IRS and Tax Filing Update During Government Shutdown

Here is the most recent information we have during this partial government shutdown.  We do not have the schedule of updated tax software.  Please go to the IRS website for more up-to-date information.

The IRS Will Accept E-Filed Tax Returns on Jan. 28

Despite the partial government shutdown, the IRS announced that they will begin accepting and processing individual tax returns on Jan. 28, 2019.

Read more about this announcement on IRS.gov.

The IRS Plans to Issue Refunds as Scheduled

In addition, the IRS announced recently that refunds would go out even if a partial government shutdown persisted. Please remember, it can take up to 21 days  to get a refund from the IRS after you file the return.

Some IRS Operations Remain Limited

In addition, the IRS announced on Jan. 15 that while some of its operations will be operating as normal, others will be limited during the appropriations lapse:

• The IRS processes for refund fraud detection and ID theft prevention will continue to operate as normal.
• Automated systems, such as Where’s My Refund, will remain operational.
• While in-person assistance locations will remain closed, IRS will be bringing staff back to answer phones, but at a reduced level that may increase wait times.

We hope that if you have any questions, please call Tabatha at 410-515-5800 for your tax return appointment today.   Join B. Michael Shanley on Feb 7 and 12 at the White Marsh Library for a very important workshop on Taxes in Retirement.  Seating is limited, please call for reservation today.

Tax Time and Workshops - White Marsh Maryland

We welcome in 2019 with some new changes to our team and locations!  We have completed the purchase of Accurate Business Services in White Marsh, Maryland.  This adds another level of professional skills and services to all clients.  Bill and Donna Feehley decided it was time to retire, and Michael was looking for a great team of tax and bookkeeping professionals.  The Brandywine Advisors Group will now have a full tool box to assist families, business owners, and start-up businesses.  The focus will be tax planning and preparation, payroll and bookkeeping, valuation, and new company formations.  The group is also focused on retirement planning with key strategies for capital preservation and lifetime guaranteed income.  Going forward, the team can now offer a one-stop financial services platform.  This platform is what clients have asked for as retirement and taxes become more complicated and confusing.
Kicking off the year with three workshops at the White Marsh Public Library for important information on Taxes in Retirement.  Baby boomers are hitting the "tax torpedo" without any warning!  Your host, B. Michael Shanley will discuss the options, the strategies, and the long term plan for lower taxes, higher yields, and lifetime financial security.  Dates are for January 14, February 7 and 12.  Seating is limited, reservation required.

Please call (410) 515-5800 for your reservation today.  www.AccurateBusiness.com

Have a very blessed 2019 and we look forward to seeing you soon!  

www.BrandywineValleyGroup.com

Thanksgiving Advise from your Brother in Law

It all looked very, very easy a year ago this week, yes I am talking about BITCOIN.  Moving up the charts faster than anyone could believe.  Well, the proof is in the proverbial pudding now.  If you had listened to that brother-in-law about how Bitcoin was the next Amazon, Google, or Netflix, he was dead wrong.  It has proven to be the worst investment, correction, gamble of the year. 
All the talking heads, CNBC, FOX, Warren Buffet, had to try to put a spin on this cyber freak currency.  The rest of us watched the show from the sidelines. 
It has all the makings for a bust, no SEC, no asset based backing, traded in complete secrecy, and of course, now we know, manipulated for the benefit of early gamblers.  FOMO at its finest, better then the dot com bust, the penny stock bust, and right out of the pages of boiler-room (the movie).

If you lost 50-60% in a year, that is too bad.  If you feel that you where a victim of manipulation, fraud, sales fraud, or just plain old injustice - Good Luck.  You played in the wild west.  No law of the land, no enforcement agency, and of course not a shoulder to cry on. 

I hope your brother-in-law is picking up the tab this Holiday season, it is the least he could do....  be nice to him, he may have to be cutting grass for a long time. 

EDSEL, YUGO, PINTO, BITCOIN.........I will not go on....

Blessings for the Holiday Season, B. Michael Shanley

Help for DuPont Employees

DuPont announced this week that it will cut 1,700 jobs from the Wilmington, Delaware area. In a filing with the SEC, the company announced the cuts as part of a broader, 5,000 job downsize as the company prepares to merge with Dow Chemical.  The company expects to notify employees by January 4, 2016.
An icon for the Northern Wilmington business community for over 200 years, DuPont has employed generations of Delaware residents. The downsize and merger is part of a global trend of large corporations seeking to increase earnings by consolidation and selling off smaller, specialized business units.  Shareholders and activist have been pushing DuPont in recent years to make significant changes to the company balance sheet.

The Brandywine Valley Advisors Group will offer no cost workshops and seminars to those DuPont families that have been affected by this recent news.  B Michael Shanley has hosted monthly workshops in the area that help local retirees understand the complexity of social security, pensions, and IRA income strategies. These workshops will focus on how to plan a retirement that can provide guaranteed lifetime income to families, without fear of economic downturn, poor investment returns, and health problems.  A schedule of workshops will be released soon.

Please visit www.BrandywineValleyGroup.com for more up-to-date information.

Call 2015 the Year of Hope

As the calendar winds down, this past year has proven out to be much to do about nothing. A very long awaited, almost 3 years, hike in Fed interest rates came about with nothing more than a slight raise in the prime.  The new normal is certainly running the global economies. That normal is quantitative easing, currency manipulation, central bank liquidity, and Hope that all this will stabilize world markets.  There is great Hope that the Fed can normalize interest rates in time to prevent another global financial crisis.  It will be very difficult to accomplish if commodity price stay low and the dollar remains high.  Increasing domestic interest rates, with a low growth GDP, may cause deflation, therefore lowering values on all asset classes including equities and real estate.
   This interest rate increase is on uncharted waters. It is only a Hope that unemployment will fall and GDP will provide stable growth.  It is also a Hope that China remains at a growth level above 7%.  Many specialist predict that this may not be the case, and using voodoo economics, China is masking an industrial and consumption slowdown.
 The biggest Hope involves DEBT.  As interest rates rise, companies will use more cash flow to pay interest on highly leveraged balance sheets.  Sectors like energy and health care are already feeling the effects and cause a big ripple in the junk bond market. Many public companies are borrowing money to pay dividends to shareholders, this will also be an increased cost in 2016.  Stocks with good dividends are attractive to investors when markets are moving sideways and retirement portfolios are seeking yield.
There is another Hope, that is the Hope that we are not in an earnings recession.  It will take some time to determine, as many companies are using free cash to do stock buy-backs. This process will increase earnings per share, but it is hard to sustain if cash dries up.
We can HOPE for a few things; Blessings of health and happiness in 2016, good friends and family, good health and well-being for all.  Happy Holidays!  All the Best for 2016!

2013 Retirement Survey - Bracing for A Retirement Crisis

The annual EBRI retirement report was published this week and it has trends that are pointing to a retirement crisis in this country.  Even as the equity markets in the US are hitting all time high levels, the survey is reporting that Americans are just not prepared for the golden years.  The survey highlights that 28% of Americans have no confidence that they will have enough money to retire comfortably.  This is the highest level of non confidence that the survey has reported in its history.

Why is retirement confidence hitting all-time lows?

• Americans are living longer.
• Employment worries and delayed retirements.
• Worries about Social Security and Medicare Benefits and Costs.
• Lack of growth in Retirement Accounts.

The report is trending toward a delay in workers retirement date, citing the economy (22%) and lack of faith in Social Security and Government (19%) as the top reasons.  The trend is heading back to the all time high, as seen in 2009 after the credit crisis.  A downturn in the stock market could again force soon-to-be retirees into a holding pattern.  The report does not address the current low yield environment but does point out that  only 42% of retirees feel confident that their retirement account will grow.  

Expenses, Expenses, Expenses.....

The baby boomers are leaving the workforce in record numbers, estimated at 10,000 per day.  The EBRI report is pointing out that many have not identified the true cost in retirement.  The survey indicated that only 67% now feel they can confidently meet basic expenses in retirement, down from 80% last year.  The numbers are similar in the estimation of covering the cost of medical expenses, down 4% from the high of 71% in 2012.  Long term care cost seem to be the elephant in the room, with only 44% confident they have this problem covered in retirement.  

Failure to Plan is a Plan to Fail

Only 23 percent of workers and 28 percent of retirees report they have obtained advise from a professional advisor who was paid through fees or commissions. Of these workers, 27% followed all of the advise, but more disregard some of it and followed most (41%) or some(27%).  If this pattern was similar to following the advise of a doctor, retirement income would not be a big issue for most.  Take the time to consult professional advisors. Baby boomers have to plan for 25-30 years of guaranteed income, most not having defined benefit (pension) plan, debt free home, and inflation protected savings. 

To RetireSmart!:

• 45- 55 year old workers should be creating a supplemental income to Social Security, remember 2033 is coming and it is YOUR problem. 
• 55-60 year old workers should have an expense and income plan in place and in conservative investment or annuity programs.  
• 60-66 year old pre- retirees should have a housing plan, health care plan, income plan, Social Security Plan, LTC plan, tax plan, transition plan, and the important distribution plan.
• 66 plus - Follow the plan, if any questions, follow the plan!  Enjoy!

Call us today at 484-881-8899 and request our guide, "10 Things to Know about Planning YOUR Retirement"  Check our event schedule for a workshop in your area HERE.

A Tribute to Carroll Shelby

I spent the day yesterday on the radio, as well as putting a show together for Sunday to pay tribute to a great American Icon, Carroll Shelby.  I had the honor and privilege to meet Carroll Shelby in 2000, at the SAAC event in Lime Rock, CT.  My family has been involved in racing since 1904, and my love of Mustangs and high performance Fords has put me on the best race tracks in the country.  Along the way, I met some great folks, including Carroll Shelby.  He can be credited with turning Baby Boomers into muscle car enthusiast.  He put the world on notice in 1965 that an American company was dominating world racing, beating the majestic Ferrari.  His legend continued with great cars like the GT350 and GT500 Mustang's.  His icon will always be the Cobra.  In the more recent past, I tried to convince the Shelby group to get some great organic coffee in the  product offerings for the Shelby Signature Foods.  A program Carroll wanted to have to raise money for his foundation that supports children, education, and legacy of his name.  I have spent many weekends on the track with some of the original Team Shelby drivers, as well as all those great folks who have preserved the great cars of the 1960's.  I went to many of the SEMA shows to see and talk with Carroll Shelby about the new design mustangs, and even while in his late 80's he always had his head in something faster.  Baby Boomers all recognize that they had some of the greatest cars in the 1960's and a lot of that go-power came from the great Carroll Shelby.  Yesterday, Rick Jensen and I spent an hour in the afternoon talking about great history, great cars, and took some listeners calls about old Fords, and about a great man, Carroll Shelby.

Who else could give you some driving pointers?  Thanks Carroll

Lets Fight Diabetes NOW - Join YMCA of Delaware's Tricia Jefferson

Retire Smart Radio welcomes Tricia Jefferson, RD, LDN and director of the YMCA's Diabetes Prevention Program in Delaware.  All are welcome to join this battle, the Retire Smart Radio show this week featured Tricia with host B. Michael Shanley as they discussed the truth behind the prediabetes battle and the solutions for today's baby boomers.  This program is open to all people, from all areas, including DE, PA, MD, and NJ!

Please consult with your healthcare provider and discuss your personal situation if you feel that diabetes may be in your life or the life of a loved one.  There are proven results in this great program, and we encourage all people to take a look at your lifestyle and health choices as you enter those retirement years!  One step at a time and with slight modifications to eating, exercise, and monitored results, can put this national epidemic to rest in the Brandywine Valley!
Join us in the fight, get educated, and start on the road to better living and health.
Contact Tricia Jefferson at 302-571-6998 for more information or call RetireSmart Radio at 484-881-8899

To Listen to the Show  Click Here,  April 29 Show Click Here

Whats Ahead for Long Term Care Protection?

The news this week is not new, but very consistent and concerning for baby boomers facing retirement. Prudential announced that effective at months end, it would no longer accept applications for long term care protection.  This is the tenth of the top twenty sales companies to discontinue policies to individuals for the important care policies.  The company cited low yields on bonds and higher then expected policy payments for this product line.
On RetireSmart Radio Show this Sunday, B Michael Shanley will discuss this problem, its impact on your retirement, and some hybrid ideas to get the best of the needed insurance, for an affordable price.  Tune in to WDEL 1150 AM at 10:30 AM Sunday March 25th for this important information.
Michael Shanley is the President and Senior Retirement Advisor for the Brandywine Valley Advisors Group with offices in West Chester and Wilmington.  Consider your options with the professional advise you need to make a  custom retirement plan for your family.  You can contact Michael at 484-881-8899

BIG Changes Coming to YOUR 401(k) Plan

There has been a two year rumbling from 401(K) plan administrators for the new regulations coming from the Department of Labor.  These sweeping changes, currently scheduled for July 1st, will require a full disclosure of the fees associated with administration, management, and expenses of your 401(k) plan.  I say, currently scheduled, because this date has been moved several times over the past 18 months.
The new disclosures cover both the direct and indirect compensation administers receive, the indirect fees have often gone undisclosed.  These changes come at a time when participants have seen very low returns, yields on safe haven investments. It will prove to many in money market type plans, that they are actually loosing money over time.
Tune into RetireSmart Radio, with your host B Michael Shanley this week for an in depth look at these changes and special guest Anne Tergesen, journalist for the Wall Street Journal.  She has been on the forefront of reporting the DOL changes, and the implications of full disclosure to the average participant.
The fallout of expensive plans is expected as participants turn to plan sponsors for relief from diminished returns, with zero protection from market downturns.
401(k) plans, are defined contribution plans, became popular in the early 1980's, today there is over $4.3 trillion in these plans.  For more details on your impact, and those questions you may have about retirement planning, listen this Sunday March 11th, at 10:30 AM WDEL 1150AM.  Remember to turn your clock ahead an hour!

To Listen to the Show, click here

Retire Like A Champion!

It is that time of the year again! The NFL season was almost on hold over the summer, but here we go again with a classic showdown between the Giants and Patriots. I have always been a big fan of football, and it was not until 1999 that my team’s chance at a Super Bowl appearance came full circle. The St Louis Rams hired, out of retirement, a coach that took another team from the basement to the playoffs. Coach Dick Vermeil was already successful in many ways, NFC Championships, Rose Bowl Championship, and a trip to the Super Bowl.  It was the 1999 season that put a opportunity for Coach Vermeil to head back to the coveted game of the decade!  The team was very successful and Coach decided to retire again after a last play victory in Super Bowl XXXIV.

You can listen to coach Dick Vermeil on the Retire Smart Radio Show this Sunday at 10:30 AM on WDEL 1150AM.  Your host, B Michael Shanley asks the coach about retirement, his new wine business, and the emotions that come with a Super Bowl victory.  Coach Vermeil was well known for his great wins as the leader of the Philadelphia Eagles. He took the team to the playoffs, and had a shot at a Super Bowl win. 

At 75 years old, Coach Vermeil is now knee deep in another family passion, wine!  Vermeil wines are sold across the country and feature many award wining offerings, including a Double Gold Award for the 2008 and 2009 Proprietary Red Wines.  Vermeil was raised in the Napa Valley and his passion is very evident in all the wonderful selections from VermeilWines.com

Please join us on Retire Smart Radio on Super Bowl Sunday at 10:30 AM WDEL AM to hear all the great information and how to Retire Like a Champion!
To listen to the show, Click Here

Retire Smart in the Brandywine Valley

Great information for the Baby Boomers in the Brandywine Valley, aka Brandywine Boomers!  Everyday, 10,000 baby boomers are facing retirement in this country.  B. Michael Shanley, President of the Brandywine Valley Advisors Group, will be your host for many programs aimed at helping boomers in retirement!  This is one of those!  A blog that will spotlight issues, make recommendations, introduce local people and events, as well as get you connected with all that is important to Brandywine Boomers!

 This Sunday, January 8th, RetireSmart! Radio Show will premier at 10:30 AM on WDEL 1150 AM.  Michael takes some time to discuss the many challenges in today's retirees. His focus is on the shortcomings in long-term income planning, tips on Social Security, and some questions to ponder if you do not have a retirement income plan!
He will also be hosting three Savvy Social Security Workshops at the Brandywine Executive Center on Concord Pike,Wilmington DE,  January 10th and January 17th at 6:30 PM. The January 12th date is fully booked.  For more information on the workshops,  please call 484-881-8899.  Brandywine Boomers can attend one of the many workshops that will be offered in 2012, in Exton, West Chester, Chester Springs, Glen Mills, Malvern, and Wilmington DE, please check back on this blog for more information!
Michael has an all star lineup of guest for this year, including Rosemarie Kosmalski, Pubic Affairs Specialist from the Social Security Administration, YMCA directors from Wilmington and West Chester, local chefs, local wine experts, local business owners, and professors from Villanova, UPenn, and University of Delaware.  For more information, www.RetireSmartRadio.com
Have a Great Day Brandywine Valley Boomers!
B. Michael Shanley