| Volume 141 Number 36 |
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The People’s Lawyer’s Tip of the Day
Was your social security number suspended? A caller says that he’s from the government and your Social Security number (SSN) has been suspended. He sounds very professional. So you should do exactly what he says to fix things…right? Wrong! Click here for more.
Congress Races to Head Off a Government Shutdown
The U.S. Government is threatening another shutdown and Congress is going through all the government’s coffers looking for the funds to avert it and prevent consumers from suffering any consequences from a closure. It’s not like Congress doesn’t have enough on its hands with hurricane Florence, tariffs, vetting a Supreme Court nominee, and a looming mid-term election. But if the Democrats and Republicans can’t find a way to appropriate $1.24 trillion by midnight on September 30, the cupboards will be officially bare. At that point, the options are two: 1) shutter every service and agency short of the ones considered vital; or, 2) trim operations back as far as possible. This is the second time in 2018 that the Government may be forced to close down. In all but four of the last 40 years, Congress has passed continuing resolutions (CR) to keep agencies running between budgets. Click here for more.
Your Money
As employers phased out traditional pensions, 401(k) plans were introduced to fill in the gaps. Named for the subsection of Internal Revenue Service code that allows for them, these accounts have become the primary retirement savings vehicle for many people. The tax benefits of traditional 401(k) plans are important. For 2018, contributions of up to $18,500 are tax deductible. Workers age 50 and older can benefit from catch-up contributions for a total of $24,500 this year. And many employers will also match a percentage of what employees put into their plan. While tax deductions and employer matching contributions are well-known benefits, there are other, lesser known perks of 401(k) plans, including after-tax savings options, financial resources and government protections. Click here for more.
For the Lawyers
Attorneys may face sanctions after “egregious” omission. An Illinois federal judge threw out a Fair Debt Collection Practices Act suit and ordered the attorneys who filed it to explain why they should not be sanctioned for failing to mention a Seventh Circuit ruling that directly contravened the claims, calling the omission “egregious.” The court noted that case goes to the heart of Taylor’s claims, but she didn’t mention it at all. It doesn’t matter that Client Services didn’t bring up the case in its initial brief or reply, he added. Taylor v. Client Services, Inc., case number 1:17-cv-05704, in the U.S. District Court for the Northern District of Illinois. Click here for more.