FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
These are 7 things to pay attention to on a 1040 form (Financial Planning)
With tax season upon us, Chad Smith, a wealth management strategist at HD Vest Investment Services notes, “It’s never a bad idea to review what every advisor should be looking for on their clients’ Form 1040s and what potential opportunities it may reveal.”
Specifically advisors should look for missed IRA opportunities, withdrawal problems, retirement plan opportunities, overly conservative allocations, potential for tax alpha, competitive challenges, and insurance shortfalls.
A Lackawanna County financial advisor faces up to 42 years in prison for allegedly stealing $US2 million in funds from 26 clients over seven years. Jason Muskey, a well-known business man from the area, is facing charges of mail fraud, money laundering, and identity theft.
A new Congress will bring changes for investors, probably next year (Charles Schwab)
“Republicans control both the House and Senate in the new Congress,” Michael Townsend said. “Don’t expect an end to the gridlock that has plagued Washington in recent years.
“Tax reform will draw a lot of attention in 2015, but we see little chance of reform legislation passing this year. Instead, expect Congress to lay the groundwork for a run at tax reform after the next presidential election.”
Alaska, Michigan, and West Virginia all switched to 401(k)-style public pensions and as a result, all saw their funding gaps suffer.
“I voted against the change, and now the state has had to come in with a bailout. It’s exactly what I said would happen,” Alaska Republican assembleyman Mike Hawker said.
The Senate is trying to make the internet tax ban permanent (Think Advisor)
A bipartisan bill aimed at banning internet taxation, which has already cleared the House, is being reintroduced to the Senate.
“I co-wrote the Internet Tax Freedom Act to protect the openness and viability of the Internet as a platform for commerce, speech and the exchange of ideas,” senior Oregon Senator Ron Wyden said in a written statement.
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