Financial planning

PORTFOLIOS FEELING FED CHANGES: A recent CFA Institute study found that interest rate changes enacted by the Federal Reserve could affect clients’ investment portfolios.

The Internal Revenue Service has issued final regulations on the exclusion allowed for gain on the sale of a principal residence. The final regs modify the rules contained in temporary regulations with respect to partial home-sale exclusions. They also provide special rules for military and foreign-service personnel.

by Lance Wallach

NEWKIRK INTRODUCES NEW RETIREMENT PAYOUT ESTIMATORS: Financial services application services provider Newkirk has rolled out two new retirement payout estimators for retirement plan providers.

by Bob Rywick

by Lance Wallach

Genworth Completes Hochman & Baker Integration: Genworth Financial, a global insurance and financial services concern, said that it has completed the integration of Hochman & Baker Securities into Terra Securities Corp., its broker/dealer unit.

Washington — The House approved separate bills in late July that would extend a tax break for small businesses and would expand eligibility for the Form 1040 EZ tax form.

by Bob Rywick

by Jay N. Nisberg and Tony Wood

STUDY SAYS TECH FIRMS SLASH OPTION GRANTS: The high-tech industry has decreased its use of broad-based stock option grants by approximately 15 percent to 20 percent, according to two studies by Mellon Financial Corp.’s Human Resources & Investor Solutions business.

by Bob Rywick

Florham Park, N.J. and New York — With the 2004 election just three months away and campaign promises popping up more frequently than summer barbecues, chief financial officers polled by Financial Executives International indicated that incumbent George W. Bush ranked ahead of Democratic challenger John Kerry in critical areas such as the economy and homeland security.

TREASURY, IRS FINALIZE DISTRIBUTION REGS: The Treasury and the Internal Revenue Service have finalized regulations regarding minimum distribution rules for defined-benefit plans and annuity products purchased with account balances in other types of qualified retirement plans and IRAs.

Washington — Convergence in accounting standards between the United States and the European Union is the most important issue facing capital markets in both regions, according to financial experts who recently testified before a House panel.

Rochester, N.Y. — An alliance of North American CPA firms that offers training, marketing and resources for Sarbanes-Oxley Rule 404 compliance work has expanded its ranks to include 13 firms in four months, and hopes to grow to at least 70 by the end of the year.

By Bob Rywick

By Cynthia Harrington

TIBURON MP SAYS U.S. INVESTABLE ASSETS POISED TO BOOM BY 2010: The U.S. market for consumer wealth is poised to triple by 2010, making it a great time to be in the financial advice business, according to the managing partner of market research and strategy consulting firm Tiburon Strategic Advisors.

Washington — Just as consulting giant Accenture began popping the champagne corks to celebrate the award in early June of a $10 billion homeland security contract, lawmakers passed a measure to void the engagement because the firm is not based in the U.S.