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FINANCIAL
NEWS
My
E-Newsletter Looks Different! What's Up?
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Top
The Virginia
Society of CPAs (VSCPA) has undergone a full-scale
rebranding project, which means VSCPA materials and
communications will look different. While VSCPA publications
and communications will be enhanced and updated, they
will still offer the same quality news and information
you rely on. Financial Fitness Insider now matches
the newly redesigned FinancialFitness.org
website. Remember, this is your e-newsletter,
so please let us know what you think. If you have any
questions or have feedback to offer, don’t hesitate
to contact
us.
2011
Flexible Spending Arrangements
Changes
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The Internal
Revenue Service (IRS) recently issued guidance
reflecting statutory changes regarding the use of certain
tax-favored arrangements, such as flexible spending
arrangements (FSAs), to pay for over-the-counter medicines
and drugs. The Affordable Care Act, enacted in March
2010, established a new uniform standard that, effective
January 1, 2011, applies to FSAs and health reimbursement
arrangements (HRAs). Under the new standard, the cost
of an over-the-counter medicine or drug cannot be reimbursed
from the account unless a prescription is obtained.
Read
more at www.financialfitness.org.
More
Workers Forced Out of Retirement Plans
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The number
of American workers participating in a retirement plan
continued to decrease last year, adding to a trend that
began with the recession of 2008 and reaching its lowest
level in a decade, according to a new study by the Employee
Benefit Research Institute (EBRI). The EBRI
analysis shows that among all workers (including those
not offered a retirement plan at work), 39.6 percent
participated in a retirement plan in 2009, about a percentage
point less than 2008 and down almost 5 percentage points
from the high of 44.4 percent registered in 2000.
Learn more at www.financialfitness.org.
Student
Debt on the Rise, Study Finds
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College seniors
who graduated in 2009 carried an average of $24,000
in student loan debt, up 6 percent from the previous
year, according to a new study. Meanwhile, unemployment
for recent college graduates climbed from 5.8 percent
in 2008 to 8.7 percent in 2009 — the highest annual
rate on record for college graduates aged 20 to 24.
Check out more details
at www.financialfitness.org.
CONSUMER
ARTICLES
FSA
vs. HSA: Making Sense of the Choices |
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Everyone is
aware of the high costs of health care. In fact, health
care spending accounted for $2.3 trillion per year —
or $7,681 per person — based on a recent government
analysis. According to Virginia CPAs, there are some
tax-advantaged
options to help pay for medical or prescription
costs.
Five
Tips for Cutting Commuting Costs |
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Commuting
can be an expensive proposition. Not only do you have
to deal with fluctuating gas prices, there are also
tolls, parking and car maintenance to consider. That’s
why the CPAs offer these tips
on minimizing the cost of getting to work.
Ways
to Simplify Your Finances |
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Consumers
are looking to simplify many different areas of their
life, including their finances. Many consumers approach
finances with a since of foreboding given the current
economic environment of the last several years. Check
out the following suggestions
to help you simplify your finances and save time.
Record
Retention for Small Businesses |
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Proper record
retention for both paper and electronic records is a
financially sound practice that will save you and your
business time and costs. These practices are required
by law and will help you avoid the fines and penalties
of a violation. CPAs explain how
long you should keep certain financial records.
Smart
Holiday Shopping Tips |
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The holidays
are an exciting time, but they can also be expensive.
Many people have tightened their belts during the last
few years because of the troubled economy, but that
doesn’t mean you have to miss the joy of giving
presents to loved ones or indulging in fun celebrations.
Here are some smart
steps you can take to ensure that you are a
savvy shopper.
FINANCIAL
LITERACY RESOURCES
Are
You Financially Prepared for Disaster?
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Hurricane
season runs through November 30. Make sure you're financially
prepared by safeguarding your assets. The VSCPA
provides a Disaster
Recovery Resource Center to help individuals
prepare for and deal with the financial and tax consequences
of disasters.
Got questions about disaster
recovery? Through the "Ask
a CPA" E-mail Program, experienced, licensed
CPAs will provide FREE answers to your financial questions
within three business days. Submit questions on any
disaster preparedness topic, such as planning for disaster,
financial recovery in the wake of a natural disaster,
tax implications, property loss and restoring household
security. Ask your question online
now.
Spotlight
on NEFE |
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The National
Endowment for Financial Education (NEFE) educates
Americans on a broad range of financial topics and empowers
them to make positive and sound decisions to reach their
financial goals. NEFE accomplishes its mission by partnering
with other organizations to provide financial materials
to the public. The organization launched its Smart
About Money public awareness campaign to motivate
Americans to make wise financial decisions. For more
information, visit www.smartaboutmoney.org.
FINANCIAL
TIPS
Save
Early. Save Often. |
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Retirement:
the distant fantasy of no work and all play that comes
after career. But how much do you know about planning
for retirement? Maybe the thought of saving for this
milestone 30 or more years down the road has yet to
cross your mind. "Save early. Save often."
is a good practice to follow when thinking about saving
for your retirement. Read the reasons
why.
Avoiding
Bank Fees |
Top
One dollar
here, two dollars there, extra bank fees seem to pop
up everywhere. Bank fees mean less money in your savings,
and in this economy no one can afford that. Following
these simple
tips can result in significant savings over
time.
Source:
American Institute of
Certified Public Accountants
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