Uncategorized

Marjorie Taylor Greene Asked by FEC to Provide Details on Unitemized Donations of Over $3.5 Million

Republican Georgia Rep. Marjorie Taylor Greene has been asked by the Federal Elections Commission to properly account for a $3.5 million re-election donation. Actually, the request was addressed to her husband Perry Greene ,who acts as her campaign treasurer. The FEC specifically asked for more information on the reelection campaign donations received during the first two quarters of this year.

During the first three months, Greene’s campaign coffers increased by $2,558,631.61 by way of donations from undisclosed donors, which were categorized as unitemized donations. In the following quarter, another $967,035.63 in unitemized donations were recorded, which brought the unitemized donations to a total of more than $3.5 million during the brief period.

Greene’s husband has until October 12 to explain and provide details about the $3.5 million donations to the Federal Election Commission.

Basic FEC Rules Political Candidates Must Observe When Receiving Campaign Donations

Candidates for re-election are not required by law to disclose their donor’s identity or itemize the donations; but only for contributions of less than $200 in every election cycle.

On the other hand, a political donation of $200 or higher must be itemized and be supplied with ample information such as the donor’s name, address, occupation, employer, and the date it was donated.

Observers estimate that in complying with the FEC’s rules, Greene’s husband has to show that the money was received from at least 17,630 individual small donors who individually contributed only $199.99 or less. Greene’s supporters contend that It’s plausible to have raised have raised $3.5 million in small donations since they received high volume of contributions during the period.

According to Greene’s spokesman Nick Dyer, the congresswoman has already sent a prompt response to the FEC, explaining that she has been receiving support from all over the country, usually in donation amounts of $10-$20, Others have reservations about this since during Greene’s recent fund raising campaign with Rep/ Matt Gaetz, the two Republican politicians were either booed by onlookers or canceled out by venue operators.

Uncategorized

Georgia Enacts Bill Suppressing Voting Rights of Disadvantaged Voters

Republican state politicians are doing their best to use the power they still have to ensure their win in the next elections, even without majority support. The majority being the members of the minority groups in their jurisdictions. The state of Georgia for one, has already passed and enacted the Election Integrity Act put forward by the Republican-controlled state senate and signed by Republican Governor Brian Kemp

However, Democrats, civic rights groups and other political observers call Georgia’s Election Integrity Act, a voter suppression bill as the extraordinary provisions include the following:

  • Restricting limits in the usage of ballot drop boxes;
  • Requiring the inclusion of a photo ID, driver’s license number, or state ID number in absentee ballots
  • Restricting Sunday voting to only one Sunday for each county and;
  • Prohibiting distribution of drinks and food to voters waiting in line to vote.

Obviously, the elimination of early voting during Sundays directly suppresses the “Souls to the Polls” mobilization drives being carried out by Black churches. The rest of the restrictions put minority voters at a disadvantage by voter purging, mandating restrictive voter ID requirements, limiting voting hours, and closing polling locations in areas where the majority of voters are Democrats.

Law Being Legally Challenged by Three Civic Groups

The Rise, the New Georgia Project and the Black Voters Matter Fund, have filed a lawsuit against state officials last Thursday, as the Election Integrity Act violates the Voting Rights Act. Their complaint to the federal court is that the law’s restrictions would disproportionately affect minority voters.

On the other hand, Republicans believe that the act would rebuild the confidence in the election system.

Legal director of Black Voters Matter, April England-Albright asserts that the modification in the state’s voting rules comes after the high voter turnout from the last elections vote for Democratic candidates.

Albright said that the state officials want to prevent the communities that caused the high turnout from using mail, drop off boxes, and early voting. These methods of voting actually increased participation and representation of voters, all which worked in favor of Democratic candidates, specifically President Joe Biden and Georgia Senators Raphael Warnock and Jon Ossof.

As the lawsuits included the Secretary of State as defendant, Ms. Albright contends that the goal of the office of the Secretary of State is to make the election process easier, not harder.

Uncategorized

Potential Changes in Tax Policies to Affect Wealthy Taxpayers

As in any country, the election of a new leader also means possible changes in tax policies, which is likely to happen under the new Biden administration. One of Pres. Biden’s key tax proposal is to revert the highest federal income tax rate for individuals back to 39.6%, which was the rate before the Trump administration had it reduced to 37%.

Still, any legislative proposals to change or modify the current tax laws have to be approved by Congress, before they can be enacted as laws. Since the ruling bloc in both the lower house (State Representatives) and upper house (State Senators) is the Democratic Party, to which President Biden belongs, the proposed reversal to the pre-Trump rate of 39.6% is likely to take effect starting tax year 2021.

Other Tax Policies that the Biden Administration will Propose to Congress

Inasmuch as taxpayers are now living in 2021, it’s important to know the likely changes that will impact the income that will be earned this year. Aside from the potential reversal of the top tax rate to 39.6%, other tax proposals that the Biden administration will submit to Congress, will include the following:

Corporate Tax Increase

The present Corporate Tax of 21% will increase to 28%. The Trump administration had slashed down a previous Corporate Tax of 35% down to 21% as legislated under the 2017 Tax Cuts and Job Act passed by Congress. The new Biden administration will propose to add back half, or 7% of the 2017 tax cutback (35% – 21% = 14% cut back in 2017.)

Minimum 15% Corporate Tax on Corporate Book Income

Institution of a minimum corporate tax payment of 15% if the corporate book income is $100 million and above. Reference to “corporate book income” denotes the income reported by companies to the general public; particularly for shareholders who are interested in evaluating the financial health and performance of a corporation. The book income reported is likely higher as the income presented in the financial statements is not for taxation purposes.

Reduced Value of Estate Tax Exemption

BIden will seek to bring down Estate Tax Exemption by 50%, which under the Tax Cuts and Jobs Act (TCJA) of the Trump administration had increased to $11.18 million for single taxpayers and $22.36 million for married taxpayers. The amount of Estate Tax Exemption was set to increase yearly up to 2025 based on inflation rate, to which 2020 already exempts $11.58 million from estate taxes. This denotes that if Congress approves the reduction of Estate Tax Exemption, recipients of estates worth $5.80 million or higher, received as inheritance or bequeathed to a beneficiary for any reason, will have to pay Estate Taxes.

Additional Social Security payroll tax of 6.2% will be deducted from the salaries of individuals earning $400,000 or more.

An Unsolicited Advice for the Wealthy and High Income Earners

Apparently, the major tax changes proposed by the Biden administration will affect the wealthy and high income earners. That being the case, it’s all the more important for those who rely on the financial advice and services of wealth management companies, to keep abreast with the changes that will transpire under the new administration.

According to the financial advisors of pillarwm, one of the setbacks to hiring large firms that handle the wealth of the ultra rich is that the smaller accounts are often relegated to the lower-ranked wealth managers. The latter on the other hand, simply apply a cookie-cutter approach in carrying out accounting and tax services, estate planning, as well as in giving financial and investment advice. Knowing the changes that will transpire will give individuals the ability to assess if the wealth managers handling their tax plans have taken into account the actual changes. Tax plans after all can help minimize the potential losses that could affect their investment and asset portfolios.

Uncategorized

How the National Budget is Prepared and Allocated?

The process for determining the national budget all begins with the President. This is when the Chief Executive submitted the detailed budgetary request for the upcoming fiscal year, which often starts on the 1st of October. The request is then developed via interactive process that happens between the President’s Office of Management and Budget and the federal agencies which then starts before spring.

3 Steps in Determining National Budget

There are three critical roles that this plays and these are discussed in the following:

Number 1. This is telling the Congress what is recommended by the President for the overall federal fiscal policy including:

  1. How much must be spent on public purposes by the federal government
  2. How much must it take in as tax revenues and;
  3. How much surplus or deficit the federal government must run which is practically the difference between A and B

In most of the time, the federal spending is exceeding the tax revenues and to finance the deficit, it’s done through borrowing.

Number 2. The budget that came from the president is laid out along with his/her relative priorities for the federal programs, from how much he believed must be allocated on agriculture, education, defense, health and so forth.

The budget in this case will be so specific, recommending the funding levels for each budget accounts. In most cases, the budget is sketching out the fiscal policy as well as budget priorities not just for the upcoming year but also, for the next 9 years.

The budget is also backed by supporting volumes including the historical charts from the past budget reports.

Number 3. The last role for the President’s budget is to signal Congress the recommendations of the president for both tax policy and spending changes. The budget consists of various programs in which some are requiring new funding every year to maintain while others that don’t need annual action by Congress.

And while the President has to recommend the levels of funding for yearly funded programs, he/she does not have to propose legislative changes for the ongoing parts of the budget that’s been funded already by the prior laws.

The Congress Takes Over

Then after, Congress will be having hearings. This is to question the Administration officials regarding their request. Then after, it is going to develop their personal budget plan which is referred to as budget resolution. This work is executed by the Senate Budget Committees and the House that was established by Congressional Budget Act of 1974.

If you’re in the finance market, then it is important that you keep track of the proposed budget for the upcoming years as this will help you in finding FOREX broker reviews that can guide which industry to invest your money.

Uncategorized

Increasing Your Odds of Getting a Business Loan Approval

Getting approval of loan application will largely depend on how you have presented your business, yourself and also, your financial requirements to the lender. Among the effective methods of boosting your odds to get approval is by preparing a business plan or a written loan proposal.

Lenders have the tendency to read the loan proposal as proof that you have a strong business management, experience and at the same time, in-depth knowledge of the market. They’ll be looking for other financial information that shows your capability of repaying the loan. After this, acquiring hurtiglån uten kredittsjekk will be easy in the future.

What about Your Credit History?

In an effort to determine your ability to repay the loan, lenders oftentimes request for a copy of your business and personal credit reports. Before you get started with the process of preparing your loan request, you’ll have to ensure that you have accurate credit history and that any errors or mistakes are corrected in the report.

To acquire copies of your credit report or even do corrections, it is best to reach out with the credit reporting agencies. On the other hand, if you need assistance in repairing your credit history, it is recommended to reach out to your local credit counseling service.

Preparing Loan Proposal

Just before you write your loan proposal, remember the 4 things you have to clarify which would be the following:

  1. The amount of money to be borrowed?
  2. How the money will be used?
  3. Your plans of repaying it? and;
  4. What you’ll do if in case you can’t repay the loan?

Basically, there are several formats that you may use in preparing your loan proposal. You can contact your lender to know the format they prefer.

In general, loan proposal has to include aspects like any of the points discussed below:

Executive Summary

Start your proposal using direct and simple cover letter or executive summary. See to it that you have briefly and concisely described your business background, how you plan to use the loan if granted, the nature of your business and you as a person.

Business Profile

You have to narrate your business history and then, summarize its current activity as well as results. Explain what your markets are, your industry and your consumers.

Loan Request

It is imperative that you’ve stated the amount of money needed and to how you have reached this amount. Include quotations for supplies or equipment for building costs and the likes. Simply speaking, provide an answer to why you need the money.

Uncategorized

As House Committee Inquiries Intensify, Trump’s Disturbing Actions Continue

The number of House Representatives supporting the impeachment inquiry has reached a total that makes an impeachment trial imminent, Senate Majority Leader Mitch McConnel admits that the Senate Chamber has no other option but to follow through.

A total of 225 House Democrats and one (1) independent Representative (Rep. Justin Amash), has surpassed the 218 majority number  required, in approving all charges for impeachment that Trump will face for willfully disregarding his duties and abusing his authority as duly elected president of the United States.

The contents of the whistleblower complaint as well as the transcript of the telephone conversation has provided details about Trump’s questionable act of seeking the Ukraine President’s assistance in besmirching leading election-opponent Joe Biden’s reputation.  Although Senator McConnell does not have the power to block the trial, he and other Republican Senators comprise the majority that will decide whether Trump should continue to stay in office, or be removed, and if necessary, be convicted for unlawful actions the latter committed.

However, there is still a possibility that the majority number represented by the Republican Senators to assure Trump of an acquittal, might not solidify. About 30 unnamed Republican Senators have already expressed acknowledgment that the initial evidence presented, show proof of unlawful actions that necessitate Trump’s removal from office. Still, they also indicated that they will support such judgment, only if the voting process will be carried out under the cloak of secrecy.

Trump Makes the Possibility of Impeachment Trial More Likely by Retweeting Threats of Civil War

While the ongoing impeachment inquiry continues to intensify, an evangelical pastor named Robert Jeffress appeared at Fox News to give warning that if ever the impeachment trial results to Trump’s removal, a civil war-like fracture will take place. Trump on the other hand gave encouragement to the pastor’s notion by retweeting the civil war warning.

This prompted Illinois Republican Representative Adam Kinzinger to openly rebuke Trump by calling the latter’s action of spreading civil war threats as repugnant, especially if coming from the president of the United States. The Republican Congressman, who has seen active military action as U.S. Air Force pilot in several battles, including the Iraq War said

I have visited nations ravaged by civil war. — I have never imagined such a quote to be repeated by a President.

Uncategorized

Safe Practices when Applying for Online Loans

With the presence of the internet, everything just seems easier. You may see yourself being tech-savvy individual and completely comfortable doing things over the web. However, stakes are higher when applying for online loan. Sensitive data from your end will be required by somebody you don’t know. This makes sense in the process as you are taking a significant amount of cash. But the process can be done simpler by taking loans from https://www.californiatitleloans.org.

The safest and most secure way to which you can take loan online is by doing business with a reputable and known lender. Of course, do this while ensuring that you are watching out for red flags.

Let us face it, it’s a real and serious risk to lose money. For fake lenders, it’s effortless for them to setup shops, make false promises and then, charge a hefty price just to have your loan approved. Then at the end of the day, you do not get what you have paid for. Another probable risk of applying for online loan is paying too much. Here, even if you get approval from the loan, there is a chance that you may find yourself paying more because of interests and fees. This is normal when you are transacting from lesser known lenders. The irony, you can get the same loan for a lesser price when talking to reputable lenders.

Don’t Become the Next Victim

When applying for loans online, a possible problem that you may deal with is identity theft. When applying for loans online, you are freely and willingly giving your personal information to someone you do not know. If this information falls to the wrong hands, then you may fall victim from identity thieves. If not, you might have given it to websites that have no appropriate security to protect your personal information.

Items that are frequently required when applying for loans which is also useful to steal someone’s identity includes but not limited to:

  • Social Security Number or SSN
  • Date of birth
  • Current and past addresses
  • Complete name and contact details

Selecting Your Lender

Talking to a reputable and legitimate lender prevents problem from arising. Having said so, make sure that you’ve  positive and negative. Bear in mind as well that not all you find online is true. There is a chance that the reviews you’re reading came from fraudsters or employees of the lending company themselves.

Therefore, it is best if you’ll borrow from lenders offline or online that you have heard from a trusted source.

Uncategorized

When is the High-Time to Get Personal Loan?

Money is a big factor when making a decision. On the other hand, there are unforeseen events like hospitalizations, calamities and the likes that require immediate fund which probably most of us do not have. These are urgent issues that can’t be delayed. In this regard, getting a personal loan from Zebra loans would allow you to flex and work your way out.

Besides, there are many good reasons why it is smart to apply for personal loan and how it can positively impact your life and your family’s.

A Brighter Future

Education isn’t just important to prepare us for what life has to bring. It is also a long-term investment.

This is regardless if it is about pursuing higher studies for personal career development or to fund college education of your children and secure their future.

While education is a basic right for everyone, unfortunately, not everyone can afford it. If you wish your child to get high-quality education at premium schools, then better start saving now. A good way to jumpstart your savings is by applying for loans and paying it off gradually. Of course, try to find those that have low interests.

Hospitalizations and Emergency Situations? Not a Problem

Your health insurance and emergency fund must not and never be compromised. These unforeseen healthcare expenses such as medications and hospitalizations can easily drain your wallets and bank account. But worst come to worst, there are personal loans that you can lean on which can just save you from this trying time.

If for instance that you are expecting a child and you believe that the cost of maternity and labor is something that would go beyond your prepared budget, it is best that you apply for a loan immediately.  These are expenses that couldn’t be delayed. A loan can just save you.

Another instance of unexpected situation is the sudden unemployment or calamity that can empty your savings. But this wouldn’t happen if you have emergency funds. On the other hand, it will take a while to build it since it would need to be an equivalent to 6 to 12 months of your living expenses. Again, to help you build your savings and be ready for anything, it is sensible to apply for personal loan with low interests.

Unpredictable Future

You may not like the idea of getting a personal loan but when the time comes you need such, you’ll be pleased that there’s such option available.

Uncategorized

Major Components that Completes Government Budget

There are various policies that the government creates and implement. All in all, the primary goal is to secure social as well as economic growth. To be able to implement these policies, it needs to spend loads of money to fund administration, defense, development, welfare projects and several relief operations and whatnot.

A Big Responsibility has to be Fulfilled

Therefore, it is critical to find out all the possible sources to get the necessary funding including watching crypto signals and other investment schemes so by that, sufficient revenue could be generated.

This is the time when thorough and proper budgeting comes into play. The term has originated from a French word “Budgette”. This basically means a wallet or leather bag. It’s a statement of government’s financial plan. This is showing the expenditure and income of government throughout a given year which typically runs from the 1st of April to the last day of March.

As a matter of fact, budget is the single most important document that a government has.

A part of their budget strongly works the same way with annual report of a private company.

This is showing the overall picture of financial performance of the government. Another integral part of budgeting is to demonstrate the financial plans of the government until the next budget kicks in.

Why the Citizens should be Informed about it?

Therefore, each and every single citizen of the nation regardless of the age and stature is eager to learn where does the budget will be allocated. With this, they’re going to have an idea on where the country’s money will go and how it was spent like for example:

  • The overall financial performance of the government from last year
  • Knowing about financial programs and policies of government for the upcoming year and;
  • Figuring out how their way of life would be affected by the new financial policies for next year

There are various methods in which budget receive financial support. Among which is through revenue budget. In this financial statement, it contains financial statement that includes government’s revenue receipts or the collected revenue by means of taxes as well as other receipts. Then there’s capital budget or the projected capital account for the following financial year.

Uncategorized

The Government’s Take on Crypto Trading and Currency

A known misconception with regards to blockchain realm is that, it is just purely about technology – nothing more, nothing less. The systems begin and finish with human interactions. In cryptocurrency environment, this phrase is totally understandable but the true challenge is making others mindful about this technology and existence. At the same time, the fact that it is not solely based on cryptography as well as algorithms.

Though there are those who use the best crypto trading bots online to increase digital currency, still part of the process is to educate others about it.

Back in the early days of cryptocurrency, it is noticeable that one critical concern to be addressed is bringing it in front of government regulators.

Unless this does not get government’s attention, blockchain technology will be kept in the dark.

We had to become part of this discussion in order to educate such individuals. After all, they are the ones who have the power in stifling innovation and regulating crypto out of existence.

Data Management, Privacy and Security

There’s no entity that’s more concentrated on how data and security is handled than the government and its branches. The main objective of the government is to assist its people which are the very reason why there are laws. These laws are designed and thought thoroughly to enforce the proper handling, storage and collection of data. But of course, no process and system is perfect.

Government’s Sentiment and Motivation

Before, blockchain technology and cryptocurrency was decentralized. Meaning, there’s no specific regulating body that is handling it. Those were truly the tough times as companies ought to navigate through a minefield where government entities are trying to keep tabs with the regulations and rules that were no near applicable to the industry.

These days, there are of course some difficulties associated in crypto environment. However, since there are regulations being formed, these challenges are more manageable to handle and overtake. So to assure that the regulators can get it right, some of the pioneers are fighting hard to have a seat at the table along with traditional currency.

Uncategorized

New Tariffs Imposed By the US President

Donald Trump, the president of the United States says that his protectionist trade policies boosted economic growth. However, his opposition and critics say otherwise – stating that there’s handful evidence that is supporting this claim.

US President Donald Trump has threatened over the weekend in re-escalating the trade war with China. This is by means of increasing the tariffs on almost all imported products coming from the said country. He has implied as well that this move isn’t going to hurt the US economy and had said that the tariffs that were imposed are partially responsible for greater economic results.

Going Strong?

According to advisers of the US president, it has expanded the argument saying that there has been a 3.2% growth in economy. An increase in the first quarter of this year – this includes a positive contribution from the exports, which serve as proof that the hard-line trade policies of the president are truly helping the US economy to grow. Well this has been felt by many citizens in the state by being able to qualify for Laina and buy the house of their dreams.

Well technically speaking, the secretary is correct:

The net exports have added to growth in first three months as per the preliminary number the Commerce Department had released.

On the other hand, this doesn’t automatically indicate that the tariffs are indeed bolstering the economy. The fact that Donald Trump as well as his team believe otherwise can be a smart and tactical negotiation with China – this can give credence to the notion that they are ready to escalate trade war further in the event that their demands have not been met.

However, claiming to have a strong economy can also undermine Trump’s position and set up the economy and even the financial markets for unpleasant surprise in case that his bluff is called.

The Explanation

To calculate the size of US economy, the GDP is deceivingly simple. It’s combining multiple metrics in economy including:

  • Business Investment
  • Consumer Spending and;
  • Government Spending

At the same time, these factors difference between the value of what’s being imported and exported by the United States.

And for over 4 decades, the difference has mostly negative. This is because America has bought more foreign services and goods than what it sold. Simply speaking, their imports have exceeded exports. Meaning to say, America’s GDP was lower due to the trade.

Uncategorized

Ecommerce is Driving World’s Economy

With the unstoppable development and growth of electronic commerce or as we simply known as eCommerce, many companies and even regular folks have started to join the bandwagon. Now, they are beginning to reap all the benefits that this industry has to offer. However, it will require proper training and knowledge to get the results you were expecting. This is exactly what you will get when you check out Hustle Life.

The Life and Blood of an Economy

The most basic and common transactions in any country’s economy is none other than the buy and sell of goods. Believe it or not, it keeps on undergoing changes which serves a massive impact on various companies and the way they are doing business.

Quite simply, eCommerce has changed the timing, practice and technology of B2B and B2C commerce.

In reality, it has impacted how products are priced, its availability, transport patterns as well as consumer behaviors, especially in well-developed economies.

Steady growth in B2B eCommerce has also altered the profit and cost scene for companies in a global scale. At a microscopic level, the growth of various B2B eCommerce brought significant reduction in transaction cost while improving supply chain management and reducing costs both for domestic and global sourcing. On a macro level on the other hand, the continuous growth of B2B eCommerce puts a downward pressure on the economy’s inflation while being able to increase profit margins, business competitiveness and productivity.

2x Growth for Business to Consumers

Using eCommerce for retail, it is undoubtedly become the quickest growing trade sector. Additionally, it has outpaced virtually every other manufacturing and trade sector since 1999. This is when the US Census Bureau began to collect and publish data on eCommerce.

Few years later, that figure grows to more or less 2% and by 2008, it had grown to 3.6%. By the end of 4th quarter of 2010, it takes another step in the ladder and reached 4.4% of the total retail sales in the US. In dollars, retail revenue from eCommerce stands at around 165 billion dollars.

eCommerce is Setting its own Demand Patterns

As world’s technology is constantly innovated, it made eCommerce and globalization more intertwined. The sellers and buyers increase their connectivity and speed to which they do sales transactions. And this plays a great influence especially in recent turmoil in supply chain networks and financial markets. It’s because of the simple reason that as the sales transaction is sped up, it delivers positive effect in correcting the market and economy as a whole.

Uncategorized

Importance of Investing at an Early Age: How and Where to Invest

“Often greater risk is involved in postponement than in making a wrong decision.”

-Harry A. Hopf

The most crucial thing to a young professional or those who are just starting to save money is investing at an early age. What Harry A. Hopf simply wants to say is that the earlier for you to start investing through WOT Asia, the better or the higher the profit. Global Oil Market Investment  will bring your investment to the next level because the best management firms will be handling your money in order to have a higher return of investment. 

That being said, there is low risk because your money is in the right hands. However, the problem is that younger people tend to oversee the need to save money for retirement. It basically not that significant. Hence, it is important to educate the younger generation. f you are reading this and you are new to investment, then you must keep on reading.

When you are investing, you must understand that what you are actually doing is either purchasing a very small portion of the company or a commodity with the hope that the company will increase its sales years from now or the commodity will grow overtime.

Where Should I Invest Money

When it comes to investing money, you have plenty of options to choose from:

1. Stock Market– this is probably the most popular option when it comes to investing your money. It works by buying a small portion of the company hoping that it will make more profit. When the company profits, you will be given a part of that profit based on how much your bought. Basically when the value of of the money grows over time so is the price of your share.

2. Investment Bonds– when you buy a bond, then you are loaning money either from the company or the government. How you will gain from this is when the company or the government pay you interest on the loan. Compare to stocks, bonds are less risky. However, since it is less risky, the the return of your investment is lower as well.

3. Mutual Funds- for those who are just beginners when it comes to investments, this is what most of them are purchasing. It enables you to buy multiple of stocks in one purchase. In this way,your stocks in a mutual fund are typically chosen and managed by a mutual fund manager.

 

Uncategorized

Reason for Hiring a Tax Preparation Service

The time when you must file tax returns is undoubtedly the most difficult and challenging time of your life. The chaos and stress is doubled especially if you are an organization or business. Fortunately, there is a solution to steer of complex filing by hiring Tucson tax preparation services. Such service providers have already handled countless of tax applications for the past several years. Thus, they are in a position of ensuring a smooth and hassle-free service.

No Liked the Process

Let’s face the fact that it is a burden for businesses, organizations or companies to collate, compile and assess their financial transactions in filing the necessary returns for their business and keep its existence.

Leaders, heads and CEOs of these companies are very much aware of the potential consequences when filing inaccurate returns for themselves, their company and their employee.

Basically, it’s a huge financial setback waiting to happen.

This is how crucial and integral proper and accurate tax preparation is. After all, this is the way how government guarantees that there’s credibility and clarity on your finances.

And allow me to share couple of different scenarios if you fail to file your income tax for a given year.

Number 1. In cases where the discrepancy, omission or error was made without intentions to evade taxes, the responsible party might face Income Tax Act which is:

  • Face a penalty of roughly 200 percent of amount of tax undercharged
  • Pay fine of up to 5,000 dollars and/or;
  • Be imprisoned for 36 months or 3 years

Number 2. In cases where discrepancy, omission or error was made with an intention to evade taxes, then the following consequences are applied:

  • Face a penalty of roughly 400 percent of amount of tax undercharged
  • Pay fine of up to 50,000 dollars and/or;
  • Be imprisoned for 60 months or 5 years

How to Prevent Unnecessary Consequences?

Please follow handful of tips below to make sure that you can accurately file your tax returns and avoid these consequences.

Keep a copy or the original receipts – all receipts are vital to have credible and transparent financial report. You may assign someone from your accounting department or team to monitor any financial transactions that your business makes in real-time.

Read articles and magazines related to business – in-depth and broad knowledge in marketing and finance goes a long way. It sets as your cornerstone in learning the best practices for tax preparation.

These might be simple things but failure to do it correctly can put a massive hole on your accounts and reputation.

Uncategorized

Worst Case Scenarios if a Country Failed to Competently Manage its Economics and Finance

For an economy to thrive, grow and have continuous development, it needs to have one crucial aspect, which is none other than strong fiscal outlook. This will serve as its foundation in everything it seeks. Putting the nation on sustainable fiscal route generates positive environment for prosperity and opportunity which is then followed by growth.

Ask any economists, strong fiscal foundation creates a positive chain reaction to the nation by having

  • Increased capital
  • More resources to be used for future private and public investments
  • Stronger safety net and;
  • Improved business and consumer confidence

On the other hand, failing to do otherwise will yield to consequences.

Not being able to address long term fiscal challenges weaken economic environment.

This is due to the reason that it compromise confidence, reduces capital access, deteriorate the potentials for growth and the nation as a whole will be at greater risks of facing economic crisis.

Assuming that long term fiscal imbalance won’t be addressed, then expect that future economy will eventually diminish with fewer opportunities among families and individuals and not to mention, less flexibility to react to national problems in the future.

Imminent Consequences of Incompetent National Financial Management

By this time now, you may still not feel the gravity of the situation that this might have caused. So let me shed you some light by discussing a couple ramifications of a growing national debt.

Number 1. Reduced Public Investment

As our federal debt keeps increasing, the government keeps spending more of its budget on cost of interest, which was supposedly be used on funding public investments.

Number 2. Reduced Private Investment

Federal borrowing will compete for funds in capital markets of the nation. Thereby, this raises the interests as well as crowd out new investment in structures and equipment needed by the business. Entrepreneurs that provide services such as payday loans and whatnot are facing higher capital to keep their business afloat.

At one point or the other, investors will start doubting the ability of the government to repay debt and possibly demand higher interests. If such happens, it raises the cost of borrowing for both households and businesses.