Credence Independent Advisors: A Look at FATCA (Foreign Account Tax Compliance Act)

July 15, 2014 – The FATCA is at last here after a period of 4 years, initially developed in 2010 as an approach to make America’s corporations and private individuals stop evading America’s taxes by depositing their money into their accounts in foreign countries.

The act requires foreign banks and foreign financial institutions to inform about every American who owns an account and even to hold back money from those particular clients who are suspected of tax evasion to the Internal Revenue Service (IRS) in the United States.

The IRS and Treasury have important FATCA projects to complete. The IRS still has to bring up to date its withholding agreements for Withholding Foreign Trusts and Withholding Foreign Partnerships to depict FATCA, which it has guaranteed for July. In addition, there are numerous areas where the IRS and Treasury still have to make alterations as promised to the FATCA policies.

For over a year, America has been busy negotiating; information sharing policy with countries around the globe, and up till now, 77,000 financial institutions and 86 countries has registered for FACTA. The countries which have already reached official or opening agreements with America also include China and Russia.

In spite of the alteration period rules, United States and Foreign Financial Institutions withholding agents have yet to put up efforts to put the FATCA rules as of July 1, 2014 into practice. The efforts consist of training sessions with employees, instruction manuals and modifications to policy manuals that would make the workforce aware of the requirement to file customers’ FATCA status on opening accounts. Furthermore, the withholding agents of Foreign Financial Institutions and United States will be made to keep an account of the efforts made in a file for trouble-free access. As the IRS agents may ask for evidence of a party’s efforts in good faith to operate in accordance with FATCA.

Lastly, provided that a withholding agent selects not to be indulgent regarding FATCA documentation, parties should in general consider to be required to give the documentation to the mediator.

Collecting tax is one of the most common ways of increasing revenue for a nation. FATCA grew out of a contentious rule; that the citizens of America, even if they are permanent residents abroad are taxed on their all-inclusive, global income despite of where they live. It also helps a country to keep check on spending and saving capabilities of their citizens.

Hence, it could be highly important for the economic survival of a nation and for the better living standards of their citizens. If not financially sound, a country risks its citizens living in an unsecure environment. Therefore, it is important for governments to properly manage their tax processes in order to avoid any lack of management.

How to achieve Success in getting Manchester Bad Credit Car Loans?

The car has become a secular sanctuary for the individual, his shrine to the self, his mobile Walden Pond. – Edward McDonagh

Cars are not just a mode of conveyance for us. We love cars and wish to own one that gives extreme joy and social status as well. If you are looking for a car, you must concentrate on obtaining car loans. It is because the sky-rocketing prices of cars have made it impossible to buy a car with cash.

When you apply for an NH car loan, your credit score is taken into consideration with several other factors. If you have bad credit score, like most other people of Manchester who have suffered through the economic recession, you will have to remain extremely cautious. It is because a single mistake can result in unnecessary high interest rates. It may even damage your chances of improving your credit score. So, here is a list of crucial tasks that you should assume in order to complete the car buying process successfully:


A. Create a Budget

Calculate your budget so that you don’t buy a car that is not in your price range. If you ascertain your spending limit, it will help you in negotiating affordable loan payments with the lender. If you are confused about what income and expenses to consider, you can use online car loan calculators available in the market.

B. Save for Down Payment

Most New Hampshire lenders offer high rates on bad credit auto loans. If you obtain a huge loan amount, you will have to spend more money on interest. But, you can turn this losing situation into a victory by making down payment. Down payment will lower your loan amount and will help you in making lower payments as well.

But, don’t worry if you don’t have money for making down payment. You can trade-in your old car and avoid paying in cash. There is one more alternative to help you avoid down payment and it is called bad credit no money down auto loan program. You can avail this loan program at slightly higher interest rates.

C. Complete Paperwork

NH Bad credit lenders have become lenient and made approval easier. So, you won’t need additional documents for securing bad credit auto loans. You just have to provide:

>> Identification Proof (SSN)
>> Income Proof (Employee Verification Letter, Recent Pay-Stubs)
>> Financial Statements (Bank Details, Tax Information)
>> Receipts of Utility Bills


Gone are the days when bad credit car buyers of Manchester had no place to apply for an auto loan. Today, you can get bad credit car loans from:

>> Online Auto Financing Companies
>> Car Dealerships
>> Credit Unions
>> Traditional Banks and Other Lenders

Before you start submitting loan applications to everyone, make sure that you understand their loan approval criteria and apply with the lender/dealer that suits your financial condition.

Usually, online companies have the least stringent requirements and higher approval ratio. It is because they work with a network of sub-prime lenders and dealers. So, they have the advantage of forwarding your application to other lenders if the first one rejects it.

So, search for a reputed online auto financing company and apply for the most suitable auto loan option that improves your credit ratings. Hope you become successful in finding the best Manchester bad credit auto loan program. All the best!

How do insurance companies sell motor insurance policies?

Any product has its buyer. There are three most common schemes of motor insurance policies sales.

1. Captive agents. It is agent-entrepreneur who enters into a contract with an insurance company. The Company conducts his preparation, provides access to insurance products and subsidizes his business in the early stages. This agent works for only one company, selling its products. He can sell his agency at any time – it’s his business. This scheme is used by three major companies: AllState, StateFarm, Farmers.

2. Broker. The main difference between agent and broker is that, the broker is not tied to any one particular company. The insurance company is working with a broker only if it is able to provide a certain minimum volume of business. Broker may transfer their clients from the one company to another at their own discretion. Theoretically, it serves the client closer than an agent of an insurance company, but that is not always the case. But in practice, the broker works only with a limited number of companies, as there are restrictions on the minimum volume of transactions. In addition, translating his old client from one company to another, he will spend as much time as the registration of a new client, but it will not bring him income.

3. Direct writers. These are companies that sell their own insurance policies. Sometimes they have not got even office for visitors – transactions take place by the phone or on the website. In most cases, they have got an office, but client is served not by the agent but the hired employee. He does not work for himself, and gets salary, so he can not sell his business. Theoretically services of direct writers should be cheaper because they pay low wages to their employees and do not subsidize the agents. But in fact it is not. They pay monstrous money for the outdoor advertising. Therefore, many brokers and Agent can easily outbid direct writers.

Competent and friendly staff member is much better than the illiterate and avid broker or agent. But if we compare people with the same qualifications on different channels of distribution of motor insurance products, the agent or broker is much more motivated to fight for your business, to call back you and really delve into your problems, to be on the good competitive level. At the same time employees will apply to you not in the same way, as would apply whether you are a customer of their own business.

Get a good quality of service, or get in trouble you can anywhere, but that does not change the main thing – it is necessary to look for a good agent or broker.

Car Insurance Estimator – What You Need and Why

Such calculator asks a number of questions; each answer will be used as variable to make quotes and determine the premium fee. Basically, the questions can be divided into two main categories including vehicle-related and personal information. Some of the most common questions you see in car insurance estimator are listed as follows:

1. What is your age or birth date?

Age plays quite significant role in the overall estimation. Insurance company considers very young and senior citizens high-risk drivers. The former group probably lacks of experience and there is high possibility that young drivers break some traffic laws, commit violations such as speeding, etc. The latter group probably has some limitations in terms of vision, hearing, and driving skills, meaning the chance of being involved in accident increases as well.

2. What is your profession?

Car insurance estimator uses drivers’ professions to calculate accident rates. There is a statistic suggesting that certain professions such as doctors, real estate brokers, lawyers, business owners, and salespeople are considered stressful jobs; insurers believe that stressful jobs affect concentrations on driving. Cal insurance calculator may determine higher insurance fee based on this factor.

3. What kind of car you drive?

Car model affects insurance rates as well. Car insurance estimator may treat luxury cars as the more expensive assets to insure. In case of accidents, vandalism, or theft, luxury car is more likely to cost more to repair compared to its cheaper counterparts. Sports car with high top speed and quick acceleration rate is quite risky to insure as well, so insurance companies tend to charge more for such vehicles.

4. How many cars to insure?

The good thing is that the more cars listed in the same insurance policy, the more discounts you probably get. The discount is based on bundling option, so you can be eligible for other discounts if you insure your house, health, and life with the same company as well.

5. What is your address?

Car insurance estimator uses your address to determine if you live in certain area where crime rate is considered high. You have to pay more to protect the car if you live in risky towns.

6. How many violations on your driving record?

Driving record is evidence where all previous accidents in which you were involved, traffic violations, and every traffic ticket are listed by DMV. Car insurance estimator uses the data to determine whether you are low-risk or high-risk driver.