Financial Planning

The majority of tax professionals who enter the financial planning business do so by hooking up with an independent broker/dealer firm, according to a report by market research and consulting firm Tiburon Strategic Advisors.

To help fund President Bush's reform plan to add personal retirement accounts to the Social Security program, the White House admitted that it would probably use government borrowing to cover the oft-debated "transition financing" phase of a new program.

Filomeno & Company PC, an eight-partner CPA firm based here, has expanded its financial planning practice with the merger of fee-only planning firm Thibodeau Financial Advisors LLC into its fold.

As part of its multi-pronged educational effort on financial literacy, the American Institute of CPAs has launched a consumer Web portal that offers information and articles organized by a series of life stages, such as college, entrepreneurship, marriage, parenthood, home ownership and retirement.

The American Jobs Creation Act of 2004 limits the deduction allowed for entertainment, amusement and recreation provided to certain specified individuals to amounts treated as income to the recipient for federal income tax purposes.

There's good news for accounting and finance professionals - starting salaries are expected to increase an average of 2.4 percent next year. But the news is far better for internal auditors and professionals focused on Sarbanes-Oxley and other corporate governance-related initiatives - they're poised to see huge boosts in base compensation, according to staffing giant Robert Half International Inc.

The American Institute of CPAs has named Thomas J. Purcell III to a two-year term as chairman of its Tax Executive Committee, the tax policy and standards-setting body of the AICPA.

Strong revenue and market share growth don't guarantee a financially healthy independent investment advisor practice -- but being focused and deliberate about the types of clients served and the services offered can drive profitable growth, according to a study of the top firms by Schwab Institutional and Moss Adams.

A recent survey on issues related to long-term care and the sometimes widely varying views between men and women on the subject gives credence to the phrase, "Men are from Mars and women are from Venus."

529 college savings plans continue to increase in popularity, as assets in the plans grew to an estimated $45.1 billion at the end of the third quarter, according to data released by the nonprofit College Savings Foundation.