Financial planning

New York — Global risk consulting concern Kroll Inc. widened the European presence of its Corporate Advisory & Restructuring Group, luring aboard two KPMG executives from that Big Four firm’s corporate recovery practice in France and establishing an alliance with a German restructuring and insolvency firm.

Austin, Texas — Envision Consulting Group, a Best Software reseller for both the MAS 500 and SalesLogix lines, has incorporated a wholly owned subsidiary specializing in mobile business applications for enterprise-level and customer relationship management software customers.

New York — While the majority of workers said that the offshore outsourcing of jobs is bad for the U.S. economy, they don’t think their own jobs will be impacted, according to a survey by staffing firm Hudson.

by Bob Rywick

by Seth Fineberg

CROWE CHIZEK NAMES MCGRATH TO LEAD FINANCIAL INSTITUTIONS GROUP: National firm Crowe Chizek & Co. has named J. Kevin McGrath managing executive of its Financial Institutions Group, succeeding Carl Bossung.

Seattle — A federal court here has barred a Tacoma, Wash., resident from selling fraudulent tax schemes based on an argument that employees don’t have to pay taxes on income they get from U.S. sources.

Washington — In a victory for the Internal Revenue Service, a Chicago federal judge ordered a Texas law firm to turn over documents and the names of clients.

New York — Assets in 529 college savings plans jumped by nearly 14 percent in the first quarter of 2004, to an estimated $40 billion, according to data released in late May by the College Savings Foundation. At the end of the first quarter, 529 plan assets were up by 13.9 percent from roughly $35.1 billion at the close of 2003.

A taxpayer is allowed a deduction in computing adjusted gross income (an above-the-line deduction) for interest (student loan interest) paid on qualified education loans. The maximum annual deduction is $2,500, but the amount otherwise deductible is phased out ratably for taxpayers with modified AGI of $50,000 to $65,000 ($100,000 to $130,000 for joint returns).

by Cynthia Harrington

PENSION CRISES SPUR COMPANIES TO CHANGE PLANS: Beset by increased costs, falling investment returns and pressure to limit future risk, more than half of the 125 companies participating in a Deloitte Consulting survey said that they are considering or already have made changes to their pension plans in the past year.

by Bob Rywick

by Cynthia Harrington

NEW YORK LIFE APPOINTS MURDOCK: New York Life Investment Management LLC appointed Brian Murdock, 48, as president of the $183 billion investment concern, headquartered in Parsippany, N.J.

DENVER — As part of plans announced earlier to consolidate its headquarters in Denver and shutter its Atlanta office by the end of this year, the Financial Planning Association is preparing to move four of its key departments from Atlanta to Denver.

Generally, alimony payments are deductible by the payor in computing adjusted gross income, and are includible in gross income by the payee.

by Cynthia Harrington

SNOW SAYS ADMINISTRATION WILL WORK TO REFORM FUND INDUSTRY: Treasury Secretary John Snow told a financial lobbying group that the Bush administration supports an overhaul of the $7.5 trillion mutual fund industry, and would work with fund companies on possible reform strategies.

A qualified distribution from a Roth IRA is not includible in a taxpayer’s gross income. A qualified distribution is a distribution that is made after the expiration of a five-year holding period, and is made: