Financial Planning

Clerks at the nation's bankruptcy courts processed a record 205,129 personal bankruptcy filings last week, and a private consulting firm estimates that a backlog of unprocessed filings could push the total to 300,000.

According to a recent study, the value of stock options given to employees at the nation's largest companies dwindled by roughly 60 percent throughout 2001-04.

The Social Security Administration recently announced the highest cost-of-living increase since 1991, setting the adjustment at 4.1 percent for more than 52 million retired and disabled recipients.

The Internal Revenue Service could revoke the tax-exempt status of about 20 credit-counseling firms, just as the country's new bankruptcy laws are set to go into effect on Oct. 17.

A bill creating a new regulator for Fannie Mae and Freddie Mac and setting capital levels for the two home mortgage giants could be ready for a House vote by the end of the month.

SEC HELPING INVESTORS, COMPANIES AFFECTED BY KATRINA: The Securities and Exchange Commission has joined the growing list of companies and agencies mobilizing to provide relief to the victims of Hurricane Katrina.The SEC divisions and offices that oversee publicly traded companies, accountants, mutual funds, brokerage firms and transfer agents, among others, are preparing relief measures, including extensions of filing deadlines and suspension of requirements to deliver documents to hurricane-affected areas.

The CFA Institute, the global concern that administers the Chartered Financial Analyst examination and credential, has elected its new board of governors.John Stannard, of Russell Investment Group, was elected chairman, while Vincent Duhamel, managing director of Goldman Sachs Asia LLC, will serve as vice chair. Both Stannard and Duhamel will serve one-year terms, effective immediately.

An individual taxpayer whose modified adjusted gross income for a year is not more than $100,000 may convert an amount held in a traditional IRA to a Roth IRA. The amount converted is subject to tax to the same extent that it would be if the amount were distributed to the taxpayer from the traditional IRA and not rolled over to another traditional IRA or to a qualified retirement plan.If a conversion involves property, the conversion amount generally is the fair market value of the property on the date of distribution, or deemed distribution, from the traditional IRA. However, because there was no specific rule dealing with converted annuity contracts, some taxpayers claimed that the amount includible in gross income upon the conversion of a traditional IRA to a Roth IRA is the cash surrender value of the annuity contract.

Financial services educator The American College is accepting nominations for induction into its newly created Hall of Fame. The Hall of Fame is designed to recognize graduates of the college's designation or degree programs who have made extraordinary contributions in time, effort and energy to this institution of higher learning.To qualify for induction into The American College Hall of Fame, individuals must have graduated from at least one of the college's designation or degree programs. In addition, they must be long-term volunteers of the college and active participants in its community and learning environment.

Intuit, which is ramping up an aggressive expansion of its product line for small businesses, is also jumping into the financial planning market.