Avoiding Hefty FBAR Penalties and Fines - 4 Levels of FBAR Fines By Curt Matsen

In this article I will focus on the FBAR penalties and fines that can be levied for non compliance and how to avoid them.
If there is one thing you want to avoid in your financial life it is to avoid taking any of Uncle Sam's money. The IRS wants their share of your money and they are not kidding when they say that. There are some crazy hefty fines and penalties for those that don't comply with the FBAR regulations. These include monetary fines and penalties that include jail time.
So although the authority over the FBAR is the US Secretary's office, it has delegated authority to the IRS as well to enforce FBAR compliance. Why? Because failure to disclose all foreign financial activity hurts the IRS. Income not reported is not taxed, therefore less tax revenue for Uncle Sam. So now that you know that the IRS can levy FBAR penalties and fines on you, it is best to fully comply with the FBAR reporting guidelines to avoid such instances.
Historically, individuals and entities that did not comply with foreign bank account reporting requirements were threatened with criminal and civil prosecution. However the actual cases of prosecution were far and few between. This trend will reverse now that the FBAR regulations are more concrete, better defined and regulated.

This is particularly true in light of the September 2001 events in the United States, which gave both to the United States Patriot Act of 2011 that requires the US Treasury Department to evaluate and suggest to the US Congress ways to improve compliance with FBAR requirements. This was around the same time that the Offshore Voluntary Compliance Initiative program (OVCI) which gave FBAR amnesty to those not in compliance with the standards had also expired.
Consulting Professionals to Avoid FBAR Penalties
Many who face FBAR penalties can usually avoid it by consulting professionals such as licensed tax accountants and attorneys. Unfortunately, many individuals and entities open offshore bank accounts without such consultation.
For many of them it is not their fault as they are not aware of what the law is, but like I said earlier not being aware of the law is never an excuse for not complying with it. Many don't think much of opening foreign bank accounts, and while opening an offshore bank account itself is not an issue, individuals and entities who have done so must disclose the activity on an annual basis according to the law.

Again, FBAR penalties can be quite severe. That is why it is increasingly important that you consult with a licensed professional if you are contemplating offshore banking or getting involved in any type of foreign financial account or activity. If you do so, make sure you are aware of the FBAR form reporting requirements.
Severity of FBAR Penalties
Violation of any law can come with hefty fines and penalties. FBAR compliance is no different. If you do not disclose your foreign bank account activity on the proper forms by the deadline each and every year, you may be prosecuted by the IRS in civil or criminal court. Yes, you can face criminal penalties for issues such as tax evasion and money laundering.
If you are prosecuted in a civil case, you may be looking at a penalty over $25,000 USD or the balance you have in your foreign account (if that is greater), up to a maximum of $100,000 per violation. And here is the kick in the pants. You can be subject to criminal penalties even after being convicted in the civil case. The statute of limitations is also quite long, six years in this case. That is the time period within which the US Secretary can decide to bring a civil suit against you. If you are convicted, you have a maximum of two years to pay the monetary fines.
Now that is actually the lighter side of the matter. FBAR penalties if convicted for a criminal violation can be well over $250,000. Alternatively, the government can lock you up for up to 5 years in jail, or both to make matters worse. Now if you are deemed to have purposely done something illegal, then you can face fines up to HALF A MILLION DOLLARS! And 10 years in jail, or both. Surprisingly however, in a criminal FBAR case, the statute of limitations is only 5 years as opposed to in a civil case. This means that you can be convicted up to 5 years after you have committed the violation.

FBAR Non Compliance Conviction Procedures and Guidelines
The authorities must first file a civil suit against one for non compliance. During this time, authorities will attempt to recover FBAR penalties charged to the individual or entity. The individual or entity doesn't have to accept the charges and can contest the FBAR penalties at this stage of the process.
The specific Federal guidelines that govern this law can be found under 31 U.S.C. 5322(a); Federal Sentencing Guideline §2S1.3. Guideline §2S1.3 (b) (2) offers potential reduction of the FBAR penalties through lowering the severity of the offence if the individual or entity can prove that it acted with no reckless disregard while not complying with the law. Also, there are specialty FBAR amnesty programs that are periodically sponsored to encourage compliance.
Calculation FBAR Penalties
Here is how an FBAR penalty is calculated. There are four FBAR penalty levels, which are detailed out in the Federal guidelines mentioned above.

• Level 1 - pertains to non disclosure of accounts with aggregate balances under $20,000 USD.
• Level 2 - pertains to non disclosure of accounts with aggregate balances under $250,000 USD.
• Level 3 - pertains to non disclosure of accounts with aggregate balances over $250,000 USD but under $1 Million USD.
• Level 4 - pertains to non disclosure of accounts with aggregate balances over $1 Million USD.

Curt Matsen, CPA is the author of the FBAR Filing Guide, a comprehensive resource that discusses FBAR form requirements, how to avoid fines and penalties as well as the periodic FBAR amnesty programs sponsored by governments to encourage voluntary compliance. Read more at: http://www.file-fbar.com

Article Source: http://EzineArticles.com/?expert=Curt_Matsen

Why You Should Be Investing in Gold Now By Chad Upton

Most investors split the money over some kind of mix of stocks and bonds. They usually intend that the stocks will be a portion of their money that is expected to grow, while the bonds produce slower growth but, by comparison to stocks, are virtually guaranteed to maintain and increase their value. While these categories of investments have their place in a portfolio, too many people are overlooking the potential benefits of Investing In Gold.
Gold is a metal that has been precious to humans for as long as history has been recorded. A Gold Investment, therefore, is basically guaranteed to always have some value. While a company can declare bankruptcy or a municipality can potentially default on its bonds, gold has had value to people for thousands of years and there is absolutely no reason to believe that this is going to change. In fact, the value of a given quantity of gold more than doubled between 2005 and 2010. This made Buying Gold not only a very secure investment, but one that outperformed the vast majority of the stocks available on the market!

Most of the main financial benefits is that gold is not impacted by a company's profits or lack thereof. When you're dealing with stocks, many times these shares can have huge shifts in value simply because a company performed better or performed worse than was believed. This can wreak mayhem on the value of your total investment portfolio, especially if your portfolio is heavy on stocks.
Potential investors should take the time to learn about the option of a Gold IRA or 401k. Essentially, the government allows for people to invest in gold through their tax-advantaged retirement accounts. In this case, the individual does not end up being in possession of the physical gold. Instead, for so long as it is part of the retirement account, it must be held by a depository that is approved by the IRS. Once a person reaches retirement age and is taking withdrawals from their accounts, of course, they are free to either have the physical gold shipped to them or to have it sold on their behalf.

Investing In Gold is a great way to add additional diversification in a very secure form to a retirement account. Anyone who is concerned about being sure that some of the money that they are putting aside for their retirement is not at risk of being completely lost can benefit from getting an account that permits them to hold this asset.

Chad Upton has been staying up to date with Gold Investments for the last 5 years and has partnered with some of the best firms to help his customers see the best financial success.

Article Source: http://EzineArticles.com/?expert=Chad_Upton

Small Business Management Through the Recession By Carrie H Johnson

Today's uncertain economy is enough to make a small business owner's hair fall out, bowl over from a stomach ulcer or scratch up a rash that could cause customers to consider another place for service or product. The good news is that we know the economy will turn around, in time. Your job is to work smarter and keep your business moving forward until then. That means taking a hard look at the business of your business.
As small business owners we are good at what we do and make. Problems arise when we pay too much attention to our product or service and not enough to managing the business itself. Granted that is the part that usually evokes a dreaded "ugh," but it is also the part that can mean the difference between success and failure. Focusing on your financials, the people who make your business possible, and your vision will help ensure your survival in today's economy and beyond.
Re-Mind Your Business
Cash in or Cash Out I am sure you have heard this a thousand times, but it still needs saying. "Cash is king." A business is more likely to survive in a good or bad economy with good cash flow than with profits. One does not necessarily mean the other. Small business owners usually have problems with cash flow no matter the economy. To improve cash flow do a cost analysis of your business. Look at areas where you can save money such as bank and credit card charges; negotiate with creditors for longer payment arrangements. Barter for services or products with suppliers. If you offer credit to your customers, cut it down or out and be more aggressive with collections. Consider outsourcing services instead of hiring another employee. There are many freelancers that are experts in specific areas such as accounting and bookkeeping, website design and operations and marketing and public relations that can cost less than an employee, benefits included. Be creative in reducing the cost of your day-to-day operations without sacrificing the quality of your product or service.

If you do large jobs, ask for a payment plan that includes a deposit. If you do large contracts such as janitorial services for major corporations, invoice early and ask for early payment or offer your customers a discount if they pay the invoice within a certain time frame. In a poor economy, large corporations are looking for ways to save money too.
If you need help with your cost analysis or cash flow projections, ask for it. Worcester has many free and low-cost resources to help you develop your survival tactics.
Marketing
While cutting costs is most important, cutting back on marketing, advertising and public relations during a poor economy is a big mistake. Marketing and public relations are what gain you new business. When times are hardest is the time you want to shine even brighter than before. If you do not let your customers know you are still on board, they may forget about you when the good times resurface. And they will resurface.
Develop a no cost marketing plan that includes building media relationships so you can submit byline articles relevant to your industry. Appear on local access television as an expert in your field. Join in professional, community and industry networking events. Develop a customer management program that includes regular contact with customers about subject unrelated to your business as well.
Apply for small business awards and contests by corporations, professional associations, and government. This recognition will get you attention by your customers as well as potential customers that may not know you exist. Winning an award often gets you requests from other media who want to publish your story. It also builds your credibility.

Nurture Your People
Employees It may be that without your employees you would not have a business. During this economic slowdown, communicate with your employees. Now more than ever it is important to be transparent, ask for their ideas for improvement. Motivating employees is difficult when they are feeling shaky about whether they will keep their jobs. The best motivator is to provide them the opportunity to offer suggestion on how to serve the best interest of everyone in the company over the long-haul. They may be willing to take a pay cut or have ideas about cutting back on expenses you did not think about. Go the extra step and provide praise for good work or ideas that work. They are your most precious resource. It is usually less costly to keep current employees than searching for qualified employees that you have to train when the economy improves.
Customers Keeping your existing customers by providing excellent customer service is good practice anytime. During today's economy it is critical. It is much easier to keep existing customers than to find new ones. Talk to your customers. Learn what they need, how they are doing financially, what their expectations are for the future, so you are on your game when the economy improves and your customers start spending more.
Suppliers Supplier loyalty can be valuable when you need extra time to catch up on your account payables. Depending on your business, you may land a new account and need supplies to launch the account until your first month of receivables is due which could be 60 to 90 days out. A good relationship with your supplier could mean your payables receive the same time consideration. Think creatively when making deals to grow your business with the help of your suppliers. The more growth your business experiences, the more business your supplier could expect.

Focus on the Future
Business Plan Review and revise your business plan. As your business grows and your industry changes it is necessary to keep your business plan relevant. A well-thought out business plan that includes your cost analysis, new marketing plan and employee and customer management programs is critical to a quick and successful recovery. It can ensure the future viability of your business.

Carrie H Johnson is founder of three businesses including a cleaning service she started with no money and grew to a multimillion dollar contract-cleaning company that supported 165 employees. During her 17 years as President of this company she received several business and community awards.
She is the author of the book "From the Pits to the Palace: One Woman's Journey to Self-Realization through Entrepreneurship" released in March 2009 and available on Amazon and bbotw.com (Buy Books on the Web). She also is a journalist and has written for several newspapers including the Los Angeles Times, Worcester Telegram and Gazette and the Metrowest Daily News.
Ms. Johnson is a small business adviser specializing in business planning, public relations and marketing planning. She works closely with The Center for Women and Enterprise (CWE), a nonprofit organization whose mission is to empower women to be economically self-sufficient and prosperous through entrepreneurship.
She has served on several Board of Directors for organizations such as CWE, the New England Minority Supplier Development Council, Wayside Youth and Family Network, and the Boston Area Rape Crisis Center.
Ms. Johnson has a BA and MA in journalism from California State University, Los Angeles and Northeastern University in Boston, MA. http://www.carriehjohnson.com

Article Source: http://EzineArticles.com/?expert=Carrie_H_Johnson

7 Critical Steps to Ignite Your Company's Cash Flow By Laurie Taylor

Starting a business is a cake walk compared to running a sustainable, profitable business. In the initial stages of getting your company up and running, you are on an adrenalin high.
Your passion and the excitement of doing something you had dreamed about for months or years, seeing that dream become a reality, can be intoxicating!
Sooner than later, however, the challenges of running a successful business hit and you find yourself struggling to balance all the demands a growing business requires.
Too many business owners direct their attention to driving sales into their business without a plan on how to manage the cash when it hits their bank account.
The frenzy of getting that next sale, managing the expectations of delivering the product or service, hiring the necessary staff to keep ahead of demand and putting in place the processes to create efficiencies are all consuming.
The reality is this. Managing your cash is your #1 job as a business owner.
A cash-strapped business will not grow. You as the owner will burn out. The company will go away. If you are worried about getting enough cash to run your business, here are 7 steps to consider early on in starting and running a business.
1. Improve sales - you have to spend money to make money
I'm amazed at how many small business owners find little difference in marketing and sales. Or while they may understand the fundamental difference, they make no plan to actually land sales. They believe that their passion for their product or service will carry the day. I've had many business owners tell me 'if I can get in front of someone, I can sell them my product." They rely on their personality not on an intentional sales plan. To ignite cash flow, a sales plan is critical. And selling everyday becomes a priority. If selling is not your strength, hire a sales coach. Do this before your cash becomes depleted to a point where you don't have the resources to apply to your business.

2. Have a plan - don't shoot from the hip
When did planning become a bad word in business? I've heard more than one expert negate the impact of planning. Certainly making a plan you can implement is a challenge. Too many business plans are filled with dreams of grandeur but have no chance of becoming reality. A plan has to be based on facts and the more facts you have as you build a business the better decisions you make. And business owners who make good decisions succeed. I want business owners to make a plan based on where they are financially. If you have no cash today, then your plan goes out 2 weeks and includes how you are going to generate sales. If you have cash then your planning period could span 6 months. Create a plan based on your world today and make it real.
3. Increase prices - you have to establish value
What is your pricing strategy? It starts with an understanding of what it costs to produce your product or service, includes understanding what your competitors are charging and has to include your ability to show value. Too often prices are set based on what the business owner 'thinks' the prospect will accept. They often devalue their service or product and that happens when they don't know what that value is. Take the time to really understand the value of your product or service and be confident in the problem it solves for your audience.

4. Aggressively manage receivables - do you have payment terms
Do your customers and clients know your payment terms? Are they listed in the small print that no one ever reads? Do you get frustrated when you don't get paid on time? After sending an invoice it's always a good idea to call to make sure the invoice was received and that the customer or client doesn't have any questions. Making assumptions in this area can really squeeze your cash flow. Be aggressive when it comes to collecting what you are owed.
5. Create milestones - alert the client on the value delivered
Want to avoid that feeling in the pit of your stomach when you send an invoice to a client and you aren't sure they will pay it? At critical points in the delivery of your product or service you should check in with your customer or client to show them the value you have delivered. Don't expect or assume they see it. If you do this regularly, you'll never have an issue with payment.
6. Managing vendors - maximize terms
If you are cash strapped, you have to protect your cash for as long as possible. That means maximizing terms for people you owe money to. If terms for payment are 30 days and you are sitting on cash and can pay it in advance, don't. Always pay your bills, just don't pay them before they are due.

7. Establish a credit line - do this when receivables are strong
While credit lines are harder to establish today than they were even 6 years ago, that doesn't mean they aren't available. Every business owner should establish a strong relationship with their banker. If you are new at a bank, introduce yourself to the President. Think you are small potatoes? You aren't and you need to establish relationships with key people at your bank. Your plan is to grow your business. They want to provide you with services where they earn interest. Be confident that your money is just as important as anyone else's.

The goal of every business is to make a profit. Is your business leaking profits? Are you working harder but not seeing the results on your bottom line at the end of each month? Visit http://www.destination-greatness.com and turn your growing business into a great business.

Article Source: http://EzineArticles.com/?expert=Laurie_Taylor

How to Get a SBA Loan By David L Grigg

For our next article we wanted to talk about How to get SBA Loans. Several of our clients purchase SBA ready business plans and are not 100% sure how the process work. We though we should help shed some light on what they are, how they work and the steps in getting the loan.
What is an SBA loan?
SBA loans are term loans from a bank or commercial lending institution of up to 10 years, with the Small Business Administration (SBA) guaranteeing as much as 80 percent of the loan principal.
Who are SBA loans for?
SBA loans are for established small businesses capable of repaying a loan from cash flow, but whose principals may be looking for a longer term to reduce payments or may have inadequate corporate or personal assets to collateralize the loan.
How many loans are available?
Vast. The Small Business Administration guarantees some $12 billion per year in loans.

Best Use of Loans:
Purchasing equipment, financing the purchase of a business and in certain instances, working capital. The Small Business Administration guarantee can help borrowers overcome the problems of a weak loan application associated with inadequate collateral or limited operating history.
What are the fees or cost?
Comparatively inexpensive when looking at other loan sources. Maximum allowed interest rates range from highs of prime plus 6.5 percentage points to prime plus 2.75 percentage points, though lenders can and often do charge less. These rates may be higher or lower than rates on non-guaranteed loans. What's more, banks making SBA loans cannot charge "commitment fees" for agreeing to make a loan, or prepayment fees on loans under 15 year (a prepayment penalty kicks in for longer loans), which means the effective rates for these loans may be, in some instances, superior to those for conventional loans.
Ease of Acquisition:
Challenging. Although The Small Business Administration has created streamlined approaches to loan applications, conventional SBA guarantee procedures and protocols pose a significant documentation and administrative challenge for most borrowers.
Range of Funds Typically Available:
The Small Business Administration guarantees up to $1 million of loan principal.
Steps in Getting an SBA Loan
While most banks, as well as select commercial finance companies, offer SBA loans, there are two specialized categories worth knowing about. These are Certified Lenders and Preferred Lenders, both of which have entered into contractual relationships with the SBA and officially participate in the Certified Lender/Preferred Lender programs (CLP/PLP).

These lender programs were designed to provide better response to borrowers; they accomplish this goal by placing additional responsibilities on the lenders for analysis, structuring, approval, servicing and liquidation of loans, within The Small Business Administration's guidelines. About 850 lenders qualify for the SBA's Certified Lender Program, having met certain criteria, the most important of which, from the borrower's perspective, is extensive experience in SBA loan-guarantee processing. Certified lenders account for about 4 percent of all SBA business-loan guarantees. Since the certified bank does much of the SBA's work, the agency offers turnaround times of three business days for processing the application.
Approximately 450 lenders meet preferred lender standards. This group processes approximately 21 percent of loans. Preferred lenders have full lending authority and as a result can offer a one-day turnaround on completed loan applications.
If you are seeking a loan, your best bet is to work with a certified or preferred lender. The SBA-guarantee process is tricky at best, and you want a lender who has been through it more than once

These lender programs were designed to provide better response to borrowers; they accomplish this goal by placing additional responsibilities on the lenders for analysis, structuring, approval, servicing and liquidation of loans, within The Small Business Administration's guidelines. About 850 lenders qualify for the SBA's Certified Lender Program, having met certain criteria, the most important of which, from the borrower's perspective, is extensive experience in SBA loan-guarantee processing. Certified lenders account for about 4 percent of all SBA business-loan guarantees. Since the certified bank does much of the SBA's work, the agency offers turnaround times of three business days for processing the application.

Article Source: http://EzineArticles.com/?expert=David_L_Grigg

What drives US entrepreneurship?

By Will Smale Business reporter, BBC News

How does running a business differ around the world? In a new series, the BBC News Website is speaking to successful entrepreneurs from around the globe about the secrets of their success, and the challenges they have faced. In the first instalment, three US business people explore what drives American entrepreneurship.

Tom Ryan is just your typical, easy-going American entrepreneur - he wants to take over the world.
Mr Ryan is founder of restaurant chain Smashburger, one of the fastest-growing companies in the US.
From just one outlet in Denver in 2007, it now has more than 150 branches nationwide, and will later this year open its first foreign sites in Kuwait, Canada and Costa Rica.
Europe and Asia are then due to follow.
Aiming to reach 500 US branches within the next few years, Smashburger's current global ambition is for ultimately 2,000 international outlets.
Mr Ryan, a restaurant industry veteran, says: "Everyone said the burger industry in the US was too crowded for a new entry, but I was sure there was a place for a new chain offering much higher quality than the established players."
Backed by a private equity firm, Smashburger was immediately popular with American consumers, and its expansion quickly started.
Mr Ryan adds: "Obviously I'm delighted with how things have gone. I knew we had a strong concept, and therefore a fighting chance."
Search engine Smashburger is far from unique in the US.

The likes of Google, Twitter and Facebook may not make hamburgers, but all three were also just start-up businesses not too many years ago. Facebook was only established in 2004, and Twitter was not set up until 2006.

Facebook was first started in a university dormitory, and Google's early days were based in a garage.
But as the US continues to produce a wealth of start-up companies that quickly grow to dominate their marketplaces, what are the reasons behind America's continuing entrepreneurial success - and can they be copied?
And are successful entrepreneurs born or bred?
Californian Eric Ries may be just 33, but he's a Silicon Valley veteran.
With a number of technology sector start-ups behind him, "some successful ones, and some failures", he is now an in-demand start-up adviser, and author of The Lean Start-Up.
Mr Ries says that when it comes to supporting entrepreneurship, the US has some key advantages over Europe and other parts of the world.
"There are definitely cultural factors in the US's favour, perhaps most importantly a willingness to tolerate failure," he says.
"In Europe if you fail in business you are going to find it very difficult to borrow money the next time around, but in the US it is almost seen as a useful experience to have gone through."
Mr Ries adds that this all makes American entrepreneurs more willing to take risks.

 

 Smashburger has 150 outlets across the US

"On top of this, some European countries have very high personal liability levels for entrepreneurs, which is a terrible mistake," he says.
"Regulations are also lower in the US for smaller firms. Add all these together, and you can see the advantage the US has.
"But it is not all one-sized, there are still some great firms in Europe."
'Smaller governments' Julie Meyer is a US entrepreneur who lives and works in London, where she is chief executive of investment fund Ariadne Capital.
This invests £55m per year in early stage technology businesses.
Ms Meyer agrees that more Americans are willing to take a chance on starting up their own company, which she says is a "cultural thing".
"But I don't want to stress the US market too much. I believe we have excellent entrepreneurs in the UK, it is just the available financing and tax policies that lag behind.
"The UK government needs to cut taxes for small firms to help spur growth and act as an incentive.

 

 Eric Ries says entrepreneurship is a teachable quality

"Overall this would mean more successful small firms and therefore more tax revenues."

Looking across Europe in general, Ms Meyer says generations of left-leaning governments have held back entrepreneurship.
"The welfare states across Europe have not helped boost entrepreneurship, because governments have told people 'don't worry, we'll look after you' instead of 'you have a unique contribution to make'," she says.
"Instead governments need to be much smaller, with more focus on individuals. And we are now heading in that direction, because European governments suddenly realise they cannot afford to be so large."
'Right stuff' But if European nations want to copy more of American-style entrepreneurship, how easily can this be achieved? Or is it simply that more entrepreneurs are born in the US?
Mr Ries says: "I'm definitely not one of those people who say that entrepreneurs are born with the 'right stuff'.
"It is teachable, but countries have to change their cultures and rules to help support successful start-ups. That's the US's cultural advantage."
Julie Meyer also says she doesn't believe entrepreneurs are born.
"You aren't born, rather I think entrepreneurs are nurtured," she says.

 

 Julie Meyer says the UK has excellent entrepreneurs, but finance is an issue

"My father was an entrepreneur, so I realised it was not the easiest choice to make. But I knew it was what I wanted to do, and I had that experience to draw upon."
Smashburger's Tom Ryan says that while entrepreneurs may have "a little bit of creativity that is not inherent in others", the first two key factors to success in business are your product and your business model.
He adds: "The third is work with great people, you need these to make everything come together. Entrepreneurs can't work on their own."

US adds 115,000 jobs in April, fewer than expected

The US economy created 115,000 jobs during April, down on the previous month and fewer than analysts had expected, official figures have shown.

However, the unemployment rate fell slightly to 8.1% from 8.2% in March, the Labor Department said.
Employment has been rising for the past eight months, but the jobless rate has been stuck above 8% since early 2009.
The weak report pushed US and European shares lower, with the Dow Jones index falling 168 points to 13,038.
Both the Nasdaq and the Standard & Poor's 500 had their worst week of the year, while markets in London, Paris and Frankfurt closed almost 2% lower.
Meanwhile, the oil price continued to fall, with US light crude dipping below $100 a barrel on concerns about the strength of the world's largest economy.

President Barack Obama said he would urge Congress next week to implement "common sense ideas" to accelerate job growth.
Speaking after the data was released, he said: "We've got to do more if we're going to recover all the jobs lost in the recession."

US Secretary of Labor: Older and younger people are not in the workforce

The stubbornly high unemployment rate is seen as a drag on economic growth in the US.
Jobs were created in the business services, retail and healthcare sectors in April, but were lost in transport.
The Labor Department said the number of long-term unemployed was "little changed at 5.1 million".
The unemployment rate hit a three-year low, but part of the reason for the fall was a drop in the number of people looking for work, which reduced the size of the workforce.
"The drop in the unemployment rate was actually an unhealthy drop - you had less people looking for work, which shows a bad sentiment," said Ron Florence at Wells Fargo Private Bank.
'Sluggish growth'

 
The US saw two consecutive months of robust jobs growth in January and February, with increases of well over 200,000 jobs in both months.
But the past two months have seen a sharp fall in job creation, with 154,000 jobs added in March, a figure revised up from 120,000.
Analysts had expected a rise in April.
"We're still growing just gradually," said Nigel Gault at IHS Global Insight in Massachusetts.
"Hiring is coming back into line with what you would expect with sluggish growth."
Last week, official figures showed that US economic growth slowed to an annualised rate of 2.2% in the first three months of the year, down from 3% in the final quarter of last year.
The Commerce Department said a cut-back in business investment was the key reason for the slowdown in growth.
The Federal Reserve expects economic growth of between 2.4% and 2.9% in 2012, with an unemployment rate of between 7.8% and 8%.
http://www.bbc.co.uk/news/business-17957196

Best of American Express Charge Cards for 2012 By Matthew R Coan

Ask any current American Express charge card holder and the will probably tell you that it's the best charge card that they have every had, as long as it is accepted at all of their normal vendors. American Express is not the most widely accepted cards, and the main reason for this is because American Express charges a higher fee per transaction at merchants than other credit cards do. But as a cardholder you can reap the benefits from this extra money that American Express makes in the form of rewards and added features on your card. If you enjoy traveling or attending special events then take a look at the group of American Express charge cards and see what you have been missing.

Amex Green Charge Card
This is the base level charge card for American Express. With this card you can earn 1 point for every dollar that you spend on your card. You also earn 2x points when you book you trips through American Express's travel site and up to 10x points when you make purchases on American Express's Membership Rewards online mall with over 300 of the best vendors.
The annual fee for the American Express Green Charge card is $95, which is waived for your first year, and $30/year for each additional card that you add to your account.

Amex Gold Charge Card
The American Express Gold Charge Card is the next step up in ladder. With this card you are earning the same points structure that the Green card offers. The main difference is that you will be one of the first people to now about upcoming entertainment events and be able to purchases tickets to these events through American Express (which you can use points to pay for.) If you attend a lot of special events and hate waiting in line for tickets and you want to save $50 off of the next card in this entourage then this is the card for you.
The annual fee for the American Express Gold Card is $125, and $35 for each additional card you add to your account.
Amex Premier Rewards Gold Charge Card
If you were interested in the American Express Gold Charge Card then you need to take a look at the Premier Rewards Card. This card is offering 25,000 bonus points (valued at $250) when you spend $2,000 in the first 3 months of opening your account. You can earn 3x points on airfare that is purchased through American Express's travel site, 2x points on gas and groceries, and 1x points on everything else. You get the same early access to special events along with offers that include special travel packages and amenities at hotels worldwide.
The annual fee for the American Express Premier Rewards Gold card is $175, which is waived the first year, and there is no annual fee for the next 5 cards that you add to your account.

Amex Platinum Charge Card
This is the card for the world traveler or anyone who plans to take lots of trips in the future. The Platinum card is offering 25,000 bonus points when you spend $2,000 in the first 3 months. You will also earn 2x points when you book your trip through the American Express travelers site and 1x points on everything else that you purchase.
You will get access to over 600 travel lounges with American Express's priority pass, you will not be charged any foreign transaction fees, you can skip to the front of U.S. Custom lines with American Express's Global entry, and you get up $200 annually to cover incidental airline charges, including checked baggage fees. When you purchase a qualifying first or business class international ticket you can receive a companion ticket for any discounted traveler. Also you can receive complementary upgrades at hotels, boutiques, and resorts worldwide.
With all of these travel rewards and upgrades you will also get a 24/7 concierge that can offer assistance with reservations, travel, gifts, and more. And to make your traveling plans even better you will save 20% when you pay for any of your trips with the points that you have earned. And while you are on your trip you will get exclusive access to events and shows that are not offered to the general public.
The annual fee for the American Express Platinum Charge Card is $450.
With all of these options it is probably pretty easy to figure out which card is best for you. On top of the unique features for each card all of the American Express Charge cards include the following features.
-There is no limit to the amount of points that you earn, there are no blackout dates and the points you earn can be transferred to over 20 different frequent flyer miles programs.

-When you are traveling you can travel in comfort knowing that your bags are covered. Up to $1,250 in insurance for your carry on bags and $500 in insurance for your checked bags. You can also refuse the supplementary car rental insurance when you are renting a car with your American Express Charge card.
-24/7 emergency assistance when you are traveling more than 100 miles from your home, which includes roadside assistance if your car breaks down.
-When you are shopping you can return items that you are not satisfied with and if the vendor will not take them back, American Express will refund you up to $300 of the purchase. You are also protected in case you break something, accidentally, American Express will replace, repair, or reimburse you for the item up to 90 after your purchase.
-Extended warranty on the items that you purchase with your card up to one year passed the standard manufactures warranty.
For anyone who travels a lot or attends special events then the group of American Express Charge Cards is an option worth looking at. You can also have the added benefit of adding additional cards to your account and watch your earned points add up. American Express makes it easy to earn points as well as spend them in the way that you want. The only problem is deciding on where your next trip will be and which event you want to see.
It's important to note that a charge card is a card that is used by someone who plans to pay his or her bill in full each month. These cards also come with "no preset spending limit," but that does not mean you can go out and buy anything. Your card limit can be based on anything from your spending habits to your credit history.

Visit Casavvy.com for card card details and offers.

Article Source: http://EzineArticles.com/?expert=Matthew_R_Coan

How To Rebuild Credit Starting Today By John Phillips

Rebuilding credit can be one of the hardest but most important things you can do to secure your future. Poor credit can come from many circumstances in life; examples include bankruptcy, divorce, an accident, or an illness that may have kept a primary earner from being able to work, or built up huge medical bills. Sometimes it's simply poor financial planning or decisions that caused the problem. No matter how you may find yourself in this position, the sooner you start rebuilding the better. You have many options and avenues to explore that will raise your credit score bit by bit until you are back to where you started from or above.
The Simplest First, A Bank Account
A good way to get a foothold on your finances and credit is to open a bank account. Opening a new bank account won't raise your score, as the information isn't used on your credit report. However, you will need to setup a good relationship with a bank to set the stage for strategies to come in the future. A great account to set up is a checking account. Once you do set one up, make certain to use it very responsibly. Responsible use includes the usual things like using your check card, and writing checks. Just make sure not to overdraft! The bank likes to see that you can handle cash responsibly, and then when you get to the point where you are ready to take out a loan, they will feel that you can handle a loan and will be more likely to grant you one.

Be Timely With Your Payments To Utility Companies
A great way to get your credit rating to look good again is to make sure to pay your bills on time. Bills such as those from the telephone company and the electric company must be paid on time to maintain a good rating. You may have had to pay a deposit to get these services started in the first place if you had poor credit when you set up these accounts. It is of vital importance now that you have these accounts set up that you pay them on time monthly. The security deposit you may have had to pay must not be looked at as a "savings account" meaning you can skip a month here and there. A credit rating will be affected by even one missed payment. The benefits you will receive from paying bills on time will be very evident.

Obtain A Credit Card
A credit card can still be obtained even with poor credit. It's very interesting that even after filing bankruptcy, a person will likely receive a number of credit card offers in the mail. Usually these offers come from companies that specialize in handling poor credit clients. But say your credit is really poor; you may not be able to get one of these credit cards. If you happen to fall into this category, You will have to look into getting a secured card.
With this type of card, you technically are not being extended any credit. The setup here is that you establish an account that you fund yourself. The amount that you have in this account is the limit that you have to spend. A secured card - used responsibly - will be a big boost to your credit rating, and may keep you from getting into credit card trouble again. And you needn't worry what people may think of you; a secured card appears and swipes just like a normal charge card.
Be aware that a secured card won't have all the perks that a traditional card may have. Most secured cards actually have no perks. This will get you into the habit of knowing that a credit card is basically for paying for things without having to have cash. In addition, you can use a secured card to secure a hotel or airline reservation. Secured cards do come at a price though, fees and charges can add up. But if you are looking to rebuild your credit, you must be prepared to sacrifice a bit.

Looking for good ways to rebuild credit? Discover options available to you. Visit: http://www.rebuildcreditsuccess.com today!

Article Source: http://EzineArticles.com/?expert=John_Phillips

What You Need to Know About Inheritance Tax By Alan Tii

What is the increased threshold?
Married couples and registered civil partners can effectively increase the threshold on their estate when the second of them dies - to a maximum of £650,000 in 2011/12. Their personal representatives must claim the unused Inheritance Tax threshold or "nil rate band" of the first spouse or civil partner so that it is available to set against the estate of the second spouse or civil partner.
Who is responsible for paying the tax?
Inheritance Tax is payable by different people in different circumstances. Usually, personal representatives pay it using funds from the estate of the deceased. Trustees are usually responsible for paying Inheritance Tax on assets in, or transferred into, a Trust. Sometimes people who have received gifts, or who inherit from the deceased, have to pay the Tax - but this is not common.
How do I find out if Inheritance Tax is payable?
To find out if the Tax is due on an estate, you must first value the estate. i.e. calculate the value of all assets owned at the date of death - including any property, possessions, money and investments - and deduct any debts owed, including household bills and funeral expenses.
The estate also includes the deceased's share of any jointly owned assets and the value of any assets held in a trust from which they were entitled to income.

Any gifts that the deceased may have made in their lifetime should be reviewed to see if they are exempt and, if not, they must be included in the overall value of the estate.
What exemptions and reliefs are there?
Sometimes, even if your estate is over the threshold, you can pass on assets without having to pay the tax. Exemptions and reliefs include:-
* Spouse or civil partner exemption - your estate usually doesn't owe the Tax on anything you leave to a spouse or civil partner who has their permanent home in the UK - nor on gifts you make to them in your lifetime - even if the amount is over the threshold.
* Charity exemption - any gifts you make to a "qualifying" charity - during your lifetime or in your Will - will be exempt from Inheritance Tax. In the 2011 budget the Chancellor announced a 10% discount on Inheritance Tax for those individuals who left at least 10% of the value of their net estate to a registered charity. The reduction effectively means a 10% discount off the standard 40% rate of Inheritance Tax - being 36%.

* Potentially Exempt Transfers - if you survive for 7 years after making a gift to someone, the gift is generally exempt from Inheritance Tax, no matter what the value,
* Annual Exemption - you can give up to £3,000 away each year, either as a single gift or as several gifts adding up to that amount - you can also use your unused allowance from the previous year, but you use the current year's allowance first.
* Wedding and civil partnership gifts - gifts to someone getting married or registering a civil partnership are exempt up to an amount which is dependent on the closeness of the relationship to the individual who is to be married.
* Business, woodland, heritage and farm relief - if the deceased owned a business, farm, woodland or national heritage property, some relief from Inheritance Tax may be available.
* Small gift exemption - small gifts of up to £250 to as many individuals as you like, can be made tax free
When does the Tax have to be paid?
In most cases Inheritance Tax must be paid within 6 months of the end of the month in which the deceased died, after which time interest will be charged on the amount outstanding. Inheritance Tax payable on certain assets including land and property may be paid in annual instalments over 10 years.

If you wish to consider reducing your Inheritance Tax liability we recommend that you take professional advice and ensure that your Will is up to date. The sooner you plan to do something about your inheritance tax liability, the more effective your arrangements will be. Please contact us for further information.

Article Source: http://EzineArticles.com/?expert=Alan_Tii

3 Ways to Improve Your Credit Score By Alice C. Edgars

When Sunny Roseman reveals that his sleep number is higher than his credit score, the crowd laughs nervously... Theirs isn't much better.
Everyone wants their fair share of the credit pie, but how are they going to get it when their score is in the toilet with all the other financial turds? Darrell Hornbacher, Denver credit repair King wraps it all up in a quick circle pie, explaining that your credit score is made up of paying your bills on time, 35%, credit utilization (I hate that word) rate, 30% of what is otherwise known as a line of credit, or rotating charge cards, 15% is made up of your credit history, or how long you've had credit, 10% new credit inquiries, and 10% mixed debt types, including your home loan, your auto loan and charge cards.
Perfect credit?
For the average person hasn't existed, but it can. A credit score of more than 700 is considered high, with average scores ranging closer to 665. But how does a working girl acquire a score that looks like that?
Nobody ever said managing your financial situation will be easy, but there are a few quick tricks to help you increase your credit score.

1. Fix it. Remove all the crud off your credit report by first getting a FREE report from one of those amazing companies that gives you one with no fees. Then... Write all creditors who have bad stuff on your report and ask them to take off any inaccurate or illegal dings.
2. Carry 3 cards: Visa, Mastercard, Discovery or American Express, with 23 - 27% capacity. Meaning if your credit limit on the card is $1,000 you carry no more than $270.00 of credit on the card. Pay most of it off every month, but better yet, pay your payment on the due date and a little extra 10 days later, just enough to keep it under the amount and keep paying on it about every two weeks.
3. Make sure all line of credit or revolving credit accounts are reporting your payments as installment payments on an "installment" loan. If not, change the loan to an installment loan, because they report better than revolving credit loans.

These tips will fix your credit score, improve your credit and make it more likely that you will be able to finance a home loan. Business loans and professional financing options are more likely to be obtainable if your personal credit is in better shape.

Alice C. Edgars understands the need to improve your financial well being and maximize your financial impact with a great credit score. Visit http://plusfindyourdream.com and get a subscription to her amazing, informative newsletter. You'll understand killer values and lifestyle financial impact while you find your dream at PLUS!

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Credit Card Debts: What Happens When the Holder Dies? By Jim Oneil

Death is often seen by many as an escape route from the troubles that world could give to an individual. You may not subscribe to such morbid notion but if you are neck-deep in debt, it is possible that you would entertain the said idea. This is because the logic behind this is pretty simple: if you die then you would certainly not have any more trouble with your debts. In fact, it is possible that those whom you have left behind in your family would not be obligated to pay for the said debts. However, it is also possible that someone else would be left to deal with the burden.
If your credit card account happens to be joint account with your wife or any other partner, then that individual would be the one who would carry the burden after you die. The bank or the credit card company would surely take steps to compel your co-account holder to pay for the debts that you have incurred using the credit card. Of course, for that person, this arrangement would just seem unfair. But that is how things turn out in such circumstance. If your wife is your co-account holder, she should just be ready to bear the brunt of the debts when you are gone.

The case is different if the credit card account happens to be yours alone. In this case, the creditor would have no other recourse but to determine whether your estate could be used to repay your debts. The first step to be taken here is that the creditor would find out if you have any property that is left behind. Before such real property could be divided among the heirs, the right of the creditors to obtain payment from the estate is secured first. There are legal statutes that would lay the bases for this action.
However, if you die without leaving behind any substantial estate, then the creditor would have to accept the fact that it has lost in the process. Since it has no one to collect the payment from, the creditor is compelled to declare that the debt is no longer recoverable. In this instance, it is actually the creditor that is left holding an empty bag. Credit card companies and banks, however, do not just easily give up their right to get paid. They would first exhaust all options before they would accept the truth that they could no longer get anything from a dead debtor.

It must be pointed out though that there may be differences also in the treatment of such cases in other countries. In fact, in the US, the differences may even be from state to state. Because of this, is expected that a debtor should read about laws governing debts and repayments. Knowing the said laws would be enlightening. It would even encourage one to be more prudent in spending his money and in acquiring debts. After all, nobody who is sane enough would prefer death to complying with payment obligations.

Jim Oneil is a writer with a special interest in debt issues and personal finance. He has written for small local newspapers in the past and now devotes part of his time writing about debt issues and UK based financial products.

Article Source: http://EzineArticles.com/?expert=Jim_Oneil

Top 15 Strangest Scholarships By Jenny Sweeney

Thousands of soon-to-be students are hunting for extra financial assistance for college tuition. Without a perfect SAT score or the ability to run a sub 4.5 forty yard dash, you might find your chances of securing a scholarship aren't looking too bright. However, you might not realize that your odd talent or hobby may make you the perfect applicant for one of these 15 strange but real scholarships.
Oink, Oink
Has your room been compared to a sty? Are you comfortable living in a messy habitat? These aren't requirements for a scholarship, but they are attributes of the creatures you care about - pigs! If you're interested in creatures of the bovine persuasion, this is the scholarship for you; the International Boar Semen (IBS) Scholarship is available for those interested in swine management. For more information, visit piggene.com/IBS/ibs_home.htm.
The Next Generation of . . . Klingons
Trekkies, leave your capes, figurines, posters and other memorabilia behind. Just bring, well, yourself! Klingon Language Institute, in an effort to promote language study, awards one lucky winner a $500 Kor Memorial Scholarship-but don't worry, fluency in Klingon is not a requirement. Check out the requirements for this scholarship at: kli.org/scholarship/.

Think Tall Thoughts
You've got Michael Jordan's stature but you're about as agile as a water buffalo. That's okay with Tall Clubs International! Males over 6'2" and females above 5'8" are encouraged to apply. The reward is no small (pun intended) amount either; Tall.org awards a whopping $1,000 scholarship to the winner. Find more info at: http://www.tall.org.
Yo, Shorti!
For the vertically challenged, the Billy Barty Foundation offers scholarships to students of "short stature". Similarly, the Little People of America awards students - and their families - scholarships. To join, members must be 4'10" and shorter. Scholarship amounts range from $250 to $1000. Read all the requirements at: lpaonline.org.

More Trans fat, please!
Say goodbye to the cabbage soup, grapefruit only, or south beach diets! The National Association to Advance Fat Acceptance encourages "fat" people to apply for one of their two merit-based scholarships. The scholarships, offered to already-existing NAAF members, awards $1,000 for first place, while the second place prize is $500. For more fat-friendly information regarding the scholarships, go to: naafa.org/newevents/shcolarship.html
For the Herbivores
Calling all veggie-lovers around the world! Two health-conscious winners will be awarded $5,000 in scholarship money from the Vegetarian Resource Group. But be forewarned: unless you love your legumes, this scholarship is not for you. Eligible applicants must not only exemplify a healthy lifestyle, but also promote vegetarianism within their community too. For more information visit: vrg.org.

Sk8 through School
Thanks to Tony Hawk and a few scrapes, bruises, and breaks, your skateboarding skills may have finally paid off. The Patrick Kerr Skateboard scholarship program awards four different scholarships each year. One applicant will receive a $5,000 college scholarship and three others will receive $1,000 awards. And your mother thought skateboarding would never get you anywhere! Requirements include maintaining at least a 2.5 out of 4.0 GPA, be a graduating senior, and a United States citizen. Be sure to read all the requirements skateboardscholarship.org.
Bit of the Bubbly, Please
Finally, your weakness for wine might serve another purpose-besides the pounding morning-after headache. The American Society for Enology and Viticulture (AASEV) awards multiple students for enrolling in science fields relating to the grape and wine industry. The scholarship amount is not predetermined; it varies year to year. To read other requirements for this scholarship, go to: asev.org/scholarship-program.
Bowling for Dollars
Though those middle-school years of loitering around bowling alleys have ended, your talent for earning turkeys may finally be cashing in. The United States Bowling Congress (USBC) offers a range of scholarships, including the Chuck Hall Star of Tomorrow that offers a $1,500 renewable scholarship for distinguished male high school bowlers and the Alberta E. Crow Star of Tomorrow that also offers $1,500 in renewable scholarship funds for great female high school bowlers. Read more at: bowl.com/smart/locateState.aspx.

Got Milk?
The Scholar-Athlete Milk Mustache of the Year award is given to twenty-five graduating high school seniors who have what it takes to sport the famous milk mustache; winners receive $7,500 in scholarship funds. If that's not enough, winners receive a special ad that runs in USA Today. If that's not enough, winners receive an all-expense trip to an awards ceremony at Disney Wide World of Sports' Milk House in Orlando, FL and an induction into the Milk House Hall of Fame. Check out applications at: sammy.bodybymilk.com.
Offer an Organ
You signed up to be an organ donor when you received your license. Put that heart on your ID to use! The Students for Organ Donation Youth Leadership award one or two $500 to $1,000 scholarships to full-time high school or undergraduate college students. Successful candidates actively promote organ donation and transplantation. More criteria to apply for this scholarship can be found at: studentdonor.org.
Tee It Up
You've seen them trudging up and down the greens, toting thirty pounds of iron on their backs, and offering tips to improve swings, distance and posture. Finally, they're due their recognition; Francis Ouimet Scholarship Fund, founded in 1949, offers anywhere from $1,500 to $7,500 per year to caddies. Eligible applicants must have served at least two years as caddies, helpers in the pro shop or course superintendent operations at a club in Massachusetts. Read more information: ouimet.org/scholarships/

Color in the Lines
Did you meticulously color in the lines of your coloring books as a child? You may have graduated from crayons to acrylics, but the concept is the same: you're an artist at heart. Established in 1983, the L. Ron Hubbard Illustrator of the Future contest awards both quarterly and annual scholarships, ranging from $1,500 to $4,000. Read more : writersofthefuture.com
Hot, Hot, Hot
You've heard it, those three little words...in case of a fire: stop, drop and roll to safety. Earning a scholarship from the American Fire Sprinkler Association is almost just as easy; AFSA offers ten $2,000 scholarships per year to graduating high school seniors. Requirements include reading an essay and taking an online (and open-book) test. Read more about this sizzling offer on: afsascholarship.org.
Giddyup, cowboy!
The Arabian Horse Foundation offers an annual scholarship of $2,500 to one eligibly equine enthusiast. The scholarship, named in remembrance of William Zekan, is offered to horse lovers that demonstrate financial need, are currently either a high school senior or college freshman and can provide two letters of recommendation. For more eligibility criteria: arabianhorsefoundation.org.

Jenny Sweeney is a copywriter with DMi Partners, an interactive marketing agency devoted to informative websites, including ecollegefinder.org, a site devoted to distance learning and accredited online colleges.

Article Source: http://EzineArticles.com/?expert=Jenny_Sweeney

List of Scholarships for High School Seniors Graduating in 2012 By Jennifer Langston

Finding the best list of scholarships for high school seniors graduating in 2012 is easy if you know a few basic techniques. It is important to recognize the types of qualifications required for different scholarships before beginning your search. Grade point average (GPA), athletic or other in-school extracurricular participation, church or other civic group volunteer work, letters of recommendation, and personal essays are all important elements in successful scholarship applications.
There are two primary ways to find the most complete listings of scholarships. First, talk with your school's guidance (or career) counselor. These trained professionals can help you find the best matches for financial aid based on on your student record and your standardized test scores. Remember to talk to the counselor about your parents' employers and any backgrounds that might qualify you for a diversity scholarship.

Many companies -- McDonald's, IBM, Wal-Mart, just to name a few -- offer scholarships to the children and other close family members of existing employees. Diversity awards are designed to encourage under-represented groups of people to attend and graduate college. Most diversity awards only require one parent have a non-caucasian background, so biracial students often qualify.
The second way to find thorough listings of scholarships is through the internet. Using Google or Bing, simply use a query string such as "high school 2012 scholarships" or "best scholarships 2012" (without the quotes) then follow the links for more information. Be sure to avoid any sites with links featuring warnings from the search engine about malware or potentially harmful content.

Links to some sites contain dangerous content (like viruses) that can execute on your computer without your permission. It is a good idea to gather information about scholarships from the internet including requirements for approval, deadlines for submissions, and types of essays or letters of recommendations considered appropriate. Take this information to your school guidance counselor or have your parent or another trusted adult help you complete the applications.
Applying online is fine provided you are sure the website is legitimate and the protocol is secure (HTTPS). Scholarship applications linked to from.GOV or.EDU domains are good examples of more trustworthy sites, but due diligence should still be exercised. Most applications do not need details such as your social security number in the initial application stage, so call via telephone to verify any applications that seem to ask odd questions like "what is your mother's maiden name?" With a little effort, you are sure to find a list of scholarships for high school seniors graduating in 2012.

A rewarding career starts with a great education. Click Here to find some rare scholarships that most students didn't know existed.

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