Financial Planning

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.