Financial Literacy

06/04/2009

CPAs in Government Establish a Win-Win With Financial Literacy

During these tough economic times for consumers, many government agencies are stepping in to help their staff become more financially literate, and CPAs are leading the process. CPAs in government positions are particularly suited to assist with the issue of financial literacy and can support and educate staff through the economic downturn. To find out what CPAs are doing to help government employees save, read this Government Accountability Brief.

Best Practice: VSP Workplace Financial Literacy Program

This video highlights the workplace financial literacy program VSP Vision Care implemented to educate employees on important financial issues and to promote their overall health, wealth and happiness. Patricia Cochran, the chief financial officer for VSP and AICPA Business & Industry Executive Committee Chair, and the company's CPAs chose the AICPA's 360 Degrees of Financial Literacy turnkey resources as the basis for this employee financial education program.

Watch the Video

01/09/2009

Is My Brokerage Account Protected

Most brokerage accounts are protected by the Securities Investor Protection Corporation (SIPC). Unlike the FDIC, which protects bank deposit accounts, the SIPC is not a government agency. Though created by Congress, it is a nonprofit corporation funded by its membership of broker-dealers registered with the SEC.

The Higher Education Opportunity Act

On August 14, 2008, President Bush signed H.R. 4137, the Higher Education Opportunity Act, which reauthorizes the Higher Education Act of 1965 for another 6 years, and includes provisions to improve college affordability, access, and accountability.

Rethinking Your Retirement

Periodic market downturns may result in significant investment losses, particularly within retirement accounts. If you are faced with this situation, you may have to reconsider when, or even if, you can retire.

Federal Protection for Bank Deposits

In the wake of turbulence in the financial markets and recent legislation, it's worth reviewing the legal protections available for assets held by banks. The article covers what's protected, how much is insured, and what to do if you have more than $250,000.

The ABCs of 1031 Like-Kind Exchanges

A like-kind exchange, sometimes called a 1031 exchange, is the exchange of one business or investment property for another. When it comes to like-kind exchanges, even the most straightforward transaction is complicated. Here is an explanation.

Should You Roll Your 401(k) Money Over to an IRA?

If you're entitled to a distribution from your 401(k) plan and it's rollover-eligible, you may be faced with a choice. Should you take the distribution and roll the funds over to an IRA, or should you leave your money where it is? Here are some ideas to help you decide.

Exceptions to the Early Distribution Penalty

Generally, taxable amounts you withdraw from an IRA, 403(b), or qualified retirement plan before age 59½ are subject to a federal 10% penalty tax (and possibly a state penalty tax, too). SIMPLE IRAs are subject to a 25% penalty for premature distributions made during the first 2 years of participation. Section 72(t) of the Internal Revenue Code lists exceptions to this premature distribution penalty tax.

A Consumer Debt Repayment Strategy

You may not be drowning in consumer debt, but the water level is just too high and seems to be getting deeper. You'd like to get out of the situation you're in before you get soaked. What's the best way to go about it?

AICPA Economic Crisis and Recovery Center