The Internal Revenue Service's audits of individual income tax returns in fiscal 2013 reached a decade low. Less than one of every one hundred returns (0.96% to be precise) was audited. The agency has lost $1 billion in funding and 8,000 employees over the past three years which may help explain fewer audits. Similarly there [...]
Recently Apollo began working with a new client and in doing so gathered information about their P&L Insurance - homeowners ("HO") and auto plus special circumstances and risks like excess liability, flood, earthquake, hurricane, etc. They were understandably angry when we broached the topic as their current insurer (we'll leave the name out to protect [...]
Looking for a plain language explanation of the benefits/importance of diversification? Try this on for size.
According to this recent report from Citi investors during the week of Feb 5th pulled record amounts of cash ($24 billion) from U.S. stock funds while putting almost $15 billion into bond funds. The S&P 500 returned 125% from its low in Mar 2009. Most investors sat on the sidelines seeing their shadows and predicting 6 more years [...]
Last week President Obama chided businesses for discriminating against the long-term unemployed. Today the Congressional Budget Office announced the results of a projection that Obamacare will reduce the number of hours worked to be the equivalent of two million full-time jobs. Just can't make this stuff up!
On Sunday America will celebrate its unofficial national holiday - the Super Bowl. Somewhere between the GoDaddy and Bud Light commercials the Broncos and Seahawks will battle to see which team can score the most points over a span of 60 minutes. Rumors abound the NFL will introduce a new rule this year. At some [...]
Uncle Sam bailed out the auto industry. Huge financial failure. The American taxpayer lost billions of dollars. Uncle Sam bailed out the banking industry. Huge financial success. The American taxpayer earned billions in profits. Next in line is the health insurance industry. Poorly drafted legislation, poor implementation and now a rewrite without legislation will once again [...]
Yesterday's NY Times included a provocative op-ed wherein a former Wall St trader describes his "addiction" to wealth. There's lots to like and loathe so whatever side of the argument you're on you're sure to find something that supports your opinion. What I found glaringly missing from the article are several important points: The so-called addiction to [...]
The IRS has issued its 2014 optional standard mileage rates to calculate deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning 1/1/14 the standard mileage rates for the use of a car, van, pickup or panel truck will be: $0.56/mile for business purposes $0.235/mile for medical or moving purposes $0.14/mile in service [...]
When we do income tax planning for our clients one of the most frustrating aspects is YE mutual fund distributions. Each year mutual funds distribute to shareholders a pro rata portion of net realized gains and interest/dividends. Early each year the best we can provide our clients with is a guesstimate based upon a fund's [...]