FAQs about Social Security Retirement Benefits

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For years, people have questioned the long-term viability of the Social Security system. In June, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. It projects that the combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds will become depleted in 2034. Additionally, the Disability Insurance Trust Fund will become depleted in 2023.

New IRS Guidance for Designated Roth Accounts

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Latest accounting related news from Maloney+Novotny, CPA's and Business Advisors

Does your employer offer a 401(k), 403(b) or governmental 457 plan? If so, you may be able to set up a designated Roth account through your company’s plan. Then your Roth account will be allowed to receive designated Roth contributions that are taken out of your salary through so-called “salary-reduction contributions.” Here’s more on how this strategy works, why it may be advantageous for certain taxpayers and how new IRS regulations add greater flexibility to allocating distributed after- and pretax amounts.

Building the Workforce of Tomorrow Starts Today

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The supply of skilled workers is especially tight in high-tech sectors, such as health care, transportation and energy. There are currently more than 500,000 open jobs in technology fields, including software development and cybersecurity, according to a recent White House press release. Many of these positions didn’t even exist a decade ago — and the average salary for a technology-based job is typically 50% higher than for the average private sector job.

Made in America: The Pursuit of Life, Liberty and Global Opportunities

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This election season, Republicans and Democrats don’t seem to agree on much. But 95% of voters — regardless of which U.S. presidential candidate they favor — support American-made products. The vast majority of Americans also favor training programs, trade enforcement, tax incentives and a national strategy to support U.S. manufacturing, according to the Alliance for American Manufacturing. This organization is a not-for-profit, nonpartisan partnership of leading domestic manufacturers and the United Steelworkers labor union.

New Study Confirms the Prevalence and Cost of White Collar Crime

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For 20 years, the Association of Certified Fraud Examiners (ACFE) has been publishing studies every two years to raise awareness of occupational fraud, and the role strong internal controls can play in limiting these schemes. The 2016 Report to the Nations on Occupational Fraud and Abuse covers more than 2,400 cases of white collar crime, occurring in more than 100 countries. About 1,000 of these cases involved U.S. organizations.