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Checkbook IRA

Checkbook IRA

A recent case has shed light on one of the riskiest retirement plan strategies put forth by promoters. In McNulty v. Commissioner (157 T.C. 10) a U.S. Tax Court brought clarity to the scheme of using self-directed IRAs for personal investments.

Piercing the Corporate Veil – How to Avoid It

Piercing the Corporate Veil – How to Avoid It

50% of piercing the veil court cases nationwide succeed because owners are failing to properly follow corporate formalities. This exposes business owners to personal liability - meaning they can lose their possessions. What is the Corporate Veil? What is the corporate...

The Wyoming DAO LLC

The Wyoming DAO LLC

A DAO is an organization operated by a smart contract, which is a computer code running within the blockchain. The ‘A’ for Autonomous refers to the self-executing nature of it all.

Credit Reporting is Big Business!

Whether you’re a real estate investor, business owner, or just a consumer who has paid bills, you’ve got a credit report. And that report is probably more important to your financial life than any report card you ever received in school. In fact, it plays a key role in what kind of credit you get and how much you pay. Even if you don’t ever borrow or use a credit card, it likely affects how much you pay for your auto and homeowner insurance. So you have to know what’s in your credit report, as well as how credit reports work.

Credit reporting agencies (more commonly called “credit bureaus”) are in the business of compiling information about people’s bill-paying habits and selling that information to other companies that may want to extend credit, insurance, or even a job offer, to them.

There are three major, national credit reporting agencies reporting on personal credit in the United States: Equifax, Experian (formerly TRW), and TransUnion. Plus there are hundreds of smaller credit bureaus that are affiliated with one or more of these “Big Three.” These specialized agencies get information from one or more of the three major bureaus and may supply additional credit information as well. There are also business credit bureaus; Cortera, D&B, Equifax and Experian are the main ones that compile reports solely on businesses around the world.

Credit reporting is big business, and the major credit reporting agencies are businesses in competition with each other. They are all trying to make their reports “better” than the others and they will not share information unless they are required to do so by law. That’s one reason why, when you see your credit report, you’ll see that it looks somewhat different depending on which agency supplied it. While most of the accounts will likely show similar information, they won’t all be exactly the same.

Checkbook IRA

Checkbook IRA

A recent case has shed light on one of the riskiest retirement plan strategies put forth by promoters. In McNulty v. Commissioner (157 T.C. 10) a U.S. Tax Court brought clarity to the scheme of using self-directed IRAs for personal investments.

Piercing the Corporate Veil – How to Avoid It

Piercing the Corporate Veil – How to Avoid It

50% of piercing the veil court cases nationwide succeed because owners are failing to properly follow corporate formalities. This exposes business owners to personal liability - meaning they can lose their possessions. What is the Corporate Veil? What is the corporate...