May 03, 2011
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New regulations for accounts holding Federal benefits
May 2nd, 2011 It just got a little harder for banks to seize money from accounts holding federal benefits like Social Security and disability checks. A new rule issued by the Treasury Department and a group of other federal agencies takes effect Monday and aims to protect struggling retirees and others who depend on government […]
Read more- May 02, 2011
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Economy slows in 1Q; unemployment claims jump
April 29th, 2011 The economy slowed sharply in the first three months of the year, and more people sought unemployment benefits last week, the second rise in three weeks. The economy in the first quarter was hampered as high gas prices cut into consumer spending, bad weather delayed construction projects and the federal government slashed […]
Read more- April 29, 2011
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IRS Expands Rules on Deductible Home-Equity Debt
May 2011 In Revenue Ruling 2010-25, the IRS ruled that a taxpayer can deduct as qualified residence interest up to $1.1 million of the debt securing the purchase of a taxpayer’s principal residence. While personal interest is nondeductible, qualified residence interest, which includes both interest on acquisition indebtedness and home-equity indebtedness, is generally deductible. IRC […]
Read more- April 28, 2011
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IRS Begins Enforcement of New Return Preparer Rules
April 25th, 2011 The Internal Revenue Service is taking steps to stop tax preparers with criminal tax convictions or permanent injunctions from preparing tax returns. This is just one of several recent moves to improve the quality and oversight of the tax preparation industry. More than 700,000 tax preparers nationwide have registered with the IRS […]
Read more- April 27, 2011
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U.S. States Pension Fund Deficits Widen by 26%, Pew Center Study Says
April 25th, 2011 U.S. states’ deficits in their employee retirement systems widened by 26 percent in fiscal 2009 as governments were stung by investment losses and failed to pay enough into their pension funds, a study found. The deficits, or the difference between the retirement and health-care benefits states have promised their employees and the […]
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