SEC WHISTLEBLOWER REWARDS

Last April, The Securities and Exchange Commission (SEC) awarded more than $27 million to an individual whistleblower who alerted the agency to industry misconduct and provided critical investigative leads that advanced the investigation. This action saved the taxpayers millions of dollars. The SEC awarded $120 million to whistleblowers in 2019 alone. Since starting the program in 2012, the SEC has awarded approximately $425 million to 79 individuals for providing information on securities-related misconduct, corruption, and other criminal activity.

AMERICA’S SAVINGS CRISIS

Personal finance experts frequently recommend having three to six months’ living expenses set aside for the unexpected. But fewer than one in five – 18% – have six months’ expenses saved, according to the Bankrate 2019 Financial Security Index. A Federal Reserve study found that half of American households don’t have an emergency fund at all. And that was before the Coronavirus job losses. Today 25% of homeowners say they have less than $500 that they could access in case of an emergency, according to a June 2020 study by Homeserve.com.

WATCH THOSE CREDIT CARD BALANCES!

According to Experian, Baby Boomers (ages 55-73) and Silent Generation members (74 and older) lowered their balances by 1% in 2019. Meanwhile, younger generations have racked up higher balances. Generation Xers owe the most of all the age cohorts with average balances of $8,023 – an increase of 3% year-over-year. Millennial balances increased by 7%, to $4,702. Generation Z consumers have average balances of just $2,057, but that’s up 11% over last year.

ADKF, is the largest, locally-owned public accounting firm in San Antonio, Texas, with branch offices in Boerne and New Braunfels. We have been serving our community for 29 years. We are a full-service CPA firm that employs a broad range of tax, audit, bookkeeping, and consulting services and superior customer service to help our clients meet their goals and objectives. Our partners are committed to assisting our clients in meeting their goals and objectives through superior client service. Please click here to set an appointment with us.