Category: Finance / Taxes

Recent Changes for IRAs and Retirement Plans

The IRS has just released new rules for IRAs and employer-sponsored retirement plans (e.g., 401(k) plans). The sweeping changes are effective immediately. However, IRA owners may continue to apply the old rules for the year 2001. Surprisingly, the IRS has taken a number of complex… Continue reading

Funding a College Education

Today it is common to pay upwards of $100,000 for a four-year college education. With a 4% increase in costs per year, this equates to a $200,000 bill for a child who enters college in 18 years. Apart from earning a scholarship or going into… Continue reading

Tax Relief Act of 2001

On May 26, 2001, legislation was passed by the House and Senate promising to cut taxes by $1.35 trillion over a ten-year period. No Republicans opposed the bill in the House. Senator McCain (Arizona) and Senator Chafee (Rhode Island) were the only two Senate Republicans… Continue reading

Security Interests Revisited

Several years ago we did an article on security interests where we recommended that creditors and sellers of goods consider obtaining a security interest in specific goods or other property to protect themselves in the event of a default by a customer. In the case… Continue reading

Credit Matters

We represent a fair number of small businesses which either extend short-term credit to customers or sell goods and services on open account. We tend to hear from these clients more during times of economic downturn, when customers become “slow pay” or in some cases,… Continue reading

Soft Money/Soft Heads?

If you think that “soft” money is made of paper and “hard” money is made of metal, think again. Financing in American political campaigns involves money spent on direct contributions (hard money) to candidates running for federal offices and those made indirectly (soft money) to… Continue reading

Robinson-Patman Act or Why Wal-Mart Has Not (Yet) Taken Over the World

Antitrust laws are at the heart of our competitive free market system, and while they are the principal means of keeping monopolies in-check, there are many other laws that act “behind the scenes” to ensure a competitive market. One of the most important laws that… Continue reading

Increased IRS Tax Audits

The IRS recently announced the launch of a new project this fall intended to improve IRS methods for auditing individual tax returns. This new project, labeled the National Research Program, is in addition to the regularly conducted audits. The goal of the National Research Program… Continue reading

Security Deposits

The end of the lease is a time to assess the condition of the premises and determine whether any or all of the tenant’s security deposit should be returned. Because the landlord will likely be preparing the unit for the next tenant, it is important… Continue reading

It’s Better To Give…

In 2001, Americans gave an estimated $203 billion to charities. Since many of you contributed to this figure, it might be worth reviewing some charitable giving options that also carry favorable income and estate tax advantages. One income tax advantaged strategy appreciated that we can… Continue reading