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Volume 2, Issue
9
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September
2008
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Don't miss out! As a benefit to Virginians, the Virginia Society of CPAs (VSCPA) is bringing a free Financial Fitness Workshop to you on Friday, September 12 at the Richmond CPA Center in Glen Allen, Va. Led by an experienced CPA, this free seminar includes a complimentary lunch. To reserve your seat, please register as soon as possible! Use the links below or call the VSCPA Education Team at (800) 341-8189.
Tough economic times are causing some Americans to adopt a "fire-sale"
approach in order to meet their rising expenses; they are even
tapping into retirement assets for quick cash. Most plans allow
borrowing, but Americans need to know they may face stiff tax
consequences and penalties if they withdraw before age 59 1/2.
Read important warnings
from the American
Institute of CPAs about borrowing from retirement plans.
The taxes Americans pay as consumers — in retail stores or at the gas pump, for instance — are trending higher, according to CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information, software and services. As part of its annual survey of consumption taxes, CCH looked at gasoline, cigarettes and sales tax. Read the full article on the Financial Fitness website.
The Securities and Exchange Commission (SEC) issued a warning in August about the use of 401(k) debit cards that allow employees at some companies to borrow money from their retirement plans. A 401(k) debit card allows the holder to borrow up to $50,000 or 50 percent of the value of the retirement plan, whichever is less. However, the SEC says there are a number of important factors you should consider before using a 401(k) debit card. Read the full article on the Financial Fitness website.
The VSCPA develops monthly Money Management articles to provide financial advice and information for individuals and small businesses. Topics include personal finance, retirement and estate planning, saving for college, investments, running a small business, income taxes and more. Virginia organizations are granted reprint permission and may use these articles in publications, employee newsletters, websites and more. Here are this month's topics:
Looking for a dynamic speaker on a financial topic? Invite a CPA! The VSCPA connects CPA speakers with your organization or company as a free community service. Complete the online form to schedule a speaker today. If you have any questions about this program, contact VSCPA Media & Public Relations Specialist Shawnte Reynolds at (800) 733-8272.
The Federal Trade Commission (FTC) is the nation's consumer protection agency. The FTC's Bureau of Consumer Protection works for the consumer to prevent fraud, deception and unfair business practices in the marketplace. Other activities of the Bureau include enhancing consumer confidence by enforcing federal laws that protect consumers and empowering consumers by providing information that will help them exercise their rights and avoid fraud and deception. The organization encourages consumers to get information or file a complaint about fraud or identity theft. Visit the FTC website for educational articles, daily tips and publications.
The exciting 2008 Summer Olympic Games have come to an end. Though there were no medals for financial conditioning, it’s still a good idea to get your finances in world-class shape. Are you on target to hit your financial goals for the year? The VSCPA offers five suggestions for improving your financial regimen. | |||||||||||||||||
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Virginia Society of CPAs | P.O. Box 4620,
Glen Allen, VA 23058-4620 | (800) 733-8272 |
