A proposed Senate bill designed to extend protection on small business bank accounts. December 12, 2012 Senator Harry Reid introduced Senate Bill S. 3637 to extend the Transaction Account Guarantee (TAG) program through 2014. TAG is administered by the Federal Deposit Insurance Corporation (FDIC) and provides protection for non-interest bearing accounts held by small businesses or municipalities at participating banks. TAG launched in October 2008 at the height of the financial crisis and has … [Read more...]
Banks Losing Dominance in Providing Financial Services
Finance expert Mike Periu discusses the decrease in popularity of traditional bank accounts as payment alternatives have evolved as Financial Services. Technological advances and changes in consumer behavior have effectively taken away the banking sectors dominance in the provision of many financial services. There are millions of households in the U.S. who don’t have traditional bank accounts. This has generally been seen as a problem with efforts focused on making them “banked". But now … [Read more...]
There must be tax rate increases to avert the fiscal cliff
A recent statement made by Treasury Secretary Timothy Geithner that there must be tax rate increases to avert the fiscal cliff. U.S. Treasury Secretary Indicates Tax Hikes Must be Part of Fiscal Cliff Deal Treasury Secretary Timothy Geithner indicated that tax rate increases on the top 2 percent of households in the country must be part of any final agreement to avert the fiscal cliff. This has been a point of contention in the negotiations and it now appears that both sides are still far … [Read more...]
Rebuilding Your Business Credit After a Disaster Like Hurricane Sandy
Finance expert Mike Periu on how businesses can minimize damage to their credit score after a disaster like Hurricane Sandy. Even though Hurricane Sandy doesn't dominate the headlines anymore, small businesses in the affected regions are only just beginning the long road to recovery. Among the casualties are small business credit scores as invoices go unpaid and bills pile up creating a short-term cash crunch. To minimize the damage to your score, it's important to first notify all of your … [Read more...]
Big changes in estate tax laws take effect next month
The best way to leave assets, like your business, to heirs before big changes in estate tax laws take effect next month. Take Advantage of Expiring Tax Rules to Benefit Your Heirs Current estate tax laws exempt the first $5.12 million per person (double per couple) in assets from estate taxes. This limit drops to $1 million in 2013. and the tax rate on all assets above that threshold will be taxed at a rate of 55 percent. If you plan to leave your business to your children or other heirs, … [Read more...]
RevoLines of Credit Decline in 2012lving
Finance expert Mike Periu on the decrease in revolving lines of credit currently available to companies. According to Thomson Reuters LPC, U.S. companies have access to $787 billion in revolving lines of credit. This is down significantly from 2011's $1.28 trillion. The reduction is due in large part to companies holding back on requests for credit lines due to the uncertainty of the now-passed 2012 elections, as well as the looming fiscal cliff. Many companies that have access to the bond … [Read more...]
Crowdfunding May Be Delayed by a Year Or More
Finance expert Mike Periu on expected delays for the implementation of the Jobs Act, a new, easier way for companies to raise money. The JOBS Act which authorizes new, broader and simpler ways for companies to raise money via Crowdfunding will go into effect in 2013. In order for this to happen, the Securities and Exchange Commission, tasked with overseeing the implementation and enforcement of the JOBS Act, must decide on a plan of action by December 31st. It is far from certain that they'll … [Read more...]
retirement savings as financial goal
According to a recent study by T. Rowe Price, over 70 percent of investors aged 21 to 50 list retirement savings as their numer one financial goal Retirement Concerns Not Translating into Good Decisions According to a recent study by T. Rowe Price, over 70 percent of investors aged 21 to 50 list retirement savings as their number one financial goal. But when compared to how they actually spend their money, there is a clear mismatch between what they say is their goal and how they actually … [Read more...]
How to Double Your Retirement Income
Finance expert Mike Periu on how to maximize and Double Your Retirement Income. One of the most stressful retirement-related decisions is choosing when you will actually do it. If you retire too early you may not have enough money to cover your expenses for the rest of your life; retire too late and you are missing out on the joys of retirement. The rule of thumb used by most financial advisors is that you won't outlive your retirement funds if you only withdraw 4 percent of the balance each … [Read more...]
Deadline Approaching for Free Foreclosure Review Program
Finance expert Mike Periu on a free foreclosure review program which expires at the end of this year. Homeowners who lost their homes to foreclosure in 2009 or 2010 have until December 31st to request a free, independent review to ensure that they were treated fairly and that the process was handled legally. Many small-business owners mortgaged their homes to fund their businesses and ultimately lost one or both. This free review is overseen by the Office of the Comptroller of the Current … [Read more...]
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