Bank customers fighting high overdraft fees got a boost on Tuesday with a win in federal court in California against Wells Fargo, but that case has limited legal impact.
A similar federal court case filed in Florida against 30 banks including Wells Fargo, Bank of America, Citibank and others could mean much more.
In the California decision, U.S. More
Credit enables many customer transactions that would not otherwise be possible. If your business offers customer credit, you’ve most likely had someone unable to repay their debt. If you report these sales as income but cannot collect, the IRS calls this “business bad debt.” In these cases, the IRS allows you to deduct those debts to decrease your federal tax liability. More
Here are some loan options for the credit-score challenged:Car loans: Say, for example, a young couple opens a joint bank account and credit card. Then one of them secretly maxes out all the credit cards, empties the bank account, drives the family into bankruptcy and drives away forever in the family car. "Our clients never overpay for a car. More
You may not even know all the different ways that your credit score
can affect you over your life. But there’s an invisible industry that
collects information about your financial history, and it will keep
popping up to surprise you again and again. Here’s a list of the top
situations where a bad credit score could really come back to bite you. * Employers. * Getting a car loan. More
A reverse mortgage is a type of loan that allows seniors to turn some of their home's equity into cash. Unlike a home equity loan or second mortgage, however, the loan doesn't have to be paid back until the home is sold or it is no longer the mortgage holder's primary residence. - Income from a reverse mortgage typically does not affect Social Security or Medicare benefits. More
Who's an Employee of the Corporation? Generally, an officer of a corporation is an employee of the corporation.
Treasury regulations provide an exception for an officer of a corporation who does not perform any services or who performs only minor services and who neither receives nor is entitled to receive, directly or indirectly, any remuneration. More
IRS has launched an Issue Management Team focused on improving U.S. income reporting and tax payment compliance by foreign athletes and entertainers who work in the United States. The initial focus is on those engaged in tennis, golf and music. These individuals and those associated with arranging their appearances in the U.S. They are required to file a U.S. More
You’re not paranoid. They really are out to get … your data. Where you shop, what you buy, the websites you look at, even your Twitter feed — it’s all of interest to a wide range of companies. Now, those companies are taking the next logical step and trying to predict potential credit risk based on lifestyle choices, he said. How can what you buy hurt your credit? More
Many homeowners tackle household repairs and improvement projects themselves to save money. Yet when it comes to updating their mortgages, these same do-it-yourselfers may not even consider it. Why? Modifying your mortgage can save money, and it's not difficult. Here's how:
A loan modification is simpler than refinancing. When modifying your mortgage, be sure to shop around. More
For hundreds of thousands of homeowners who are underwater on their mortgages, it's been a tantalizing question: Is there any way that our lender might agree to lower the amount we owe — not just the monthly payments but the principal debt itself? Until now, the answer virtually always has been a resounding no. Announcement soon? The same would be true for the second and third years. More