Tax Refunds on Debit Cards

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

A new pilot program for low-income Americans could allow individuals to get their tax refunds on prepaid debit cards. The government said it will offer 600,000 low- and medium-income taxpayers the chance to put their tax refunds on prepaid debit cards. Half the 600,000 offers from Treasury will carry a $4.95 monthly fee, while the rest… Read more »

2011 Prediction

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According to William K Black, the FBI and the DOJ will not be likely to prosecute the elite bank officers that ran the enormous “accounting control fraudss that drove the financial crisis. While over 1,000 elites were convicted of felonies arising from the savings and loan crisis from the 1980’s and 1990’s , there are no convictions of… Read more »

Who Holds the Note? A Loaded Question for Credit Scores.

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Before Steven Marks started looking for debt relief on his Reno, Nev. home, he sent a simple request to Bank of America to ask who owned his mortgage.  He also wanted documentation of this.  What he got in return was an initial decline regarding who owned his loan by Bank of America and a lowering of his credit score. … Read more »

Return Fraud

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Return fraud costs the retail industry billions of dollars in lost revenues every year. The growing crime is expected to cost retail stores across the nation an estimated $3.7 billion this holiday shopping season alone, according to the National Retail Federation. If that estimate holds true, it will represent 35 percent increase over last year’s… Read more »

Conflict of Interest Leading to a Fraud Investigation

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Joel Bondy, executive director of the Office of Payroll Administration in New York City since April 2004, is at the heart of an alleged $80 million information technology fraud scheme. He has been suspended without pay since December 16, 2010, by Mayor Michael R. Bloomberg and Comptroller John C. Liu, pending investigation. Federal prosecutors have… Read more »

New rules for Debt-Relief Services

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Starting this week, for-profit companies marketing debt-relief services over the telephone are prohibited from charging a fee before they settle or reduce a customer’s debt to the Internal Revenue Service, credit card company, or other unsecured debt. The new rule by the Federal Trade Commission covers telemarketers of for-profit debt-relief services, including credit counseling, debt… Read more »

Hiding The Truth?

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Jane Buchan is a rarity on Wall Street. Not only has she built a hugely successful hedge fund investment firm but the firm is also the only one that is, on paper, owned and run by women. Unfortunately, it now appears that the firm Pacific Alternative Asset Management Company (PAAMCO) was bankrolled by some of… Read more »

We’re Number One

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According to Joshua Bamfield, author of the 2010 Global Retail Theft Barometer report from the U.K.-based Center for Retail Research, U.S. retailers lost about $40 billion in stolen goods in 2010.  This is about 1.5% of the nation’s sales. Even though this sounds really bad, the losses are down by 6.8% from the prior year…. Read more »

Accept Credit Cards at Garage Sales and Bake Sales

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Why can’t everyone accept credit cards? Now there is no good reason because the Square Up system eliminates card reading equipment by providing cell phone users with an app that snaps into a headphone jack. The plug is free and you are spared the contracts, the minimums and the monthly fees. For each transaction, Square… Read more »

No MBA for Insider Trading

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In a recent ruling, U.S. District Judge Lewis Kaplan held that a certified public accountant who hid his conviction for insider trading from his teachers at NYUs Stern School of Business wasn’t entitled to the MBA degree that he thought he earned. The former PricewaterhouseCoopers employee, Ayal Rosenthal, pleaded guilty in February 2007 to one… Read more »