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Is it time to get outraged about health care reform again? I expected such posts to start showing up in the blogs and conservative leaning forums shortly before they start voting on it....
“To ensure that the mortgage servicer pushes default instead of workout, the servicer is paid double (50 basis points versus 25 basis points) by the MBS to service a loan in default. Why do you think your servicer tells you that you must be in default before it will consider a mortgage modification, a practice known as invited default?
“Simply put,” says Parker, “the government bailout of AIG has actually encouraged foreclosures because the taxpayers continue to fill AIG’s coffers with enough cash to pay out insurance on defaulted home loans.”
The is no reserve requirement with CDS because there's no government regulation. Each insurance company can set aside as much — or as little — as it wants for reserves. In fact, a company could set aside nothing for potential losses without violating regulatory requirements.
The money NOT set aside for reserves can be invested in high-risk securities to create a larger cash flow for the insurance company. This means that with CDS, insurers expected not only premiums but also bigger investment returns then would be possible with regular insurance products.
CDS premium revenue is not restricted to those who might have actual losses or real assets to protect. You can bet as much as you want and create as many CDS as you want....
Originally posted by crimvelvet
Obamacare included a two sentence change to the tax code .Formerly the 1099 was a form commonly used to report the income of freelancers and consultants to the IRS. If one of the freelancers cheats and gives you the WRONG number, the IRS response is to demand withholding occur for ALL freelancers and consultants you use from then on. I am speaking from bitter experience on this. The IRS WILL not give you the name of the cheater.
1099 USE has been EXPANDED
With just a few short sentences in the 2010 health care act, the IRS form 1099-Misc just became the most important tax form in existence.
Starting after December 31, 2011, the 1099 will function as a tax form for ALL business to business transactions of over $600.
Yes, for each and every b2b sale or combination of sales worth more than $600, each party will have to collect information about the other and submit a 1099 to both the parties involved and the IRS.
So, if your business were to purchase a laptop from WalMart for $600, you would have to fill out a 1099 form.
Please tell everyone else in business you know about this change to the tax law so it does not catch them flat footed when they go to file their 2012 Income Tax.