The FTB knows about all your financial accounts

In 2011, California passed an extraordinary law that requires financial institutions (banks, credit unions, insurance companies, and brokerage firms) that do business in the state of California, to match their customer records with the debtor database maintained by the Franchise Tax Board.   This incredible program is called the Financial Institution Records Match.   Let[…]

IRS Statistics on 400 top incomes

Just think of all the amazing financial data the IRS has on American citizens. Periodically the IRS releases the information in something called the statistics of income.  In a recent article, Inc went through the information to determine how the rich got rich. The percentage of types of income earned by the top 400 taxpayers[…]

Why insurance agents have a bad name

So I just received a “sales idea” email from the regional sales guy of a very large insurance company. The sales idea showed an after tax comparison of 60K a year going into a life insurance policy and 60K a year going into investments. What were the assumptions in the model?  First off both the[…]