Accounting and Financial
CREDIT CARD MISREPRESENTATIONS AND CONSUMER FRAUD
The banking and credit card industry generates more consumer complaints in America than any other industry, according to the Better Business Bureau. Each family in America currently has eight credit cards and carries about eight thousands dollars in credit card debt, according to the federal government. Collectively, American credit card holders pay $101 billion dollars [...]
CROSS-BORDER LEASING, LILO LEASES AND ILLEGITIMATE ACCOUNTING/TAX SHELTERS
When a company earns a lot of profits, they pay a lot of taxes. The most notable way to decrease the tax burden on a company is to find losses offsetting such profits or gains. Offsetting losses to reduce a companies tax obligation may be illegal or illegal, and may accrue in the form of [...]
COLORADO PROFESSIONAL CORPORATIONS
A “professional corporation” is generally a corporation which is in business for the purpose of providing some type of professional service. Examples might include doctors, engineers, dentists, architects, lawyers, or accountants. A professional corporation may be taxed by the Internal Revenue Service as either a traditional C-corporation, or as a S-corporation (pass-through). John Zodrow, a [...]
COGNOVIT NOTE AND JUDGMENTS
A “Cognovit Note” is an extraordinary document by which a debtor (one who owes money) enters a confession in court that allows a legal judgment against the debtor in the favor of his or her creditor (the person who is owed money). Generally speaking, a cognovit note is a confession of judgment given to a [...]
BANKRUPTCY PROTECTION – THE BASICS
While not intended to be legal advice, the general rule is that bankruptcy law provides for the development of a plan which allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors [...]
ALLOCATION OF NON-PROFIT INDIRECT COSTS FOR GRANT-WRITING
The following are some basic accounting principles used by the federal government and other who provide grant opportunities, such as requests for proposals, to determine appropriate allocation of indirect costs for non-profit grants and determination of indirect cost rates. John Zodrow, a former accountant and attorney, provides this material as general information. It is readily available [...]
401K RETIREMENT PLAN HARDSHIP WITHDRAWALS
A hardship withdrawal is just what it sounds like – a withdrawal from your 401(k) account to help cover the costs of a serious financial emergency. But even if your plan allows these withdrawals, and not all plans do, you should probably think of it as a last resort. Hardship withdrawals are allowed by law, [...]