Monday, October 29, 2012

How to avoid tax evasion charges

And the Internal Revenue Service demands to know where all the citizens foreign accounts are located --- it is a crime to keep these foreign bank account secret if they are over ,000.00 in value. For those taxpayers in non-compliance, the IRS ran two offshore voluntary disclosure initiatives (OVDI). The last one passed on August 31, 2011. For those taxpayers thinking what to do, this article talks about their 4 remaining options.

Option One: Do nothing. You could do nothing and hope that the Internal Revenue Service does not find out the foreign bank account. Perhaps your foreign bank account is at a bank that you think to be "off the radar" or is in a quiet country, or under a friend's name, or opened with a non-American passport. Well, it used to be that a foreign bank account's actual owner could be kept anonymous. However, now, the IRS has vastly many more weapon at its disposal than it did previously to find undisclosed accounts.

This is an fundamental disadvantage. The chances are that the IRS does not discover hidden accounts gets smaller and smaller. Why? Because in order to compete for US customer and capital, foreign banks are coerced into complying with the IRS. That's right --- foreign banks take their marking orders from the IRS as well. So if the Internal Revenue Service wants information on US holders of foreign accounts, the IRS will get that information. The IRS will also run names of other individuals it suspects of being American citizens but who opened their accounts with foreign passports. The IRS has more power and intelligence that it ever had before. The IRS has the manpower and field agents in every major city around the globe.

Option 2: Renounce citizenship; Leave the country. There is only way to escape the jurisdiction of the Internal Revenue Service taxing authority. That is, to renounce one's citizenship and no longer be a US citizen. The process is not as easy as you may think. Additionally, a requirement of proper expatriation is that a citizen has to be in compliance with all tax laws and pay an expatriation tax in order to make it official. If you fail to expatriate properly, you would still be subject to the jurisdiction of the American, meaning nothing was accomplished and you are still subject to all the requirements of the tax code. Expatriation may make sense to avoid future tax liabilities , but you have to disclose the existence of secret accounts first.

The third option is to simply file amended returns and not explicitedly tell the Internal Revenue Service that you are seeking to come clean. This is known as a "quiet" or "soft" disclosure. The advantage is that there is little upfront cost to this. But the disadvantages are that you may give the Internal Revenue Service a very handy clue to charge you criminally, and if you are caught, you are see high penalties and a nasty and real possibility of criminal charges.

The Internal revenue service says that these 1040X's are "red flags." Even though the tax returns are amended and back taxes paid, the IRS tells says that account holders will still face penalties and criminal charges. In addition to charging and prosecuting people with undeclared foreign income, the Department of Justice claims that it has also begun prosecution of citizens whose "Quiet Disclosures" were discovered by the Internal revenue service.

There are other problems with "Quiet Disclosures." One reason is that a soft disclosure does not remedy the matter of the taxpayer's failure to report the bank account on the FBAR; failing to filing an FBAR can be a criminal charge just by itself. As a result filing a quiet disclosure 't go far enough to remove any likelihood of criminal charges. In fact, the amended return may --- well here's the massive problem with this option --- the soft disclosure does nothing about the failure to FBAR forms. There are still criminal and civil charges that may be pending for failing to file an FBAR, but simply give the Internal revenue service a very handy to locate you.

The forth option is a pre-emptive disclosure and subsequent negotiation of the penalties. If enjoying the rest of your life is chief importance, there can be no question that this is the best option. Yes, the 2011 initiative expired, but that does not mean a voluntary disclosure can not be filed. The IRS always welcomes offshore disclosures. The only deadline that was missed was the particular stipulations of the 2011 OVDI which capped certain penalties.

There are only 2 requirements. Initially, the taxpayer can not be under examination. In addition, the source of the money in the foreign bank accounts can not be from an illegal source. Like drug trafficking or money laundering.

Such pre-emptive off-shore disclosures and negotiations must be handled by a qualified Offshore tax attorneys, skilled in foreign compliance and delicate Internal Revenue Service negotiations.

Sunday, October 28, 2012

The Four Poker Player Types

Every poker player have a type of game that they play, good poker players can adapt to the opponents and play the type of game suited for the opponents at the table. So what kind of player types can you run into at the tables and what characterizes the type of game that they are playing. Below we will go through the different poker playing types , advantage and disadvantage of playing these that they have.

Loose Passive Type

Then loose passive players are often the fish, inexperienced poker players the game as entertainment and don't mind losing some money. These players always want to be in the action so they play every starting hands that they are dealt, they just chek and call. If you enjoy playing the game this way that is perfectly fine, there are other hobbies that can be more expensive. But this is the dream opponent for the experienced poker player, they can win some hands but sooner or later they will leave all the money at the table.
Everybody is a small fish at one time, but if you want to develop your game you have to pick up on some poker strategies. If you lose a lot at the tables, sooner or later that will take the joy out of the game. Many online poker sites have a poker school with decent educational material; this is free and will help you develop your game. If you put your mind to it and spend some time on learning, you can be a shark in no time.

How do I play against a loose passive player, this is not too complicated. Here you don't need to play a too advanced game, keep it simple. Bet if you know that you have the better hand, check when you're not sure, they will follow and check right along with you. Always stay mentally strong, if the loose passive player makes a bet you can give him credit for a better hand. These players do some time get lucky; they can hit some fantastic hands that can really shake you up. Don't get tilted, or maybe the tables can turn and you becomes the fish.
Loose Aggressive Type

Aggressive betting can turn a slow poker game into a crazy ride. Loose aggressive types are in many cases to aggressive in the game, they will raise with any cards in the hand. Aggression is one of the qualities that a good poker player needs, but he will have to combine it with many other qualities and skills if he wants to become a successful poker player. This player types can win some blinds and antes, and steal many pots with lousy hands. But when they do get a good hand they can get paid with a large chip stack, since they play all their hands in the same aggressive way nobody knows when they got a god hand.

Even if this spices up the game and makes it exiting, this is not the right way to play poker. This type of player has a need to gamble and relay on chance, good poker players relay on their skills and abilities to use them. Eventually these players will win some hands, but in the long term they will lose even more. Loose aggressive players can do well against passive players; they will fold most of the times. These players have potential to become good poker players; they just need to develop all of the other sides of the game.
How do I play against a loose aggressive player, well you have to understand that you can call with a much weaker hand than you use to. Use their uncontrolled aggression against them, just make sure that you call and raise with the right hands. As I mentioned before these players can get lucky and win some nice pots, but it also can go fast the other way. Try to avoid lose aggressive players at a shorthanded table, if you don't have a solid bankroll, things can go bad fast if it is not your day.

Tight Aggressive Type

The tight aggressive player chooses his hands carefully and only plays the ones hi really believes that he can win, when he plays his hand he does it aggressively. Normally these players only play about every fifth hand that is dealt to them; they have patios and are waiting for the right hand to play. When they play there hand they go for the kill, these are the sharks of poker. The most part of successful poker players fit in to this type of poker players, controlled aggressive play to use every factor at hand to calculate their chance of winning
There is not many weaknesses to point at in this type of players game, but in a shorthanded game you can use his tight game against him. The blind and antes comes more often here, the players at the table have to lower the crossbar for their starting hands. This could turn the tight aggressive type into a "tight passive type", see how to play against them here below.
Tight Passive Type

Tight passive types have the quality of patience, it is good to have patience as a poker player but still you have to combine it with other skills and qualities. One thing that these players lack is aggression; this is something that you need to become a good poker player. These player can make a good money on the on the fish, the loose passive types. But when it comes to the sharks, the tight aggressive types, they will clean his bankroll at the blinds and antes. This type folds out of the game when the aggressive players begin to bet.

Tight passive play will check or call in many places where it would have been better to bet or raise. The strategy against this type of poker player is not so hard to figure out; bet and raise. And if they should follow you on this, make sure to back down unless you don't have a killer hand.


This was the basic four types of players that you can meet in a poker game, but remember that the truly skillful players will adapt to his opponent and change the game he plays. This will confuse other players and make it harder for them to read his game. The important thing to begin with is to know the different types and how to recognize them, after that you can begin observe and identify players. Some players can alternate their play at every round of the game, but sooner or later you will find a pattern that will help you to use his strategy against him. Observe and analyze your opponent, make a note when you see something that will give you a clue to revealing his overall poker strategy. When you have figured it out you will also begin to recognize his poker tells Now it is only a matter of time before you have cleaned out his bankroll, if he doesn't backs out of the game before that happens.

Wednesday, October 24, 2012

How To Buy Houses From Motivated Sellers In Real Estate Investing

In most real estate investing business models, motivated sellers remain the number one source of the most profitable deals. Successful real estate investing should therefore incorporate finding deals from motivated sellers and successfully closing them.

This article points out important areas you need to focus in your business.

The key sources of attracting motivated sellers are covered in a separate article. As soon as you identify a good deal, you must then secure and close the deal.

In my business, I get all my leads through my real estate investor website. Approximately half of them are submitted directly by the motivated sellers. The other half are entered by my virtual assistant who calls back motivated sellers who choose to use the phone, and she pre-screens them for me.

All the deals I receive are therefore pre-screened and pre-negotiated. I can therefore tell in a few minutes if I have a deal or not.

As soon as you identify a good deal, the next step is to make an appointment to go see the house. This is mainly because you must estimate repairs. A simple tour of 5 to 10 minutes is enough to estimate repairs.

You just need a rough estimate, you do not have to break it down to the nail.

You must make sure you sign the contract when you go to see the house - do not forget to take one with you.

You can always cancel the sale later if the numbers no longer look good.

If you like the deal, fax the contract to the title company so they can do title work for you. Always make sure you deliver or mail the earnest money to make the contract binding. Make sure that you deposit any earnest money with the title company, not with the seller.

The next steps in the process depend on your business model and what your exit strategy is:

1) Wholesale the deal If your exit strategy is to wholesale the deal to other real estate investors, this is when you market the deal to them. A good real estate investing website should also help you build a list of potential buyers automatically - then you just email your deal to them.

Once you identify the wholesale buyer, you then sign a contract with you as the seller if you plan to do a simultaneous closing. Alternatively, you can assign the contract for an assignment fee.

The title company will then do the closing and disburse all the money as agreed.

2) Lease option / Lease to own Your title company should conduct the closing if you plan to take over existing payments.

This is why it is important that you select a title company that works with real estate investors and understands various real estate investing business models.

3) Straight buy If you plan to buy fix and sell, or keep as a rental property, then this is a straight traditional transaction that any title company can close.

Other business models would follow similar steps; these 3 are just the main ones.

When all is said and done, your success in real estate investing, largely depends on the efficiency with which you pre-screen your leads, follow up with them to tie up the deal, and efficiently close the deal.

Thursday, October 18, 2012

Everyone Is Not Cut Out To Open A Bmw Dealership

Most people have ambitious dreams during their childhood. The sad news is that many of these dreams are forgotten or aborted once they become older. The good news is that sometimes the forgotten dreams are suddenly and surprisingly bought to the forefront. In many cases this is actually a good thing. In other cases, it probably would've been better if certain dreams stayed dead. That's because many people make the mistake of going after a desire or goal that they just flat out can't handle. This is how you get people auditioning for American Idol, who have no talent whatsoever. On an even smaller and more realistic scale, there are also people who try to do things like start their own BMW dealership without the necessary skills, knowledge and wherewithal. So, if anyone is thinking of starting one of these ventures, there are several things they should keep in mind.

For instance, in order to start a BMW dealership a person must be relatively wealthy or in other words rich. Having ,000 in the bank isn't enough. In fact, a person would need hundreds of thousands or at least a few million dollars handy. This is because the business owner must have enough funds to afford business overhead, employee salaries, insurance and much more.

Someone might say that people don't have to be rich to pursue this type of endeavor. All they really have to do is take out a loan. The question is how many people are getting approved for multi-million dollar loans these days? The average person wouldn't even think about asking for such a loan. That's because they realize that in order to be approved for something like that, they must already possess a great deal of wealth.

Another element that a prospective BMW dealership owner should have is a lot of background knowledge about the car industry. So, they will need to do some extensive studying an research, just to find out how the field actually works. This will give them a foundation to stand on. Without building this foundation, the person would be in jeopardy of sabotaging their own business.

Along with the aforementioned characteristics and elements, the prospective owner should also have common sense when it comes to the business side of things. They must also be able to control their compassionate side when necessary. In other words, they can't be so nice that they want to give away more cars or money than their bank account will allow. It's okay to be charitable, but it's not good to overdo it.

If anyone is thinking about opening their own BMW dealership, they may want to think again and seriously consider whether or not they are cut out for the job.

Sunday, October 14, 2012

Claiming Newport Beach Boat Slips In Newport Beach Harbor

Newport Beach Harbor has some of the most expensive real estate in California, if not most of the world. It is certainly one of the most popular places for small yachts, with over 9,000 berthed here, but despite its wealth and popularity it is still a quiet, relaxed place with a friendly feel to it.Anyone with a small yacht around here will know how difficult it can be to find any suitable Newport Beach boat slips. Space is scarce and even slips with the most basic facilities are expensive, so it is important that any owner knows what they want before deciding on which slip to use.

Location is one of the main considerations. Seven islands make up the Newport Beach Harbor area, and all have advantages and disadvantages. Some are more expensive than others, some are less convenient to get to. If you are a frequent sailor then you might want a location close by and easy to get in and out of, while someone who only uses their boat once a year may choose a cheaper but less convenient slip.

The facilities available at each Newport Beach boat slip also need to be considered carefully. Every yacht owner has different needs in this regard, and it is important to find as close a match as possible. There is no point either paying for services that will not be used, or in renting a cheaper berth that does not have the facilities that are needed.

Some of the marinas offer managed services for yachts, and the best of the marinas allow these services to be tailored according to need. The companies based here have everything that any yacht owner could possibly need, and the owners are free to choose which of the facilities and services they use. One owner will want to have their yacht maintained for them, for example, while another will wish to do all the work themselves. Some will want to crew their boats themselves, while others will hire a captain or crew.Whatever your boating needs are, you can be sure that someone in Newport Beach Harbor will be able to meet them. If you can't find it here, the chances are you won't find it anywhere.

Friday, October 12, 2012

Great School Fundraising Ideas

Are you looking for great fundraising ideas for middle school? Perhaps you and your classmates have been assigned to plan for a fundraising event. If this is your situation, then you came across the right article! This article aims to provide you great fundraising ideas for middle school students that you and your classmates can try. So if you want to learn more about great fundraising ideas for middle school, then read on to this article to know the further details.

There are a lot of great fundraising ideas for middle school that are being used by students to raise money for their needs. Since the school budget is generally allocated for education, there are times when students cannot buy their miscellaneous needs such as sports team uniforms, dance studio facilities, laboratory equipment, new projectors, microphones, sports utilities and many more. That is why a lot of students are looking for great fundraising ideas for middle school.

One of the best fundraising ideas for middle school that you and you class try is organizing a school musicale. All you have to do is to collaborate with the drama club, dance club and choir and decide on a great musicale idea that they can perform. This fundraising event works best during special occasions such as Christmas and Valentine's Day because people are usually seeking lively entertainments during these times. You can print posters and place an ad on a local newspaper to gain more publicity for your event. You can also set up some photo souvenir booth and snack corner on the event's venue to raise additional profits.

Another classic on the list of fundraising ideas for middle school that you can try is selling of cookies, cakes, flowers and cards. This fundraising idea works best during Valentine's Day because a lot of people are sending notes and small gifts to their friends and loved ones. You can also offer delivery services, personal messages and even serenades in addition to the gift that the customer bought. This fundraising idea will surely become a major hit.

Environmental fundraising projects are also gaining popularity nowadays. You can organize a Plant a Tree event where participants will be able to help create a greener place to live in. You can also put up some photo souvenir booths and snack corners on the event's venue to raise additional profits. This is a great fundraising idea because it does not only help mother earth; it also promotes camaraderie, environmental awareness and fun among participants.

Lastly, you can organize a family day event at your school wherein participants will be able to have a bonding time with their families and will have the chance to win prizes on the bingo and raffle promos. You can also have games and souvenir booths on the event's venue. You can contact some companies for sponsorship of the event that you are going to organize. By working with sponsors, you will have more money to improve the event and you will have a share on the sponsor's profit on the fundraising event.

Tuesday, October 9, 2012

The Different Types Of Jobs In Banking

Those interested in the field will find that there are many different jobs in the banking industry. For instance, you could work for a prominent commercial bank or a small regional bank. There are also savings banks, credit unions and online banking institutions that offer employment opportunities. To give you a better idea of what is available, we have listed some of the most common jobs in the banking industry.

Bank Tellers

It's no surprise that bank teller positions make up 67% of all banking jobs. Aside from the usual tasks of cashing and depositing checks, people working in these positions are currently being trained to sell various banking products to consumers.

Customer Service

As a customer service representative, employees assist consumers with their accounts and resolve complaints via phone or email. The representatives must be thoroughly trained on any products offered by the bank, giving them the knowledge to explain and sell them to customers.

Loan Officers

A loan officer's job involves reviewing and submitting a lot of paperwork. These employees assist potential borrowers with loan applications and then take numerous measures to verify that information. This may include contacting employers, credit card companies, previous lenders and so forth. While loan officers often sell products to banking customers, they generally specialize in consumer, commercial or mortgage leading areas.

Clerical Workers

Banks employ clerical workers to process transactions and also in collections departments as receptionists and secretaries. Administrative assistants typically manage the clerical workers and report directly to bank executives.

Financial Manager

One of the most lucrative jobs inside of the branch is a financial manager. This position calls for one person to oversee the branch's operation, assist clients when in need and counsel customers.

Monday, October 1, 2012

Trading Exotic Currencies- Five Aspects To Know Prior to Trading

You can beat the average return if you trade forex judiciously. Major currencies like USD, GBP, EUR, JPY, CHF etc constitute the majority of the volume of currency trading. There are some pairs with one currency from the majors like above and the second currency in the pair is usually from developing countries from Asia, Africa, the Pacific and Middle East. These are called exotic currencies. Exotic pairs are considered to be riskier than the majors. They have higher spread making the trade expensive. They trade in thin market. But that doesn't mean that you can't trade such currencies. If you understand the risk you are taking, you can get excellent profits trading exotic pairs.

Exploit the High Volatility

If you are a trader, you can make the most of your fortune from the volatility. An average trader gets scared of volatility. But volatile market excites an experienced trader. Exotic currencies are very volatile. If you have a significant experience of trading the currencies, then exotic pairs will present you some opportunities which will give you a long runner. They tend to move quickly. They make bigger moves than the major currencies. If you are good at handling such moves, you can trade these currencies with ease and confidence.

Trend Is Your Best Friend

As a trader you will do a lot better if you trade with the trend. Big winners can easily be spotted if you develop the skills to spot the trend sooner. Exotic currencies move fiercely when they are set in a trend. Compared to majors, these currencies make one sided move for a long time. If you are willing to take the risk they posses, you will get excellent reward when a trend is set up. Spotting the trend comes to you when you have spent some time with the charts. So trading these pairs are definitely for the newbie.

Exotic Pairs Print Clear Charts

The charts of exotic currencies are very clear in terms of trend. Charts reveal the story easily. Exotic pairs don't get stuck in the consolidation area for too long. Get your basics with the chart in place and you are good to go with these currencies.

Trade Commodities Indirectly

Many of these pairs are correlated to commodities like gold and oil. Currencies of countries with large oil production of oil like Norway, Mexico, and Russia move in tandem. South African Rand is closely tied with gold as it is one of the major producers of gold. You can get exposure to these commodities with the help of exotic pairs.

Diversify Your Investment

In addition to these short term advantages, trading exotic pairs gives other benefits. It helps you spread the risk by adding one more financial asset to your portfolio. If you are overweight in developed countries, you can reduce your dependence by introducing the exotic pairs in your portfolio.

If you get scared when you are in drawdown; exotic currencies may not be your game. You should understand the risks involved in this play. The best way to start is to trade virtually till you get comfortable. If you go this way, you can print money at will.