Payment Amount – Flight 93 http://flight93.org/ Fri, 24 Jun 2022 13:47:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://flight93.org/wp-content/uploads/2021/07/icon-5-150x150.png Payment Amount – Flight 93 http://flight93.org/ 32 32 CFPB Bites of the Month – Top 10 of June | Hudson Cook, LLP https://flight93.org/cfpb-bites-of-the-month-top-10-of-june-hudson-cook-llp/ Fri, 24 Jun 2022 13:41:45 +0000 https://flight93.org/cfpb-bites-of-the-month-top-10-of-june-hudson-cook-llp/ In this month’s Top 10 article, we share some of our best “bites” from the previous month covered in the June 15 webinar. So what happened at the CFPB last month? Bite #10 – The CFPB has bolstered state law enforcement efforts. The CFPB issued an interpretative rule regarding state efforts to prosecute organizations and […]]]>

In this month’s Top 10 article, we share some of our best “bites” from the previous month covered in the June 15 webinar.

So what happened at the CFPB last month?

Bite #10 – The CFPB has bolstered state law enforcement efforts.

The CFPB issued an interpretative rule regarding state efforts to prosecute organizations and individuals who allegedly violated federal consumer financial protection laws. The interpretative rule affirms that states can apply consumer financial protection law to pursue claims and actions against a wide range of entities. It also indicates that the CFPB’s enforcement actions do not put an end to these state actions. The CFPB also said it plans to consider other measures to promote state enforcement of federal consumer financial protection laws, including ways to facilitate redress for victims.

Bite #9 – The CFPB and New York AG shut down a debt collection organization.

The CFPB, in partnership with the New York Attorney General, has filed a proposed stipulated judgment in federal court to settle a case against a debt collection company and its owners and officers. Together, the company purchased delinquent consumer debt from personal loans, payday loans, credit cards and other sources. The CFPB and the New York Attorney General alleged that the company deceived and harassed consumers, violating the Fair Debt Collection Practices Act and the Consumer Financial Protection Act. The complaint alleges that the owners, managers and businesses used the following illegal tactics to collect the debts:

  • Falsely threatening to be arrested and imprisoned,
  • Lying about a lawsuit,
  • Inflated and misrepresented amounts due,
  • Create “smear campaigns”,
  • Harassing people with repeated phone calls, and
  • Failure to provide legally required information.

The proposed stipulated judgment will require companies, along with their owners and managers, to exit the debt collection market. The defendants must also pay a $2 million fine to the CFPB, which will be deposited into the CFPB’s victim relief fund, and a $2 million fine to the New York Attorney General. If the defendants fail to make the payments in a timely manner, the amount of each penalty will increase to $2.5 million.

Bite #8 – The CFPB has set up its Competition and Innovation Office.

The CFPB announced the opening of an office, now called the “Competition and Innovation Office”, as part of a new approach to fostering innovation and competition. The office will replace the ‘Innovation Office’, which opened in 2018 and had replaced Project Catalyst, launched in 2014. The CFPB says the new office will support broader analysis of barriers to open markets , better understand how big players “squeeze out” small players, organize incubation events and generally facilitate the change of financial services provider. As part of this change, the CFPB also encourages companies, start-ups as well as members of the public to file regulatory petitions asking for clarity on particular rules.

Bite #7 – The CFPB explains non-banking supervision.

Recently, the CFPB announced that it will begin using a provision of the law to supervise a wider range of non-bank financial companies. Then last month, the CFPB shared a post explaining what “non-banking supervision” means. According to the CFPB, a CFPB exam is similar to a state exam. The CFPB says that before a review, the entity under review will be told what the CFPB will be focusing on, and companies are often asked to show records or provide data so reviewers can assess compliance.

Bite #6 – The CFPB says deleting payment data can be harmful.

The CFPB announced that it had sent letters to CEOs asking them to explain the accuracy of consumer payment information reported to consumer reporting agencies. According to recent CFPB research, about half of the largest credit card companies provide accurate data to credit reporting companies on borrower monthly payment amounts. Several of the largest credit card companies have removed information about the actual payment amount that they had previously provided or provided to consumers. The CFPB said removing information about the actual payment amount may impact consumers’ ability to access credit at the most competitive rates.

Bite #5 – The CFPB approaches credit models using algorithms.

The CFPB published a Circular on consumer financial protection meet adverse action notification requirements under the Equal Credit Opportunity Act (ECOA). The CFPB confirmed that federal anti-discrimination law requires companies to explain specific reasons for taking adverse action, even when relying on credit models using complex algorithms. The CFPB encouraged technicians to provide information and to visit the CFPB Whistleblower Program webpage to learn more.

Bite #4 – CFPB Supervisory Highlights targets credit dispute responses.

According to the recent CFPB Supervisory Highlights, reviewers found that credit card companies were sending unclear notices to consumers at the end of dispute investigations. The CFPB noted that the Fair Credit Reporting Act (“FCRA”) requires providers to conduct reasonable investigations into disputes and then “report the results of the investigation to the consumer” generally within 30 days, addressing the specific information required by the FCRA. After the CFPB reviews, some credit card providers revised their notices to comply with the FCRA.

Bite #3The CFPB has terminated a no-action letter issued by the previous administration.

On April 13, 2022, a loan originator notified the CFPB that it intended to add a significant number of new variables to its underwriting and pricing model, and requested termination of its previous “letter of no -action” of the CFPB. As requested by the company, the CFPB has terminated the 2020 “No Action Letter”, effective immediately. The CFPB had granted the originator a “letter of no action” in September 2017 and a second letter in November 2020. The CFPB had immunized the lender against claims under the Fair Lending Act regarding its algorithm for subscription, while the “letter of no action” remained in effect. Under the terms of the 2020 “No Action Letter”, the CFPB had required the lender to notify the CFPB of material changes to its “artificial intelligence” model before they were implemented.

Bite #2 -Te CFPB sought to ban a student loan owner.

The CFPB has sued the owner of a student debt relief company for allegedly withdrawing hundreds of thousands of dollars from the bank accounts of student borrowers, without authorization. The CFPB alleged that the company took funds from consumers, without their knowledge or consent, after obtaining their data from a company closed by the CFPB in 2016. The proposed settlement will require the payment of a fine $175,000 to stop participating in debt relief and other activities.

Bite #1The CFPB has launched an initiative to improve customer service in major banks.

The CFPB is invited to give its opinion to the public on how bank customers can assert their rights to better customer service with the big banks. The Information request (RFI) asks what information would be useful for consumers to obtain from their bank. Specifically, the CFPB would like information on the following:

  • What information do people request from their bank and how do they use this information?
  • What information can consumers currently not obtain from their bank?
  • Does the way a person contacts their bank make a difference in their ability to get information?
  • Are there any customer service barriers that impede their ability to bank?
  • Is there value in banks disclosing who they share account information with, or compensation they can receive for sharing that information?
  • What do bank customers experience in terms of wait times, disconnected calls, the ability to speak to a person at a specific location, or the quality of answers to questions?

Public comments will inform future policy directions and other initiatives regarding the rights set out in Section 1034(c). The deadline for submitting comments is 30 days after publication in the Federal Register.

Reports too. Besides all these Bites, the CFPB published a report on the Financial well-being in America and the Office of Military Affairs Annual Report.

Always hungry?

Join us for our next CFPB bites of the month: Camp CFPB on July 20. If you missed any of our previous bites, request a replay on our site.

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New plans announced to help NH families with energy costs https://flight93.org/new-plans-announced-to-help-nh-families-with-energy-costs/ Wed, 22 Jun 2022 21:17:00 +0000 https://flight93.org/new-plans-announced-to-help-nh-families-with-energy-costs/ A $100 credit could be on the way for nearly all New Hampshire residential utility customers under new plans announced Wednesday to help residents deal with high energy costs. Chris Sununu announced a series of initiatives and investments, saying he wanted help to be available quickly with the warm weather ahead. Some utilities have announced […]]]>

A $100 credit could be on the way for nearly all New Hampshire residential utility customers under new plans announced Wednesday to help residents deal with high energy costs. Chris Sununu announced a series of initiatives and investments, saying he wanted help to be available quickly with the warm weather ahead. Some utilities have announced rate increases in New Hampshire that could mean an increase of $70 per month on average. Small, from Candie. “Prices are rising, you are suffering.” The governor said the state is seeking relief for families from rising electricity prices. For the 24,000 New Hampshire families who are part of the low-income home energy assistance program, $7.5 million is being made available. “You don’t have to re-register. You don’t have to re-apply,” Sununu said. “You are automatically enrolled, and those dollars go directly into providing funds.” be used to provide credit to approximately 600,000 utility customers, which would include virtually all residential customers. “It will come in the form of a $100 credit by December,” Sununu said. increase its prices. The company said it realizes we are going through tough financial times and is working to ensure customers are aware of their options. in the coming days,” Eversource spokesperson William Hinkle said. The state’s congressional delegation also weighed in, saying the money they got from the US bailout and LIHEAP made the new funds possible.

A $100 credit could be on the way for nearly all New Hampshire residential utility customers under new plans announced Wednesday to help residents deal with high energy costs.

Governor Chris Sununu announced a series of initiatives and investments, saying he wanted help to be available quickly with warm weather on the way.

“It hits everyone very, very badly, and it impacts daily life,” Sununu said.

Some utilities have announced rate increases in New Hampshire that could mean an increase of $70 per month on average.

“We’re retirees, so the main thing is that you get a check for the amount each month and that’s it,” said Candia’s Ellen Small. “Prices go up, you suffer.”

The governor said the state is seeking relief for families from rising electricity prices. For the 24,000 New Hampshire families who are part of the Low-Income Home Energy Assistance Program, $7.5 million is being made available.

“You don’t have to re-register. You don’t have to re-apply,” Sununu said. “You are automatically enrolled and those dollars go directly into providing funds.”

The governor said he also wants to use $7 million of the state’s surplus to shore up the electric assistance program and tap into the $60 million surplus that he says will be used to provide credit. to approximately 600,000 utility customers, which would include virtually all residential customers.

“It will come in the form of a $100 credit by December,” Sununu said.

Eversource, the state’s largest utility, recently asked to raise its rates. The company said it realizes we are going through tough financial times and is working to ensure customers are aware of their options.

“To explore additional payment assistance options, we may offer our customers extended payment plans, and we hope to have details on these in the coming days,” the Eversource spokesperson said. William Hinkle.

The state’s congressional delegation also weighed in, saying the money they got from the US bailout and LIHEAP made the new funds possible.

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WPG: On behalf of WPG subsidiary, WPG Electronics Limited announces that the Board of Directors has decided to acquire the right-of-use asset from a related party https://flight93.org/wpg-on-behalf-of-wpg-subsidiary-wpg-electronics-limited-announces-that-the-board-of-directors-has-decided-to-acquire-the-right-of-use-asset-from-a-related-party/ Mon, 20 Jun 2022 09:34:16 +0000 https://flight93.org/wpg-on-behalf-of-wpg-subsidiary-wpg-electronics-limited-announces-that-the-board-of-directors-has-decided-to-acquire-the-right-of-use-asset-from-a-related-party/ Statement 1.Name and nature of the underlying asset (e.g., land located at Sublot XX, Lot XX, North District, Taichung City): No. 238, Sec. 2, Zhongyi Rd., Guishan Dist., Taoyuan City 2.Date of occurrence of the event:2022/06/20 3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping), unit price, and total transaction price: Transaction unit amount:13,480.65 […]]]>

Statement

1.Name and nature of the underlying asset (e.g., land located at Sublot XX,
Lot XX, North District, Taichung City):
No. 238, Sec. 2, Zhongyi Rd., Guishan Dist., Taoyuan City
2.Date of occurrence of the event:2022/06/20
3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping),
unit price, and total transaction price:
Transaction unit amount:13,480.65 square meters, equivalent to 4,078 ping
Unit price(tax excluded):monthly rental is about NT$490.4 dollars per ping
Total transaction price(tax excluded):monthly rental is NT$2,000 thousand,
right-of-use asset amount is NT$223,965,329
4.Trading counterparty and its relationship with the Company (if the trading
counterparty is a natural person and furthermore is not a related party of
the Company, the name of the trading counterparty is not required to be
disclosed):
Trading counterparty:WPG Holdings Limited
Relationship with the Company:Parent Company
5.Where the trading counterparty is a related party, announcement shall also
be made of the reason for choosing the related party as trading counterparty
and the identity of the previous owner, its relationship with the Company
and the trading counterparty, and the previous date and monetary amount of
transfer:
The reason for choosing the related party as trading counterparty:
Renew the lease at the original location
The identity of the previous owner, its relationship with the Company
and the trading counterparty, and the previous date and monetary amount of
transfer:N/A
6.Where an owner of the underlying assets within the past five years has
been a related party of the Company, the announcement shall also include the
date and price of acquisition and disposal by the related party, and its
relationship with the Company at the time of the transaction:N/A
7.Projected gain (or loss) through disposal (not applicable for
acquisition of assets; those with deferral should provide a table
explaining recognition):N/A
8.Terms of delivery or payment (including payment period and
monetary amount), restrictive covenants in the contract,
and other important terms and conditions:
Terms of delivery or payment:Lease period is from 2022/3/6 to 2032/3/5,
rental payment by month.
Restrictive covenants in the contract, and other important terms and
conditions:None
9.The manner of deciding on this transaction (such as invitation to tender,
price comparison, or price negotiation), the reference basis for the
decision on price, and the decision-making unit:
The manner of deciding on this transaction:Board of Directors of WPG
Electronics Limited refers to market conditions
The reference basis for the decision on price:Real estate professional
appraisal reports
The decision-making unit:Board of Directors of WPG Electronics Limited
10.Name of the professional appraisal firm or company and
its appraisal price:
Excellence International Real Estate Appraisers Firm:NT$212,964 thousand
Zhan-Mao Real Estate Appraisers Firm:NT$210,373 thousand
11.Name of the professional appraiser:
Excellence International Real Estate Appraisers Firm:LIN, CHIN-SHENG
Zhan-Mao Real Estate Appraisers Firm:HSU, CHUN-BAO
12.Practice certificate number of the professional appraiser:
LIN, CHIN-SHENG:(103)New Taipei City_NO.000095
HSU, CHUN-BAO:(107)TCG_NO.000256
13.The appraisal report has a limited price, specific price,
or special price:No
14.An appraisal report has not yet been obtained:No
15.Reason for an appraisal report not being obtained:N/A
16.Reason for any significant discrepancy with the appraisal reports
and opinion of the CPA:N/A
17.Name of the CPA firm:N/A
18.Name of the CPA:N/A
19.Practice certificate number of the CPA:N/A
20.Broker and broker's fee:N/A
21.Concrete purpose or use of the acquisition or disposal:
Continue the lease as operational development need
22.Any dissenting opinions of directors to the present transaction:None
23.Whether the counterparty of the current transaction is a
related party:Yes
24.Date of the board of directors resolution:2022/06/20
25.Date of ratification by supervisors or approval by
the audit committee:2022/06/20
26.The transaction is to acquire a real property or right-of-use
asset from a related party:Yes
27.The price assessed in accordance with the Article 16 of the
Regulations Governing the Acquisition and Disposal of Assets
by Public Companies:N/A
28.Where the above assessed price is lower than the transaction price,
the price assessed in accordance with the Article 17 of the same
regulations:N/A
29.Any other matters that need to be specified:None
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Pay your interns because they deserve it https://flight93.org/pay-your-interns-because-they-deserve-it/ Sat, 18 Jun 2022 15:01:42 +0000 https://flight93.org/pay-your-interns-because-they-deserve-it/ Over 20 years ago, I got an internship at the White House Press Office, and of course, it was unpaid. Paid internships were fairly rare in Washington, DC, although hundreds of interns had produced work that was just as valuable as the paid staff. But after decades of taking advantage of young people, reinforce economic […]]]>

Over 20 years ago, I got an internship at the White House Press Office, and of course, it was unpaid. Paid internships were fairly rare in Washington, DC, although hundreds of interns had produced work that was just as valuable as the paid staff. But after decades of taking advantage of young people, reinforce economic inequalitiesfueling nepotism and literally getting something for nothing, the White House finally announcement he would start paying his interns.

While this development may be good news, it could be much better.

Unpaid internships are one of the biggest and most hypocritical in Washington, D.C. contradictory. Until recently, unpaid interns were expected to complete large projects that required excessive hours and mental energy. Standard responsibilities include research, budgeting, errands, writing, answering phones, project management, and note taking.

One of the most common internship responsibilities is standing in line and taking notes at high-profile congressional hearings. Naively, my former unpaid co-workers and I did this several times, not realizing that such tasks could take up to eight hours. Washington, D.C.-based employers, especially nonprofits, insist that internships are essential to the success of the organization but not enough to justify a salary.

When I started my internship in 1999, my internship program, my internship supervisor, my professors at the University of Iowa, and my parents all told me the same thing: interns who are unpaid will receive other benefits that will make the experience worthwhile. They weren’t wrong because my class of trainees and I were “paid” with the occasional free lunch, day-old baked goods, leftovers from catered events, attendance at high-level meetings , free appetizers and food at after-work parties, and a monthly Metrocard.

According to my internship program, the most coveted “payment” came in the form of college credits and a letter of recommendation on organization letterhead. Both ended up being true. After I received my letter of recommendation on White House letterhead, I thought I would have an advantage, but I didn’t. My letters of recommendation were generic, bland standard letters.

None of these assets allowed me to buy food and pay rent, and the same goes for the rest of the unpaid interns in the country. As for the “payment” of university credits, I would have worked much less if I had taken a course with equivalent credit hours.

The glamor of my internship at the White House wore off pretty quickly after the first few days. I had to get up at 3:30 a.m., walk several blocks to the old executive office building because taxis were non-existent at that time, and literally cut out and photocopy newspaper clippings from five major national newspapers . Delivering news clips to the West Wing was supposed to be a treat, and White House staff told us how valuable our work was.

But the White House still hasn’t paid interns at the press office or elsewhere. They didn’t have to. They knew that if we left, they would have literally thousands of other potential candidates to choose from who didn’t need to be paid. These resumes belong to people whose rich parents could subsidize the high cost of living in Washington, D.C.

A job is a job no matter who does it, and that contribution deserves fair and equitable compensation. However, for decades those in power had to decide whether his work was worth paying or not. Ironically, these same people would never, ever accept a job that had no pay but the promise of a positive recommendation and leftover soggy sandwiches.

Eventually, I would get a paid internship at a nonprofit that required a college degree and previous experience with women’s organizations. He was paying federal minimum wage, which was exactly what I was making at the job I had in high school.

Today’s minimum wage in DC is $16.10 an hour. White House intern pay will be $18.75 per hour, assuming full-time work, the Washington Post reported. It’s an improvement, but not a living wage.

Hit?

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The city and county will give early childhood workers about $800 each https://flight93.org/the-city-and-county-will-give-early-childhood-workers-about-800-each/ Tue, 14 Jun 2022 17:56:00 +0000 https://flight93.org/the-city-and-county-will-give-early-childhood-workers-about-800-each/ On Monday afternoon, King County Executive Dow Constantine and Seattle Mayor Bruce Harrell announced that the two governments would open applications for a $7.4 million fund to award one-time bonuses. to over 9,000 child care workers. Money from the Kids’ Best Start Tax and the JumpStart Payroll Expense Tax will pay for the program, which […]]]>

On Monday afternoon, King County Executive Dow Constantine and Seattle Mayor Bruce Harrell announced that the two governments would open applications for a $7.4 million fund to award one-time bonuses. to over 9,000 child care workers. Money from the Kids’ Best Start Tax and the JumpStart Payroll Expense Tax will pay for the program, which aims to keep workers from dropping out of the declining industry.

In a press release, Constantine and Harrell emphasized the importance of child care providers, especially over the past two years during the pandemic. Harrell called the workers “heroes” in the community, despite not being well paid for their services. They earn about $9 an hour less than the median worker, according to the release.

Assuming all estimated eligible workers apply, the $7.4 million split among more than 9,000 people will equate to an average one-time payment of just over $800. A payment of $800 would offset the $9 per hour gap between child care workers and the median worker for about 90 hours of work, or just over two weeks of full-time employment. In Seattle, that wouldn’t cover half a month’s rent for the average one bedroom apartment.

Gabriela Quintana, senior associate in family economic security policy at the Economic Opportunity Institute, called the one-time payments a “nice gesture,” similar to the city’s $3 million in direct cash relief to child care providers. children as part of the Seattle bailout, but she said it would not solve the growing fragility of this essential sector.

Only a wealthy few can afford the true cost of childcare, and the government only subsidizes the service for a small percentage of people on the other side of the spectrum. This political choice leaves approximately half a million children without access to in-state child care. Until the government begins to view childcare as a “common good”, Quintana said, the inaccessibility will persist.

But do you know what the government values? Cops.

Last month, the Seattle City Council vote to free up potentially millions in SPD salary savings for a new recruiting strategy to help the department meet its goal of hiring 125 new officers. When former mayor Jenny Durkan launched the debate over hiring bonuses at the end of her term, she set the price at $10,000 for new hires and $25,000 for lateral hires. Respectively, that’s more than 12 times and 31 times more than the average bonus the city and county will offer to educators.

The council’s recently passed resolution did not include a specific amount for signing bonuses because the bill’s sponsor, council member Sara Nelson, didn’t “really care” about the use of the money by the cops. The board left the details to the executive. The mayor’s office said the mayor was not ready to announce the plan, which “may or may not include hiring incentives.”

The board did, however, approve about $1 million from SPD salary savings to pay for relocation costs for new recruits, a national advertising campaign, and a nationwide search to hire a permanent police chief.

Not everyone has borne these expenses. The leftmost council members – council members Teresa Mosqueda, Tammy Morales and Kshama Sawant – all voted against the measures.

Mosqueda objected to cops using salary savings for recruiting because she believed the money could be better spent balancing the 2023 budget, which could lead to cuts of up to 6% for others. important programs.

Before the vote, Sawant reminded his colleagues that the City pays police officers better than almost any other entry-level job. Instead, she pushed the council to better fund wages for underpaid workers who “really transform people’s lives” like social workers.

For Mosqueda, child care is another important area where the city needs to do “much more” to ensure workers are paid fairly and families get the care they need.

When the city seems willing to give much more to stabilize the police department than the child care workers, Quintana said, “It shows what we value as a society. We don’t value child care workers the same as police officers.

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Missed the April tax deadline? Here’s when to file to avoid a bigger penalty https://flight93.org/missed-the-april-tax-deadline-heres-when-to-file-to-avoid-a-bigger-penalty/ Sun, 12 Jun 2022 22:41:00 +0000 https://flight93.org/missed-the-april-tax-deadline-heres-when-to-file-to-avoid-a-bigger-penalty/ STATEN ISLAND, NY — If you missed the April tax deadline, the Internal Revenue Service (IRS) is advising taxpayers to file quickly to avoid a larger penalty. To avoid a larger penalty, the IRS is asking taxpayers to file their 2021 federal income tax returns and pay any taxes owing by Tuesday, June 14. This […]]]>

STATEN ISLAND, NY — If you missed the April tax deadline, the Internal Revenue Service (IRS) is advising taxpayers to file quickly to avoid a larger penalty.

To avoid a larger penalty, the IRS is asking taxpayers to file their 2021 federal income tax returns and pay any taxes owing by Tuesday, June 14. This means that a return sent by mail on this date will not be admissible.

For this reason, the IRS urges everyone to file electronically by Tuesday.

Additionally, taxpayers can also limit late payment penalties and interest charges by paying their taxes electronically. The fastest and easiest way to do this is with IRS direct paymenta free service available only on IRS.gov. Several other electronic payment options are also available.

Those who miss this June 14 deadline will normally face a minimum late-filing penalty, also known as a non-filing penalty. By law, if the return is more than 60 days late, the minimum penalty is $435 or 100% of the unpaid tax, whichever is less.

This means that the penalty will equal the tax owed if the taxpayer owes $435 or less, according to the IRS. If he owes more than $435, the minimum penalty will be at least $435.

According to the normal calculation, this penalty is 5% of the unpaid tax for each month or part of a month of late declaration, up to a maximum of 25%.

The late-filing penalty will cease to accrue once the taxpayer files their case. In addition, the late penalty and separate interest will cease to accrue as soon as the tax is paid. The taxpayer does not need to understand any of these charges. Instead, the IRS will charge them for any amount owed.

Many taxpayers mistakenly delay filing because they are unable to pay what they owe, the IRS explained. Often these taxpayers are eligible for one of the Payment options available from the IRS.

These include:

installment agreement

An installment agreement, or payment plan, allows a taxpayer to pay over time. People who owe $50,000 or less in taxes, penalties, and interest combined can apply for a payment plan using the IRS Online payment agreement application.

Those with a balance below $100,000 may also qualify for a short-term payment plan of up to 180 days. The plan can be set up in minutes and applicants receive immediate notification of approval. To reduce the risk of default and avoid having to write and mail a check each month, taxpayers can select the direct debit option to make these payments.

Offer in Compromise

Some distressed taxpayers may qualify to settle their tax bill for less than the amount they owe by submitting an Offer in Compromise. To help you determine your eligibility, use the Bid in Compromise Pre-Qualification Tool.

Visit IRS.gov/payments for more details.

FOLLOW Annalize KNUDSON ON FACEBOOK AND TWITTER.

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Review of possible financing installment loans 2022 – Forbes Advisor https://flight93.org/review-of-possible-financing-installment-loans-2022-forbes-advisor/ Thu, 09 Jun 2022 17:12:24 +0000 https://flight93.org/review-of-possible-financing-installment-loans-2022-forbes-advisor/ Although Possible Finance can quickly offer small loans to borrowers with bad credit (or no credit), it charges higher APRs than some other personal lenders. Here’s how Possible Finance’s installment loans stack up against competitors. Possible financing against upgrade Upgrade offers personal loans starting at $1,000, so it might be a better option than Possible […]]]>

Although Possible Finance can quickly offer small loans to borrowers with bad credit (or no credit), it charges higher APRs than some other personal lenders. Here’s how Possible Finance’s installment loans stack up against competitors.

Possible financing against upgrade

Upgrade offers personal loans starting at $1,000, so it might be a better option than Possible Finance if you need to borrow more than $500. In fact, you can borrow up to $50,000 with the upgrade and APRs start around 6% and go up to 36%. Since Upgrade’s rates are much more competitive than those of Possible Finance, it may be worth checking to see if you qualify for one of its personal loans before borrowing a Possible installment loan.

The upgrade requires a minimum credit score of 580 to qualify, making it a viable option for potential borrowers with damaged credit.

Related: Personal Loans Review Upgrade

Possible financing against SoFi

Possible Finance offers small loans up to $500, but SoFi funds personal loans between $5,000 and $100,000. SoFi’s competitive APRs start around 6%, but you’ll need to pass a credit check to qualify. SoFi requires a minimum credit score of 650. If you cannot qualify on your own, you may consider applying with a co-borrower, such as a spouse or trusted friend.

Related: SoFi Personal Loans Review

Possible financing against LightStream

Similar to SoFi, LightStream also offers personal loans from $5,000 to $100,000, depending on the purpose of the loan, with competitive APRs starting in the low single digits. While Possible Finance finances short-term loans, LightStream allows you to repay your loans over two to 20 years. You must have a minimum credit score of 660 to qualify for a LightStream personal loan.

Related: LightStream Personal Loans Review

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“Steal Peter to pay Paul”: Apple is the latest company to offer “buy now, pay later”. 4 reasons why you should think twice before signing up https://flight93.org/steal-peter-to-pay-paul-apple-is-the-latest-company-to-offer-buy-now-pay-later-4-reasons-why-you-should-think-twice-before-signing-up/ Tue, 07 Jun 2022 17:50:00 +0000 https://flight93.org/steal-peter-to-pay-paul-apple-is-the-latest-company-to-offer-buy-now-pay-later-4-reasons-why-you-should-think-twice-before-signing-up/ After months of speculation, Apple (AAPL, +1.49% ) finally unveiled its buy now, pay later offer this week, floundering in an industry that has seen explosive growth. But consumers should be wary of jumping into the service and consider some of the potential pitfalls, observers say. Buy now, pay later (BNPL) startups offer a simple […]]]>

After months of speculation, Apple (AAPL,
+1.49%
) finally unveiled its buy now, pay later offer this week, floundering in an industry that has seen explosive growth. But consumers should be wary of jumping into the service and consider some of the potential pitfalls, observers say.

Buy now, pay later (BNPL) startups offer a simple product (at least on the surface): a consumer who uses the product to make a purchase can split the cost into four smaller installments, which are mostly interest-free, some weeks.

BNPL companies have partnerships with an ever-increasing number of retailers — from American airlines
AAL,
+0.77%
at Ritual Aid
GDR,
-0.46%
– which greatly increases the number of stores a user can visit to use the pay later service. Companies make money by charging these merchants a fee on every purchase.

Apple’s BNPL product is powered by Mastercard and will be available wherever Apple Pay is available.

CREDIT: APPLE WWDC/YOUTUBE

Already a hot commodity, the entry of a tech giant like Apple is likely to trigger a flurry of interest in BNPL, analysts say. Apple’s BNPL product is powered by the Mastercard MA,
+0.40%
network and will be available wherever Apple Pay is available. Payments can be managed on the iPhone itself via Apple Wallet.

Before Apple’s announcement, more than 10% of people surveyed by the Fed in 2021 said they had used a BNPL service in the past year. 78% did so for convenience and 53% did so to avoid using a credit card. Worryingly, around half said it was “the only way they could afford their purchase”. BNPL was also more common among lower-income and less-educated people, the Fed detailed.

The Afterpay app login page.

Bloomberg

1. Interest-free installments don’t mean it’s cheaper

By splitting a payment into four and making an expensive item “cheaper” and more manageable by paying in installments, there is a potential risk of overspending.

Consumers using BNPL “need to be very careful about the total cost of ownership,” Ted Rossman, senior industry analyst at CreditCards.com, told MarketWatch. “Don’t just fall into this trap of ‘Oh, it’s only four payments over six weeks – that’s not that bad.’ What is the actual amount you owe? Are you mixing this with other buy now, pay later plans?”

“You just have to be careful not to overspend because $50 here and $50 there can really add up,” Rossman added. “There is a risk of overspending.”

Klarna is an emerging service provider that buys now pays later.

Getty Images

2. Postponement of payments for essential goods may indicate distress

There is also the potential for unnecessary deferral of payments, especially for essential goods, which could become a band-aid for bigger financial problems.

For example, as BNPL operators partner with companies that provide essential goods – from service stations at grocery stores – people can consider using installment payments for these services.

“There’s going to be a big market for stuff like gas and groceries,” Rossman said, and “it worries me, it’s kind of like robbing Peter to pay Paul.”

Particularly in this inflationary environment, with high gas and grocery prices, it is tempting to use BNPL to defer costs.

But if a BNPL user spreads out their payments over six weeks, “I’m worried if you can’t afford the gas now,” Rossman said, because “in six weeks you’ll need more gas. .. it’s just kind of like you’re upside down.

3. Potential impact on credit score

The absence of a BNPL payment may not result in the same penalties as the absence of a credit card payment.

Late fees are not substantial, as of now. But with credit bureaus reviewing BNPL and considering how to factor them into users’ credit scores, there is a possibility of damage to your credit rating in the near future.

It hasn’t happened yet, but Trans Union
TRU,
+0.25%,
Equifax
EFX,
+0.14%,
and Experian
EXPGY,
-1.06%
are all monitoring the space to understand how it works and how to integrate it into traditional credit scores, according to their websites.

The Fed survey indicates that most people who use BNPL make their payments on time. Late payments, however, were more common among those earning less than $50,000 a year and among those who said they had lower credit scores.

So signing up for this BNPL service on your iPhone could potentially affect your credit score if you miss enough payments.

Apple Pay has become widely used since its launch in 2014.

Photo by Bryan Thomas/Getty Images

4. Good times don’t last forever.

Finally, there is a risk that BNPL companies will change course, as offering zero-fee installment loans in an inflationary environment could become costly – and therefore fleeting.

As the world emerges from the dark days of COVID-19, the Federal Reserve may raise interest rates further in an effort to control rising inflation in the United States

The rise in interest rates has already affected housing market and credit card. If BNPL providers were to continue offering fee-free installment loans, consumers could potentially turn to them for larger and riskier purchases, which they might not repay in full.

Consider this: about 3.7% of outstanding loan dollars at BNPL Affirm AFRM,
+1.56%
were already at least 30 days late at the end of March, against 1.4% a year earlier, the Wall Street Journal reported. Losses were also increasing for Affirm, as well as Zip, another BNPL player.

Write to: aarthi@marketwatch.com

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Steps to Pay Penalty Amount for Linking PAN to Aadhaar https://flight93.org/steps-to-pay-penalty-amount-for-linking-pan-to-aadhaar/ Mon, 06 Jun 2022 01:16:23 +0000 https://flight93.org/steps-to-pay-penalty-amount-for-linking-pan-to-aadhaar/ New Delhi: The government had recently pushed back the deadline for mandatory linking of Aadhaar card with PAN card to March 31, 2023 from March 31, 2022. The Central Board of Direct Taxes (CBDT) informed people about this via a notification dated March 29, 2022. . While the deadline has been extended, people who bind […]]]>
New Delhi: The government had recently pushed back the deadline for mandatory linking of Aadhaar card with PAN card to March 31, 2023 from March 31, 2022. The Central Board of Direct Taxes (CBDT) informed people about this via a notification dated March 29, 2022. .
While the deadline has been extended, people who bind their documents from April 1, 2022 will have to pay a penalty, the CBDT said. “Anyone who has been assigned a PAN on July 1, 2017 and who is eligible to obtain an Aadhaar number is required to link PAN to AADHAAR no later than March 31, 2022. Taxpayers who have not done so are required to pay a fee of Rs 500 until June 30, 2022 and thereafter a fee of Rs 1000 will be applicable before submission of PAN-AADHAAR link request,” according to the Income Tax website.

PAN-Aadhaar linking well

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A person linking the two databases later than June 30, 2022 will be charged Rs 500. If the PAN-Aadhaar link is terminated on or after July 1, 2022, a fee of Rs 1,000 would be required.

Here is how you can pay the penalty amount?

Step 1: Visit https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp Protean (NSDL) portal to proceed to submit Aadhaar-PAN link request.

Step 2: Click Continue under CHALLAN NO./ITNS 280 to submit an Aadhaar-PAN link request

Step 3: Select the applicable tax

Step 4: Please make sure the fee payment is made under Minor Head 500 (Fees) and Major Head 0021 [Income Tax (Other than Companies)] in simple challan.

Step 5: Select payment method from online banking or debit card

Step 6: Enter PAN, select Assessment Year and enter address

Step 7: Enter the Captcha code and click on the Continue tab

A few things to note when paying the penalty

On the confirmation screen, your name will be presented as it appears in the Income Tax Service database.

Challan No./ITNS 280 with major major code 0021 (income tax (non-corporate)) and minor major code 500 (other receipts) must be used to pay the cost of Rs 500 for late binding of PAN and Aadhaar as advertised void Notification No. On March 29, 2022, notification n° 17/2022/F. No. 370142/14/2022-TPL has been issued.

Under no circumstances can fees paid u/s 234H for a late PAN-AADHAAR connection be refunded.

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Can you make a living in the creator economy? https://flight93.org/can-you-make-a-living-in-the-creator-economy/ Thu, 02 Jun 2022 17:36:29 +0000 https://flight93.org/can-you-make-a-living-in-the-creator-economy/ Placeholder while loading article actions The economy of creators has undergone a profound change. Social media and the rise of sites paying for or selling works have enabled anyone to become a creator. It is difficult to truly understand the value of the sector, but some estimate it at around $20 billion and growing rapidly. […]]]>
Placeholder while loading article actions

The economy of creators has undergone a profound change. Social media and the rise of sites paying for or selling works have enabled anyone to become a creator. It is difficult to truly understand the value of the sector, but some estimate it at around $20 billion and growing rapidly.

Yet, given the amount of work it takes to build and monetize an online community, it’s worth asking: Is it possible to make a sustainable living in the creator economy?

Before going any further, it is important to make the difference between the creator and the influencer. Of course, there’s an overlap between the two – both post content on YouTube, TikTok, Instagram and other platforms. But creators are generally more aligned with artistic interests. They primarily manufacture a good, service or content for their audience. An influencer, on the other hand, aims to influence their audience through content, as they often earn money through brand partnerships or by referring subscribers to certain products.

Over the past decade, it’s become much easier for creators – visual artists, writers, musicians, comedians, artisans – to connect directly with consumers who want to support their work. (Full disclosure, I’ve been a combination influencer and online creator for nearly a decade. It started as a blog, which led to four book offerings, speaking engagements, courses, and a newsletter.)

The creation of Etsy feels like an early change in the tide where suddenly anyone could sell a product directly to consumers. You weren’t confined to one geographic location or one flea market or gallery. You can set your own prices. Sure, Etsy took a slice, but it sparked a sense of entrepreneurship in an evolutionary way.

Today, there are many options to monetize your skills without the need for the support of a large company. Newsletters can pass behind paywalls via platforms such as Substack, Ghost or even ConvertKit. Podcasters, musicians, comedians, YouTubers and anyone else can create a Patreon or Buy Me a Coffee account to encourage their community to financially support their work.

But making a living from these platforms is the conundrum for most creators.

Substack, for example, states that it typically expects 5% to 10% of free subscribers to convert to paid subscribers. Creators have control over pricing, but charging $5-$7 per month for a regular newsletter seems to be the norm. Keep in mind that $5 from a paying subscriber dilutes to $4.05 after Substack’s 10% discount and the payment processor’s 2.9% + $0.30.

At first glance, it seems to be lucrative. You get 500 people to become paid subscribers and you could see $2,025 per month after fees but before taxes. Depending on the amount of output generated by a creator, this could be a pretty penny for a minimal amount of work.

Personally, that has not been my experience. Despite average open rates above 50% for my free newsletter and a low unsubscribe rate, the conversion from free subscriber to paid subscriber is far from 5%. Granted, it’s not even two months old, but so far I’ve been putting in a lot of work (two newsletters a week) for little money. And I’m not the only one suspicious of the 10% conversion claim to paying subscribers. It is also true that there are Substack superstars who can rake in thousands of dollars a month from paid subscribers.

Most creators know that it will take more than one stream of income to create a sustainable life. This could mean multiple streams of income within the creator economy or having a more stable day job to subsidize other projects.

Patreon released a 2022 “Creator Census” with responses from 13,000 of its creators. Respondents said they earned an average of 41% of their income on Patreon. The remaining 59% was sliced ​​and diced between teaching/coaching, touring, brand partnerships, book sales, merchandise, ad revenue, other platform subscriptions, digital downloads , commissions and “work related to my creative activities”. My personal revenue stream pie chart would include most of these slices.

Creators need to understand that an immense amount of work on a creative project may not bring in all of your income, let alone make you rich. Having a quality product, being consistent, being an early adopter, and being lucky seem to help the most in earning enough to climb to the top. All these hours of creation can lead to other opportunities. But in today’s creator economy, you have to be prepared for what will happen if they don’t.

More writers at Bloomberg Opinion:

• Britain takes school snobbery to new heights: Thérèse Raphaël

• Jubilee celebrations won’t save Britain’s consumer economy: Andrea Felsted

• Crushed by crypto losses? Here are some tax tips: Alexis Leondis

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Erin Lowry is a Bloomberg Opinion columnist covering personal finance. She is the author of “Broke Millennial”.

More stories like this are available at bloomberg.com/opinion

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