In response to Monday’s
sizable market downturn, on top of last week’s stink up, I submit the
following, courtesy of Scott Grannis’ Friday June 21st submission:
- Household debt is at
historically low levels
- U.S. Household net worth has
reached an all-time high, due to increased savings and investments
- Per Capita net worth is at an
Please don’t get twisted
about the current state of affairs or the market’s short term reaction to
them. Keep your long term financial plan on track, leave it just the way
An interesting idea from
one of our clients:
Kids over 18, legal
adults, need a Will, a Durable Power of Attorney and a Living Will so you, as
parents or close relatives, can act on their behalf if the unthinkable occurs.
As ugly as this is, the
pain of something happening doesn’t need to be magnified by having to hassle
with existing laws.
The IRS warns that IRS
phone scams are surging, with caller IDs being altered to read, ‘IRS’ or
‘Taxpayer Advocate Services’.
Victims are told they
owe taxes and must pay through a wire transfer, gift card or prepaid debit
card, which is ridiculous when you think about it. The scammers are
threatening arrest, foreclosure or deportation.
Seniors and low-incomers are especially
targeted. Please be aware. If you get one of these calls, just hang
The 3 engines of wealth accumulation are:
- Personal Initiative
- Hard Work
I don’t know any other
Scammers are spreading a
computer virus with e-mails about tax transcripts.
The message looks like
it is from the IRS. DO NOT OPEN THE E-MAIL.
Remember, the IRS
DOES NOT correspond by e-mail, ever.
If you’ve recently married, divorced, remarried, lost a spouse or close relative, had a child, had another child, or had a grandchild, it’s worthwhile to review the beneficiaries of your IRAs, 401ks, life insurance and annuities.
Tedious, yes, but worthwhile.
Attention All Business clients that we prepare 1099’s and W-2’s for!
All W-2’s and 1099’s are due January 31, 2019.
If you have paid $600 or more to an individual or LLC from your business or rental properties for services, you are required to send a 1099 MISC to each recipient.
Please be aware starting in 2019, the IRS will impose stiff penalties if required 1099’s are not completed and filed.
Please get us your information ASAP.
If you want to do your part, above and beyond your tax payments, to reduce the Federal Debt, you’ll get a charity write off for your
You can give online at Pay.gov or send a check to the Bureau of the Fiscal Service with a note indicating it’s a gift to reduce the debt held by the public.
In 2016, concerned citizens sent in $2.7 million. According to my calculations from TreasuryDirect.gov, the $2.7 million paid for approximately 3 ½ minutes of the $432,649,652,901.12 of interest our Country accumulated in 2016.
Effective 10/29/2018, New Jersey Sick leave law goes in effect. Please note the following key details:
- The new law requires employers to provide every employee one hour of sick time for every 30 hours worked with a maximum accumulation of 40 hours in a benefit year. There are many details and factors to consider, but no matter the size of your NJ business you will need to take some action.
- Notice of Employee Rights must be posted by November 29, 2018. The NJDOL poster can be downloaded from the New Jersey government website: https://www.nj.gov/labor/forms_pdfs/mw565sickleaveposter.pdf
- Have employees sign off on receipt of the NJDOL notice.
- Please be sure to review your personal policy to determine if you are in compliance. Have employees sign off on a new staff handbook or policy if changes are made. Your current policy may already be in compliance if you offer paid sick time off.
- Employers need to determine the benefit period. We recommend Calendar year.
- If you do not have a tracking system in place, contact your payroll company to assist with implementation of the required accrual tracking.
- Existing employees can start to use their accrued sick pay 120 days after the effective date of 10/29/2018 which is 2/26/2019. For new employees, the accrued sick days start the date of hire and they are able use the accrued days 120 days after date of hire.
- Employers are not required to pay out any unused sick pay at the end of the benefit period or upon termination.
- For more information, can be obtained from the NJ Department of Labor website.
I watched a fascinating interview with Jamie Dimon, the CEO of JP Morgan Chase.
Jamie is pro-America and one slice of his interview, brought to my attention by Nick Murray, just made me proud.
“America has the best hand ever dealt of any Country on this planet today and ever. Americans don’t fully appreciate what I’m about to say. We have peaceful, wonderful neighbors in Canada and Mexico. We have the biggest military barriers ever built, called the Atlantic and Pacific. We have all the food, water and energy we will ever need. We have the best military on the planet and we will for as long as we have the best economy. Listen closely to me on that one. OK, because the Chinese would love to have our economy. We have the best universities on the planet. There are great ones elsewhere, but these are the best. We still educate most of the kids who start businesses around the world. We have the rule of law, which is exceptional. If you don’t believe me, we can talk about Brazil, Russia, Venezuela, Argentina, China, India. Believe me, it’s not quite there yet. We have a magnificent work ethic. We have innovation from the core of our bones. You can ask anyone in the room, it’s not just Steve Jobs. We’re the widest, deepest financial markets the world has ever seen. I just made a list of those things. It’s extraordinary. It’s extraordinary. And we have it today.”
YouTube, The Economic Club of Washington, DC, David Rubenstein interview with Jamie Dimon