Wealth management

The Securities and Exchange Commission has concluded that certain individuals who invested money through the Stanford Group Company—a U.S. broker-dealer owned and used by Allen Stanford to perpetrate a massive Ponzi scheme—are entitled to the protections of the Securities Investor Protection Act of 1970.

While many people continue to experience the after-effects of the recession, a majority of older Americans say they are confident in their retirement preparedness, according to a survey by Charles Schwab.

New statistics released by the Internal Revenue Service showed that the number and percentage of taxpayers earning over $200,000 a year who owed no U.S. income taxes nearly doubled from 2007 to 2008.

A bipartisan group of lawmakers in Washington is co-sponsoring legislation and demanding an independent probe to stop the government and a trustee from suing innocent victims who invested in Bernard Madoff’s Ponzi scheme.

The Texas Society of CPAs has some tips for clients on how to keep a lid on budgets and expenses.

Despite their wealth, nearly half of the rich wish they had better self-control over their financial behavior.

Check out the digital edition of the June 2011 issue of Accounting Today.

XBRL US has introduced a new taxonomy for reporting on corporate actions, such as mergers, dividends, stock splits and other events, using the Extensible Business Reporting Language data-tagging format.

Miller & Bahnson get it right

BABY BOOMERS MIXED ON WEALTH TRANSFER

When I was in practice as a CPA, there were days when I left the office wondering why I would ever want to go back the next day and do it again.

Proposals to scale back or eliminate the tax incentives of investing in 401(k) retirement plans, as called for by some budget deficit reduction plans, would not only endanger the ability of low- and moderate-income workers to enjoy secure retirements, but are based on faulty math, according to new research from the American Society of Pension Professionals & Actuaries.

Two-thirds of teens are changing their college plans due to the recession, according to a new survey.

Convoluted corporate financial reports are just as unreadable for professional stock analysts as they are for the average investor, according to a new study.

The Securities and Exchange Commission voted to adopt rules to establish a whistleblower program that rewards individuals who provide the agency with high-quality tips that lead to successful enforcement actions.

The recession has put even greater pressure on workers to stay on the job, according to a new report.

The Internal Revenue Service has begun sending letters to political donors asking why they didn’t report their 2008 donations on their gift tax forms.

A diminishing proportion of employees reported high levels of financial stress in the first quarter of the year, according to a new survey.

Wells Fargo is reportedly seeking a buyer for its H.D. Vest brokerage and financial advisory unit.

A group of nearly 30 congressional Democrats has written to the leaders of the Labor Department, the Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission expressing concern over a recent proposed rule redefining the meaning of the term “fiduciary,” saying it would have a negative impact on people with Individual Retirement Accounts and other retirement and savings plans.