1 month ago
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Osaic has been hit with a class action suit claiming the firm put its own profits ahead of customers in how it has handled its various cash sweep programs.
In the suit filed in Arizona federal court, Osaic customers Robin Nackman and Douglas Whittaker accused Osaic of a "dramatic underpayment of interest" to their customers, violating their "contractual, implied and/or fiduciary obligations" to the plaintiffs.
"Despite its representation to the contrary, Osaic categorically has not adjusted interest rates paid to customers based on economic or prevailing market factors, but rather has kept the sweep rates artificially depressed as to reap substantial profits for itself," the complaint read.
In the complaint, Nackman and Whittaker argue that typically, uninvested cash from customer accounts is moved (or "swept") into interest-bearing accounts, generating client returns.
#osaic #wealthmanagement #whittaker #suit
Osaic has been hit with a class action suit claiming the firm put its own profits ahead of customers in how it has handled its various cash sweep programs.
In the suit filed in Arizona federal court, Osaic customers Robin Nackman and Douglas Whittaker accused Osaic of a "dramatic underpayment of interest" to their customers, violating their "contractual, implied and/or fiduciary obligations" to the plaintiffs.
"Despite its representation to the contrary, Osaic categorically has not adjusted interest rates paid to customers based on economic or prevailing market factors, but rather has kept the sweep rates artificially depressed as to reap substantial profits for itself," the complaint read.
In the complaint, Nackman and Whittaker argue that typically, uninvested cash from customer accounts is moved (or "swept") into interest-bearing accounts, generating client returns.
#osaic #wealthmanagement #whittaker #suit
2 months ago
A Dec. 31 Roth conversion triggers a tax bill due Jan. 15, and missing quarterly estimated payments generates interest-like penalties before you even file.
Retirees with prior-year AGI above $150,000 must prepay 110% of last year's tax to satisfy safe harbor and avoid underpayment penalties on a large conversion.
Requesting IRA withholding in November or December retroactively credits payments across all four quarters, curing earlier shortfalls that a January estimated payment cannot fix.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
A Roth conversion completed on December 31 counts for that tax year, but the resulting tax bill does not sit quietly until April. The IRS treats a conversion as ordinary income in the year it happens, and estimated tax rules can turn a late-year conversion into an underpayment problem that starts accruing charges before the return is even filed.
#year #roth #payments #underpayment
Retirees with prior-year AGI above $150,000 must prepay 110% of last year's tax to satisfy safe harbor and avoid underpayment penalties on a large conversion.
Requesting IRA withholding in November or December retroactively credits payments across all four quarters, curing earlier shortfalls that a January estimated payment cannot fix.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
A Roth conversion completed on December 31 counts for that tax year, but the resulting tax bill does not sit quietly until April. The IRS treats a conversion as ordinary income in the year it happens, and estimated tax rules can turn a late-year conversion into an underpayment problem that starts accruing charges before the return is even filed.
#year #roth #payments #underpayment
