A North Carolina man faces charges of tax fraud and allegations that he provided fraudulent surety bonds worth about a half-million dollars to the IRS. A conviction could lead to maximum sentencing of three years per count in the indictment.
Surety bonds are one of several acceptable forms of security for oil and gas companies that have liabilities for decommissioning wells in the outer continental shelf, says the Bureau of Ocean Energy Management. Other acceptable forms are cash and securities accepted by the Treasury Department, as well as self-insurance by companies that successfully undergo financial screening.
Older Americans are changing their approach to retirement as defined-benefit plans evaporate, and a part-time job is part of the mix. "The part-time income was the missing piece that completed a seemingly unsolvable puzzle," said Ann Minnium, a certified financial planner.
The low-interest-rate environment has made finding yield difficult for pension funds, while bond investors must prepare for the eventuality that rates will rise. The Federal Reserve has signaled that rates will hit 1.1% next year.
When leaving a job, it is important to make an informed decision about what to do with an employer-sponsored 401(k). Options include leaving the 401(k) with the old company, cashing out or rolling the funds over into a new 401(k) or individual retirement account.
As many as 56 million baby boomers will begin retirement without income from pensions, and they will need up to $400,000 to close the income gap, according to an industry study.
A deduction lets those 65 or older itemize medical expenses on tax returns, provided the expense meets a certain threshold. Converting an individual retirement account to a Roth IRA can lower adjusted gross income and help retirees meet the threshold.
Entrepreneurial millennials are hampered by their financial situation, according to a survey by Ernst & Young and the Economic Innovation Group. Many yearn to start a business, but the sluggish economy scares them.
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