A New Man in Power (Potentially!)

The Senate recently cast a preliminary vote that will hopefully see Richard Cordray named the Director of the Consumer Financial Protection Bureau. The Bureau, which was designed to help protect average consumers from fraud and other financial dangers, has mostly been under Cordray’s leadership in recent years, though a final vote is still needed to make it official. If confirmed, Cordray would serve a five year official term in the position and the hope is that consumers would be better protected against illegitimate financial companies, unscrupulous debt collectors who use wrongful practices to collect money, payday lenders, and other financial hazards.  The organization, under the strong leadership of Cordray, might also do much to dissuade any accountants who operate falsely or who embezzle money from their clients.

Regardless of who ends up taking over leadership of the Bureau, it is always important to exercise caution when selecting an accountant in the public or private sector and when working with an accountant, no matter how trustworthy he or she might seem. For a very trustworthy accountant in Naperville, consider Susan S. Lewis, Ltd.

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• Consumer financial chief to be confirmed soon (money.cnn.com)

Dealing with Ever-Changing Tax Laws

If you run a business or even if you just have complex personal finances, hiring an accountant in your area is a smart idea. An accountant can help you to file your taxes each year, to keep your spending and your earnings in balance, and to set up a livable budget. Furthermore, accountants can help you to navigate the ever-changing world of tax laws. It might seem like tax laws would stay the same from year to year, but that’s actually not the case. While big, drastic changes to tax law are rare, there are usually a few small changes made each year. This could be something as simple as needing to send your tax returns in by a different date or being required to report income you weren’t required to report before.

Unfortunately, if you’re not working with an accountant in your area, one who knows current tax laws backwards and forwards, you could end up paying the price for your lack of knowledge. You might be penalized financially for your errors or be forced to start from scratch. Don’t let this happen to you! Susan S. Lewis, Ltd., located in Naperville, has professionals who

can help, so take advantage of this service.