen. Allen worked his whole life to build his small successful business that now has five employees. He saved every dollar he could, and he invested very conservatively in anticipation of retirement.
Allen comes to see you and tells you a story that is disquieting. A few years ago, he was at the country club and played a round of golf with a happy, friendly...
Problems That Can Arise During Probate
The probate process is designed to transfer assets of someone who died and has heirs who stand to inherit. There are many steps taken during probate, such as validating the will, valuing the estate, and allowing an opportunity for creditors to come forward with debt claims. In the best case scenario, when someone passes away and has left behind a valid will, probate will be a relatively simple...
Pension Plan Dipping
It has been a tough couple of years for business. Just as it seemed that the economy was finally lifting out of the doldrums, it looks like we are getting another dip. Business is off, and it is tough to meet expenses in the company that you worked to build. Suddenly, you realize that you can dip into your company’s employee benefit plan to raise necessary funds. You better think again.
You...