for a major pull back, a much-needed correction is due. liz: number one thing to watch is jobless claims data. we finished out the day with a huge rally. david: all right. we'll see you back here tomorrow. gerri: hello, everybody, i'm gerri willis. right now on "the willis report," a major security flaw in millions of websites. what you need to know about the heartbleed bug. they're the other oners. most of your medicare money is going. special report, user's guide to education. what your college financial aid office isn't telling you. we're watching out for you on "the willis report." gerri: the irs is looking out for you. i'm not kid you. at least that is what it claims in a new report to congress. the irs went undercover to audit tax preparers and it is warning consumers on what it found. with more on this dominic

tavella from diversified private wealth and you are a tax preparer, right? >> our firm is. we have a cpa on staff and yes, we prepare taxes for our clients. gerri: this undercover this, national of a total of 19 tax preparers all over the country. >> wow, a whopping 19, huh, gerri? >> came up with what they call significant errors in the gao report. it is full 25 pages, 25 pages from 17 interviews. what do you make of what they're saying. >> start, with the irs started this program quite a few years ago because what they found -- gerri: they do it every year. >> this shouldn't be as a surprise to anybody. what they found a significant number of fraud cases came from a very small amount of tax preparers. so they really clamping down on this they started the tax identification -- gerri: john, sound like you're covering your but here. >> no. gerri: not just fraud they're talking about here. there is just mistakes. here is kind of thing. >> lot of mistakes. gerri: not reporting non-foreign

w2 income. claiming ineligible child for inned income tax credit. not providing an accurate preparer tax i.d. number. lots of issues, lots of issues. do you think this was fairly done. >> i don't know the parameters they used. look, we have 145 million tax returns that get prepared basically in a, 75-day period, right? february, march, and half of april. 145 million returns. so that is, half of those are done by professional. they're running into their accountant, cpa, tax preparer and asking them get this stuff done and get it done in 3 1/2 minutes. gerri: i hear you, your job is hard. >> not mine. i have staff. gerri: done in short period of time. >> look, it is a partnership between the preparer and the client. they have to bring the proper documentation. they have to fully disclose. gerri: look at more details from this report. one of the details is that taxpayers who used to pay a

preparer had an median tax income across all adjusted gross income levels 36% greater than taxpayers who do their own. how do you explain that. >> if you were hiring a professional, i'm emphasizing professional, cpa, enrolled agent, looking at my tax return. look at my tax case and make sure i'm taking advantage of every single deduction i'm allowed to do. if they're not doing that why are you paying them? do it yourself. gerri: exactly right. people who pay up are the people with complicated returns to begin with. >> correct. average person, simple w2. you can do it yourself. it is not that complicated. more complex scenarios, switching jobs. david: babies, getting married, unrebill bursted expenses, get a professional and you will have a higher income. gerri: let's be fair here. the gao report looked at only 19 tax preparers across the country. this is no any way thorough going look at industry. come on, they're giving you a

hard time, aren't they. >> i don't know if they're giving me a hard time but they are giving the industry a hard time. the truth is the irs is trying to make profession a higher quality. you have to make ce credits, education credits. licensing. this new enrollment program to get a tax identification number. gerri: don't they want to collect more taxes at end of the day? isn't that the ultimate goal? >> if you're hiring a professional and that the professional is doing their job the proof is the professional on average getting you a higher refund. they want to stop the person who is making up deductions and taking charitable that you didn't do and really creating what i consider a fraudulent return. gerri: let me point out one other thing going on here. senator ron wyden wants to regulate the industry and a lot of people in washington want to do the same thing. those in the industry, many say that would be difficult particularly for smaller operations. >> so when the irs installed this new program it really took a segment of the tax preparer industry and wiped them out. they no longer prepare tax returns.

if you prepare more than tax returns, paid tax returns you need to belong to this program. you need to register with the irs. so it already wiped out probably a third of the industry. what they're trying to do is institute some level of professionalism. if you ask a true professional, true cpa, good, i got to do ce credits, i have to do training to be enrolled, they will say good news. on the other hand these marginal players, maybe they shouldn't be in the business at all. gerri: thanks for coming on. good to see you. >> my pleasure. gerri: thanks so much. a "fox business alert." bank of america reaching a $7,772,000,000 settlement with regulate, over to allegations they pushed customers for stein signing up for credit card products. 772 million. it includes 770 million in refunds to consume is and $45 million in penalties. bank of america isn't admitting or denying allegations brought by the consumer financial protection bureau and the office of the comptroller of the currency.

this makes bank of america the fifth u.s. bank to settle allegations about improper credit card add-on products. the beat goes on in other words. to computer story you want to hear about. it is rare that computer experts agree on the severity of a security problem on the internet but today they are doing just that experts found a bug used on millions of websites that could expose your personal information including passwords, all sorts of financial information. with more on this adam levine, founder of identity theft 911. always great to have you on the show. thanks for coming in. >> sure. gerri: i read this is like the lock on your door malfunctioned. the metaphor i heard from people explaining this. how do you explain what's going on? >> what is happening is a flaw occurred when an update to this open ssl software, one particular version, in 2011 and as a result, instead of thinking that you have a locked door, suddenly there's a keyhole. and people who don't have the best of intentions could be

looking through that keyhole and the biggest problem is that based on the amount of time this flaw existed, that no one found it. gerri: it has been around for a long time, two years? >> more than two years. gerri: why didn't we know? >> this is one where everybody missed it, everybody. gerri: well, i you know, i'm at risk. everybody is at risk. what do you do to protect yourself? >> the first thing you need to do is find out, literally site by site that has been impacted by this what they're doing. they will be communicating with consumers that use them. then what you need to do, once you know the problem is solved, then you have to change your password and do a number of things in order to make sure that you have long and strong passwords, and they're unique passwords. gerri: now, i understand this affects about 23%, or 2/3 of all the sites out there. so a huge preponderance of them are impacted and just to explain when you see the https, in your url at top of the web page, the s is the secure part. i thought this was industry

standard. >> it was a industry standard and this was a version of software used by half a million sites or more representing 2/3 of all the sites on internet. gerri: wow. >> it was just one of, like when you get update notifications say, update your software with a patch. think of it, patches for software is equivalent of ants at a picnic. you will see the bugs and they will patch the bugs but this is one where everybody missed the bug. they missed the hole in it and there was such exposure to information. gerri: so i understand there's a fix in the works? >> there is a fix in the works. many sites have already installed the patch. and they're notifying their users literally one by one with the sites. it is a lot of big sites that have had issues. gerri: like? >> google had, they talked about it. yahoo! talked about it. gerri: wow. >> tumblr, a number of those sites. the important thing is, don't change your password yet until you know that the site that you're using has done the patch.

because if you change your password and someone still watching and problem it is untraceable. nobody knows if anyone was watching, if everyone was watching and what they were doing with the information. so this means all the things we keep telling people, you and i, about check your credit reports, monitor your accounts. gerri: right. >> make sure you have long and strong passwords. do not share passwords between sites. gerri: adam quickly. >> don't use same user name and password. gerri: is there any evidence that big bank websites are affected here? >> i haven't heard that yet. but that doesn't mean that they weren't. why everyone has to stay tuned and every site is notifying its people one way or another. but if you get an email that says, click on this link because we'll tell you more about it, don't do it because there will be a great deal of phishing going on right now with people trying to take advantage as they always do of a disaster. gerri: i have to tell you, staying safe on the web now is mighty, mighty difficult.

thanks for coming on the show. always good to have you here. thank you so much. >> thank you. gerri: we have more. mower, more to come this hour including how do you do that? how to rein in your spending for the prom. our users guide to education continues. our expert is here to how to decode financial aid offers. you will want to know about that. stay with us. the owner of a vehicle, with a bumper sticker, "turrible" your lights are on. you wanna get that genius? not mine. on the passenger seat, there is a collection of charles barkley highlight dvds. must be a big fan. and the license plate reads "sir charles." i'm gonna get some drinks with my capital one venture card. be right back. earn unlimited double miles with no blackout dates from the capital one venture card.

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gerri: we are kicking off day three of our users guide to financing your college education. it is that time of year, my friends, when perspective students all over the country are getting financial aid offers from colleges right in the mailbox but our next guest says these can be deceiving so how do you decode these offers and pickbest one for you or our loved one? joining me with expert advice senior vice president and publisher of advisers network. author of the filing the fam is a. mark, your work is well-known in this sector, this category. let's warn folks what they're up against here. not like colleges will tell you anything. when you get the aid package they might leave a few things

out. like what? >> first of all they might leave out cost of attendance at the school or may list direct costs like tuition and fees but not all other costs like room and board, books and supplies, computer, transportation, personal expenses. gerri: that is not the whole story. not the whole story, right? because mom and dad will have to pay a lot more. you say there is missing or misleading information about loans. help us understand that. >> well, the award letter is going to list the financial aid that you're getting but they may not distinguish between loans and grants. they may characterize a loan as though it reduces your college cost, listing just the name of the award and award amount, not identifying as a loan. gerri: wow of as you're looking over the list, harder for you to distinguish what is the free money and money you have to pay back. if you do any analysis at all thieves numbers, you have to know both those things.

saw there is issue with front-loading grants. tell us how that works? what does that mean? >> so what you need to do to analyze the award letter is look at the net price which is the difference between the total college costs and just grants and other gift aid money that doesn't need to be repaid. but, about half of all colleges do what is called front-loading of grants where they give you better grants your freshman year than during your sophomore, junior and senior year. so your net price that freshman year may be lower than it is in subsequent years. gerri: so that's important to know. if you're counting on your situation financially to be the same every year, it may not happen that way. is there any way to get the school to be honest about it, to be up front about it? >> well, sometimes you can just ask them they will be honest, they say are you front-loading grants? other times you have to ask a upper class man about grants as senior compared to grants as a freshman. use college navigator.gov look

at grants for freshmen versus all graduate students. if there is big difference it means the school practices front-loading of grants. gerri: you obviously want to compare offers, right? rand try to figure out which of the offers your child is getting is best. how do you do that? >> compare them based on net price, not on net cost figure. the colleges promote net cost by subtraction from the entire cost, but financial aid package include loans which don't reduce cost. base them on net price, which subtraction, grants. that is discounted sticker price. if there are differences, less than a thousand dollars most families go whichever school has the greatest reputation or the best academic or social fit. if it is more than $5,000 they often go with the cheaper school. gerri: or the best party school is what some kids want to do, right, mark? >> yes. gerri: before you go, i want you to tell us a little bit about the best types of loans out

there. what are the best loans? we talk about free money. we talk about money you have to repay. this is money you have to repay. >> well, with loans you want to look at the cost of the loan. what is the interest rate and fees? are those interest rates fixed or are they going to increase when federal reserve stops easing and stops quantitative easing. generally speaking they have low fixed rates and better available repayment terms. gerri: sometimes you can get the debt forgiven. really appreciate your time. thank you. >> thank you for having me. gerri: and coming up later in the show we expose where most of your medicare dollars are really going. and a new survey showing teens aren't dancing away with all your money for prom. has the prom spending bubble, has it burst for good? ♪ dentures are very different to real teeth.

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gerri: you're not going to belief the dough parents are dropping on their teen's prom. coming up, expert advice cutting those costs.

gerri: high school proms are just around the corner and families they're shelling out a lot of money for the teen's big night out of everything from designer gowns to oversized limos. how can parents rein in the cost and still give the teen a night of their lifetime? personal finance expert vera gib bonnes. only to the important stories on "the willis report." >> this is very important story. gerri: it is though.

you're creating memphis, but you don't want to pay every penny you have. >> memories can be expensive. parents are paying big bucks to make memories for the kids. they want them to have the best time ever. they want to look their best. feel their best so they're shelling out big bucks. gerri: $978 is the 2014 price tag, drum roll. last year it was a over 1100 bucks. >> so down 14% from last year but that is still nearly a thousand dollars. so even though we're in a down economy, people struggle to make end meet financially, job situation is kind of grim, families want their kid to have the best possible experience. it is rite of passage for these teens. they want to have a good time. gerri: okay. so, big prom. big sweet 16. on and on it goes. what these parents have spend. are kids ponying up any dough for the proms? >> for the proms they are. parents are footing vast majority. over 56% but teens are producing a larger chunk coming up with

the other 44%. my take the parents are saying look we'll pay for tickets, we'll get dress. maybe get your shoes, but for those other things, the spray tan, the manicure, pedicure, all the otherecessities the kid say they need, they must have the parents saying you know what? that you're on your own. gerri: well i don't even know what half of that stuff was when i was that age. how do you cut back? you talk about the kind of things people spend on. how can you cut back spending and not look like a skin flint? >> i think planning ahead really helps. being creative. finding alternatives. there are a lot of differ things you can do. a lot of kid have big dinner before the big event. have a pot luck dinner or barbecue. gerri: that sound -- >> i think it is fun. i have pot lucks in my apartment. gerri: call it something different? >> yes. call it a barbecue, a picnic. i don't know, something like that. have it in the backyard. have someone, a relative take impromptu pictures. those will be better than professional photographer anyway.

love candid fun shots. dresses, you can rent them and go to thrift store. i think with guys tuxes, really do comparison shopping or do a unabout of guys together and go to one tucks shop and give us a bulk rate -- tux shop. there is hourly minimum on limos. gerri: is it uncool for mom and dad to drive. >> that is uncool. we don't recommend that. if you want other kids to be talking about you, that is what you could do. do not recommend that. limo cost you have to get a group in there and divvy up the costs. fun bus would be another way to go. that can be a little bit cheaper as well. flowers, kid want flowers. get those at grocery store. there is lots of things you can do. requires a little thinking out of the box but you can bring those costs down. gerri: you have to convince the kid that is the right way to go. >> right. they will still look cool and great. still will have fun. for beauty, hair and makeup. the kid want that done. gerri: absolutely right.

get a nice cut-rate and they work as hard as anybody. vera, thank you for coming in. >> thanks, gerri. gerri: very interesting tips. gerri: all right, prom, all about the dress, right, the date, the music but also the scene. for decade prom committees have been struggling to pick a perfect theme. face it, some are overused. "stairway to heaven" does not count. that is too old. most overused prom themes compiled by "willis report. number five, mid-summer night's dream. you have to wonder how many high school theaters read the play or even know anything about it? number four, starry night but over used with twinkling lights and metallic stars. number three, under. sea. this left the willis staff feeling underwhelmed. evening in paris, nothing says teenage love is forever like i've fell tower made out of paper ma shea.

number one overused. casino. maybe they roll the dice few too many times. new report on who is pocketing your medicare dollars. do you wait until the last minute to get things done? it might not be your fault. why procrastination, maybe it is in your genes, next. ♪ so ally bank really has no hidden fees on savings accounts? that's right, no hidd fees. it's just that i'm worried about, you know, "hidden things." ok, why's that? well uhhh... surprise!!! um... well, it's true.

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as going years i know that you take medicare payments committee zeta difficult program to work with. what are the difficulties? >> it has cut back 30% over the last three or four years and it's difficult. and you have to look at it in great detail. and i work with doctors under the mayo clinic labs. millions of dollars and he is on

the salary. so this information come before we get crazy over it, they are individual doctors and you have to look at each individual case

i don't think that, come on got to be kidding. try? typically in genes we think of physical ailments like diabetes and depression. the study is showing that i am

help us run faster than hung bring tigers. what that does increases impulsivity. what study seems to indicate this overfocus on impulsivity led now to this overfocus on procrastination. so they're linked.

>> environment al and family influences. you think we'll see studies between character and genes? i find that so interesting? >> when we look at character traits, so impulsivity as character trait. procrastination as a character trait. we see specific character traits and see how they run in families. gerri: dr. paul, thanks for joining us. great toe sue on the show. >> good to be here. gerri: we want to know what you think, this is our question tonight. are you procrastinator. please join me. yes, yes, maybe no sometimes? log on to gerriwillis.com. vote on the right-hand side of the screen. i will show results at the end of tonight' show. is toyota's recall your car on the list? pot sales in marijuana sky-high but now new health concerns are going up. we'll explain after the break. stay with us.

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>> a college student visiting colorado on spring break falls to his death after eating several pot-laced brownies. 19-year-old lovie famba, fell four stories, i hope i pronounced that correctly after eating legally purchased cookies in first publicized death linked to pot since colorado legalized pot. we have a professor from university of north carolina at chapel hill. this is really concerning. we were told, straight up front what they legalized the drug, no increase in crime, going to create no new, in fact it will bring crime down, we'll have fewer problems. not true. >> the issue is these edible marijuana items because when you have a smoked marijuana, it is very predictable, it enters the central nervous civil, produce as high very quickly. when you have the edibles you

can't predict quickly how they will react. they overdose and eat too many gummy bears or too many brownies. gerri: look at list of things people put marijuana in. cookies and brownies. olive oil and spaghetti sauce? tell me about that. >> another delivery route they can have. olive oil in the pasta and get high while they're doing it. the problem you metabolize foods differently, whether large or small and metabolic rate may be high or low. it may hit you quickly or not for half an hour. you think you're not getting high and eat more and more and then you have a real problem. gerri: look at the psychological effects of pot for just a second. we know the distorted sense of time, paranoia, depression, list goes on and on. short-term memory loss. is this what might have contributed to the young man jumping off this building? would it have the impact on somebody. >> i think it absolutely can. there are reports of psychotic episodes occurring with overdoses of marijuana which the chemical called thc. this absolutely can happen.

it can mimic things like panic attacks. people in vail and fancy towns in colorado, running to the e.r. thinking they have had a heart attack when they have eaten too many pot brownies. >> you're kidding? >> not kidding you. gerri: not just psychological. it is also physical. tell me how you say it gets into the system. you don't realize how much you inbested but then what happens? >> so marijuana's chemical, thc has predictable effect t can cause heart rate to go up. blood pressure to go up. it can cause paranoia, anxiety, all these of these things. it can mimic many different conditions. if you have heart disease and have elevated heart rate and elevated blood pressure with a marijuana overdose you could preis sip tate a heart attack or stroke or some other terrible medical problem. gerri: now what i heard the pot out in the marketplace is very different from what was out 20 years ago, 30 years ago, when a lot of regulators in washington, a lot of the state governors were coming up.

gerri: i hear it is much stronger than it used to be. great to have you here on set. still to come, my two cents more. all ice on the gm recall. but now nor would is over toyota. we'll have details. big recall coming up. gunderman group is a go.

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(all) great! i love logistics. gerri: another day, another recall. one of the biggest automakers pulling over six million vehicles off the road. details coming up.

gerri: are you worried about saving enough for retirement? well investors say you should be and you better get started saving pretty soon. new calculations found that the average person needs to put away 82 doll -- $82.28 a day, every day. you save that much every day for 30 years. investors say you will have enough money to generate the u.s. household average for 30 years even after you adjust in inflation.

>> some more popular models around the world, as you report, almost 6.5 million cars. some vehicles recalled the yaris that is real popular model. the small car corolla, a huge model sold worldwide and highlander, big suv. here are the problems 3.5 million have airbag problems. the cable basically could come loose and cause the airbag not to deploy. 2 1/2 million almost seats don't

lock. 760,000 with loose steering brackets. 160,000 with windshield wiper motors that may not work. and starter fires on another handful of vehicles. a whole panoply of problems there. and i'll tell you, this is starting to have impact financially on these companies. take a look at what morgan stanley did today. and of course, toyota is just the latest one. ford had a recall earlier this week and of course gm. morgan stanley reducing price target of ford stock from $20 to $17. and cut gm from $49 to $33. and, so, you know, we're really starting to see some impact here. by the way recall, history, just to put it in perspective. everybody remembers the big recalls from toyota before. the fourth largest recall in their history. 7.5 million window switch fires in 2012. floor mats and sticky pedal is stuff. so, not a good tile to be building cars. it is complicated.

gerri: it is complicated. you know, i look at the list of things wrong with these cars. really a wide range. some are super, you know, dangerous, others are not. but, jeff, i remember when my dad used to work on the car. you know, himself, with his own two hand. are cars just too complicated these days? >> that's what some are starting to suggest. adam jonas, the very respected auto analyst from morgan stanley today in announcing those, you know, those rollbacks on his stock targets said you guys will have to essentially start to spend more on the engineering of these vehicles because they are so complicated, in order to get them right. most of this stuff, if your windshield wiper doesn't work, it is not end of the world. but if you have a problem with your ignition and turns the car off, that can be end of the world for you. gerri: yes. >> so they got to get these things right, just a huge black eye. gerri: well here is my big question, really. i think we're getting so many of these recalls now, you've got to think everybody is responding to

what is going on with gm. maybe they're trying to put up their hand and say, you know, we have problems too. let's get them out there so people know. >> yeah. you start to glaze over on these things. a lot of people as we found out, don't even bother with recall. they get a recall notice and they don't anything about it and cars continue to be out there. so if it is a serious problem, you know, your car turns off, that is a problem for everybody on the road. gerri: a problem for everybody on the road but some these things aren't that serious. i remember one recall where there was a sticker on the advisor that sometimes came off. and they recalled the car because of that. now that tells the public you don't have to pay attention to these recalls. are some of these problems just simply less important? >> yeah. i'm not heard of one lately that has been, you know, that small-time, but these makers, gm got fined yesterday for not responding fast enough. now both toyota and gm who apparently concealed information

around this. as you all know, that is the worst thing you can do. if you have got a problem be up front about it. i think that is what they're trying to do and erring a little bit on the side of caution. gerri: jeff flock, thanks for coming on tonight. appreciate it. have fun in atlanta. >> thanks, gerri. gerri: all right. time now for a look at stories you're clicking on tonight on foxbusiness.com. stocks extending their gains today. the markets getting a boost after release of minutes from the federal reserve's latest meeting. the minutes indicate policymakers probably won't be raising rates anytime soon amid worries about low inflation and a weak labor market. the federal trade commission warning of a new email scam targeting small business. small businesses are directed not to open emails with the subject line, pending consumer complaint. that claim to be from a government agency. opening the email or colleging on it may put the computer at risk of a virus or spyware. comcast and time warner cable in the hot seat today. the number one and number two

operators in the u.s., defending their proposed $45.2 billion merger before the senate judiciary committee. in the three-hour hearing, the executives promised consumer choices will be increased in the merger. mars, inc. scooping up p&g pet food. buying two brands including iams. analysts applaud the deal saying p&g can focus or core brands. those are the stories from foxbusiness.com. we have a business alert. jpmorgan chase ceo jamie dimon raking in the bucks for 2013. filing with the sec revealing dimon earned $20 million in compensation. that breaks down to $1.5 million basalry and 18 1/2 million dollars worth of stock. you remember jpmorgan dealt with a slew of legal and regulatory issues last year and paid some big-time fines but the bank's board said dimon played a key role resolving those several

outstanding claims. dial mon himself said 2013 was his most painful, difficult and nerve-racking professional experience. big bucks for jamie dimon. we'll be back with my two cents more and the answer to our question of the day, are you like me a procrastinator? stay with us. can you start tomorrow? yes sir. alright.

let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains move forward, so does the rest of the economy. csx. how tomorrow moves.

♪ gerri: earlier this hour we discussed a new study finding procrastination maybe in your dna. are you a procrastinator? here is what some of your posting on my facebook page. monica right to my way back to you on that later. i love that. not so bad as i was many years ago. we ask the question on gerriwillis.com. 36 percent said some times.

be sure to log on from one question. at the everybody was a progressive manner. here are some of your e-mails on our cash challenge. mary lou from california rights, you are right on about using cash. i do and have for years because once the cash is gone stopping buying into other is more, the best with a budget. george from arizona degrees. my wife and i have not used credit cards as we back in 2001. congratulations, george. you want to join the challenge? we're looking for people want to share their experiences growing credit-card freak. get the gerriwillis.com, send me an e-mail, or you can tweet me.t normally think of the irs says consumer protection agency, but that is our new gao report decision went today. preparing w twos with significant errors. they interviewed a sum total of 19 accountants with irs agents going undercover to get the job

done. i think they are really just looking for an excuse to regulate these guys. that is it for tonight on "the willis report." thank you for joining us. we will see right back here tomorrow. ♪ ♪ neil: more than a week, those 7 million new health care enrollees. why hasn't anyone in the media bothered to read that is the real story. not the numbers we have already proven are bogus. more than a week later complained mainstream media has not even bother to check. welcome everybody. i'm neil cavuto. that is our top story tonight. it is almost as if they don't care or maybe they knew and adjust board. the nonpartisan research firm now estimates that 9 billion americans get insurance coverage since the affordable care act came to be. it sounds great. well, not quite.