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In the News: Leave that Savings Alone

A Bankrate.com article titled “Four Ways to Avoid Dipping Into Your Savings Account” quoted Kelley Long, a Chicago CPA, personal finance coach, and member of the AICPA’s National CPA Financial Literacy Commission. In the article, Long provides prudent advice on how to keep the money currently in your savings account right where it is. She suggests savers don't get an ATM card or sign-up for Internet account access - because it provides the user with hassle free access to their savings. For more savings tips, please visit 360 Degrees of Financial Literacy, a free program of the nation’s CPAs to help American’s understand their personal finances through every life stage.

On June 15, 2012, an Investment News article titled CPAs seek estate tax certainty from Congress incorporated quotes from the AICPA’s testimony to the Subcommittee on Economic Growth, Tax and Capital Access which specified  that the ambiguity of the estate tax law set forth at the end of 2010 is causing unnecessary burdens on taxpayers and their advisers.  The written testimony was submitted June 8, 2012 for the record of the Subcommittee’s May 31, 2012 hearing entitled “Planning for the Death Tax:  Can Small Businesses Survive?”.

Last week, the AICPA held the Practitioners Symposium & TECH+ Conference, co-located for the first time with the AAM’s Marketing Summit in Las Vegas. Over the four days the organizations combined to include over 170 sessions incorporating 136 guest speakers. Art Kusel writes in Accounting Tomorrow that conferences are always a phenomenal way to get advice from other business professionals, potentially something you would not have thought of on your own. However, if this advice is not acted upon, it could go to waste and never benefit your organization. The article provides three ways to successfully implement some of the strategies attendees just learned.

A recent AccountingWEB article detailed the results of a new survey by Investor Protection Trust (IPT) which showed that 6-in-7 (84%) of respondents who deal with investment fraud and financial exploitation of American senior citizens agree that the problem is getting worse.

The AICPA’s Personal Financial Planning section has a number of tips the elderly should consider to reduce the possibility of fraud and exploitation:

  • Subscribe to national and state DO NOT CALL lists.
  • Keep social security cards in a safe place.
  • Avoid giving personal information over the phone.
  • Delete unsolicited emails that request personal information or money.
  • Not open doors to strangers.
  • Remove mail promptly from the mailbox.
  • Review bills and bank statements promptly for accuracy.
  • Shred all confidential and financial information prior to discarding.
  • Make a copy of all items in their wallets and keep it in a safe place.

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