Leaderboard

Never have, never will. Cost to clients is totally outrageous.

I was in an Update Webinar yesterday and they discussed FinCen Identifiers. Apparently, you can shift the burden of updating information off of the organization and onto the individual if the individual gets a FinCen Identifier. 2 uses of this Identifier. 1. Person has multiple organizations that they need to be reported for. Individual gets an Identifier from Fincen and only has to give the number to each entity. 2. Entity does not want to keep up with the changes of all individuals. Requires each individual to get an Identifier and the individuals are required to update their personal information when it changes and the entity only reports changes in individuals who are added or removed from the company. The presenter thought that there would be a movement to make all persons agree to get an identifier from FinCen so the responsibility for updates shifts from the entity to the individual (as well as the fines for non-compliance). @JohnH you may want to explore this idea with your HOA. Tom Longview, TX

Just took a webinar on BOI Reporting. Ownership is just one of the qualifiers. Someone or some group of people have substantial control and decision making authority.

Never would consider. My husband doesn't offer them in his business either.

No, agree with Catherine, and it isn't something my clientele would ask for or need. Heck, some of them don't trust direct deposit and want to wait for that check in the mail.

Unless FinCEN issue clarifications, I'm inclined to think that all board members meet the definition of someone being a pivotal decision-maker having substantial control. The definition of the position is in relation to the entire HOA, not simply the individual's role within the governing board. There's another reason the BOI filing is going to be a big problem for HOA's and small businesses with multiple Beneficial Owners, because the filing needs to be updated within 30 days when any information changes (including the expiration and renewal of the form of iD used in the most recent filing). I also read in one HOA-focused article that HOA's should consider amending their by-laws to make "willingness to provide the information for the BOI filing" a requirement for serving on the board. (Otherwise, what happens if someone is elected to the board and they refuse to furnish a drivers license or passport for the update to the BOI filing?). It's difficult enough to get qualified people to serve on HOA boards to begin with - the BOI filing requirement only complicates matters even more. I don't think this was the intent of the original legislation, and I'm hoping ithe effect on HOA's will be changed or clarified. But until that happens, HOA's are stuck with the requirements in place. .

Don't think it works with my client base but just wondering how common it is in the market. (I'm talking refund bank products) Met with a guy 2 years ago who offered them and it was a $50 fee which is an amazing interest rate for most people.

I did when I first started out. After a couple of years I was no longer comfortable offering to my clients. E-file took off about the time I gave it up and refunds started coming in 2-3 weeks. The cost of a 2-3 week loan just seemed exorbitant to me and I felt yukky being part of the transaction. Tom Longview, TX

Client told me attorney said she'd never seen it before in over 20 years of estate work in CA - but that she checked, and it was indeed legal. She was horrified, too.

They come back online in early January for some business returns first. As long as you define "early" as "first half" meaning up to the 15th.

As always, thanks for the valuable input. This group is such a great help.

My hunch is that since the home was in a revocable trust, the decedent was considered the owner and got to take advantage of CA's generous cap on property taxes. Once she died, the trust became the new owner and a much higher (long-delayed) tax was calculated. Most likely taxes are exempt from the statute of limitations. If a CA attorney says it's legal, this is probably the case.

I look at that differently than you. If the money was sitting in a savings account, the interest earned would be minuscule. I suppose it may vary by institution, but with my CU, I can get to the full or partial amount in a CD at any time. Only lose out on some potential interest which wouldn't have been earned in a saving account anyway in the unlikely event of an emergency.

The majority of those who have not is likely due to not knowing how to live below their means, follow a budget, knowing difference between wants and needs, or understand finances.

I think it makes more sense to look at what the effective tax rate may be during retirement. Like I previously stated, although in the 12% marginal rate, the effective rate if often 22.2% as it make more SS benefits taxable. Then if it pushes them to the actual 22% marginal rate, they lose the 0% LTGC rate. Add IRMAA surcharge and it becomes higher. If someone is already at 22% marginal and 85% SS taxed, there's not a lot that can be done. Unless someone has a true pension which is pretty rare other than gov't workers, it's rare that I see clients in that situation. I've never catered to high income clients, so I may look at this differently than those that do. I'd say 95% of my clients are in 22% or lower brackets.

Our condo association just handed this to me to take care of it.