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Financial Planning Tax Consequences for Forgiven Debt As more families refinance their mortgages, are forced into foreclosure or find other ways to cancel their mounting debt, the last thing that may be on their minds is the potential tax consequences of their actions.

News & Insights

This Week in the SmartPros News & Insights Newsletter U.S., Switzerland Complete Tax Negotiations ... 5 Ways to Secure Your Info ... Book: Managing Customers Profitably High-Earners Must Decide by June 30 Whether to Defer 2009 Bonuses "High-earners, particularly those with incomes above $250,000, may be facing a deadline later this month for making an important tax election," advises Scott Weiner, Senior Tax Analyst for the Tax & Accounting business of Thomson Reuters. Stash a Portion of Pay to Build Savings, Experts Urge "Pay yourself first" is a financial planning term that you hear experts throw around all the time as being the key step in building savings and eventually wealth. Explaining Money Problems to Your Preschooler The economic downturn can force uncomfortable situations on parents, like having to tell their 5-year-old that she can't have a big birthday party with all her friends this year because otherwise there won’t be enough money for groceries. Understanding Your Social Security Statement Is Essential for Disability Financial Planning Nearly one in four people in their 20s today will become disabled before reaching age 67. Knowing how much Social Security disability benefits you might expect is an important first-step in sound financial planning. Op/Ed: Valuing Funds' Private Assets If the ongoing credit crisis teaches us nothing else, it will be that good governance and transparency should never be sacrificed in the pursuit of short-term gain and profit. Businesses would be foolish to let such things happen again — and any that even considered going down that route would quickly find themselves falling foul of the corporate policemen which many investors and shareholders have become. Divided SEC Proposes Investor Access Plan Federal regulators on Wednesday proposed making it easier for shareholders to nominate directors for ballots of public companies, a change that could give shareholders more say over compensation packages for executives and risk controls. SEC Announces First Distribution from $267 Million Bear Stearns Fair Fund On May 15, the Securities and Exchange Commission announced the start of a $267 million Fair Fund distribution to mutual funds and mutual fund shareholders who were harmed by late trading and market timing that occurred through Bear Stearns, which was charged by the SEC in a 2006 enforcement action. A Secular Bear Market May Require Changing Strategy This isn't the first time the country''s faced economic uncertainty, but this is a once-in-a-generation confluence of events that have led to a severe market downturn and a ferocious contraction of the global economy. CPAs Ask 'Am I an Investment Adviser?' AICPA introduces a guide for members on SEC and state regulations for investment adviser registration. OP/ED: Growing Up Is Never Easy: The Pains of Recession Should Lead to More Mature Financial Practices Urging the country to put away childish things, President Obama could have been talking about poor spending habits. African Americans Are Optimistic about Financial Future Despite "Going It Alone" Although 58 percent of African Americans are optimistic their financial situation will be better a year from now, only one in 10 is currently working with an investment professional to help achieve personal financial goals. Fear Isn't An Investing Plan After a year filled with financial fraud, bank failures and a Wall Street that put itself before Main Street, change is overdue. So I sat down with Branham to discuss his version of financial planning 2.0. Baby Boomers Behind on Their Savings Plans Only 38% of oldest boomers are financially prepared for retirement and many have delayed plans. Working Part Time and Annuitizing Can Salvage Under-Funded Retirement When voluntary or involuntary retirement arrives, many retirees find that they don't have enough money in their nest egg to sustain their current standard of living. Majority of RIA Clients Not Cashing out of Investments A new survey of independent registered investment advisors (RIAs) shows a majority (93 percent) of RIAs say their clients are not cashing out their investments. The few whose clients are cashing out cited concern about market volatility. Financial Advisors Need to Better Gauge Clients' Tolerance Risk Getting an accurate gauge of a client's tolerance for investment risk is crucial for financial advisors and their clients - ecially when a disastrous market strikes. But many advisors are asking their clients the wrong questions. For Many Investors, Year-End Forms to Arrive Later Many investors will receive their year-end tax statements later than in past years, but these forms are likely to be more accurate, according to the Internal Revenue Service. Analysis Shows Significant Impact of Corporate Integrity on 2008 Stock Returns Analysis confirms that examining corporate integrity is the best indicator for persistent, quality market returns and was predictive of dangerous investments in 2008, one of the most disastrous investing environments in decades.

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