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Finance
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Cash
Cash is a physical manifestation of financial resources. As mankind progressed through civilization, from a barter system into a currency system of economic transaction, cash became a focal point, as it became the main medium of exchange. The definition of cash from a business perspective... -
Direct Depositing Paychecks
Every year, the Treasury Department of America restores around 800,000 checks that have been lost, stolen or damaged in transit. Now, for instance, the federal government gives social security, veteran’s benefits and other federal payments electronically, otherwise called direct deposit, although one could still be... -
Cash Flow
Cash flow refers to the amounts of cash being received and spent by a business during a certain period of time. Cash flow reports are used as a financial planning tool for specific projects or businesses. A cash flow projection sets out all the expected... -
1031 Exchange
Section 1031 in the Internal Revenue Service is a boon for a prospective investor, selling an investment property and wanting to make a profit by reinvesting in a similar property elsewhere in the country. This wonderful concept works on the principle of gain rolling from... -
1031 Exchange Companies
The easiest method to begin a 1031 Exchange transaction is to contact a good Exchange Company. The information concerning the exchanger, time and place of the closings, and a copy of the contract to sell the relinquished property are the preliminary papers to start the... -
1031 Exchange Experts
As far as the 1031 Exchange is concerned, it is the Qualified Intermediary who can be called the top “expert” who makes or breaks the deal. The role of the QI is crucial to completing the exchange successfully. It is he who acts as the... -
1031 Exchange Forms
Typically, the 1031 Exchange involves forms like brokers’ price opinion, exemption and nonresident waivers, affirmation of residency, declaration of trust, IRS 8824 like kind exchanges, lien waivers, mortgage interest deductions, multifamily mortgage applications, notice of trustees sale, personal financial statements, power of attorney, promissory note,... -
1031 Exchange Requirements
In a 1031 Exchange, the primary requirement is meticulous planning on the part of the exchanger. The preparedness involves talking to the accountant, attorney, broker, lender and a Qualified Intermediary, the legally mandated middle-man who carries out the exchange process until completion. First of all,... -
1031 Exchange Rules
In a 1031 Exchange an investor sells his property, called “Relinquished Property,” to acquire a “Replacement Property” without attracting tax on capital gains. The whole exchange is overseen by a Qualified Intermediary (QI), a middle-man who provides services of paperwork, oversight, escrow and expertise to... -
1031 Exchange Services
In a 1031 Exchange, the main services come from a qualified intermediary (QI), also known by names like facilitator or accommodator. The services are offered on fee-for-service basis. The services from the QI include paperwork, oversight, escrow services and making a bona-fide exchange agreement under... -
1031 Property Exchange
Property Exchanges conforming to IRC section 1031 offer wonderful opportunities to defer tax liability and maximize profits while helping to continue with the investment of the capital. The IRC clearly states the main qualifying parameter of the exchange as a like-kind exchange. “In a like-kind... -
Banking
The word ‘bank’ is derived from the Italian word ‘banca’, which is derived from the German word for ‘bench’. Moneylenders in Northern Italy originally did business in open areas or open rooms where each lender worked from his own bench or table. The very first... -
Banking Jobs
Modern banks have highly trained staff for delivering top quality service to customers. Other financial institutions like insurance companies now offer most of the services provided by banks. Owing to this intense competition, banks need top quality staff that is talented, reliable, trustworthy, and communicative.... -
Banking Services
The type of services offered by a bank depends upon the nature of the bank and the country where the bank operates. The services provided by banks usually include checking accounts, saving accounts, and investment advice. The main function of most banks is directly accepting... -
Commercial Banking
A commercial bank’s primary liabilities are deposits and primary assets are loans and bonds. As per the U.S. Banking Act of 1971, the “commercial bank” is an institution that offers demand deposits and originates loans.” Therefore, a money market mutual fund is not a commercial... -
Investment Banking
Investment banks, as opposed to commercial banks, assist public and private corporations in raising funds in the Capital Markets (both equity and debt), as well as in providing strategic advisory services for mergers, acquisitions and other types of financial transactions Indeed the original purpose of... -
Offshore Banking
An offshore bank is a bank located outside the country of residence of the depositor in a low- or no- tax jurisdiction. It provides financial and legal advantages like privacy, reduced legal restrictions, and protection against local political or financial instability. Offshore banking has increased... -
Online Banking
Online banking, also known as PC banking, home banking, electronic banking or Internet banking, uses today’s computer technology to relieve the customer of the time-consuming, paper-based aspects of traditional banking in order to manage his or her finances more quickly and efficiently. Thanks to the... -
Personal Banking
Personal banking is similar to retail banking. The essence is that the products and services of the bank are tailored to meet individual banking and ancillary needs, including everything from a checking account to investment advice. The different products available through personal banking include checking... -
Bankruptcy
The legal provision of bankruptcy, though sometimes misused, is a progressive and often merciful process. By it, a hopelessly indebted individual can make an official declaration of financial inability and be free of obligation. This may be on a temporary or permanent basis, depending on... -
Bankruptcy Attorneys
U.S. bankruptcy attorneys were a pretty rushed lot in the final period before October 17 – that’s when the laws governing bankruptcy ceased being a catchall shelter. There was a quiet stampede of almost 1.25 million applicants who wanted to take advantage of the more... -
Bankruptcy FAQs
As far back as colonial times, every citizen has a constitutional right to file for bankruptcy. By declaring bankruptcy, one is relieved of mandatory collection activities for debts existing at the time of filing by a legal “stay” on these activities. The first version of... -
Bankruptcy Laws
U.S. bankruptcy laws fall under federal statutory law provided by Title 11 of the United States Code. They have been periodically revised and amended to provide full and fair cover for genuine cases and to eliminate the potential for their unlawful abuse. Since this is... -
Filing Bankruptcy in Federal Courts
One cannot file for bankruptcy through US state courts, since exclusive jurisdiction is vested with Federal courts. The court charges a certain fee at the time of filing, depending on which category of bankruptcy is being filed for. Specifically, a court fee for filing for... -
Life After Bankruptcy
Nobody files for bankruptcy with a completely fatalistic outlook on what lies ahead. Since the provisions available under bankruptcy basically afford a fresh start, maintaining a positive attitude will go a long way in “coming out from under and rising above. The idea is to...