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Baltimore CPA - 410-466-3779
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Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Facts and Figures
*Scenario Planning--After a flood occurs, many people buy flood insurance. Similarly, "scenario planning"--preparing responses to imagined changes in conditions--typically increases after a crisis. A 2002 survey showed an upswing in scenario planning to 70% among business executives following the attacks of September 11. It is expected that many firms will adopt this practice because of the 2009 recession.
*401(k) Losses--Participants in a 401(k) plan had nine investment options, including company stock. When business dealings caused the stock value to plunge, the participants sued the company. But the district court ruled that the employer was not liable for the losses. Reason: The company provided adequate information about the 401(k) investment choices and the risks. Also, plan participants had other options.
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TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
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