Posts Tagged ‘Collections’

Is Private Banking Right For You?

Sunday, August 7th, 2011

Today, the world of investing has changed considerably after the recent mortgage financial crises. The smart investors now realizes that nothing is as safe as they once assumed it was, and they require more assistance than ever to entirely protect their assets. Because of this, unless you are a professional investor yourself, you almost assuredly could benefit by utilizing a private banking service of some kind.

A private banker supplies all types of different financial services depending on your own specific economic requirements. It used to be that in order to take advantages of this expertise; you had to have at least $2 million in liquidity. However, that is no longer the case, and if you have as little as $250,000 in liquid assets, it is possible to find a private banker that will want to work with you.

Each and every individual is going to have their own particular investment criteria. If you are a retiree for example, more than likely you will be willing to receive a very small return on your investment (ROI), as long as your starting capital is very well safeguarded. In this instance, a private banker would more than likely recommend investing in US Treasuries, or municipal or corporate bonds that are Authentication, Authorization, and Accounting rated.

If you are a young professional just starting out both your working and investing career, you would probably want to go with a much more aggressive investment strategy. For you, a private banker could suggest that you get you into mutual funds which are located in high growth countries, like China. They could also propose putting a portion of your capital into high growth tech companies like Google, or Apple.

When you first meet with your private banker, they will sit down with you and attempt to understand both your short and long term investment goals. After they’ve obtained that knowledge, they will then start to make recommendations to you based on your previously stated objectives. Most private bankers don’t have the authority to make transactions without your approval. However, if you are comfortable with the results they achieve for you, it is possible for you to grant them that leeway. In the US, a few of the most prominent private banking institutions are the following, Bank of America, Morgan Stanley, and Wells Fargo.

There are many other advantages a private banker can provide you. First, you will have a friend at a very important institution that you depend on. Second, it is very simple to get them on the phone and conduct business this way, as opposed to having to go into the bank personally. Third, most private bankers will have access to expert tax advice that you can use to maximize your various income streams.

Private banking has improved considerably in the last twenty years or so. As we mentioned earlier, unless you are a professional investor yourself, you should strongly consider employing the services of a private banker if you have the necessary liquidity to do so.

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Options For Investments

Sunday, August 7th, 2011

There are many different ways to invest cash. But how do you go about it and how do you select the right investment option for you?

Property is a popular investment choice for many. It is thought of more of a long term investment as it might take time for the property to increase in value. To choose the right investment property it’s a good idea to look at areas that have recently increased in value. In general, housing close to major capital cities is a safe investment. Rather than waiting for costs to boom in a particular area you may decide to purchase a property that’s run down, renovate and resell it.

If you want to invest in property you can often reap fun rewards. Studying market trends and getting professional advice is recommended before making any purchase. Get yourself familiar with the property market by reading real estate magazines, subscribing to real estate websites and keeping yourself up to date with market prices.

Business is a popular choice for many people to invest. You can either be an active part of the business or more of a silent partner helping with the running costs and start up fees. Businesses can be very profitable in a short period of time depending on what the business is. The key is to do your research and invest wisely. Research the location of where the proposed business premises will be, find out what others think of the start up business idea and research any current competitors in the market.

The stock market is another favorable investment for a lot of people. It can be risky, but if you know how to invest properly you can find the right stock or mutual fund to invest in that can prove to be a worthy investment. If this is something you are keen to try yourself, start off by only investing small amounts of money and work your way up.

If you do want to get the advice of an expert, there are many companies out there that offer great management and advice for your stocks ensuring that you maximize your return on investment. Managed funds often do very well as they are looked after by people who live and breathe the stock market. If you are new to trading on the stock market, it’s a good idea to seek some professional advice.

There are so many different investment options and many people will try to persuade you one way or the other as to what they think is the best investment option for you. The best thing to do is view your situation, select what you want to get out of your investment and how much time you’re willing to to spend on it to ensure that it is a success. By following those steps you should be on your way to choosing the right investment choice you’ll be very happy with for years to come. I hope you’ve found this investment advice useful in helping you to decide on what is the best investment option to suit you and the returns you want.

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IRS Seeks To Increase Monitoring Of Rental Income

Wednesday, August 3rd, 2011

One of the IRS’s major taxation groups is people with rental income. Small scale rental business is huge in the U.S. and definitely has a significant impact on the taxes collected every year. For this reason, the IRS and other tax authorities keep scrutinizing and reevaluating rental business to ensure that all landlords pay their full dues to Uncle Sam.

The Tax Reform Act of 1986 was established to try and curb the excessive misuse of tax provisions to avoid paying taxes for rental property income. There were numerous rental properties that made losses continually and used the losses against future revenues. The Act introduced the Passive Activity Loss (PAL) that was losses made from such activity like rental property. The Act placed a limit on the deductions on the amount of loss from rental income. However, as part of the implementation of this ACT of 1986, the IRS has made adjustments to the Form 8582, Passive Activity Loss Limitations, that captures the Reform Act. The adjustments to this form will take effect in the 2011 tax returns and will require individuals with rental losses even from prior years to submit the form with loss details.

As part of the efforts taken by tax and government revenue authorities to address diligence in tax collection from rental properties, a review was undertaken by the Government Accountability Office in 2008 on tax returns done by individuals with rental property. The review report revealed that misreporting of rental income in 2001 lead to uncollected taxes of about $12.4 billion. According to the report, more than 50% of all people with rental property provided incorrect information that did not adhere to the guidelines of the IRS. The report by the Government Accountability Office drew more attention to incomes from rentals as an area of focus towards reducing the tax gap.

Following this report by the Government Accountability Office, the Treasury Inspector General for Tax Administration, an office charged with reviewing the effectiveness of the IRS, took on its own review of the tax on rental income and indeed found that the IRS was not that effective in collecting taxes related to rental income. In its report, TIGTA projected that the IRS would increase taxes by $27.3 million in the next 5 years if they audited more rental property claims and insisted that the IRS pay more attention to rental taxation from here on out.

In its recommendations to the IRS, TIGTA suggested July 15, 2013 to be the commencement time for the IRS audit on rental income in a bid to narrow the tax gap based on the loss of taxes through rental income. The TIGTA suggested that the Small Business/Self-Employed Division director of IRS audits be involved in further scrutinizing the rental income returns to find out the tax returns that have erroneous reporting. This will simply result in more IRS audits for small scale rental property returns.

The IRS still remains reserved on a start date on audits for rental property related returns and instead, chooses to address the immediate review of the problem by monitoring the various corrective measures put in place through its internal management controls. The corrective measures for the rental taxes loopholes include the revision on the Form 8582, Passive Activity Loss Limitations and the IRS requiring all the real estate professionals to schedule their net rental income losses and earnings as part of their tax returns for comparison purposes. This is to take effect from the 2011 tax year onwards.

Either way, the scrutinizing of people with incomes from rental property is set to increase in the foreseeable future. This may happen through increased IRS audits or increased internal reviews for people with rental income. Therefore, to remain on the safe side, it is best for every person with rental property to thoroughly understand IRS tax reporting guidelines for rental income and to comply accordingly.

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Ethical And Legal Obligations

Sunday, July 17th, 2011

The dominant means of communicating the financial effects of organizational activities and transactions of a company to outsiders is the financial reporting system. This reporting system includes communicating financial information through various forms such as a prospectus, forecasts, annual reports, and other financial releases. Financial statements are the main source of information given to external parties.

The reporting process is a means of increasing the trust placed by investors, lenders, and others in the entities with which they deal. The financial reporting process itself relies on trust of its users, and this trust has been threatened due to unreliable and deceptive accounting reports. Financial reporting is created to meet the needs of users by providing information that is relevant to making rational investment and credit decisions, and other informed judgments.

Does fraudulent financial reporting represent the Achilles’ heel of the U.S. Corporate Financial market? Accounting scandals are not new. Episodes of fraudulent accounting have occurred repeatedly in the history of the U.S. Financial markets. The SEC, FASB, and PCAOB were established to provide government enforcement of corporate honesty.

In the outcome of the stock market crash of 1929, public attention and congressional investigation led to allegations of offensive practices by plenty of financial market participants during the preceding boom. This activity led directly to the creation of the Securities and Exchange Commission in 1934. One of the founding principles of this agency was that companies publicly allowing securities for sale in interstate commerce must tell the public the truth about their business. The primary means of communicating the financial effects of organizational activities and transactions of a company to outsiders is the financial reporting system.

In the early 1970s as with today, accounting problems raised concern within the accounting profession. To settle the critics the Financial Accounting Standard Board (FASB) was built and began work on the Conceptual Framework Projects.

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Financial Statement Reports

Saturday, July 2nd, 2011

Every business enterprise at its inception takes the form of either a sole proprietorship, partnership or corporation. But regardless of its form, a detailed report of its transactions and undertakings for a particular time period is needed and checked by auditors in order to assess the business’ financial performance. This detailed report is called a financial audit report. It is prepared in order to address the differing interests of all stakeholders in the company, including the stockholders, potential investors, employees, suppliers, regulatory and tax authorities. This set of documents wants to provide a full picture of the company’s profitability and present a means to evaluate whether the company is still a flourishing investment in the long-term.

A report is produced at the end of each year, which can be the calendar year or a different financial year, depending on the management decision. Usually the financial year is set to end during the month in which the amount of business transactions is at the lowest.

Although only US public companies in the United States are obligated to file their annual reports to regulatory institutions, private companies are encouraged to do the same. The authoritative institution in the United States is the Securities and Exchange Commission, while its counterpart in the United Kingdom is the Registrar of Companies responsible for managing limited and public limited companies.

Financial reports of public enterprises are expected to be reviewed by independent auditors, individuals who are required to test the reasonableness and efficiency of the information written in the reports. Companies employ the service of private external auditing firms in meeting this requirement. Among the documents prepared and examined are the following: a Statement of Financial Position, a Statement of Profit and Loss, a Statement of Cash Flow, a Statement of Changes in Equity, Notes to the Financial Statements and Management Discussion and Report.

Aside from going over and performing analysis of the assertions in the financial statements and management reports presented, the external auditors are also committed to making sure the adequacy and integrity of the company’s internal control systems.

In addition, they are also counted to discuss with the appropriate personnel the strategies of the business with dealing and managing risks involved in its day-to-day operations. However, in performing these duties, they are obligated to keep their independence so as not to taint the opinions that they will give at the end of each audit engagement.

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Collection Agencies And The Statute Of Limitations

Tuesday, January 12th, 2010

Many people are made painfully aware that they owe a debt that is being pursued by a collections agency, yet few know exactly how long creditors can go after that debt. Debt Collectors are guided by what is called the Statute of Limitations.

This means that after a certain length of time creditors can no longer collect from debtors. The length of the Statute of Limitations vary from state to state, the type of debt, if there is a signed contract or not among many other factors.

One example is the state of New Hampshire. Time alloted there to collect a debt is 3 years. If it was a domestic judgement, the Statute of Limitations is as high as 20 years; on a foreign one it is also 20 years. For goods the Statute of Limitations is four years unless there is a written and signed contract, then it is three years.

Those in debt that do not believe that they owe the money, can fight the creditors claim and can actually withold information regarding invoices or balances due and ask for proof demonstrating the validity of the debt. If this happens, collection agencies must present backup documentation to support their claim.

For more information about the length of the Statute of Limitations, you should consult a legal expert in your own state.While there are many collections agencies out there that use unreputable practices, there is also a number of legitimate agencies who are willing to help out. Agencies such as Rapid Recovery Solution are always willing to help out. For more information, consult rapidrecoverysolution.com. In this trying time of economic hardship don’t be bullied by illegal tactics by illegitimate collection agencies. There are laws out there to protect debtors and everyone should know their rights.

Mallory McGuinness-Hickey is a delegate for a Debt Collection agency. Mallory McGuinness-Hickey is working towards being a certified Collection Agent

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