A bill that would continue to allow investors in Section 529 college savings plans to make two changes each year to their investment allocations appears unlikely to pass the House anytime soon, industry and Washington insiders say.
Legitimate offshore banking by wealthy Americans may be the next casualty of the UBS AG tax evasion case.
While Swiss banking giant UBS AG has agreed to release information on 4,450 client accounts to settle a contentious lawsuit with the Internal Revenue Service that centered on alleged offshore tax evasion by the bank's clients, the IRS said that it may eye other banks for similar activities.
Assets in Section 529 college savings plans are beginning to recover from last year's sharp drop, climbing to an estimated $98.6 billion in the second quarter, up 15% from first quarter assets of $85.9 billion.
The painful process of recovering from investment fraud is being eased by recently issued IRS guidelines that accountants and tax experts say will greatly benefit fraud victims.
The U.S. and Swiss governments have reached an out-of-court settlement in the tax evasion case involving the Internal Revenue Service's request that UBS AG turn over the identities of 52,000 Americans who have accounts with the bank that may have been used to avoid paying U.S. taxes.
Aggressive hiring by regional broker-dealers is likely to continue for the rest of the year, coming mostly at the expense of the wirehouses, according to industry executives and analysts.
Aggressive hiring by regional broker-dealers is likely to continue for the rest of the year, coming mostly at the expense of the wirehouses, according to industry executives and analysts.
The section 529 college savings plan industry is getting its ducks in a row before an Aug. 14 deadline for comments to be considered before the Department of the Treasury's Office of Economic Policy issues a report on the programs next month.
Fidelity Investments' contract as program manager for Massachusetts' 529 college savings program, the $2.5 billion U.Fund College Investing Plan, has been renewed by Massachusetts Educational Financing Authority.
