Only 17% of retirement plan sponsors have begun discussing with their auditors how FASB Statement no. 157 will impact financial statements and benefit plans, according to the 2008 Plan Sponsor Retirement study by Grant Thornton in conjunction with Drinker Biddle & Reath LLP and Plan Sponsor Advisors LLC.
Source: Grant Thornton LLP, www.grantthornton.com .
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Maximizing the higher education tax creditsA counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.