Attention AIG Executives: THE NATIONAL BACKLASH IS COMING. CASH THOSE BONUS CHECKS AT YOUR OWN PERIL. _____________________________________________________ The below is an actual first paragraph of an article in the NY Times business section this morning. Seriously, its actually real. The American International Group, which has received more than $170 billion in taxpayer bailout money from…
Taxes
The End of Super Secret Swiss Banking?
Bloomberg is reporting that since the day in February that UBS coughed up 300 client names to the US government in a tax evasion investigation, the Swiss bankers and their clients are quaking in their boots. The decision marked the first time Switzerland lifted its banking secrecy laws, allowing UBS to pass on client data…
CEO-Swapping at UBS and Credit Sweeeeesse
Ah, Switzerland. The land of fine time pieces, exquisite chocolate and institutionalized tax evasion. There’s been a switcheroo as regulators on two continents engage in a light wrist-slapping at UBS over the bank’s role in the Madoff fraud and the let’s-arm-our-unregistered-advisors-with-encrypted-laptops-to-help-Americans-cheat-Uncle-Sam affair. Troubled UBS has brought on the architect of Credit Suisse‘s recent turnaround, Oscar…
Rolling Over a 401k to an IRA
Transferring your 401k allows you the option of never having to take physical custody of your funds as they move between your 401k and your new IRA account. This does not get reported to the IRS, so if you transfer it to a broker or firm you aren’t happy with, don’t worry, you still have the ability to move it again within the same calendar year without restriction. This method will allow you to move your securities over (more on this below).
With a Rollover, however, you’ll be getting a check from your 401k sponsor after you request liquidation. You will then have the responsibility to deposit this amount into a rollover IRA account within a a certain amount of time (discussed below). You can only do one rollover a year, so be prepared with a destination you can live with for a little while.
